COMMISSIONER OF INCOME TAX vs. SHRI. GREGORY MATHIAS

Bench: S.N.SATYANARAYANA,JAYANT PATEL

72,00,000/-. In response to this, the assessee’s AR vide his 4 letter dated 21.12.2011 stated that the income from house property offered is in respect of stock- in-trade. Hence, the assessee is entitled to deduction U/s.54F. 5.6. The Revenue’s position is that exemption U/s.54F is not to be given in case of applicability

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

SRI B V S MURTHY vs. THE INCOME TAX OFFICER

The appeal is disposed of

Bench: ALOK ARADHE,RAVI V HOSMANI

Section 4(1)(ii) of the Companies Act, 1956 defines that a company shall be a subsidiary company of a holding company if, but only if, the holding company holds more than 50% of its equity capital. In the instant case, admittedly WLC holds only 40% of the share capital in IDBL. In KANU KUMAR MUKERJEE, AUTHORITY OF ADVANCE RULINGS

M/S. THE KOLAR & CHICKBALLAPUR vs. THE ASST. COMMISSIONER

The appeal stands disposed of as indicated above

Bench: S.SUJATHA,RAVI V HOSMANI

Capital gains” and claims that the loss or any part thereof should be carried forward under sub-section (1) of section 72

M/S KARLE INTERNATIOAL PRIVATE LTD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

In the result, the order of the income tax appellate tribunal

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

72 or sub-Section (1) or sub- Section (3) of Section 74, in so far as such loss relates to the business of the undertaking, shall be carried forward or set off where such loss relates to any of the relevant assessment years ending before the 1st day of April 2001. Section 70(1) Save as otherwise provided in this

THE COMMISSIONER OF INCOME-TAX vs. M/S AMCO BATTERIES LTD.,

In the result, the order passed by the tribunal

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

capital gains under Section 45 of the Act. It is also argued that since the assessee failed to disclose the transaction, the same has escaped assessment. It is also urged that the order of re opening of assessment be upheld and the matter be remitted to tribunal for adjudication on merits. In support of aforesaid submissions, reliance has been placed

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

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

72. Section 139(5) of the Act provides that, if any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of Section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from

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

The appeals stand disposed of, accordingly

Bench: N.KUMAR,B.SREENIVASE GOWDA

72. Section 139(5) of the Act provides that, if any person, having furnished a return under sub-section (1), or in pursuance of a notice issued under sub-section (1) of Section 142, discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from

THE PR. COMMISSIONER OF INCOME-TAX vs. M/S. ELECTRONICS AND CONTROLS

Appeal stands dismissed

Bench: S.SUJATHA,E.S.INDIRESH

Capital gains" and claims that the loss or any part thereof should be carried forward under sub-section (1) of section 72

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

Bench: S.SUJATHA,RAVI V HOSMANI

72 and 73 of the Act. The learned counsel further argued that the Judgment of ICICI Prudential Insurance Company Ltd., supra is not applicable to the facts of the present case. However, the Tribunal erred in placing reliance on the said Judgment in allowing the appeal filed by the assessee, holding that when Section 44 of the Act is applied

PR COMMISSIONER OF INCOME TAX-4 vs. M/S JEANS KNIT PVT LTD

In the result, we do not find any

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

capital gain earned. It is urged that since, the tribunal has failed to determine the core issue with regard to colorable devise adopted by the 15 assessee, to evade tax, therefore, the matter be remitted to the tribunal for decision afresh in accordance with law. In support of aforesaid submissions, the reliance is placed on decision of Supreme Court

PR.COMMISSIONER OF vs. M/S JEANS KNIT PVT.LTD

In the result, we do not find any

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

capital gain earned. It is urged that since, the tribunal has failed to determine the core issue with regard to colorable devise adopted by the 15 assessee, to evade tax, therefore, the matter be remitted to the tribunal for decision afresh in accordance with law. In support of aforesaid submissions, the reliance is placed on decision of Supreme Court

PR COMMISSIONER OF vs. M/S JEANS KNIT PVT LTD

In the result, we do not find any

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

capital gain earned. It is urged that since, the tribunal has failed to determine the core issue with regard to colorable devise adopted by the 15 assessee, to evade tax, therefore, the matter be remitted to the tribunal for decision afresh in accordance with law. In support of aforesaid submissions, the reliance is placed on decision of Supreme Court

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

The appeals are allowed; the impugned

Bench: SATISH CHANDRA SHARMA,R. NATARAJ

capital expenditure is incurred by the assessee for the purposes of the business or profession on the 14 construction of any structure or doing of any work in or in relation to, and by way of renovation or extension of, or improvement to, the building, then, the provisions of this clause shall apply as if the said structure or work

SRI A NARAYANASWAMY vs. THE DEPUTY COMMISSIONER OF INCOME-TAX

Bench: P.S.DINESH KUMAR,T.G. SHIVASHANKARE GOWDA

Section 158BA, which finds a place in Chapter XIV- B, which deals with procedure for assessment of search cases. ………………….. 25. ………………. …………… If any term or expression has been defined in the enactment, then it must be understood. In the sense in which it is defined when the statute prescribes as to what is a block period, the authorities under

DEVAS MULTIMEDIA PRIVATE LIMITED vs. THE PRINCIPAL COMMISSIONER OF INCOME-TAX

Bench: The Hon’Ble Mr.Justice P.B. Bajanthri Writ Petition No.11618 Of 2016 (T-It) Between:

72,53,709/- read with the conclusion of the assessment under Section 143(3) read with Section 144C on 31.01.2014 while determining taxable income of the asssessee at Rs.17,98,34,440/- which resulted in net tax liability at Rs.3,71,45,516/-. The addition/disallowance made to arrive at the taxable income. The respondent after assessing various issues relating

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

SATISH KUMAR PANDEY vs. ASSISTANT COMMISSIONER OF INCOME TAX

Appeals are allowed

Bench: P.S.DINESH KUMAR,T.G. SHIVASHANKARE GOWDA

section 48(1) reflects that there should be a causal connect and the expenditure incurred to be allowed as a deduction must be united or in the state of being united with the transfer of the capital asset resulting in income by way of capital gains on which tax has to be paid. The expenditure, therefore, should have direct connection