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

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

The appeal stands dismissed

Bench: This Bench.

Section 45, the condition precedent is, (1) There should be a distribution of capital assets of a firm; (2) Such distribution should result in transfer of a capital asset by firm in favour of the partner; and 32 (3) On account of the transfer there should be a profit or gain

AZIM PREMJI TRUSTEE COMPANY PVT LTD vs. DEPUTY COMMISSIONER OF INCOME TAX

In the result, I pass the following:-

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

32 31.05.2022 with reference to Section 148A(b), which led to the respondents passing the impugned order. It is therefore clear that the legality, validity and correctness of the impugned order has to be examined in the light of the judgment of the Apex Court in Ashish Agarwal’s case as well as the provisions of Sections

PR. COMMISSIONER OF INCOME TAX vs. SMT. G. LAKSHMI ARUNA

Bench: K.SOMASHEKAR,UMESH M ADIGA

capital gains earned thereon had not been declared for tax. Accordingly, a sum of Rs.5,25,000/- was brought to tax. 15. Further at paragraph 8 of the order relating to bogus transportation expenses claimed for the assessment years 2009- 10 and 2010-11, the assessing officer has brought on record that the appellant has claimed transportation expenses

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

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

32 or sub- section (4) of section 35, to be carried forward, effect shall first be given to the provisions of this section. (3) No loss other than the loss referred to in the proviso to subsection (1) of this section shall be carried for- ward under this 20 section for more than eight assessment years immediately succeeding the assessment

PR. COMMISSIONER OF INCOME TAX vs. SHRI. GALI JANARDHANA REDDY

Bench: K.SOMASHEKAR,UMESH M ADIGA

capital gains earned thereon had not been declared for tax. Accordingly, a sum of Rs.5,25,000/- was brought to tax. 14.Further at paragraph 8 of the order relating to bogus transportation expenses claimed for the assessment years 2009- 10 and 2010-11, the assessing officer has brought on record that the appellant has claimed transportation expenses for the years

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

The appeal is allowed in part

Bench: B.MANOHAR,DILIP B.BHOSALE

Section 32(1)(ii), the knowhow acquired after 1-4-1998 is a capital asset for the purpose of allowance of depreciation. In the case of assessee, the consideration of Rs.25.00 crores on sale of knowhow being the capital assets would be exigible to the tax under the head capital gain

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

In the result, appeal stands dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

1] and 55[2] of the Act were amended in order to bring extinguishment of such a right to manufacture etc., within the ambit of the capital gains tax. It has been clarified that the cost of acquisition and cost of improvement to be determined in the same manner as for the goodwill. Goodwill is neither equated to trademark

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

In the result, the appeals are partly allowed

Bench: B.MANOHAR,DILIP B.BHOSALE

gains of business or profession”. It is not the case of assessee that the expenditure incurred by them is covered by Sections 30 to 36 of the Act, and even if that was so the question of allowing the expenditure under Section 37(1) of the Act would not arise. 18. In our opinion, the expenditure towards the religious funds

SHRI. NAVIN JOLLY vs. THE INCOME-TAX OFFICER

In the result, appeal is allowed

Bench: ALOK ARADHE,M.NAGAPRASANNA

32(1) of the 11 Act has used the expression ‘owned’ and ‘used’ simultaneously, whereas, the same has not been done in proviso to Section 54F(1) of the Act. It is argued that language of a taxing statute should ordinarily be understood in the sense in which it is harmonious with the object of statute to effectuate the legislative

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

Appeal stands dismissed

Bench: S.SUJATHA,HANCHATE SANJEEVKUMAR

1) that the transferor was directly or indirectly connected with the transferee, and (2) that the transfer was effected with the object of avoidance or reduction of the liability of the assessee under section 12B. If the conditions of this proviso are not satisfied the main part of section 12B(2) applies and the Income-tax Officer must take into

PROF. P.N. SHETTY vs. OFFICE OF THE INCOME TAX OFFICER

Bench: The

1) of Section 45 and Section 54F 4 of the said Act. He submitted that as he has utilized the amount partly by acquiring another premises at the cost of Rs.21,32,470/-, the remaining amount deposited in the Capital Gain

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

Appeals stand dismissed

Bench: RAVI MALIMATH,ASHOK S.KINAGI

1) that the transferor was directly or indirectly connected with the transferee, and (2) that the transfer was effected with the object of avoidance or reduction of the liability of the assessee under section 12B. If the conditions of this proviso are not satisfied the main part - 17 - of section 12B(2) applies and the Income-tax Officer must take

DEVAS MULTIMEDIA PRIVATE LIMITED vs. THE PRINCIPAL COMMISSIONER OF INCOME-TAX

Bench: The Hon’Ble Mr.Justice P.B. Bajanthri Writ Petition No.11618 Of 2016 (T-It) Between:

Gains chargeable to tax under Section 45 of the Act are, denied to be income. The amounts received on issue of share capital including the premium is undoubtedly on capital account. Share premium have been made taxable by a legal fiction under Section 56(2)(viib) of the Act and the same is enumerated as Income in Section

THE COMMR OF INCOME TAX vs. NIKE INC

Appeals are dismissed

Bench: B.MANOHAR,N.KUMAR

capital asset situated in India. 12. In the instant case, we are concerned with the income accruing or arising from business connection. Till 2004, the word business connection had not been defined. However, by Finance Act, 2003, explanation (2) was inserted which came into effect from 01.04.2004. However, as is clear from the opening words of explanation

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

Appeal is allowed

Bench: S.SUJATHA,VINEET SARAN

1. COMMISSIONER OF INCOME-TAX(III) BANGALORE. 2. INCOME TAX OFFICER WARD 12(2),BANGALORE. …RESPONDENTS (BY SRI E R INDRAKUMAR, SENIOR COUNSEL & E I SANMATHI.ADV.) 2 THIS APPEAL IS FILED UNDER SECTION 260-A OF I.T. ACT, 1961 PRAYING TO SET ASIDE THE ORDER PASSED BY THE ITAT BANGALORE IN ITA NO.1012/BNG/2007, DATED 07/10/2008 CONFIRM THE ORDERS

THE PR. COMMISSIONER OF INCOME TAX vs. M/S CISCO SYSTEMS

The appeals are allowed; the impugned

Bench: SATISH CHANDRA SHARMA,R. NATARAJ

32. (1) In respect of depreciation of— (i) buildings, machinery, plant or furniture, being tangible assets; (ii) know-how, patents, copyrights, trade marks, licences, franchises or any other business or commercial rights of similar nature, being intangible assets acquired on or after the 1st day of April, 1998, owned, wholly or partly, by the assessee and used for the purposes

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

Bench: S.SUJATHA,VINEET KOTHARI

32. The learned counsel for the Assessee Company, Mr. Pardiwala also relied upon the decision of the Bombay High Court in the case of Pokhraj Hirachand Vs. Commissioner of Income Tax, [1963] 49 ITR 293. The Division Bench of Bombay High Court held that the expression ‘thereon’ occurring in Section 33(4) of the 1922 Act means ‘on the subject