THE COMMISSIONER OF INCOME TAX vs. M/S PRAKASH ELECTRIC COMPANY

Bench: S.SUJATHA,VINEET KOTHARI

27,253 These 5 partners who became the shareholders of the successor company were however, allotted only 1210 equity shares of Rs.10/- each on 01.05.1999 and remaining shares were allotted to them subsequently in a phased manner. The first allotment came to the extent of 50 equity shares of Rs.10/- each by subscribing to the Memorandum of Association

KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

27,253 These 5 partners who became the shareholders of the successor company were however, allotted only 1210 equity shares of Rs.10/- each on 01.05.1999 and remaining shares were allotted to them subsequently in a phased manner. The first allotment came to the extent of 50 equity shares of Rs.10/- each by subscribing to the Memorandum of Association

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

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

27 RAL as per the balance sheet as on 31-3-2001. The Appellate Authority held that the long term capital loss should be computed based on the value of share as per the balance sheet as on 31-3-2001 at Rs.3.11 per share and similarly the short term capital loss in respect of 3,50,000 shares sold

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

The appeal stands dismissed

Bench: S.SUJATHA,VINEET SARAN

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 tax in relation to capital asset, being a trade mark or brand name associated with the business, which was not exigible

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

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

27,270/- under the head 'income from capital gains'. The return was processed under Section 143(1) of the Act on 30.01.2004 and a refund

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

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

Appeal is allowed

Bench: B.MANOHAR,N.KUMAR

27 pay an increased tax. He may legitimately claim the advantage of any express terms or of any omissions that he can find in his favour in taxing statutes. His legal right so to dispose of his capital and income as to attract upon himself the least amount of tax is fully recognized. The law does not oblige a trader

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

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

LAHAR SINGH SIROYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

The appeal stands allowed

Bench: S.SUJATHA,VINEET SARAN

27 guntas land to a third party on 20.05.2005 for a sum of Rs.1,02,50,000/- and paid tax on the same after claiming benefit of long term capital gains as defined in Section

COMMISSIONER OF INCOME-TAX vs. M.R.PATTABHIRAM

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

27 meaning of clauses (a) and (b) of Section 2 (14) (iii) of the Act and affirmed the decision of the ITAT that the sale of said land did not form part of capital gains

COMMISSIONER OF INCOME vs. M.R.PADMAVATHY TRUST

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

27 meaning of clauses (a) and (b) of Section 2 (14) (iii) of the Act and affirmed the decision of the ITAT that the sale of said land did not form part of capital gains

COMMISSIONER OF INCOME vs. SHRI. M.R. SEETHARAM

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

27 meaning of clauses (a) and (b) of Section 2 (14) (iii) of the Act and affirmed the decision of the ITAT that the sale of said land did not form part of capital gains

COMMISSIONER OF INCOME TAX vs. M.R.KODANDARAM

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

27 meaning of clauses (a) and (b) of Section 2 (14) (iii) of the Act and affirmed the decision of the ITAT that the sale of said land did not form part of capital gains

THE COMMISSIONER OF INCOME-TAX vs. M.R.ANANDARAM

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

27 meaning of clauses (a) and (b) of Section 2 (14) (iii) of the Act and affirmed the decision of the ITAT that the sale of said land did not form part of capital gains