KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

capital gains tax under Section 45(1) of the Act, having accrued to the successor-company, the capital gains tax imposed

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

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

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

THE PR COMMISSIONER OF vs. M/S MPHASIS LIMITED

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

capital gains amounting to certain amounts all through banking transactions with the stock brokers in relation to the advice the stock brokers had rendered. The stocks vary from JMD Telefilm Industries, Splash Media, Essar India and Alpha. Trading is both by the individuals and by the companies. But, the moment it is brought to the notice of all these petitioners

SRI. P S SESHADRI. vs. THE CHIEF COMMISSIONER OF INCOME TAX

In the result, this petition is allowed in part

Bench: The Hon'Ble Mr.Justice Ram Mohan Reddy

45 of the Act and seek exemption from capital gain tax under Section 54EC of the Act as it stood in the statute book prior to its W.P.42424/12 16 amendment by finance Act 2007. The Amendment by Finance Act 2007 brought about two changes to Sec. 54EC by insertion of the proviso to sub sec (1

THE COMMISSIONER OF INCOME TAX vs. LATE KHOOBCHAND M MAKHIJA

The appeals are dismissed

Bench: N.KUMAR,RATHNAKALA

1), - 20 - then the amount not so utilized shall be charged under Section 45 as the income of the previous year in which the period of three years from the date of the transfer of the original asset expires. Therefore, the statute prescribes expressly when the capital gain

THE COMMISSIONER OF INCOME TAX vs. M/S SHASTHA PHARMA LABORATORIES

The appeal is dismissed

Bench: N.KUMAR,RATHNAKALA

1. Nothing contained in Section 45 shall apply to the following provisions. 2. In distribution of the capital assets on the dissolution of the firm, the body of individuals or without associations of persons. This provision is omitted by Finance Act, 1997 with effect from 01.4.1998. In other words, prior to this omission, distribution of capital assets of the dissolution

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

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

In the result, appeal stands dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

1. Whether on the facts and in the circumstances of the case, the Tribunal is right in law in holding that gain on sale of “technical know-how” was is not capital in nature and it is also not chargeable to tax under Section 45

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

The appeal stands dismissed

Bench: S.SUJATHA,VINEET SARAN

capital gains’. Section 45[1] of the Act reads as under: “45. Capital Gains: (1) Any profits or gains arising

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

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

M/S NANDI STEELS LIMITED vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

Section 14, 28, 41(2), 45(1), 56(1), 72 and 74(1) of the Act, which read as under: 14. Heads of income Save as otherwise provided by this Act, all income shall, for the purposes of charge of income- tax and computation of total income, be classified under the following heads of income:- A.- Salaries. B.-] C.- Income

PROF. P.N. SHETTY vs. OFFICE OF THE INCOME TAX OFFICER

Bench: The

Capital Gain Account Scheme should be refunded to him in its entirety. His main contention is that the proviso to sub- section (1) of Section 54F of the said Act uses the words ‘not utilized wholly or in part.’ Therefore, if the amount is utilized in part, the remaining amount cannot be subjected to a tax under Section 45

THE COMMISSIONER OF INCOME TAX vs. MRS SHAKUNTALA DEVI

Appeal is hereby dismissed

Bench: ARAVIND KUMAR,JAYANT PATEL

45; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or 12 construction, as the case may be, the cost shall be reduced by the amount of the capital gain. [(2) The amount of the capital gain which is not appropriated

THE PR COMMISSIONER OF INCOME TAX vs. SMT SAROJINI M KUSHE

Appeal stands dismissed

Bench: S.SUJATHA,HANCHATE SANJEEVKUMAR

Section 45 of the Act reads thus: “Capital gains. 45. (1) Any profits or gains arising from the transfer of a capital

ANTONY PARAKAL KURIAN vs. ASSISTANT COMMISSIONER OF INCOME TAX

Appeal is allowed in part

Bench: S.SUJATHA,S RACHAIAH

1) Subject to the provisions of sub- section (4), where, in the case of an assessee being an individual or a Hindu undivided family, the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereafter in this section referred to as the original asset), and the assessee has, within a period

PR COMMISSIONER OF WEALTH TAX-6 vs. M R KODANDRAM

Appeals stand dismissed

Bench: RAVI MALIMATH,ASHOK S.KINAGI

Section 45 of the Act reads thus: “Capital gains. 45. (1) Any profits or gains arising from the transfer of a capital