M/S T T K PRESTIGE LTD vs. THE UNION OF INDIA REPTD BY ITS FINANCE SECRETARY

Bench: The Hon’Ble Mr.Justice P.B. Bajanthri W.P. No.26037/2005 C/W W.P.No.4464/2007 & W.P.No.27087/2005(It)

41 ascertain what was intended to be done by the Legislature in enacting the legislation and so construe it as to give force and life to the intention of the Legislature. This is not charting any hazardous course but is amply borne out by an observation worth reproducing in extensor in Seaford Court Estates Ltd., v. Asher (1994) 2

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 SHASTHA PHARMA LABORATORIES

The appeal is dismissed

Bench: N.KUMAR,RATHNAKALA

2(47) of the Act’. He further contended that ‘when the assessee took over the entire assets and liabilities of the dissolved firm, it is not possible to compute capital gains and therefore, Section 45(4) of the Act is not at all attracted’. Lastly, he - 12 - contended that ‘prior to the date of dissolution, the land and building

THE COMMISSIONER OF INCOME TAX vs. M/S ASSOCIATED ELECTRONIC AND ELCTRICAL

The appeal stands dismissed

Bench: S.SUJATHA,VINEET SARAN

Section 55(2) of the Act during the relevant assessment year. The Assessee had only a limited licence to manufacture the six items as a licence holder in view of the Assignment Deed. The agreement entered into between the parties, prima facie, discloses that what is transferred by the Assessee to M/s. Sharp Corporation, is goodwill of the business

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

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

capital gain arising from the sale of Wipro shares, the A.O. was made fully aware of the sale price of Wipro shares. In any event, the market price of Wipro shares was completely in the public realm as it is a very well known and widely traded shares. Further, during the course of the 5 scrutiny assessment, the A.O specifically

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

The appeal is allowed in part

Bench: B.MANOHAR,DILIP B.BHOSALE

41 Rs.25.00 crores received on transfer of the technical knowhow was in the nature of capital receipt vide Office letter dated 18-3-2004 and treated the said amount as capital receipt. However, the assessee has not filed revised returns as contemplated under Section 139(5) of the Act. The three agreements produced by the parties clearly disclose that

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 for the assessment year 2004-05 and that was accepted 9 by the Department. Even though the moveable and immovable assets of the company were transferred, the assessee has to incur other expenditure for the transfer of moveable and immovable. Accordingly, partly allowed the appeal by its order dated 31-3-2008. Being aggrieved by the said order

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

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

41. In this connection, it is contended on behalf of the Revenue that if the income is chargeable to tax in India, then - 55 - only the assessee can have the benefit of tax credit in respect of the tax paid in foreign jurisdiction. In respect of exemption under Section 10A, the income derived is not included in the total income

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

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

41. In this connection, it is contended on behalf of the Revenue that if the income is chargeable to tax in India, then - 55 - only the assessee can have the benefit of tax credit in respect of the tax paid in foreign jurisdiction. In respect of exemption under Section 10A, the income derived is not included in the total income

SATISH N vs. STATE OF KARNATAKA

Bench: The Hon’Ble Mr. Justice Raghvendra S. Chauhan

41. The moot question before this court is whether an aggregator is covered by the words "canvasser" or "solicitor" or not ? 42. The word "canvasser" has not been defined in the Act. Therefore, we must turn to the Law Lexicon in order to know its meaning. P. Ramanatha Aiyar's Advanced Law Lexicon [2005 Edition] defines a "canvasser

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

2(47) of the Income Tax act read with section 53A of the Transfer of Property Act, 1882 on the facts of the case. 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

P VIKRAM MAIYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Accordingly, writ petition is allowed

Bench: S.SUJATHA

41 YEARS No.280/281, “PANCHAJANYA” A.T. HALLI LAYOUT, SHANTHINAGAR BANGALORE-560027. ... PETITIONER [BY SRI A.SHANKAR, SENIOR COUNSEL A/W SRI M.LAVA, ADV.] AND: THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-7[2]1 3RD FLOOR, BMTC BUILDING 80 FEET ROAD, KORAMANGALA BANGALORE-560095. …RESPONDENT [BY SRI K.V.ARAVIND, ADV.) THIS WRIT PETITION IS FILED UNDER ARTICLES 226 AND 227 OF THE CONSTITUTION

THE COMMISSIONER OF INCOME TAX vs. M/S AMCO POWER SYSTEMS LTD.,

Bench: B.MANOHAR,VINEET SARAN

41 and in this section, unless the context otherwise requires- (1) xxxx (2) “paid” means actually paid or incurred according to the method of accounting upon the basis of which the profits or gains are computed under the head “profits and gains of business or profession” (3) xxxxx (4) xxxxx (5) xxxxx (6) xxxxx Certain deductions to be only

THE COMMISSIONER OF INCOME TAX vs. M/S AMCO POWER SYSTEMS LTD

Bench: B.MANOHAR,VINEET SARAN

41 and in this section, unless the context otherwise requires- (1) xxxx (2) “paid” means actually paid or incurred according to the method of accounting upon the basis of which the profits or gains are computed under the head “profits and gains of business or profession” (3) xxxxx (4) xxxxx (5) xxxxx (6) xxxxx Certain deductions to be only

THE COMMISSIONER OF INCOME TAX vs. M/S AMCO POWER SYSTEMS LTD.,

Bench: B.MANOHAR,VINEET SARAN

41 and in this section, unless the context otherwise requires- (1) xxxx (2) “paid” means actually paid or incurred according to the method of accounting upon the basis of which the profits or gains are computed under the head “profits and gains of business or profession” (3) xxxxx (4) xxxxx (5) xxxxx (6) xxxxx Certain deductions to be only

THE COMMISSIONER OF INCOME TAX vs. M/S AMCO POWER SYSTEMS LTD.,

Bench: B.MANOHAR,VINEET SARAN

41 and in this section, unless the context otherwise requires- (1) xxxx (2) “paid” means actually paid or incurred according to the method of accounting upon the basis of which the profits or gains are computed under the head “profits and gains of business or profession” (3) xxxxx (4) xxxxx (5) xxxxx (6) xxxxx Certain deductions to be only

COMMISSIONER OF INCOME TAX vs. SHRI. VIKRAM REDDY

In the result, the fifth substantial question of

Bench: ALOK ARADHE,R. NATARAJ

2(47), 45(3), and relevant extracts of 47(xiii) Section 48 and 49(1)(e) read as under: (47) "transfer", in relation to a capital asset, includes,— (i) the sale, exchange or relinquishment of the asset ; or (ii) the extinguishment of any rights therein ; or 45 Capital Gains. (3) The profits or gains arising from the transfer