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

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

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

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

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

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

Section 10(2) enumerates various items which are admissible as deductions, but it is well settled that they are not exhaustive of all allowances which could be made in ascertaining profits taxable under s. 10(1). In Income Tax Commissioner v. Chitnavis [(1932) LR 59 IA 290, 296, 297] the point for decision was whether a bad debt could

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

10. Learned counsel for the revenue has argued that the Assessing Officer and the CIT (Appeals), as well as the ITAT, were all correct in bringing capital receipts under the JDA to tax as ‘capital gains’. According to the learned counsel, the present case is squarely covered by Section

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

The appeal is allowed

10. Thus, in the said order, valuation of the land as made by the District Valuation Officer was adopted and on the basis thereof long term capital gain was determined to be Rs.3,09,78,478 by taking the valuation of the 1/4th undivided share of the Appellant as Rs.1,44,92,907 as on 01.04.1981. In view

COMMISSIONER OF INCOME TAX vs. WILLAMSON FINANCIAL SERVICES

Bench: The 60 : 40 Apportionment Under Rule 8(1) Or From 40% Profits On Sales Taxable As Business Income. 3. Rule 8(1) Of The Said Rule Provides That 40% Of The Composite Income From Sale Of Tea, Grown & Manufactured, Arrived At On Making Of The Apportionment \023Shall Be Deemed To Be Income Liable To Tax\024. 4. Assessees Exported Tea In The Accounting Year. They Were Entitled To Deduction Under Section 80Hhc Of Income-Tax Act, 1961 (For Short, \0211961 Act\024) In Respect Of The Export. They Were In The Business Of Growing & Manufacturing Tea. Since They Earned Composite Income, Their Case Stood Covered By Rule 8(1) Of Income-Tax Rules, 1962 (\0231962 Rule\024 For Short). 5. For The Sake Of Convenience We State The Facts Occurring In Civil Appeal No.3803-3808 Of 2005- Commissioner Of Income Tax V. Willamson Financial Services & Ors. In The Returns, The Assessee Claimed Section 80Hhc Deduction Against The Entire Composite Income Before Application Of Rule 8(1).

Section 10 of I.T. Act, 1922 which reads as under: 10. (1) The tax shall be payable by an assessee under the head \023Profits and gains of business, profession or vocation\024 in respect of the profits and gains of any business, profession or vocation carried by him. (2) Such profits or gains shall be computed after making the following

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

Appeals are dismissed

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

gains from: (1) Investments in (a) securities of the nature  referred  to   in  Section  8  of  the Indian Income Tax Act; or (b) property of the  nature   referred   to  in   Section   9  of that Act; (2) dividends, or      Civil Appeal No.3291­3294 of 2009, etc. Page 31 of 45 (3)   the   ‘other   sources’   referred   to   in Section

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

Capital gains. Various sections deal with how income, profits and gains under each http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 8 of 21 head have to be computed. Section 10