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

capital gains, once this Court has recognized that amalgamation entails a transfer, that conclusion cannot be ignored while considering the ambit of Section 28. 16.4. The real question, therefore, is whether an amalgamation – though, in company law, it operates as a statutory substitution of rights – nonetheless gives 36 rise to taxable business profits under Section

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

Capital gains’ in respect of the money so received or the market value of the other assets on the date of distribution, as reduced by the amount assessed as dividend within the meaning of sub- clause (c) of clause (22) of section 2 and the sum so arrived at shall be deemed

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

THE BANK OF RAJASTHAN LTD. vs. COMMISSIONER OF INCOME TAX

Appeals are dismissed

Bench: HON'BLE MR. JUSTICE ABHAY S. OKA

deemed to be income of the previous year and not the profits   or   gains   arising   from   the business during that year.” It will be seen that the reason for the conclusion was that capital gains were not income from the business.   Though   some   observations   divorced from content may appear to be wide, the said decision was mainly based upon

COMMISSIONER OF INCOME TAX vs. MYSODET

deemed to be a dividend. Since the Act has not provided for any other definition of the word "dividend" except the ones http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 3 of 5 enumerated in Section 2(22) of the Act, it should be construed that this definition would be applicable to all provisions which contain the term "dividend

NATIONAL TRAVEL SERVICES vs. COMMISSIONER OF INCOME TAX DELHI VIII

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

gain-saying the fact that the H.U.F. was not the shareholder of the company. Mr. Sen did not contend otherwise. 9. Section 2 (6A)(e) gives an artificial definition of “dividend”. It does not take in dividend actually declared or received. The dividend taken note of by that provision is a deemed dividend and not a real dividend. The loan

COMMISSIONER OF INCOME TAX CHENNAI vs. TULSYAN NEC LTD

dividends paid or proposed; or (f) the amount or amounts of expenditure relatable to any income to which any of the provisions of Chapter III applies; if any amount referred to in clauses (a) to (f) is debited to the profit and loss account, and as reduced by,— (i) the amount withdrawn from any reserves or provisions if any such

ISHIKAWAJMA-HARIMA HEAVY INDUSTRIES LTD. vs. DIRECTOR OF INCOME TAX, MUMBAI

The appeal is allowed in part and to

dividends under Article 10, interest under Article 11, royalties under Article 12, capital gains under Article 13, income derived from independent personal services in Article 14, income from dependent personal services in Article 15, directors’ fees in Article 16, income of artists and athletes in Article 17, governmental functions in Article 18, income of students and apprentices in Article

PRAKASH NATH KHANNA vs. COMMNR OF INCOME TAX

dividend whether with or without a right to participate in profits) carrying not less than twenty per cent of the voting power; (b) his income or the income of such other person under the head "Salaries", exclusive of the value of all benefits or amenities not provided for by way of monetary payment, does not exceed twenty four thousand rupees

MANSAROVAR COMMERCIAL PVT. LTD. vs. COMMISSIONER OF INCOME TAX DELHI

Bench: HON'BLE MR. JUSTICE M.R. SHAH

deemed service of notice. (vi) The plea of the Assessees that the proceedings under Section 148 of the Act gets vitiated in the absence of a specific order vesting the ACIT with the powers under Section 127 of the Act to issue notice under Section 148 of the Act is rejected. (vii) The plea of the Assessees that the notices

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

COMMR.OF INCOME TAX,NEW DELHI vs. M/S ELI LILLY & COMPANY (INDIA) P.LTD

capital gains and income from other sources. The scheme of the TDS provisions applies not only to the amount paid, which bears the character of “income” such as salaries, dividends, interest on securities etc. but the said provisions also apply to gross sums, the whole of which may not be income or profits in the hands of the recipient, such

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

deemed to be the allowance for that previous year, and so on for the succeeding previous years." We may also quote Sections 28 and 29 : "28. The following income shall be chargeable to income-tax under the head "Profits and gains of business or profession", - (i) the profits and gains of any business or profession which was carried

M/S KHODAY DISTILLERIES LTD. vs. COMMISSIONER OF INCOME TAX

capital” of the Company. The certificates in the hands of the shareholders were property from which income will be derived in future. Hidayatullah J., in Dalmia case, also quoted with approval a passage from a decision of the Supreme Court of the United States, Eisner v. Macomber (1920) 252 U.S. 189: “A stock dividend really takes nothing from the property

PR. COMMISSIONER OF INCOME TAX 10 vs. M/S KRISHAK BHARTI COOPERATIVE LTD

Bench: HON'BLE MR. JUSTICE PRASHANT KUMAR MISHRA

Dividends received by the company against equity shares, portions or stocks in the capital of any other company. 2. Profits or gains realized by the company from the sale of securities listed in Muscat Securities Market or from their disposal.” 13. Article 25 (2) of the DTAA provides that where a resident of India derives income, which in accordance with

M/S SNOWTEX INVESTMENT LIMITED vs. PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL -2, KOLKATA

The appeal is dismissed in terms of the signed reportable

Bench: HON'BLE THE CHIEF JUSTICE

dividend and interest and was an NBFC. The CIT(A) inter alia held that the provisions of Section 43(5) came into existence with effect from 1 April 2006 and hence, transactions in futures and options must be treated as business income as distinct from trading in shares. Consequently, the CIT(A) rejected the contention of the assessee that

SHRIMAND PADMARAJA R. KADAMBANDA, DHULIA vs. THE COMMNR. OF INCOME TAX, PUNE

deemed to be interim maintenance allowances payable until such time as the terms for the commutation of jagirs are deter- mined." It is the character of the payments made under section 14 that came up for consideration before this court in Rameshwara Rao’s case (1963) 49 ITR SC 144. Quite clearly the maintenance allowances paid were revenue receipts. Hence

M/S.VIRTUAL SOFT SYSTEMS LTD. vs. COMMISSIONER OF INCOME TAX, DELHI-I

dividends beyond a reasonable portion of their income. A rebate was intended to be given to those who kept within the limit and an enhanced rate was to be imposed on those who exceeded it. The law was calculated to reach those persons who did the latter even if they resorted to the device of keeping profits back