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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

capital gain which could then be used to declare a special dividend to the shareholders of HTIL. We find no merit in this argument. 134. Firstly, the Tier I (Mauritius companies) were the indirect subsidiaries of HTIL who could have influenced the former to sell the shares of Indian companies in which event the gains would have arisen

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

deducting an amount of Rs.11,62,956/-, had earned a capital 1 Page 2 JUDGMENT gain of Rs.1,08,33,044/-. Since

NAVIN JINDAL vs. ASSISTANT COMMISSIONER OF INCOME TAX

gain and long-term capital asset) by making the further deductions specified in sub-section (2). (2) The deductions referred

THE COMMONWEALTH TRUST LTD., CALICUT, KERALA vs. THE COMMISSIONER OF INCOME TAX, KERALA II, ERNAKULAM

deductions.- The income chargeable under the head "Capital gains" shall be computed by deducting from the full value of the consideration

MISS DHUN DADABHOY KAPADIA vs. COMMISSIONER OF INCOME-TAX, BOMBAY

capital gain could only be properly computed after deducting the sum which approximately represented the loss incurred simultaneously, by the assessee

JAMES ANDERSON, ADMINISTRATOR OFTHE ESTATE OF THELATE HENR vs. THE COMMISSIONER OF INCOME-TAX,BOMBAY

capital gain shall be computed after making the following deductions from the full values of the consideration for which the sale

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

deductible from the gross total income, there is no scope for entertaining a doubt that capital gains form part of the gross

COMMISSIONER OF INCOME TAX, MADRAS vs. M/S. MADURAI MILLS CO. LIMITED

capital gain of Rs. 96,735.85 in respect of Indian Mills Supply Company (Private) Limited and Rs. 41,168-88 in respect of Harveys (Private) Limited making a total of Rs. 1,37,904.73. Out of that, loss amounting to Rs. 41,960.56 in respect of Pandyan Weaving Mills (Private) Limited was deducted

COMMISSIONER OF INCOME TAX vs. P.V.A.L. KULANDAGAN CHETTIAR (DEAD) THROUGH LRS

capital plant and machinery; (bb) Section 33 - relating to development rebate in respect off ships, machinery or plant; (cc) Section 80-J - relating to deduction in respect of profits and gains

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

capital gains on the amount of Rs. 35 lakh after deducting an amount of Rs.7 lakhs as the cost of acquisition

COMMISSIONER OF INCOME TAX vs. BALBIR SINGH MAINI

The appeals are dismissed with no order as to

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

Capital gains" shall be computed, by deducting from the full value of the consideration received or accruing as a result

TEA ESTATE INDIA (P) LTD. vs. COMMISSIONER OF INCOME-TAX

capital gains and held that only that figure was includible in the accumulated profits within the meaning of s. 2(6A) (c). (2) Regarding items 2 and 3 the High Court held that the balance in the profit and loss account is arrived at after deducting

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

deducting expenses including their commission remitted the balance to the foreign principal. It was held by this Court that the income, profits and gains derived from sale of goods by the Indian Company in British India were assessable to tax under Section 4(1)(a) as income, profits and gains received in the taxable territories by the Company on behalf

COMMISSIONER OF INCOME TAX vs. SHIVAKAMI CO. PVT. LTD

deducting the cost price of the aforesaid shares of Rs.81,201 and Rs.1,00,000 respectively from the above said break-up value, he determined the capital gain

DILIP N. SHROFF vs. JOINT COMMNR. OF INCOME TAX, MUMBAI &ANR

The appeal is allowed

deducting full value of the consideration received or accruing as a result of transfer of capital assets the following amounts, namely, the cost of the acquisition of the assets and cost of any improvement thereto. The second proviso appended to the said section provides for indexed cost. Such methodology for valuing the property for the purpose of capital gains

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

Appeals are allowed

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

capital gains and income from other sources. Insofar as income under the head ‘profits and gains of business or professions’ is concerned, provisions thereto are contained in Sections 28 to 44DB of the Act. Section 28 specifies various incomes which shall be chargeable to income tax under this head. Thereafter, Section 29 provides that income referred to in Section

COMMISSIONER OF INCOME-TAX BOMBAY vs. CHUGANDAS AND CO., BOMBAY

capital assets. It must therefore be held that even if an item of income is earned in the course of carrying on a business, it will not necessarily fall within the head "profits and gains of busi- ness" within the meaning of s. 10 read with s. 6(iv). If securities constitute stock-in-trade of the business

PR. COMMISSIONER OF INCOME TAX SHIMLA vs. M/S AARHAM SOFTRONICS

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

gains for first five years and 25% (or 30% where the assessee is a company) for the next five years. This sub-section, in any case, does not deal with the ‘initial assessment year’. 13.Learned counsel appearing for the assessees pointed out before us that clause (v) of sub-section (8) of Section 80-IC is the concerned provision which