ANTONY PARAKAL KURIAN vs. ASSISTANT COMMISSIONER OF INCOME TAX

Appeal is allowed in part

Bench: S.SUJATHA,S RACHAIAH

capital gain arising from the said sale of land. The Authorities observed that the assessees [therein] had two residential houses having one half share each therein on the date of sale of the land, thereby rejected assesses’ claim. The Tribunal held that on date of sale of long term assets meant complete residential house and would not include shared interest

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

The appeal is allowed in part

Bench: B.MANOHAR,DILIP B.BHOSALE

gain arises out of sale of equity shares of RAL and agreed to sell the said shares at the rate of Rs.0.10 per share to the Managing Director of RAL and sustained the long term 28 capital loss of Rs.3,10,22,946/-. the share purchased worth Rs.1.00 crore was also sold to the RAL within few days, for Rs.1

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

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

Capital gains. F.- Income from other sources. A.- 15 Salaries. 28. Profits and gains of business or profession 1The following income shall be chargeable to income- tax under the head" Profits and gains of business or profession",- (i) the profits and gains of any business or profession which was carried on by the assessee at any time during the previous

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 SRI BALAJI CORPORATE SERVICES vs. UNION OF INDIA MINISTRY OF FINANCE

Bench: The Hon'Ble Mr.Justice S.R.Krishna Kumar

Capital gains” arising from the transfer of agricultural land, where- (i) such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2; (ii) such land, during the period of two years immediately preceding, the date of transfer, was being used for agricultural purposes by such Hindu

L. VENKATARAMANA RAJU vs. UNION OF INDIA

Bench: The Hon'Ble Mr.Justice S.R.Krishna Kumar

Capital gains” arising from the transfer of agricultural land, where- (i) such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2; (ii) such land, during the period of two years immediately preceding, the date of transfer, was being used for agricultural purposes by such Hindu

P ARVIND MAIYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Accordingly, writ petition is allowed

Bench: S.SUJATHA

28[va][b] of the Income-tax Act. Whereas the assessee has misrepresented the fact treating the amount received as long term capital gain instead of income from business. As the assessee has treated the amount received from MTR Food Products for patent rights as capital gain, investing part of the amount in REC Bond claiming exemption u/s.54EC, also indexing

P VIKRAM MAIYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Accordingly, writ petition is allowed

Bench: S.SUJATHA

28[va][b] of the Income-tax Act. Whereas the assessee has misrepresented the fact treating the amount received as long term capital gain instead of income from business. As the assessee has treated the amount received from MTR Food Products for patent rights as capital gain, investing part of the amount in REC Bond claiming exemption u/s.54EC, also indexing

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

Appeal is allowed

Bench: B.MANOHAR,N.KUMAR

28,36,500/- without attracting any levy of taxation. This episode has been made possible by getting away from Bangalore Stock Exchange and going to Magadh Stock Exchange to carry out the sale transaction of shares and by paying STT for claiming exemption from long-term capital gains arising on sale of shares under Section

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

THE COMMISSIONER OF INCOME TAX vs. SMT PADMAVATHY

The appeal is dismissed

Bench: B.MANOHAR,K.SREEDHAR RAO

28-06-1999 for the assessment year 1999-2000 declaring the income of Rs.4,66,200/-. Subsequently, the assessee filed revised returns on 11-11-1999 declaring the income of Rs.13,83,616/-. The income declared consists of income from property, capital gain and income from other sources. The Assessing Officer selected the returns filed by the assessee for scrutiny

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

The appeal is dismissed

Bench: B.V.NAGARATHNA,JAYANT PATEL

Section 45(4) of the Act, that profits and gain if any, arising on transfer of capital by way of distribution of capital assets, assets is assessable in the hands of the AOP only and not in the hands 47 of its members. The settlement deed practically put an end to the AOP and transfer of title in the land

THE DIRECTOR OF INCOME-TAX vs. M/S. INTEL CAPITAL (CAYMAN) CORPORATION

In the result, the appeal fails and is hereby

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

28,000 shares at the rate of `200/- as per bond agreement at the prevalent convertible foreign currency rate. It was further held that Clause (xa) of Section 47 of the Act refers to transfer by way of conversion of bonds referred to in Clause (a) of sub-Section 115AC of the Act. Therefore, the aforesaid provision is not applicable

M/S. KARNATAKA INSTRADE CORPORATION LIMITED vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

The appeal is allowed in part

Bench: B.MANOHAR,VINEET SARAN

capital gain. In order to keep the cement factory in workable condition, the assessee had to incur expenditure and these expenditure are allowable. The order passed by the Tribunal runs contrary to the law 16 laid down by the Hon'ble Supreme Court in the case of Commissioner of Income Tax V/S. M/s.Virmani Industries Pvt. Limited reported

THE COMMISSIONER OF INCOME TAX vs. SHRI DINESH D RANKA

The appeal is allowed

Bench: ARAVIND KUMAR,MOHAN M. SHANTANAGOUDAR

28,668/-. 4. The Assistant Commissioner of Income Tax, Central Circle 2(3), Bangalore framed the assessment order on 31.1.2006 under Section 143(3) r/w Section 153A of the 7 Act. The Assessing Officer held, on facts that the FAR of 7575.37 square meters out of total extent of FAR of 8589.53 square meters relating to 1.6 acres of land

THE PR COMMISSIONER OF vs. M/S MPHASIS LIMITED

Bench: The Hon'Ble Mr. Justice M. Nagaprasanna

gains or short term capital loss. Therefore, the tax stood cleared in the year 2016 through revised returns. This fact is not in dispute. After the petitioners filed their revised returns complaints come to be registered against all these petitioners invoking Section 200 of the CrPC before the learned Magistrate for offences punishable under Section

COMMISSIONER OF INCOME vs. M.R.PADMAVATHY TRUST

Appeals are dismissed

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

Section 143(3) of the Act and 1 Assessment Year I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 10 added taxes against each assessee, as shown herein below, on the ground that the lands sold by them are capital assets and the capital gains arising on the said assets are chargeable to tax: Assessee Original return of income Revised return

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

Appeals are dismissed

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

Section 143(3) of the Act and 1 Assessment Year I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 10 added taxes against each assessee, as shown herein below, on the ground that the lands sold by them are capital assets and the capital gains arising on the said assets are chargeable to tax: Assessee Original return of income Revised return