THE PR COMMISSIONER OF INCOME TAX vs. M/S EXIDE LIFE INSURANCE CO LTD

In the result, both the appeals stand dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

Section 44 of the Act reads thus:- “44. Notwithstanding anything to the contrary contained in the provisions of this Act relating to the computation of income chargeable under the head “Interest on securities”, “Income from house property”, “Capital gains

THE PR COMMISSIONER OF INCOME TAX vs. M/S EXIDE LIFE INSURANCE COMPANY LTD

In the result, both the appeals stand dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

Section 44 of the Act reads thus:- “44. Notwithstanding anything to the contrary contained in the provisions of this Act relating to the computation of income chargeable under the head “Interest on securities”, “Income from house property”, “Capital gains

PR. COMMISSIONER OF INCOME TAX-5 vs. M/S PNB METLIFE INDIA

Bench: S.SUJATHA,RAVI V HOSMANI

Section 44 of the Act reads thus:- “Notwithstanding anything to the contrary contained in the provisions of this Act relating to the computation of income chargeable under the head “Interest on Securities”, “Income from house property”, “Capital gains

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

THE PR COMMISSIONER OF vs. M/S MPHASIS LIMITED

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

44,266/- by trading with the same Companies. In Criminal petition No.913 of 2017, the Company is said to have claimed long term capital gain of `1,93,02,738/- by trading with the same Company. Therefore, the solitary stream of allegation that runs qua the petitioners in all these cases is that the petitioners have registered long term capital

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

Appeals are dismissed

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

Section 143(3) of the Act and 1 Assessment Year I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 10 added taxes against each assessee, as shown herein below, on the ground that the lands sold by them are capital assets and the capital gains arising on the said assets are chargeable to tax: Assessee Original return of income Revised return

COMMISSIONER OF INCOME vs. SHRI. M.R. SEETHARAM

Appeals are dismissed

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

Section 143(3) of the Act and 1 Assessment Year I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 10 added taxes against each assessee, as shown herein below, on the ground that the lands sold by them are capital assets and the capital gains arising on the said assets are chargeable to tax: Assessee Original return of income Revised return

COMMISSIONER OF INCOME vs. M.R.PADMAVATHY TRUST

Appeals are dismissed

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

Section 143(3) of the Act and 1 Assessment Year I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 10 added taxes against each assessee, as shown herein below, on the ground that the lands sold by them are capital assets and the capital gains arising on the said assets are chargeable to tax: Assessee Original return of income Revised return

THE COMMISSIONER OF INCOME-TAX vs. M.R.ANANDARAM

Appeals are dismissed

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

Section 143(3) of the Act and 1 Assessment Year I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 10 added taxes against each assessee, as shown herein below, on the ground that the lands sold by them are capital assets and the capital gains arising on the said assets are chargeable to tax: Assessee Original return of income Revised return

COMMISSIONER OF INCOME TAX vs. M.R.KODANDARAM

Appeals are dismissed

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

Section 143(3) of the Act and 1 Assessment Year I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 10 added taxes against each assessee, as shown herein below, on the ground that the lands sold by them are capital assets and the capital gains arising on the said assets are chargeable to tax: Assessee Original return of income Revised return

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

Appeals are dismissed

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

Section 143(3) of the Act and 1 Assessment Year I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 10 added taxes against each assessee, as shown herein below, on the ground that the lands sold by them are capital assets and the capital gains arising on the said assets are chargeable to tax: Assessee Original return of income Revised return

COMMISSIONER OF vs. MR VINAY MISHRA

In the result, the appeal fails and the same is

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

44,940/- under the head income from salary, business, capital gains and other sources. The return of income was processed under Section

COMMISSIONER OF INCOME TAX-III vs. M/S SYNDICATE BANK

The appeals are disposed of

Bench: ALOK ARADHE,RAVI V HOSMANI

44,119/- under long term capital loss after set off of short term capital gain of Rs.51,06,737/-. According to Assessing Officer 7 the set off of short term capital gain against long term capital loss was not permissible under Section

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

THE COMMISSIONER OF INCOME TAX vs. M/S.GAYATHRI ENTERPRISES

Bench: B.MANOHAR,D.V.SHYLENDRA KUMAR

gains of the firm in the year in which the transfer has taken place in terms of the provisions of section 45[4] of the Act. 12 11. In support of such submission, Sri. M V Seshachala, learned counsel has placed reliance on the Judgment of the Bombay High Court in the case of ‘THE COMMISSIONER OF INCOME

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

The appeal stands allowed

Bench: S.SUJATHA,VINEET SARAN

gains of business or profession.” 12. Thus, what could be inferred from this is that only the revenue expenditure falling under Sections 30 to 36 of the Act is attracted and not the capital expenditure. 13. The Budget Speech of Finance Minister, 1985-86 specifies the object for inserting Section 14 35AB with effect from 1.4.1986 the relevant paragraph

THE DIRECTOR OF INCOME TAX vs. M/S. KRUPANIDHI EDUCATION

Bench: S.SUJATHA,VINEET KOTHARI

capital assets as well as depreciation are both claimed as application of income in determining surplus/deficit during the year? 6. Whether, on the facts and in circumstances of the case, the Tribunal was correct in holding that the normal provisions of section 28 to 44 of the Act are applicable and depreciation is allowable to charitable trust, when in cases

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

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

44 ELT 598 at para 4 has held as under: “Excise is a duty on manufacture or production. But the realization of the duty may be postponed for administrative convenience to the date of removal of goods from the factory. Rule 9A of the said Rules merely does that. That is the scheme of the Act. It does