KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

Section 47 and effect thereof on the capital gains tax liability of the erstwhile firm or the successor-company. 20. We are of the opinion that the reasonable period of such process of allotment of shares by way of consideration to the partners in proportion to their capital account balance in the partnership firm has to be completed during

THE COMMR OF INCOME TAX vs. M/S DYNAMIC ENTERPRISE

The appeal stands dismissed

Bench: This Bench.

22. However, the Income Tax Act recognizes the firm as a distinct assessable legal entity apart from its partners. Sub-sections (3) and (4) of Section 45 were introduced by Finance Act, 1987, which came into effect from 01.04.1988. In sub-section (3) what is sought to be taxed is the profits or gains arising from the transfer

ANTONY PARAKAL KURIAN vs. ASSISTANT COMMISSIONER OF INCOME TAX

Appeal is allowed in part

Bench: S.SUJATHA,S RACHAIAH

gain on transfer of certain capital assets not to be charged in case of investment for residential use. The proviso (a)(i) to Section 54F(1) of the Act makes a distinction from Section 54, inasmuch as the language employed, more particularly, the phrase “owns”. 19. Section 27 of the Act defines “Owner of house property” for the purposes

THE COMMISSIONER OF INCOME TAX vs. M/S. ABB LTD

In the result, appeal stands dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

capital gains, in view of B.C.Srinivasa Setty supra, the Revenue has made an attempt to treat the technical know-how as goodwill in the second round. 15. This reasoning of the Tribunal cannot be faulted with, in the light of the judgment of the Hon'ble Apex Court in B.C.Srinivasa Setty supra. The gain from transfer of business by implication

COMMISSIONER OF INCOME TAX vs. M/S.WINTAC LTD.,

The appeal is allowed in part

Bench: B.MANOHAR,DILIP B.BHOSALE

capital gain. There is no dispute regarding the said transaction. The saleable items were sold during financial year 2000-01 and remaining raw materials was shifted to rented warehouse while handing over the factory to HILKAL Ltd. All these raw materials are unsalable items, they 20 are toxic materials of Bulk Drug section, they are waste, have no sale value

M/S FIDELITY BUSINESS SERVICES INDIA PVT LTD vs. ASSISTANT COMMISSIONER OF INCOME TAX

Bench: S.SUJATHA,VINEET KOTHARI

Capital Gains’ in the hands of the recipient in accordance with the provisions of Section 46-A of the Act and no such amount would be treated as dividend in view of exclusion part of Section 2 (22

THE COMMISSIONER OF INCOME TAX vs. LATE KHOOBCHAND M MAKHIJA

The appeals are dismissed

Bench: N.KUMAR,RATHNAKALA

Section 45 is to be offered for tax only in the previous year in which the period of three years from the date of the transfer of the original asset expires. Therefore, the contention that immediately after the purchase of the new asset in that relevant year, the unutilized capital gains should have been offered to tax, is untenable. That

THE PR COMMISSIONER OF INCOME TAX vs. SMT SAROJINI M KUSHE

Appeal stands dismissed

Bench: S.SUJATHA,HANCHATE SANJEEVKUMAR

Section 53A of the T.P. Act cannot possibly be attracted to the facts of this case for this reason alone.” - 22 - 15. It was argued by the learned counsel for the assessee that when the scheme of the Act does not contemplate the method of computation, no capital gains

THE COMMISSIONER OF INCOME TAX vs. M/S SHASTHA PHARMA LABORATORIES

The appeal is dismissed

Bench: N.KUMAR,RATHNAKALA

Section 45(4) of the Act. Therefore, the contention that there is no transfer and it is a case of taking over of an ongoing concern and the - 22 - value of such going concern cannot be computed as capital gains

PR COMMISSIONER OF WEALTH TAX-6 vs. M R KODANDRAM

Appeals stand dismissed

Bench: RAVI MALIMATH,ASHOK S.KINAGI

Section 50D of the Act is as under: “Capital gains are calculated on transfer of a capital asset, as sale consideration minus cost of acquisition. In some recent rulings, it has been held that where the consideration in respect of transfer of an asset is not determinable under the existing provisions of the Income-tax Act, then, as the machinery

THE COMMISSIONER OF INCOME TAX vs. M/S ASSOCIATED ELECTRONIC AND ELCTRICAL

The appeal stands dismissed

Bench: S.SUJATHA,VINEET SARAN

22. The meaning of the expression “goodwill” as explained in these judgments referred to above vis-à-vis the provision of Trade and Merchandise Marks Act, 1958 makes it clear that the ‘trade mark’ and ‘goodwill’ are two distinct separate concepts. Section 55(2)(b) of the Act prior to the amendment provided for the levy of tax on capital

SRI HARIRAM HOTELS P LTD vs. COMMISSIONER OF INCOME TAX (III)

Appeal is allowed

Bench: S.SUJATHA,VINEET SARAN

22,50,000/- on 23.01.2003. In the books of accounts of the appellant, the loan was capitalized during the financial year ended on 31.03.2003. The appellant created the capital gain of Rs.51,71,820/- arising out of the sale of the land directly to the capital reserve and not to the profit and 4 loss account. The Assessing Officer took

M/S NANDI STEELS LIMITED vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

Capital gains" assessable for that assessment year; and (b) if the loss cannot be wholly so set off, the amount of loss not so set off shall be carried forward to the following assessment year, and so on. 10. The relevant extract para 5 of the Finance Bill, 1999 and Circular No.779 dated 14.09.1999 is reproduced below for the facility

SRI N GOVINDARAJU vs. THE INCOME TAX OFFICER

Appeal stands disposed of

Bench: S.SUJATHA,VINEET SARAN

gains’. Sub-section (2) provides that the ‘fair market value’ of the asset would be deemed to be the ‘full value of the consideration’ on the relevant date. Section 55(2)(b) of the Act provides that ‘cost of acquisition’ of a capital asset, where the capital asset became the property of the assessee before 1.4.1981, would mean the actual

M/S BHORUKA ENGINEERING INDS. LTD vs. THE DEPUTY COMMISSIONER OF INCOME TAX

Appeal is allowed

Bench: B.MANOHAR,N.KUMAR

Section 260A of IT Act, 1961 arising out of order dated 22-02-2010 passed in ITA No.1139/Bang/2010, for the Assessment year 2006-07, praying to i) formulate the substantial questions of law stated therein; ii) allow the appeal and set aside the order passed by the ITAT, Bangalore in ITA No.1139/Bang/2010, dated 22-02-2010. This ITA coming

P ARVIND MAIYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Accordingly, writ petition is allowed

Bench: S.SUJATHA

Capital gain and the same has been accepted as such in the assessment proceedings. Last date for issue of notice u/s 148 is 31/03/2013. Last date for passing order u/s. 263 is 31/03/2013. Tax effect involved is Rs.1,01,64,058/- 5 a]. if remedial action is taken, details such as section and date of NA - 16 - order demand raised

P VIKRAM MAIYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Accordingly, writ petition is allowed

Bench: S.SUJATHA

Capital gain and the same has been accepted as such in the assessment proceedings. Last date for issue of notice u/s 148 is 31/03/2013. Last date for passing order u/s. 263 is 31/03/2013. Tax effect involved is Rs.1,01,97,000/- 5 a]. if remedial action is taken, details such as section and date of NA - 16 - order demand raised

PR COMMISSIONER OF INCOME TAX vs. M/S IND SING DEVELOPERS P LTD

The appeal is dismissed

Bench: B.V.NAGARATHNA,JAYANT PATEL

gains, as an essential object for forming an AOP. However the CBDT Circular explaining the above insertion states that such insertion was only to take care of the claim of certain bodies that they did not fall within the definition of a ‘person’ for the sole reason, that they were not supposed to have any income or profits. Section