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

The appeal is allowed

capital gains by the assessee was found to be wrong obviously, the finding of the revenue authorities and the Tribunal that the assessee furnished inaccurate particulars cannot be faulted..." 16. Mr. Anil B. Dewan, the learned Senior Counsel appearing on behalf http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 9 of 26 of the Appellant, would contend that the First Respondent

COMMNR. OF INCOME TAX, MUMBAI vs. M/S. GENERAL INSURANCE CORPN.OF INDIA

gains. Bonus shares go by the modern name "capitalization of shares". AND the judgments of the Gujarat High Court in Ahmedabad Manufacturing and Calico Pvt. Ltd. Vs. Commissioner of Income-Tax, (1986) 162 ITR 800, CIT Vs. Mihir Textiles Limtied, (1994) 206 ITR 112 (Gujarat), Gujarat Steel Tubes Limited Vs. CIT, (1994) 210 ITR 358, CIT Vs. Ajit Mills Limited

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

Bench: HON'BLE MR. JUSTICE SANJAY KISHAN KAUL

capital expenditure incurred by a corporation or body corporate, by whatever name called, constituted or established by a Central, State or Provincial Act for the objects and purposes authorised by such Act under which such corporation or body corporate was constituted or established, shall be allowed as a deduction in computing the income under the head ‘profits and gains

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

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

capital gain in the hands of the appellant, being part of the full value of the sale consideration paid for transfer of shares. 10. Shri Arvind Datar and Shri Ajay Vohra, learned senior advocates appearing on behalf of the appellant, have taken us through the orders of the Income Tax Authorities, the Appellate Tribunal and the impugned judgment

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

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

natural justice and/or even if in the assessment order there is no specific order to levy the interest but the interest charged is indicated in the ITNS 150 accompanying the assessment order and the same would be sufficient compliance for demanding interest. Heavy reliance is placed on the Constitution Bench decision of this Court in the case of Anjum

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

gains is as per nationally accepted accounting standards; (vi) whether the system adopted by the assessee is fair and reasonable or is adopted only with a view to reducing the incidence of taxation. Facts in M/s Honda Siel Power Products Ltd. [Civil Appeal arising out of SLP(C) No. 7632/08] – CAPITAL ACCOUNT CASE: 22. The main issue which arises

DIRECTOR OF INCOME TAX (IT)-I, MUMBAI vs. M/S. AMERICAN EXPRESS BANK LTD

Bench: HON'BLE MR. JUSTICE J.B. PARDIWALA

capital expenditure or personal expenditure, shall be allowed as a deduction in computing the income chargeable under the head “Profits and gains from business or profession”. Therefore, it is clear that there is no restriction under Section 37(1) of the Act that, for an expenditure to be deductible under it, it must be incurred in India. b) This position

THE COMMISSIONER OF INCOME TAX JAIPUR vs. PRAKASH CHAND LUNIA (D) THR LRS

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

capital gains as required under section 71. Be that as it may, I have no hesitation in saying that if it were a pure question of law capable of being adjudged on the material on record, the Tribunal was under a statutory obligation to entertain and decide the same. I, however, think that, on the admitted facts, the petitioner

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, Section 115QA is introduced to provide that where shares are bought back at a price higher than the price at which those shares were issued then, balance amount will be treated as distribution of income to shareholder

DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL) CIRCLE 1(2) vs. M/S M.R. SHAH LOGISTICS PVT. LTD

Appeal is allowed in these terms, without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

Gains (LTCG) in the shares of Shri Ganesh Spinners Limited (now known as Yantra Natural Resources Limited) from Shirish Chandrakant Shah (SCS) through Pradip Birewar. Pradip Birewar is an Ahmedabad based accommodation entry provider who is facilitating one time and other accommodation entries including LTCG entries to various clients on receipt of cash. He is facilitating these entries through bigger

M/S APEX LABORATORIES P. LTD. vs. THE DEPUTY COMMISSIONER OF INCOME TAX LARGE TAX PAYER UNIT II

The appeal is dismissed without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

gains of business or profession”. [Explanation 1].—For the removal of doubts, it is hereby declared that any expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance shall be made

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

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

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 from tax. No taxes are therefore levied on such exempted income. The Section 14A had been incorporated in the Income Tax Act to ensure that expenditure incurred in generating such tax exempted

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

Justice Mahajan in Tolaram Relumal v. State of Bombay, AIR 1954 SC 496 at pages 498- 499, stated the rule in the following words: "(I)f two possible and reasonable constructions can be put upon a penal provision, the court must lean towards that construction which exempts the subject from penalty rather than the one which imposes penalty

ENGINEERING ANALYSIS CENTRE OF EXCELLENCE PRIVATE LIMITED vs. THE COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

nature of the transaction must be looked at upon reading the agreement as a whole. Thus, in Sundaram Finance Ltd. v. State of Kerala, (1966) 2 SCR 828, one of the questions that was raised before this Court was as to the execution of a “sale letter” acknowledging the sale of a vehicle. This “sale letter” was dealt 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

Capital gains” and “Income from other sources”, or a company the principal business of which is the business of trading in shares or banking or the granting of loans and advances) consists in the purchase and sale of shares of other companies, such company shall, for the purposes of this section, be deemed to be carrying on a speculation business

COMMNR. OF CUSTOMS(PREV.), GUJARAT vs. M/S. RELIANCE PETROLEUM LTD

capital goods and reasonability of the purchase price. In accordance with this proviso, the appellants have obtained and produced a certificate from a Chartered Enginer, whose name appears at Sr.No.6 of Appendix 32A, wherein he has certified the fair market value of the goods, which is the same as has been declared by the appellants. Therefore, I find that