M/S JINDAL EQUIPMENT LEASING CONSULTANCY SERVICES LTD. vs. COMMISSIONER OF INCOME TAX

Appeals stand disposed of in the aforesaid terms

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

business income accrues. 4.5. It was also emphasized that the scheme of the Act itself supports this view. Wherever the legislature intends to tax notional or deemed income, it has enacted specific provisions, for example, Section 28(iv) or valuation rules such as Rule 11UAB. Further, Section 49(1)(iii)(e) specifically provides that for capital gains

VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

income and tax computations were made separately for the two periods in the order of assessment. The Assessing Officer apportioned the consideration among the various assets comprised within the business with further splitting between short term and long term capital gains

THE AUTHORITY FOR ADVANCE RULINGS (INCOME TAX) vs. TIGER GLOBAL INTERNATIONAL II HOLDINGS

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

capital appreciation and investment income. The assessees are regulated by the Financial Services Commission3 in Mauritius and have been granted a Category I Global Business License4 under Section 72(6) of the Financial Services Act, 2007, enacted by the Parliament of Mauritius. 5.1. The business of the assessees, according to them, is wholly controlled and managed by their Board

SEDCO FOREX INTERNATIONAL INC. THR. ITS CONSTITUTED ATTORNEY MR. NAVIN SARDA vs. COMMISSIONER OF INCOME TAX MEERUT

Bench: HON'BLE MR. JUSTICE A.K. SIKRI

capital asset situated 38 in India (referred as business income). Explanation 1(a) to Section 9(1)(i) of the Act provides an exclusion in the case of operations which are not carried out in India. The explanation provides that the income of the business deemed under this clause to accrue or arise in India shall be only that part

COMMISSIONER OF INCOME TAX vs. WILLAMSON FINANCIAL SERVICES

Bench: The 60 : 40 Apportionment Under Rule 8(1) Or From 40% Profits On Sales Taxable As Business Income. 3. Rule 8(1) Of The Said Rule Provides That 40% Of The Composite Income From Sale Of Tea, Grown & Manufactured, Arrived At On Making Of The Apportionment \023Shall Be Deemed To Be Income Liable To Tax\024. 4. Assessees Exported Tea In The Accounting Year. They Were Entitled To Deduction Under Section 80Hhc Of Income-Tax Act, 1961 (For Short, \0211961 Act\024) In Respect Of The Export. They Were In The Business Of Growing & Manufacturing Tea. Since They Earned Composite Income, Their Case Stood Covered By Rule 8(1) Of Income-Tax Rules, 1962 (\0231962 Rule\024 For Short). 5. For The Sake Of Convenience We State The Facts Occurring In Civil Appeal No.3803-3808 Of 2005- Commissioner Of Income Tax V. Willamson Financial Services & Ors. In The Returns, The Assessee Claimed Section 80Hhc Deduction Against The Entire Composite Income Before Application Of Rule 8(1).

capital borrowed for the purposes of the business, profession or vocation, the amount of the interest paid: 12. Rule 24 of the 1961 Act reads as under: \02324. Income derived from the sale of tea grown and manufactured by the seller in the taxable territories shall be computed as if it were income derived from business, and 40 per cent

M/S FIBRE BOARDS (P) LTD BANGALOARE vs. CIT BANGALORE

income chargeable under the head “Capital gains” arising from the transfer of capital assets, being machinery or plant or buildings or lands or any rights in buildings or lands used for the purposes of the business

M/S. VIJAY INDUSTRIES vs. COMMISSIONER OF INCOME TAX

Appeals are allowed

Bench: HON'BLE MR. JUSTICE A.K. SIKRI

income from house property, profits and gains of business or profession, capital gains and income from other sources. Insofar as income

NATIONAL CO-OPERATIVE DEVELOPMENT CORPORATION vs. COMMISSIONER OF INCOME TAX-V, DELHI

Bench: HON'BLE MR. JUSTICE SANJAY KISHAN KAUL

business income” and gets transformed into a capital receipt. If this contention is accepted, then even the interest income will not be 13 liable to tax under profits and gains

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

gains of business, profession or vocation, and Income from other sources and Capital gains. Various sections deal with how income

COMMISSIONER OF INCOME TAX, KOCHI vs. TRANS ASIAN SHIPPING SERVICES (P) LTD

Capital Gains and (v) Income from Other Sources. Thereafter, manner of computation of the income under the aforesaid heads is stipulated in various sections falling under Chapter IV. As far as Income from Profits and Gains of Business

DELHI FARMING & CONSTRUCTION(P) LTD. vs. COMMNR. OF INCOME TAX, DELHI

In the result, we set aside the judgment of the High Court and uphold the

business profits, and therefore, could not be taken into account in reckoning the distributable income. This contention was rejected by the Kerala High Court by pointing out that section 109(i), while defining "distributable income", specifically takes in and includes the gross total income of the company as reduced by, inter alia, losses under the head "capital gains

COMMNR. OF INCOME TAX, MUMBAI vs. D.P. SANDU BROS CHEMBUR (P) LTD

Income from house property; (D) Profits and gains and business or profession; (E) Capital gains; (F) Income from other sources

UNIVERSAL PLAST LTD. vs. COMMISSIONER OF INCOME TAX,CALCUTTA

In the result, we hold that both the High Courts were right in answering

capital nature insurance premia, interest on all advances, depreciation on newly acquired assets, bonus and gratuity to employees nor for any liability in respect of Sales Tax or tax on incomes, profits and gains made by the Licensee so far as they relate to the Licensee’s part of the income from the UPL factory and the Licensee hereby indemnified

PLASTIBLENDS INDIA LIMITED THROUGH ITS CHAIRMAN AND MANAGING DIRECTOR vs. ADDL.COMMISSIONER OF INCOME TAX RANGE 8(2) MUMBAI

Bench: HON'BLE MR. JUSTICE A.K. SIKRI

capital expenditure on the scientific research business). In such a case, it cannot be said that the legislature intended to give double deduction in respect of the same business outgoing and the assessee would have to choose one out of the above two deductions and cannot claim both the deductions. In these circumstances, the Apex Court in the case

COMMISSIONER OF INCOME TAX, DELHI vs. M/S WOODWARD GOVERNOR INDIA P. LTD

gains of business or profession, how computed: Section 29: “The income referred to in section 28 shall be computed in accordance with the provisions contained in sections 30 to 43D.” General: Section 37 : “(1) Any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital

SHAH ORIGINALS vs. COMMISSIONER OF INCOME TAX 24 MUMBAI

Bench: HON'BLE MR. JUSTICE S.V.N. BHATTI

capital, and the gain from foreign exchange fluctuation comes within the permissible deduction of Section 80 HHC of the Act. He places strong reliance on Sutlej Cotton Mills Ltd. v. Commissioner of Income Tax, Calcutta1 and Commissioner of Income Tax, Delhi v. Woodward Governor India Pvt. Ltd2. The Learned Counsel also places reliance on Commissioner of Income

NATIONAL COOPERATIVE DEVELOPMENT CORPORATION vs. ASSISTANT COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE PAMIDIGHANTAM SRI NARASIMHA

gains derived from the conduct of the business of generation and distribution of electricity…." 15. The phrase "derived from" whether used alone or as "derived from the business of" appears across multiple provisions of the Act, such as Section 80HHC and Section 80JJA. This Court has consistently held that this phrase requires a direct and proximate connection, or a "first

N. BAGAVATHY AMMAL vs. COMNR. OF INCOME TAX, MADURAI

gains’, and shall be deemed to be the income of the previous year in which the transfer took place." The words ’capital assets’ has been defined in Section 2(14) of the Act which as it stood at the relevant time, that is prior to its amendment in 1972, provided: "2. In this Act, unless the context otherwise requires