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

Bench: HON'BLE MR. JUSTICE ASHOK BHUSHAN

Section 10(20) after amendment by the Finance Act, 2002 the income of a local authority which is chargeable under the head “Income from house property”, “Capital gains

VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

10,000 was treated as representing goodwill of the ₹ firm which was taxed as long term gain. This mode of arriving at short term and long term capital gain and taxing it accordingly by the Assessing Officer has received the stamp of approval by the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal, as well

THE INCOME TAX OFFICER, vs. URBAN IMPROVEMENT TRUST

The appeals are allowed

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

Section 10(20) as amended by Finance Act, 2002 is as follows:- “10(20) the income of a local authority which is chargeable under the head "Income from house property", "Capital gains

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

gains made on the sale of land and buildings in such areas provided these are reinvested in approved relocation schemes.” 10. Further, the notes on clauses for the Finance Bill, 1987 reads as under:- “Clause 24 seeks to insert two new sections 54G and 54H in the Income-tax Act. The new section 54G provides for exemption of capital

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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

10; and (ii) residence for capital gains taxation under Article 13(4). The relevant portion reads as under: “CBDT Circular No. 789, Clarification Regarding Taxation of Income from Dividends and Capital Gains Under the Indo-Mauritius Double Tax Avoidance Convention (DTAC) dated 13.04.2000: 1. The provisions of the Indo-Mauritius DTAC of 1983 apply to ‘residents’ of both India

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

Section 10(2)(vii) of the 1922 Act, and is therefore inapplicable. Similarly, Rasiklal Maneklal and 14 Vania Silk Mills pertain to capital gains

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

capital gain. In the present case there has been no sale of receipt of price but only a distribution of the assets of the companies which had gone into voluntary liquidation. Such a transaction does not amount to sale, exchange, relinquishment or transfer of the assets. The revenue, in the circumstances, cannot derive much assistance from that case

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

section 10 of the Indian Income-tax Act, 1922 (XI of 1922), where such depreciation was not deductible in determining the written down value for the purposes of the said clause (vi). Explanation 1.................................. Explanation 2................... ............... Explanation 2A........ ............ .... ......... Explanation 3.................................. "45. Capital gains

NAVIN JINDAL vs. ASSISTANT COMMISSIONER OF INCOME TAX

10 - “The capital asset which the appellant originally possessed consisted of 710 ordinary shares of the company. There was already a provision that, if the company issued any new shares, every holder of old shares would be entitled to such number of ordinary shares as the board may, by resolution, decide. This right was possessed by the appellant because

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

gains under Section 45 of the Act. If not, it was liable to be taxed as ’income from other sources’ under Section 10(3) read with Section 56 of the Act. Section 2(24)(vi) defines ’income’ as including "any capital

AGRICULTURAL PRODUCE MARKET COMMITTEE vs. COMMR.OF INCOME TAX

Appeals are dismissed with no order as to costs

Section 10 (20) of the Income-tax Act, 1961 provided as under: “CHAPTER III INCOME WHICH DO NOT FORM PART OF TOTAL INCOME Incomes not included in total income. 10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included – (20) the income

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

capital gain under section 12B of TT Co. for the assessment year 1949-SO, no other amount could be included in the computation of the accumulated profits available for distribution under section 2(6A) (c) of the Act. The Income-tax officer rejected this 149 contention and allowed only a deduction of Rs. 27,000 being payment on share premium

PRINCIPAL COMMISSIONER INCOME TAX 4 BENGALURU 2 vs. M/S JUPITER CAPITAL PRIVATE LIMITED

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

10. Section 45 of the Act reads as follows: “45. Capital gains.—(1) Any profits or gains arising from the transfer

VANIA SILK MILLS (P) LTD. vs. COMMISSIONER OF INCOME-TAX, AHMEDABAD

In the result, the’ appeal succeeds and the impugned

capital asset. That the receipt of his share in the asset brings about automatically the extin- guishment of the shareholder’s rights in the asset cannot, however, be gainsaid. The decision of the Gujarat High Court in R.M. Amin’s case (supra) was appealed against and this Court while approving’ the ratio of the said decision fur- ther explained

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

gain shall be computed after making the following deductions from the full values of the consideration for which the sale, exchange or transfer of the capital asset is made, namely :- (i)expenditure incurred solely in connection with such sale, exchange or transfer; (ii)the actual cost to the assessee of the capital asset, including any expenditure of a capital nature

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

Section 54 of the Act in respect of the long term capital gain can be availed only if a residential house i.e. a new asset is purchased within one year before or within two years after the date on which the transfer of the residential house/original asset takes place. In the instant case, the residential house had been transferred

ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTIONS) vs. AHMEDABAD URBAN DEVELOPMENT AUTHORITY

Bench: HON'BLE THE CHIEF JUSTICE

Section 12AA(1) of the IT Act, on 18.05.1979 and is engaged in the activity of promotion of the export of all kind of ready-made garments, knitwear, and garments made of leather, jute and hemp. It does not per se engage in any activity for profit, and its mandate is to ensure that Indian apparel manufacturers, are given forums

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

10 percent of the amount specified in sub-section (2) of section 44BB. Section 44BB is a special provision relating to non-resident assessee who is providing services and facilities in connection with, or supply of plant and machinery on hire used, or to be used, in the prospecting for, or extraction or production of, mineral oils in or outside