THE COMMR OF INCOME TAX vs. M/S DYNAMIC ENTERPRISE

The appeal stands dismissed

Bench: This Bench.

2. The substantial questions of law referred for our consideration are as under: “When a retiring partner takes only the money towards the value of his share, whether the firm should be made liable to pay capital gains even when there is no distribution of capital asset/assets among the partners under Section 45(4) of the I.T. Act? or Whether

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

In the result, appeal stands dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

gain on sale of “technical know-how” was is not capital in nature and it is also not chargeable to tax under Section 45 of the Act when the assessing authority rightly brought to tax as by holding that the consideration received by - 3 - assessee towards sale of technical know-how was capital in nature of goodwill which is liable

THE COMMISSIONER OF INCOME TAX vs. LATE KHOOBCHAND M MAKHIJA

The appeals are dismissed

Bench: N.KUMAR,RATHNAKALA

capital gains, when the Section contemplates exemption in respect of “a” house for the current assessment year? 2. Whether the Tribunal committed an error in holding that the assessee is entitled to the - 6 - benefit of exemption under Section 54(2) of the Act, insofar as the investment of Rs.1.70 crores in nationalized banks? 5

THE COMMISSIONER OF INCOME TAX vs. M/S PRAKASH ELECTRIC COMPANY

Bench: S.SUJATHA,VINEET KOTHARI

2) Where at any time, before the expiry of a period of three years from the date of the transfer of a capital asset referred to in clause (xi) of section 47, any of the shares allotted to the transferor in exchange of a membership in a recognized stock exchange are transferred, the amount of profits and gains not charged

KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

2) Where at any time, before the expiry of a period of three years from the date of the transfer of a capital asset referred to in clause (xi) of section 47, any of the shares allotted to the transferor in exchange of a membership in a recognized stock exchange are transferred, the amount of profits and gains not charged

SRI N GOVINDARAJU vs. THE INCOME TAX OFFICER

Appeal stands disposed of

Bench: S.SUJATHA,VINEET SARAN

capital gains, and also disallowed 50% of expenses on transfer claimed by the assessee. Besides this, certain other disallowances were also made by the Assessing Officer. Challenging the same, the assessee filed an appeal before the Commissioner of Income Tax (Appeals), who granted certain relief, but confirmed the reopening of assessment under section 147 of the Act; the assessment

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 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

THE COMMISSIONER OF INCOME TAX vs. M/S.KURUHINSHETTY URBAN CO- OPERATIVE

In the result, the above questions are answered in favour

Bench: ANAND BYRAREDDY,S.SUJATHA

2 (24 (vii a) of the IT Act, which requires the inclusion of profits and gains of any business of banking (including providing credit facilities) carried on by a co- operative society. Reference was made to the Explanation appended to Section 80 P (4) - which lays down that a co-operative bank and a primary agricultural credit society, shall have

THE COMMISSIONER OF INCOME TAX vs. THE MERCANTILE CO-OPERATIVE

In the result, the above questions are answered in favour

Bench: ANAND BYRAREDDY,S.SUJATHA

2 (24 (vii a) of the IT Act, which requires the inclusion of profits and gains of any business of banking (including providing credit facilities) carried on by a co- operative society. Reference was made to the Explanation appended to Section 80 P (4) - which lays down that a co-operative bank and a primary agricultural credit society, shall have

THE COMMISSIONER OF INCOME TAX vs. SHRI MAHATAMA BASAVESHWARA

In the result, the above questions are answered in favour

Bench: ANAND BYRAREDDY,S.SUJATHA

2 (24 (vii a) of the IT Act, which requires the inclusion of profits and gains of any business of banking (including providing credit facilities) carried on by a co- operative society. Reference was made to the Explanation appended to Section 80 P (4) - which lays down that a co-operative bank and a primary agricultural credit society, shall have

THE COMMISSIONER OF INCOME TAX vs. BEERESHWAR CREDIT SOUHARD SAHAKARI LTD.,

In the result, the above questions are answered in favour

Bench: ANAND BYRAREDDY,S.SUJATHA

2 (24 (vii a) of the IT Act, which requires the inclusion of profits and gains of any business of banking (including providing credit facilities) carried on by a co- operative society. Reference was made to the Explanation appended to Section 80 P (4) - which lays down that a co-operative bank and a primary agricultural credit society, shall have

THE COMMISSIONER OF INCOME TAX vs. THE ATHANI CO-OPERATIVE

In the result, the above questions are answered in favour

Bench: ANAND BYRAREDDY,S.SUJATHA

2 (24 (vii a) of the IT Act, which requires the inclusion of profits and gains of any business of banking (including providing credit facilities) carried on by a co- operative society. Reference was made to the Explanation appended to Section 80 P (4) - which lays down that a co-operative bank and a primary agricultural credit society, shall have

THE COMMISSIONER OF INCOME TAX vs. SHRI MAHALAXMI URBAN CO-OPERATIVE

In the result, the above questions are answered in favour

Bench: ANAND BYRAREDDY,S.SUJATHA

2 (24 (vii a) of the IT Act, which requires the inclusion of profits and gains of any business of banking (including providing credit facilities) carried on by a co- operative society. Reference was made to the Explanation appended to Section 80 P (4) - which lays down that a co-operative bank and a primary agricultural credit society, shall have

THE COMMISSIONER OF INCOME TAX vs. SHRI MAHALAXMI URBAN CO-OPERATIVE

In the result, the above questions are answered in favour

Bench: ANAND BYRAREDDY,S.SUJATHA

2 (24 (vii a) of the IT Act, which requires the inclusion of profits and gains of any business of banking (including providing credit facilities) carried on by a co- operative society. Reference was made to the Explanation appended to Section 80 P (4) - which lays down that a co-operative bank and a primary agricultural credit society, shall have

THE COMMISSIONER OF INCOME TAX vs. M/S.KURUHINSHETTY URBAN CO OPERATIVE

In the result, the above questions are answered in favour

Bench: ANAND BYRAREDDY,S.SUJATHA

2 (24 (vii a) of the IT Act, which requires the inclusion of profits and gains of any business of banking (including providing credit facilities) carried on by a co- operative society. Reference was made to the Explanation appended to Section 80 P (4) - which lays down that a co-operative bank and a primary agricultural credit society, shall have

THE COMMISSIONER OF INCOME TAX vs. SHRI MAHATAMA BASAVESHWARA

In the result, the above questions are answered in favour

Bench: ANAND BYRAREDDY,S.SUJATHA

2 (24 (vii a) of the IT Act, which requires the inclusion of profits and gains of any business of banking (including providing credit facilities) carried on by a co- operative society. Reference was made to the Explanation appended to Section 80 P (4) - which lays down that a co-operative bank and a primary agricultural credit society, shall have

THE COMMISSIONER OF INCOME TAX vs. CHIKODI TALUKA SHREE SARASWATI SOUHARD

In the result, the above questions are answered in favour

Bench: ANAND BYRAREDDY,S.SUJATHA

2 (24 (vii a) of the IT Act, which requires the inclusion of profits and gains of any business of banking (including providing credit facilities) carried on by a co- operative society. Reference was made to the Explanation appended to Section 80 P (4) - which lays down that a co-operative bank and a primary agricultural credit society, shall have