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

PR. COMMISSIONER OF INCOME TAX-4 vs. M/S MINITECHS

Bench: B.V.NAGARATHNA,JAYANT PATEL

SECTION 260-A OF INCOME TAX ACT 1961, ARISING OUT OF ORDER DATED:26/05/2015 PASSED IN ITA NO.1228/BANG/2013, FOR THE ASSESSMENT YEARS 2007-08, PRAYING TO DICIDE THE FOREGOING 2 QUESTION OF LAW AND / OR SUCH OTHER QUESTIONS OF LAW AS MAY BE FORMULATED BY THE HON’BLE COURT AS DEEMED FIT AND SET ASIDE THE APPELLATE ORDER DATED

THE PR COMMISSIONER OF vs. M/S MPHASIS LIMITED

Bench: The Hon'Ble Mr. Justice M. Nagaprasanna

Section 276C of the Act. The infirmities pointed out in the complaints registered independently against all the members of the family and the Companies succinctly stated are as follows: 13 In Criminal Petition Nos. 909 and 4590 of 2017 the allegation is that the petitioner for the financial year 2012-13 had made a bogus long term capital gain

THE COMMISSIONER OF INCOME TAX vs. M/S KHIVRAJ MOTORS

Appeal is hereby dismissed;

Bench: ARAVIND KUMAR,VINEET SARAN

42,79,237/-, adopted the same for the purposes of arriving at the correct capital gains and accordingly made certain additions by adopting the value as indicated by the builder. Thereafter a tax demand was raised on the assessee, who being aggrieved by the said order of assessment filed an 5 appeal before the CIT (Appeals). Appellate Commissioner after having

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

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

Appeal is allowed

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

Capital gains' as income from business. Assessee challenged the said order as also the order passed under Section 263 of the IT Act before the ITAT in ITAs Nos.596(Bang)/2013 and 42

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

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

42. Section 4 of the Act is the charging section. It provides, “Where any Central Act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and (subject to the provisions (including provisions for the levy

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

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

42. Section 4 of the Act is the charging section. It provides, “Where any Central Act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and (subject to the provisions (including provisions for the levy

V.S. CHANDRASHEKAR vs. ASSISTANT COMMISSIONER OF INCOME TAX

In the result, the first substantial question of law is

Bench: ALOK ARADHE,R. NATARAJ

capital gains' and 3 not under the head 'profit and gains from business or profession? (iii) Whether on the facts and in the circumstances of the case, the Hon'ble ITAT was right in law in holding that provisions of Section 50C are applicable to the instant case of sale of subject land by the appellant? (iv) Whether

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

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

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

L. VENKATARAMANA RAJU vs. UNION OF INDIA

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

Capital gains” arising from the transfer of agricultural land, where- (i) such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2; (ii) such land, during the period of two years immediately preceding, the date of transfer, was being used for agricultural purposes by such Hindu

M/S SRI BALAJI CORPORATE SERVICES vs. UNION OF INDIA MINISTRY OF FINANCE

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

Capital gains” arising from the transfer of agricultural land, where- (i) such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of section 2; (ii) such land, during the period of two years immediately preceding, the date of transfer, was being used for agricultural purposes by such Hindu

COMMISSIONER OF INCOME-TAX vs. M.R.SAMPANGIRAMAIAH

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

capital gains tax, etc., the official figure should be lesser. In a sense, to that extent, it is a case of tax avoidance which is culpable both legally and morally. One cannot gainfully argue that it is a case of tax planning, intent being corrupt. However, that has been done at the instance of the 1st defendant, at whose hands

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

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

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

The appeals are allowed; the impugned

Bench: SATISH CHANDRA SHARMA,R. NATARAJ

42 : Provided further that where an asset referred to in clause (i) or clause (ii) or clause (iia) or the first proviso to clause (iia), as the case may be, is 12 acquired by the assessee during the previous year and is put to use for the purposes of business or profession for a period of less than one hundred