KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

Section 147 of the Act for Assessment Year 2000-01 and tax liability on the capital gains of Rs.1,33

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

The appeal is allowed in part

Bench: B.MANOHAR,DILIP B.BHOSALE

Section 52 which earlier provided for adopting the consideration for transfer in case of understatement etc has been omitted by Finance Act, 1987 w.e.f. 1.4.1988. Thus, unless and until it can be proved, that the assessee received something 32 more than the apparent consideration, the Assessing Officer cannot compute the capital gain artificially by substituting fair market value in place

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. For answering this a look at section 45(3) and Section 45(4) of the Act are necessary. These sections are reproduced hereunder:- 33

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

Appeal is allowed

Bench: B.MANOHAR,N.KUMAR

Section 10(38) of the Act and therefore he submits the order passed by the authorities are valid and legal and does not call for any interference. 12. From the material on record, it is clear the 30 acres of land in White Field belong to Bhoruka Steel Limited (BSL). It became a sick industrial company. Before BIFR, a scheme

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

Bench: S.SUJATHA,VINEET KOTHARI

gains arising to such shareholder or the holder of other specified securities, as the case may be, in the year in which such shares or other specified securities were purchased by the company. Explanation: For the purposes of this section, “specified securities” shall have the meaning assigned to it in Explanation to section 77A of the Companies

SRI N GOVINDARAJU vs. THE INCOME TAX OFFICER

Appeal stands disposed of

Bench: S.SUJATHA,VINEET SARAN

Capital gains’ under the Act. In a recent case of Smt Krishna Bajaj Vs ACIT – 2014(41) Taxman.com 445 (Kar) the question for consideration before this Court was “Whether the authorities were justified in relying on either the guideline value for the purpose of stamp duty and registration charges, or the value adopted under the Wealth Tax Act, for determining

THE COMMISSIONER OF INCOME TAX vs. M/S HMA DATA SYSTEMS P LTD.,

Bench: ARAVIND KUMAR,MOHAN M. SHANTANAGOUDAR

Section 143(3) by order dated 22.12.2006, whereunder disallowances to the tune of `2,67,85,610/- was made. During the previous year relevant to the assessment year, assessee sold 50,000 shares of M/s.Diebold HMA Pvt. Ltd., said to have been acquired by it during the year 1992-93 for a total consideration

M/S HMA DATA SYSTEM P LTD., vs. THE DEPUTY COMMISSIONER OF INCOME TAX

Bench: ARAVIND KUMAR,MOHAN M. SHANTANAGOUDAR

Section 143(3) by order dated 22.12.2006, whereunder disallowances to the tune of `2,67,85,610/- was made. During the previous year relevant to the assessment year, assessee sold 50,000 shares of M/s.Diebold HMA Pvt. Ltd., said to have been acquired by it during the year 1992-93 for a total consideration

COMMISSIONER OF INCOME TAX (CENTRAL) vs. M/S. BAGMANE DEVELOPERS PVT LTD

Bench: ARAVIND KUMAR,JAYANT PATEL

gain’ and not ‘business income’. He, therefore, submitted that this Court may not interfere with the order passed by the Tribunal. 11. However, in the appeals preferred by the assessee, learned counsel declared that if this Court is not to enter into the finding of fact, possibly the appeals of the assessee would no more survive and the other question

M/S BAGMANE DEVELOPERS PVT LTD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Bench: ARAVIND KUMAR,JAYANT PATEL

gain’ and not ‘business income’. He, therefore, submitted that this Court may not interfere with the order passed by the Tribunal. 11. However, in the appeals preferred by the assessee, learned counsel declared that if this Court is not to enter into the finding of fact, possibly the appeals of the assessee would no more survive and the other question

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 COMMISSIONER OF INCOME TAX vs. M/S CHAITANYA PROPERTIES PVT LTD.,

The appeal is dismissed

Bench: S.SUJATHA,JAYANT PATEL

capital gains is liable to tax on account of JDA entered into by the land owners with the builder on handing over of the possession of the property for joint development. In coming to the aforesaid conclusion, the AO has placed reliance on the decision of the Hon’ble Bombay High Court in the case of Chaturbhuj Dwarkadas Kapadia

COMMISSIONER OF INCOME TAX (APPEALS) vs. M/S POST & BSNL EMPLOYEES

The appeal is dismissed

Bench: N.KUMAR,RATHNAKALA

capital gains is liable to tax on account of JDA entered into by the land owners with the builder on handing over of the possession of the property for joint development. In coming to the aforesaid conclusion, the AO has placed reliance on the decision of the Hon’ble Bombay High Court in the case of Chaturbhuj Dwarkadas Kapadia

SMT. M R PRABHAVATHY vs. THE DEPUTY COMMISSIONER OF INCOME TAX

Bench: The Hon’Ble Mr. Justice K.Natarajan Election Petition No.1 Of 2019 Connected With Election Petition No.2 Of 2019

gainful employment except his influence in political background of his grand father, father, uncle, whereas the respondent No.2 - A.Manju is a qualified law graduate and Ex-Minister and Ex-member of various organization was contested and succeeded against JDS. The BJP had expected the Hassan constituency to be the winning constituency. The respondent No.1 while filing his nomination

M/S. EVERGREEN HARDWARE STORES vs. THE ASSISTANT COMMISSIONER OF

Appeal is allowed

Bench: P.S.DINESH KUMAR,UMESH M ADIGA

Section 45(4) of the IT Act as long term Capital gains, is not sustainable. 13. It was argued by Shri. Shankar that by applying the same logic, the Assessing Officer has 4 (1984)17 Taxmann. 330 KAR (para 4) I.T.A No.201/2017 12 added short-term Capital gains at 30% on the building which was constructed on the plot owned

COMMISSIONER OF INCOME TAX-III vs. M/S SUBHASH KABINI POWER CORPORATION LIMITED

Bench: B.V.NAGARATHNA,JAYANT PATEL

gain and it cannot be subjected to tax in any manner under any head of income. It is not liable for tax for the assessment year under consideration in terms of sections 2(24), 28, 45 and 56 of the Income-tax Act, 1961. Carbon credits are made available to the assessee on account of saving of energy consumption

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 earned by selling of the cement factory was assessed for the assessment years 2004-05 and 2006-07. The department has accepted the same. However, the Tribunal disallowed the said 23 expenditure holding that the assessee had closed the business in the year 1995 itself and no document has been shown that they had incurred any expenditure during

M/S EMBASSY BRINDAVAN DEVELOPERS vs. THE COMMISSIONER OF INCOME TAX

Appeal is allowed

Bench: P.S.DINESH KUMAR,UMESH M ADIGA

gains tax. Adverting to Explanation 2(a) of Section 263 of the Act, he contended that jurisdiction under Section 263 could be invoked only in such cases where the order is passed without making inquiries or verification. In support of his contention, he placed reliance on CIT Vs. Gabriel India Ltd.1, CIT and another Vs. M/s. Cyber Park Development