VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

capital gains” and that the taxpayer has claimed exemption in whole or in part by complying with legal provisions (like

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

capital gains" and in the manner indicated in the fasciculus of sections 45 to 55A. The learned counsel for the appellant urged the following contentions in support of the appeal : (a) That the sale proceeds of agricultural land are totally exempt

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

gains and subjected to tax. The assessees’ appeals before the Commissioner of Income Tax (Appeals) were allowed by holding that the scope of Section 46(2) would have to be read in the light of the definition of the word ’capital asset’ in Section 2(14) and that "having exempted

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

exempt as a capital receipt being non-compete fee, as it is taxable as a capital gain in the 18 hands

SH. SANJEEV LAL ETC. ETC. vs. COMMISSIONER OF INCOME TAX CHANDIGARH&AN

capital gain. The intention of the Legislature or the purpose with which the said provision has been incorporated in the Act, is also very clear that Page 14 JUDGMENT 14 the assessee should be given some relief. Though it has been very often said that common sense is a stranger and an incompatible partner to the Income

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

exempted from capital gains by statute could be taxed as a casual or non recurring receipt under Section 10(3) read

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 tax having been decided in favour of the assessee, the question of exemption under Section 54F of the Act would

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

The appeal is allowed

capital gains does not envisage that the valuation given must be true and exact market value. Even the market value of a property may be found to be different having regard to the locale thereof. There was no direct sale instance. The sale instances relied upon by the District Valuer were of 1979 and 1982. 58. In Union of India

ADD. COMMISSIONER OF INCOME TAX vs. BHARAT V. PATEL

Accordingly, these are hereby dismissed leaving

Bench: The Commissioner Of Income Tax (Appeals) Being No. Cab/I­643/2000­2001. After Considering The Case, Learned Cit (Appeals), Vide Order Dated 28.03.2002, Dismissed The Appeal Of The Respondent After Comprehensively Discussing The Taxability Of The Alleged Amount & Upholding The Assessment Order Passed By The Assessing Officer. 2

gain or profit is charged to tax in the year in which transfer of the capital assets takes 7 place. In the instant case, the fundamental question which arises for consideration before this Court is with regard to the taxability   of   the   amount   received   by   the   Respondent   on redemption of Stock Appreciation Rights (SARs.)   10) It   is   a   matter

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

Appeals are dismissed

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

capital   gains   and   not   upon   their   non­ inclusion   under   the   heading   “business”.   The limited   scope   of   the   earlier   decision   was explained by this Court in CIT v. Chugandas & Co. [(1965) 55 ITR 17, 24] . Therein this Court held that interest from securities formed part of the assessee's business income for the purpose of   exemption

SHIV RAJ GUPTA vs. COMMISSIONER OF INCOME-TAX, DELHI IV

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

exempt as a capital receipt being non- compete fee, as it is taxable as a capital gain in the hands

GENPACT INDIA PRIVATE LIMITED vs. DEPUTY COMMISSIONER OF INCOME TAX

Bench: HON'BLE THE CHIEF JUSTICE

capital gain is totally exempt, entire transaction used to escape the tax net. Thus to plug this loop hole in the statute

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

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

exemption under Section 80-IC on the setting up of new industrial units. All these assessees have availed 100% deduction for a period of 5 years. As noticed above, from sixth year, in normal course, deduction is admissible @ 25% of the profits and gains, for next five years (or 30% where the assessee is a company. However, all these assessees

NEW OKHLA INDUSTRIAL DEVELOPMENT AUTHORITY vs. CHIEF COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE ASHOK BHUSHAN

Capital gains” or “Income from other sources” or from a trade or business carried on by it which accrues or arises from the supply of a commodity or service [(not being water or electricity) within its own jurisdictional area or from the supply of water or electricity within or outside its own jurisdictional area; Explanation.—For the purposes of this

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

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

capital gains in a particular case may tantamount to a failure in raising a substantial question of law in terms of Section 260A of the Act. However, the same may not apply on interest as the interest is automatic and mandatory. 4.14 Making above submissions and relying upon the aforesaid decisions, it is prayed that the present appeals be dismissed

OXFORD UNIVERSITY PRESS vs. COMMR. OF INCOME TAX

The appeals are allowed accordingly

capital gains or any other type of income. It is a well settled rule of construction that the Court should as far as possible avoid that construction which attributes irrationality to the legislature. It was also found that, so construed, sub-section (2) was violative of the Constitution and the Court must obviously prefer a construction which renders the statutory

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

Appeals are allowed

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

exempted which are not to be included and these are mentioned in Section 10 of the Act. 8) Section 14 of the Act is the next provision which is relevant for these appeals. It is the first provision in Chapter IV which is titled ‘computation of total income’ and, obviously, contains the provision for computation of total income. Section

THE SOUTH INDIAN BANK LTD. vs. THE COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE HRISHIKESH ROY

Capital Gains & Income from other sources. The Section 14A relates to expenditure incurred in relation to income which are not includable in Total Income and which are exempted