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

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. - (1) Any profits or gains arising from the transfer of a capital asset effected in the previous year

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

In the result, the appeal is accepted with costs

Section 4 defines the ambit of that total income.Section 6 enumerates six heads of income, profits and gains chargeable to income-ax. They are : " (i) Salaries. (ii) Interest on securities. (iii) Income from property. (iv)Profits and gains of business, profession or vocation. (v) Income from other sources. (vi) Capital gains." http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page

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

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

VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

III + IV) Rs. 13,78,40,987 TOTAL INCOME EXCLUDING LONGTERM CAPITAL-GAINS Rs. 2,15,90,743” 12) As can be gathered from the above, the total proceeds of 92 crores are ₹ Page 11 JUDGMENT 11 first apportioned among the assessees in the ratio in which they had received the said amount. Thereafter, this amount is divided into long

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

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

iii) onshore supply, (iv) onshore services and (v) construction and erection. The price was payable for offshore supply and offshore services in US dollars, whereas that of onshore supply as also onshore services and construction and erection partly in US dollars and partly in Indian rupees. 36) The High Court noted that while determining the tax liability of the said

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

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

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

iii) income from property. (iv) profits and gains of business profession or vocation (v) income from other sources and (vi) capital gains. According to section 12(1A) income from other sources shall include dividends. Under section 12B as it stood at the relevant time capital gains tax shall be charged in respect of any profits or gains arising from

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

iii) the compulsory acquisition thereof under any law …” Section 28 — Profits and gains of business or profession “The following income shall be chargeable to income-tax under the head "Profits and gains of business or profession",— (i) the profits and gains of any business or profession which was carried on by the assessee at any time during the previous year

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

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 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

iii) a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956), or a corporation established by or under a Central, State or Provincial Act (being a company or corporation engaged in supplying milk, oilseeds, fruits or vegetables, as the case may be, to the public), the whole of the amount of profits and gains

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

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

2. (47) ‘transfer’ in relation to a capital asset, includes, (i) the sale, exchange or relinquishment of the asset; or (ii) the extinguishment of any rights therein; or (iii) the compulsory acquisition thereof under any law; or (iv) in a case where the asset is converted by the owner thereof into, or is treated by him as, stock-in-trade

NAVIN JINDAL vs. ASSISTANT COMMISSIONER OF INCOME TAX

iii) the conversion of Indian currency into foreign currency and the reconversion of foreign currency into Indian currency shall be at the rate of exchange prescribed in this behalf; [b] where the capital gain arises from the transfer of a long-term capital asset (hereafter in this section referred to, respectively, as long-term capital gain and long-term capital

DHARAMVIR DHIR vs. THE COMMISSIONER OF INCOME-TAX,BIHAR & ORISSA

section 10(2)(xv) of the Indian Income-tax Act?" The facts of the appeals are these: The appellant was an employee of M/s. Karam Chand Thapar & Bros. and for each of the accounting years relating to the assessment years 1947- 48 and 1948-49 his salary was Rs. 10,572. He also had an income of Rs. 500 from

GARDEN SILK WEAVING FACTORY, SURAT vs. COMMISSIONER OF INCOME TAX,GUJARAT, AHMEDABAD

In the result, appeals for both the assessment years

gains chargeable being less than the allowance, then, subject to the 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 to the amount of the allowance for depreciation for the following previous