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 and directed the Assessing Officer to tax the said

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

Appeal is allowed

Bench: B.MANOHAR,N.KUMAR

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

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

The appeal is dismissed

Bench: B.V.NAGARATHNA,JAYANT PATEL

section 48, the 34 fair market value of the asset on the date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer. The capital asset here, which was the land, could be considered as transferred to the AOP in the year in which assessee entered

LAHAR SINGH SIROYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

The appeal stands allowed

Bench: S.SUJATHA,VINEET SARAN

36 months from the date of its purchase, hence the assessee would not be entitled to the benefit of long term capital gains and the authorities have thus rightly given the benefit of short term capital gains, which is perfectly justified in law. It is further contended that the agreement entered into on 01.04.1995, on the basis of which advance

THE COMMISSIONER vs. M/S VIJAYA BANK

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Section 36(1)(viii) of the Act, reads as under:- “(viii) in respect of any special reserve created and maintained by a financial corporation which is engaged in providing long-term finance for industrial or agricultural development or development of infrastructure facility in India or by a public company formed and registered in India with the main object of carrying

THE COMMISSIONER OF INCOME TAX vs. SHRI. HOSAGRAHAR

Appeal stands dismissed

Bench: SATISH CHANDRA SHARMA,SURAJ GOVINDARAJ

capital gain shall be dealt within in accordance with the following provisions of this section, that is to say.- Thus, it is evident, that requirement of construction of a residential house in India in order to claim exemption under Section 54F(1) of the Act has been incorporated w.e.f. 01.04.2015. 7. Before proceeding further, we may advert to certain well

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

In the result, the appeals are partly allowed

Bench: B.MANOHAR,DILIP B.BHOSALE

Sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee, laid out or expended 17 wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head “Profits and gains

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

M/S DIFFUSION ENGINEERS LTD vs. THE DEPUTY COMMISSIONER OF INCOME TAX

The appeal stands allowed

Bench: S.SUJATHA,VINEET SARAN

sections 30 to 36 [***] and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head Profits and gains

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

Bench: S.SUJATHA,VINEET KOTHARI

36. He also drew our attention to Section 46-A of the Act which provides for “Levy of capital gains

SHRI N G CHANDRA REDDY (HUF) vs. THE DEPUTY COMMISSIONER OF

The appeal is disposed of in the above terms

Bench: S.G.PANDIT,K. V. ARAVIND

36. Whether the Tribunal was justified in law in not holding that the mandatory conditions for reopening the assessment did not exist and consequently the entire assessment is bad in law and liable to be set aside on the facts of the case. - 3 - HC-KAR NC: 2026:KHC:7442-DB ITA No. 637 of 2016 37. Whether the Tribunal

COMMISSIONER OF vs. MR VINAY MISHRA

In the result, the appeal fails and the same is

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

capital gain shall be dealt within in accordance with the following provisions of this section, that is to say.- …………………………… ………………………….. Thus, it is evident, that requirement of construction of a residential house in India in order to claim exemption under Section 54F(1) of the Act has been incorporated w.e.f. 01.04.2015. 7. Before proceeding further, we may advert to certain well

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

THE COMMISSIONER OF INCOME TAX vs. M/S WEIZMANN HOMES LTD

Bench: B.MANOHAR,N.KUMAR

36(1)(viii)(e) The deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in Section 28. (viii) [in respect of any special reserve created [and maintained] by a financial corporation which is engaged in providing long-term finance for [industrial or agricultural development

THE COMMISSIONER OF INCOME TAX vs. M/S. STATE BANK OF MYSORE

In the result, the order passed by the tribunal

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee, laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains

PR COMMISSIONER OF vs. M/S SUBEX LTD

In the result, appeal stands dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

capital account and hence allowing it as not taxable?” 3. In this appeal, the focus is on two items deducted from the profit as per the profit and loss account viz., [1] Exchange gain on Foreign Currency Convertible Bonds [FCCBs] reinstatement of Rs.60,75,80,000/- [2] Deduction under Section 35D of the Act amounting to Rs.11,36

THE COMMISSIONER OF INCOME-TAX vs. M/S ING VYSYA BANK LTD

The appeal is dismissed

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

capital asset. It merely enhances the productivity or the efficiency and therefore, it has to be treated as a Revenue expenditure. 8. We may record that in Oriental Bank of Commerce Vs. Additional Commissioner of Income-tax5 has held as follows: " 7. The mere circumstance that the depreciation rate is spelt out in the Schedule to the Income

LANGDON & SEAH CONSULTING INDIA PRIVATE LIMITED

The appeal is dismissed

Bench: VINEET KOTHARI

capital asset. It merely enhances the productivity or the efficiency and therefore, it has to be treated as a Revenue expenditure. 8. We may record that in Oriental Bank of Commerce Vs. Additional Commissioner of Income-tax5 has held as follows: " 7. The mere circumstance that the depreciation rate is spelt out in the Schedule to the Income