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

104 on the basis that the cost of shares distributed by the liquidators should be taken at the figure at which they had been acquired by the companies which distributed the shares. The Income-tax Officer assessed the assessee company to capital gain at the sum of Rs. 95,944. Aggrieved by the order of the Income-tax Officer

COMMISSIONER OF INCOME TAX vs. MYSODET

104. Income-tax on undistributed income of certain companies. - (1) Subject to the provisions of this section and of sections 105, 106 107 and 107A, where the Income-tax Officer is satisfied that in respect of any previous year the profits and gains distributed as dividends by any company within the twelve months immediately following the expiry of that previous

SHEKHAWATI GENERAL TRADERS LTD. vs. INCOME TAX OFFICER, COMPANY CIRCLE I, JAIPUR

The appeals are allowed and the

Sections 147 and 55 and its scope. HEADNOTE: In 1949, the assessee company had acquired some ordinary shares of a company of the face value of Rs. 10/- each. On this holding the assessee had received certain bonus shares. The assessee further acquired a certain number of right shares of the same company in 1961. During the assessment year

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

capital assets enumerated therein. It may appear intriguing on the part of the assessee as to why it does not claim the benefit of deduction from its taxable income, but the choice is clearly its. Where the assessee does not want the benefit, it cannot be thrust upon it. There is no provision which makes it compulsory on the part

A.L.A. FIRM vs. COMMISSIONER OF INCOME TAX, MADRAS

capital gains were chargeable to tax. Not satisfied, the I.T.O. issued a notice under section 148 read with Section 147(b) of the Income Tax Act, 1961. The assessee filed objections. Overruling all the objections, the Income Tax Officer completed reassessment of the assessee Firm adding back the sum of Rs. 1,58,057 to the previously assessed income. Having

PLASTIBLENDS INDIA LIMITED THROUGH ITS CHAIRMAN AND MANAGING DIRECTOR vs. ADDL.COMMISSIONER OF INCOME TAX RANGE 8(2) MUMBAI

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

104 ITR 1 (Guj)] has taken the correct view in respect of the issues with which we are concerned in the present appeal. The High Court has not properly appreciated the context in which this Court made observations in the case of Jaipuria China Clay Mines (P) Ltd. [(1966) 59 ITR 555 : AIR 1966 SC 1187] on which the High

COMMISSIONER OF INCOME-TAX vs. PATEL BROTHERS & CO. LTD, ETC. ETC

The appeals of the assessees are allowed while the

capital expenditure or personal expenses of the assessee, laid out or expended wholly and exclusively for the purposes of the business or profession carried on by the taxpayer. With a view to curbing certain categories of avoidable or ostentatious http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 5 of 9 expenditure by assessees carrying on business or profession, the Finance

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

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

104 of the Customs Act for committing offence punishable under Section 135 of the Customs Act. The Collector, Customs held that the assessee Shri Prakash Chand Lunia is the owner of silver/bullion and the transaction thereof was not recorded in the books of accounts. The Collector of Customs, New Delhi ordered confiscation of the said 146 slabs of Civil Appeal

BAJAJ TEMPO LTD. BOMBAY vs. COMMISSIONER OF INCOME TAX,BOMBAY CITY-IIIBOMBAY

Accordingly succeed and are allowed

gains derived from any industrial undertaking to which this section ap- plies as do not exceed six percent per annum on the capital employed in the undertaking, computed in accordance with such rules as may be made in the behalf by the Central Board of Revenue. (2) This section applies to any industrial under- taking which (i) is not formed

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

NATIONAL TRAVEL SERVICES vs. COMMISSIONER OF INCOME TAX DELHI VIII

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

gain-saying the fact that the H.U.F. was not the shareholder of the company. Mr. Sen did not contend otherwise. 9. Section 2 (6A)(e) gives an artificial definition of “dividend”. It does not take in dividend actually declared or received. The dividend taken note of by that provision is a deemed dividend and not a real dividend. The loan

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

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

section 30 of the Copyright Act, which transfers an interest in all or any of the rights contained in sections 14(a) and 14(b) of the Copyright Act, but is a “licence” which imposes restrictions or conditions for the use of computer software. Thus, it cannot be said that any of the EULAs that we are concerned with

THE MADHYA PRADESH CO-OPERATIVEBANK LIMITED, JABALPUR vs. ADDITIONAL COMMISSIONER OF INCOMETAX MADHYA PRADESH, BHOPAL

section, therefore, provides that income-tax shall not be payable by a co-operative society in respect of the profits and gains of business carried on by it, if it http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 4 of 7 arises from the business of banking or providing credit activities for its members. However, if such a co-operative society

PINGLE INDUSTRIES LTD., SECUNDERABAD vs. COMMISSIONER OF INCOME TAX, HYDERABAD

In the result, the appeal fails, and will be dismissed with

section reads as follows: " 12 (1). The tax shall be payable by an assessee under the head profits and gains of business, profession or vocation in respect of the profits and gains of any business, profession or vocation carried or by him. (2) Such profits or gains shall be computed after making the following allowances, namely:- ...................................................... (XV) Any expenditure

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

CHIEF COMMISSIONER OF CENTRAL GOODS AND SERVICE TAX vs. M/S SAFARI RETREATS PRIVATE LIMITED

Appeals are partly allowed in above terms

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

capital goods and plant and machinery if he claims depreciation on the said tax component under the Income Tax Act. The object is that a registered person does not take advantage of both depreciation and ITC. 29. Now we come to sub-Section (4) of Section 16. Before the amendment made by the Finance Act, 2022, the sub-section read