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2 results for “capital gains”+ Section 49clear

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Key Topics

Section 1434Section 2214Section 1402Capital Gains2

M/S.SHEETAL REAL vs. INCOME TAX OFFICER

In the result, the appeal fails and the substantial questions of law

ITA/83/2010HC Orissa08 Feb 2022

Bench: DR. JUSTICE S. MURALIDHAR (CJ),MR. JUSTICE R.K.PATTANAIK

Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 260ASection 372A

49 of 60 for a different Assessment Year) that, if Assessee possesses sufficient interest free funds as against investment in tax free securities then, there is a presumption that investment which has been made in tax free securities, has come out of interest free funds available with Assessee. In such situation Section 14A of the Act would not be applicable

PRINCIPAL COMMISSIONER OF INCOME TAX vs. M/S.S.C.PADHEE

Appeals are disposed of

ITA/3/2018HC Orissa23 Mar 2022

Bench: The Trial Court. I.E., Appellant No.1 As Accused No.1/Company & Appellant Nos.2 To 4 As Accused Nos. 2 To 4.

Section 140Section 143Section 156Section 208Section 221Section 276Section 278Section 421

49,018/-, out of which an amount of Rs.4,72,95,383/- was shown as long term capital gain and Rs.2,70,81,629/- was shown as short term capital gains. 4 iv) Accused No.1/Company is expected to pay the income tax either by way of advance tax as required under Section