KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

capital gain will be chargeable in the hands of the firm and section 45 will not be excluded. However, if any of the conditions mentioned in the proviso to clause 47(xiii) is not complied then, section 47A will be applicable. In the instant case, Date of Order: 23

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

The appeal stands dismissed

Bench: This Bench.

23. Sub-section (4) of Section 45 deals with a distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals or otherwise. If in the course of such distribution of capital asset there is a transfer of a capital asset by the firm in favour of a person and it results

ANTONY PARAKAL KURIAN vs. ASSISTANT COMMISSIONER OF INCOME TAX

Appeal is allowed in part

Bench: S.SUJATHA,S RACHAIAH

Section 54F of the Act on the entire capital gains from sale of land amounting to Rs.49,08,708/-. 4. The appellant sold a residential house at Angamaly, Kerala i.e., House property in favour of M/s. Fashion Jewellery for Rs.2.42 Crores vide sale deed registered on 08.10.2012. Capital gains amounting to Rs.2,23

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

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

gains could be computed, placing reliance on B.C.Srinivasa Setty supra. It appears to overcome this aspect, a machinery provision has been introduced by way of Section 50D of the Act. Though the said provision has come into effect from 1.4.2013, it certainly throws some light on the mode of computation under Section 48 of the Act. In the circumstances

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

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

Appeals stand dismissed

Bench: RAVI MALIMATH,ASHOK S.KINAGI

Section 53 of the TP Act in the context of capital gains under the Income Tax Act, it has been held thus: - 23

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

The appeal stands dismissed

Bench: S.SUJATHA,VINEET SARAN

Section 55(2)(b) of the Act prior to the amendment provided for the levy of tax on capital gains in relation to a capital asset, being goodwill of a business. Insertion of the words, “registered trade marks or brand name associated with the business” by the Finance Act, 2001 depicts the intention of the Legislature to levy

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

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

23 on capital gains. Thereafter the decision of the Supreme Court in Express Newspapers was considered in CIT vs. CHUGANDAS AND CO and COCANADA RADHASWAMI BANK LTD. subsequently. In Express Newspapers supra, the Supreme Court dealt with the issue whether the capital gains can be taxed in the hands of the successor company and the issue whether the character

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

Appeal is allowed

Bench: B.MANOHAR,N.KUMAR

capital gain of a company shall be taken into account in computing the book profit and income-tax payable under Section 115JB.. 38 Explanation.—For the purposes of this clause, "equity oriented fund" means a fund— (i) where the investible funds are invested by way of equity shares in domestic companies to the extent of more than [sixty-five

SRI N GOVINDARAJU vs. THE INCOME TAX OFFICER

Appeal stands disposed of

Bench: S.SUJATHA,VINEET SARAN

capital gains, and also disallowed 50% of expenses on transfer claimed by the assessee. Besides this, certain other disallowances were also made by the Assessing Officer. Challenging the same, the assessee filed an appeal before the Commissioner of Income Tax (Appeals), who granted certain relief, but confirmed the reopening of assessment under section 147 of the Act; the assessment

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

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

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

The appeal is dismissed

Bench: B.V.NAGARATHNA,JAYANT PATEL

capital gains. v) If there was no AOP what was the date of transfer of subject property to M/s. Parkway Developments Pvt. Ltd., ie, whether such transfer was a) AT the time of MOU? b) At the time of principle agreement? c) At the time of settlement deed? 4 d) At the time of execution of conveyance deed? 17. Taking

COMMISSIONER OF INCOME TAX vs. SHRI. VIKRAM REDDY

In the result, the fifth substantial question of

Bench: ALOK ARADHE,R. NATARAJ

gains" shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely :— (i) expenditure incurred wholly and exclusively in connection with such transfer; 19 (ii) the cost of acquisition of the asset and the cost of any improvement thereto: 49. (1) Where

LAHAR SINGH SIROYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

The appeal stands allowed

Bench: S.SUJATHA,VINEET SARAN

capital gains, as had been claimed by him. 9. In the case of Sanjeev lal (supra), the Apex Court was considering a case where an agreement to sell his property was entered into by the assessee therein on 8 27.12.2002 for a consideration of Rs.1.32 crores, out of which only Rs.15.00 lakhs had been paid to the assessee as earnest

COMMISSIONER OF INCOME TAX vs. M/S GMR HOLDINGS PVT LTD.,

The appeal is dismissed

Bench: S.SUJATHA,VINEET KOTHARI

gains” (whether relating to short-term Date of Judgment 31-07-2018 I.T.A.No.58/2012 Commissioner of Income-tax & Anr. vs. M/s. GMR Holdings Pvt. Ltd. 7/16 capital assets or any other capital assets).” In view of the above, we are of the considered view that the second objection of the AO in the reasons recorded for reopening the assessment