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

Bench: S.SUJATHA,VINEET KOTHARI

capital gain is not to be charged in the hands of the firm”. 9. The learned counsel for the Assessee Mr.Chythanya has submitted before us that Clause (xiii) Date of Order: 23-07-2018. ITA No.884/2007 c/w ITA No.60/2015 The Commissioner of Income Tax & Anr. Vs. M/s Prakash Electric Company 13/30 of Section

KIDS CLINIC INDIA PRIVATE LIMITED

Bench: KRISHNA S DIXIT

capital gain is not to be charged in the hands of the firm”. 9. The learned counsel for the Assessee Mr.Chythanya has submitted before us that Clause (xiii) Date of Order: 23-07-2018. ITA No.884/2007 c/w ITA No.60/2015 The Commissioner of Income Tax & Anr. Vs. M/s Prakash Electric Company 13/30 of Section

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

In the result, appeal stands dismissed

Bench: S.SUJATHA,RAVI V HOSMANI

capital gains. The provisions of Section 56 read with Section 10[3] are quite apposite. Entire sale consideration not allocable to inventories and non-depreciable assets can also be considered for taxation as a receipt of casual and non- recurring nature under Section 56 of the Act, if the assessee is not in a position to establish that the income

ANTONY PARAKAL KURIAN vs. ASSISTANT COMMISSIONER OF INCOME TAX

Appeal is allowed in part

Bench: S.SUJATHA,S RACHAIAH

Capital gains amounting to Rs.2,23,47,434/- was claimed as an exemption under Section 54 of the Act and Rs.25 Lakhs is claimed as an exemption for making investment in REC bonds under Section 54EC of the Act. The contention of the appellant 6 was that out of the advance amount of Rs.50 lakhs received from M/s. Fashion Jewellery

THE COMMISSIONER OF INCOME TAX vs. LATE KHOOBCHAND M MAKHIJA

The appeals are dismissed

Bench: N.KUMAR,RATHNAKALA

capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say, - ….. ." 9

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

Appeal stands dismissed

Bench: S.SUJATHA,HANCHATE SANJEEVKUMAR

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

THE COMMISSIONER OF INCOME TAX vs. MRS SHAKUNTALA DEVI

Appeal is hereby dismissed

Bench: ARAVIND KUMAR,JAYANT PATEL

Section 54 of the Act and said 9 exercise having been undertaken by the assessee, Tribunal on appreciation of facts had found that assessee had reinvested the amount and thereby granted the benefit of claiming Long Term Capital Gain

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

The appeal stands dismissed

Bench: S.SUJATHA,VINEET SARAN

capital gains. It is further contended that, no doubt, sub-section [2] of section 55 of the Act was amended with effect from 1.4.2002 by inserting the words ‘or a trademark or brand name associated with a business’, the transaction involving transfer of goodwill is liable to tax under Section 55(2) of the Act during the relevant assessment year

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

The appeal is allowed in part

Bench: B.MANOHAR,DILIP B.BHOSALE

9 setting aside the order passed by the First Appellate Authority. With regard to the receipt of Rs.25.00 crores, towards transfer of technical knowhow is concerned, it is a capital receipt and not revenue receipt and not liable to be taxed and ordered for deletion. The Revenue being aggrieved by the order passed by the Appellate Tribunal dated

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

Appeals stand dismissed

Bench: RAVI MALIMATH,ASHOK S.KINAGI

capital gain when the terms and conditions of the agreement specify the value of consideration. Referring to Section 48 of the Act, it was argued that “full value of consideration” has to be interpreted with reference to cost of construction. Section 50C was also referred to. It was agued that Section 50D of the Act, which has come into effect

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

The appeal is dismissed

Bench: N.KUMAR,RATHNAKALA

capital gains tax was liable to be paid.?” 7. However, before commencement of the arguments, learned Counsel for the revenue sought the permission of the Court to raise additional substantial question of law : “Whether the Tribunal was correct in holding the reopening of assessment under Sections 147 and 148 of the Act is bad in law as there

SRI HARIRAM HOTELS P LTD vs. COMMISSIONER OF INCOME TAX (III)

Appeal is allowed

Bench: S.SUJATHA,VINEET SARAN

Section 115JB of the Act. It is further contended that the Judgment of Veekaylal 10 (supra) is squarely applicable to the facts of the case, as such the authorities are justified in following the said Judgment, that the capital gains should be included in the profit and loss account for the purpose of computing book profit. 9

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

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

capital gain is contrary to provisions of law. 4. The assessee thereupon filed an appeal before the Commissioner of Income Tax (Appeals) on the issue with regard to set off, of brought forward business loss and validity of the notice under Section 6 148 of the Act. The Commissioner of Income Tax (Appeals) by an order dated 12.03.2008 dismissed

THE PR. COMMISSIONER OF INCOME TAX vs. MRS. VANAJA MATTHEN

The appeal is dismissed

Bench: This Court, Questioning The Order Dated 25.01.2017 In

section 54F of the Act. The essence of the said provision is whether the assessee who received capital gains has invested in a residential ITA.No.456/2017 - 12 - house. Once it is demonstrated that the consideration received on transfer has been invested either in purchasing a residential house or in construction of a residential house even though the transactions

THE COMMR OF INCOME TAX vs. NIKE INC

Appeals are dismissed

Bench: B.MANOHAR,N.KUMAR

capital asset situated in India. 12. In the instant case, we are concerned with the income accruing or arising from business connection. Till 2004, the word business connection had not been defined. However, by Finance Act, 2003, explanation (2) was inserted which came into effect from 01.04.2004. However, as is clear from the opening words of explanation

THE COMMISSIONER OF INCOME TAX vs. SMT PADMAVATHY

The appeal is dismissed

Bench: B.MANOHAR,K.SREEDHAR RAO

gain has arisen on the sale of land. Therefore it cannot be said that the amount invested in the Specified Securities are qualified for deduction under Section 54EA of the Act. 9. Section 54EA of the Act reads as under: 54EA. (1) Where the capital

P ARVIND MAIYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Accordingly, writ petition is allowed

Bench: S.SUJATHA

gain towards the transaction of transfer of part of its rights in the capital assets of trademark. Reasons recorded by the learned Assessing Officer for the notice dated 03.03.2015 under Section 148 of the Act impugned herein, is verbatim similar to that of the reasons recorded in the first notice dated 03.03.2015 issued under Section

P VIKRAM MAIYA vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

Accordingly, writ petition is allowed

Bench: S.SUJATHA

gain towards the transaction of transfer of part of its rights in the capital assets of trademark. Reasons recorded by the learned Assessing Officer for the notice dated 03.03.2015 under Section 148 of the Act impugned herein, is verbatim similar to that of the reasons recorded in the first notice dated 03.03.2015 issued under Section