ANTONY PARAKAL KURIAN vs. ASSISTANT COMMISSIONER OF INCOME TAX

Appeal is allowed in part

Bench: S.SUJATHA,S RACHAIAH

46 taxmann.com 170 (Karnataka), for denying exemption under section 54F, is perverse and contrary to law? 4 2. The assessee, a salaried person working in M/s IGUS India Private Limited, had filed a return of income showing the capital gains

THE COMMISSIONER OF INCOME TAX vs. LATE KHOOBCHAND M MAKHIJA

The appeals are dismissed

Bench: N.KUMAR,RATHNAKALA

Section 54(2) of the Act, to the extent of unutilized deposit in the capital gain account as claimed by them. 2. The assessee filed a return of income for the assessment year 1996-97 on 23.7.1996 declaring a total income of Rs.3,46

THE COMMISSIONER OF INCOME TAX vs. MRS SHAKUNTALA DEVI

Appeal is hereby dismissed

Bench: ARAVIND KUMAR,JAYANT PATEL

46 YEARS NO.2, WHITE ACRES CHIKKA-TIRUPATI ROAD KADUGODI POST WHITE FIELD BANGALORE-560 067. 1(b) SHAKUNTHALA DEVI EDUCATIONAL FOUNDATION PUBLIC TRUST SHAKUNTHALA DEVI COLLEGE NO.32/P3, 17TH MAIN HSR LAYOUT, NEAR BDA COMPLEX BANGALORE-560 102. … RESPONDENTS (BY SRI. A.SHANKAR, ADVOCATE FOR R(1)(b); SRI.K. ARUN KUMAR, ADVOCATE FOR M/S CREST LAW PARTNERS R(1)(a) THIS APPEAL

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

The appeal is allowed in part

Bench: B.MANOHAR,DILIP B.BHOSALE

Section 55(2) of the Income Tax Act, 1961, under which, the goodwill amount is taxable.” The technical knowhow is an intangible asset, liable to be taxed under the head ‘Capital Gain’. The order passed by the Appellate Tribunal holding that the consideration of Rs.25.00 crores received is also for not carrying out certain activities pertaining to the business

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

Appeal is allowed

Bench: B.MANOHAR,N.KUMAR

Section 10(38) of the Act and therefore he submits the order passed by the authorities are valid and legal and does not call for any interference. 12. From the material on record, it is clear the 30 acres of land in White Field belong to Bhoruka Steel Limited (BSL). It became a sick industrial company. Before BIFR, a scheme

THE MANAGER vs. SMT. BHAGYAMA

Appeal is dismissed

Bench: H.T. NARENDRA PRASAD

46,75,195/- as long-term capital gain on the slump sale under Section 50B of the Income Tax Act, 19614. On appeal

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 COMMISSIONER OF INCOME TAX vs. SHRI DINESH D RANKA

The appeal is allowed

Bench: ARAVIND KUMAR,MOHAN M. SHANTANAGOUDAR

capital gains can be levied? 3. Brief facts of the case are as under: The respondent – assessee is carrying on the business in real estate. Admittedly, he owned 35 acres 6 guntas of 4 land at Kothanur Village. The entire land was converted from agriculture to housing purposes in the year 1992. The Bangalore Development Authority approved the plan

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

Bench: S.SUJATHA,VINEET KOTHARI

Gains’ in the hands of the recipient in accordance with the provisions of Section 46-A of the Act and no such amount would be treated as dividend in view of exclusion part of Section 2 (22)(iv) of the Act. The Assessing Officer also held that the Capital

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

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

Section 2(47)(v) of the IT Act. 7.1 It is further stated that upon transfer of the flats to the developer or its nominee, the assessee offered the income to capital gains tax in the subsequent Assessment Years 2007– 08 and 2008–09. The material on record indicates that capital gains were indeed offered to tax in the said

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

PR COMMISSIONER OF vs. M/S SUBEX LTD

In the result, appeal stands dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

46) of the Companies Act, 1956, debenture is a share in the share capital of a company which in turn would mean that it would represent contribution of the share-holder towards the share capital of the company. On the other hand, a debenture is an instrument of - 12 - debt executed by the company acknowledging its receipt to repay

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

In the result, the first substantial question of law is

Bench: ALOK ARADHE,R. NATARAJ

46, 9TH CROSS 28TH MAIN 1ST PHASE JP NAGAR BENGALURU - 560 078. ... APPELLANT (BY SRI.CHYTHANYA K.K., ADV.,) AND: ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 4(1) 4TH FLOOR, UNITY BUILDING ANNEXE P.KALINGA RAO ROAD BENGALURU - 560 027. ... RESPONDENT (BY SRI.K.V.ARAVIND, ADV.) - - - THIS I.T.A. IS FILED UNDER SEC. 260-A OF INCOME TAX ACT 1961, ARISING OUT OF ORDER DATED

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 to an Individual or a HUF from compulsory acquisition of an agricultural land situated in specified urban-limit subject 33 to fulfillment of certain conditions for specified urban land) 2. The RFCTLARR Act which came into effect from 1st January, 2014. in section 96, inter-alia provides that income-tax shall not be levied on any Award

L. VENKATARAMANA RAJU vs. UNION OF INDIA

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

capital gains arising to an Individual or a HUF from compulsory acquisition of an agricultural land situated in specified urban-limit subject 33 to fulfillment of certain conditions for specified urban land) 2. The RFCTLARR Act which came into effect from 1st January, 2014. in section 96, inter-alia provides that income-tax shall not be levied on any Award

THE COMMISSIONER OF INCOME TAX vs. SRI D G GOPALA GOWDA

The appeal is dismissed

Bench: B.MANOHAR,N.KUMAR

Section 263 of the Income Tax Act (for short, hereinafter referred to as ‘the Act’) and remanded the matter back to the Assessing Authority for fresh consideration. 3 2. The assessee had purchased a site at Rupena Agrahara in the financial year 1995-96 for a consideration of Rs.3,46,520/-. He started construction of the building in April

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