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

COMMISSIONER OF INCOME TAX (CENTRAL) DELHI vs. HARPRASAD & CO. (P) LTD

In the result, the appeal is accepted with costs

2) the assessee had no independent right to carry forward his capital loss even if it could not be set off owing to the non-taxability of capital gains against future profits in the immediate subsequent years. [704B-C] (7) Assuming, therefore, that the assessee in the subsequent years 1955-56 and 1956-57 when the capital gains were

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

2) (3) __________________________________________________________ ……………………… ……………………… ……………………… 10 Page 11 JUDGMENT ……………………… ……………………… 6. Maharashtra (i) Bombay Thana Area. (ii) Poona-Pimpri-Chinchwad area. (iii) Khopoli area. (iv) Areas within the limits of- (a)Nagpur Municipal Corporation. (b)Sholapur Municipal Corporation. 8. Section 54G of the Income Tax Act inserted by the Finance Act, 1987 with effect from 1.4.1988 reads as follows: “54G. Exemption of 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

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

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

Bench: HON'BLE MR. JUSTICE ASHOK BHUSHAN

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” 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

THE INCOME TAX OFFICER, vs. URBAN IMPROVEMENT TRUST

The appeals are allowed

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

Capital gains" or "Income from other sources" or from a trade or busi- ness carried on by it which accrues or arises from the supply of a commodity or service (not being water or electricity) within its own ju- risdictional area or from the supply of water or electricity within or outside its own ju- risdictional area. Explanation

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

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

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

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

CHALLAPALLI SUGAR LTD. vs. THE COMMISSIONER OF INCOME TAX, A.P. HYDERABAD

capital borrowed for the purposes of business is concerned, the same can be deducted under clause (iii) of subsection (2) of section 10 of the Act. In finding the answer to the question mentioned above, we have to bear in mind that it arises in the context of profits or gains

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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

gains arising to the assessees from the transfer may not be deemed to accrue / arise in India in light of Section 9 of the ITA. According to the learned Senior Counsel, a plain reading of Section 90 establishes that the only requirement that needs to be satisfied in respect of treaty eligibility under Section 90(2) is the satisfaction

COMMISSIONER OF INCOME TAX,MEERUT, ETC. ETC. vs. M/S VIRMANI INDUSTRIES PRIVATE LIMITED, ETC. ETC

Appeal is allowed accordingly

gains chargeable being less than the allowance then, subject to the http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 5 of 10 provisions of sub-section (2) of section 72 and sub-section (3) of section 73, the allowance or part of the allowance to which effect has not been given as the case may be, shall be added

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 of a capital asset effected in the previous year shall, save as otherwise provided in Sections 53, 54, 54-B, 54-D, 54-E, 54-F and 54-G, be chargeable to income tax under the head ‘Capital gains

THE MAVILAYI SERVICE COOPERATIVE BANK LTD. vs. COMMISSIONER OF INCOME TAX CALICUT

Bench: Us, The Assessing Officer Denied Their Claims For Deduction, Relying Upon Section 80P(4) Of The It Act, Holding That As Per The Audited Receipt & 2

gains attributable to such activities as does not exceed,— 17 (i) where such co-operative society is a consumers’ co-operative society, one hundred thousand rupees; and (ii) in any other case, fifty thousand rupees. Explanation.—In this clause, “consumers’ co-operative society” means a society for the benefit of the consumers; (d) in respect of any income

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

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

section 10(2) (vii). This Court in this context observed that a partner may in an action for dissolution insist that the assets of the partnership be realised by sale of its assets, but property allotted to a partner in satisfaction of his claim to his share, could not be deemed in law to be sold to him. In Commissioner