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

The appeal is allowed in part

Bench: B.MANOHAR,DILIP B.BHOSALE

34 been disputed by the Assessing Officer in his remand report. Hence, the question of substitution of contracted price should not have arisen. The findings of CIT(A) in respect of long term capital gains have not been challenged by the department. Accordingly the loss under capital gain is to be computed by adopting consideration at Rs.0.10 per share

MR.M.GEORGE JOSEPH vs. DY.COMMISSIONER OF INCOMET TAX OFFICER

In the result, order of the

Bench: ALOK ARADHE,HEMANT CHANDANGOUDAR

Section 54F of the Act to the extent of Rs.88,98,970/- on account of acquisition of a new residential house property vide registered sale deed dated 28.03.2011. The return was selected for scrutiny. The Assessing Officer by an order dated 16.12.2011 inter alia held that assessee had computed Long Term Capital Gain of Rs.26,88,34

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

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

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

The appeal is dismissed

Bench: B.V.NAGARATHNA,JAYANT PATEL

gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals (not being a company or a co-operative society) or otherwise, shall be chargeable to tax as the income of the firm, association or body, of the previous year

CHITTHARANJAN A DASANNACHARYA vs. THE COMMISSIONER OF INCOME TAX-V

In the result, the appeal is allowed

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

gains as the right to purchase the shares of the companies is a capital asset under Section 2(14) of the Act and relinquishment / extinguishment of a right in the same is a transfer within the meaning of Section 2(47) of the Act. It is urged that cashless exercise option was a transfer of capital asset

THE COMMISSIONER OF INCOME TAX vs. SHRI DINESH D RANKA

The appeal is allowed

Bench: ARAVIND KUMAR,MOHAN M. SHANTANAGOUDAR

34 acres of land, which is the subject matter of Joint Development Agreement between L & T and the assessee) for a advance consideration of Rs.3.15 crores and same would amount to ‘transfer’ which is liable to capital gain tax. Consequently the long term capital gains were worked out to Rs.2,48,45,970/-. It is also concluded by the Assessing

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

DR(SMT) SUJATHA RAMESH vs. CENTRAL BOARD OF DIRECT TAXES

Bench: The Hon'Ble Dr.Justice Vineet Kothari

capital gain tax in terms of Section 54 EC of the Act. He placed reliance on the following decisions in this regard. (i) Artist Tree Pvt. Ltd. Vs. Central Board of Direct Taxes and others (2014) 369 ITR 691 (Bombay). The relevant para 11 to 14 and 23 of the said judgment are quoted below for ready reference

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. 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

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

Bench: S.SUJATHA,VINEET KOTHARI

gains to be taxed in the hands of the recipient share holder, viz., Mauritius Holding Company in the present case, in India. Date of Judgment :23-07-2018 I.T.A.No.512/2017 M/s. Fidelity Business Services India Pvt. Ltd., Vs. Assistant Commissioner of Income-Tax, & Anr. 16/86 18. He further submitted that the said Indo- Mauritius DTAA, of course now stands amended

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

THE PR. COMMISSIONER OF INCOME-TAX vs. SHRI SHAILENDRA BABU

Appeals are dismissed

Bench: P.S.DINESH KUMAR,T.G. SHIVASHANKARE GOWDA

Capital gains tax for A.Y. 2007-08. The law on the point with regard to the transfer of shares in this case, is governed by Section 108 of Companies Act, 1956 which reads as follows: I.T.A No.410/2017 C/W I.T.A No.409/2017 9 "108. TRANSFER NOT BE REGISTERED EXCEPT ON PRODUCTION OF INSTRUMENT OF TRANSFER (1) A company shall not register

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

M/S WIPRO LIMITED vs. THE DEPUTY COMMISSIONER OF INCOME TAX

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

Section 145A of the Income- tax Act which was inserted with effect from assessment year 1999-2000. The said provision states that the valuation of stock should include the amount of any tax duty, cess or fee - 94 - actually paid or incurred to bring the goods to its present location and condition. The Department has followed a consistent stand