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

capital gains arising before April 1, 1948; but it was revived with effect from April 1, 1957, by the Finance (No. 3) Act, 1956, which substituted the present section. We are concerned in this appeal with the old section. That section, leaving out those parts which are not relevant for our purposes, ran as follows : " S. 12B

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

capital gains. According to section 12(1A) income from other sources shall include dividends. Under section 12B as it stood

COMMISSIONER OF INCOME TAX vs. SHIVAKAMI CO. PVT. LTD

capital gain on the sale of the shares in East India Corporation Ltd., Madura Insurance Company Ltd. and Pudukottah Company Private Ltd, the first proviso to sub- section (2) of section 12B

THE COMMISSIONER OF INCOME-TAX, BOMBAY vs. THE PROVIDENT INVESTMENT CO., LTD

In the result, the appeal fails and is dismissed with costs

12B of the Act as it stood at the material time. The sub-section, so far as it is relevant for our http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 5 of 7 purpose, was in these terms: " The tax shall be payable by an assessee under the head ’Capital gains

MISS DHUN DADABHOY KAPADIA vs. COMMISSIONER OF INCOME-TAX, BOMBAY

12B(2)-Renouncement of right shares for money value-Depreciation in value of original shares-Capital gain how calculated. HEADNOTE: The assessee was holding ’as an investment 710 shares in a company. She became entitled to receive 710 new shares issued by the company, with an option to renounce them. She renounced her right to receive the new shares

COMMISSIONER OF INCOME-TAX BOMBAY vs. CHUGANDAS AND CO., BOMBAY

capital gains was not canvassed, but it was contended by the Express Newspapers Ltd. that as successor to the Free Press Ltd., it was not liable to be assessed under s. 26(2). In examining the scheme of s. 12B it was observed:- "Under that section

COMMISSIONER OF INCOME TAX, BOMBAY vs. RASIKLAL MANEKLAL (H.U.F.) & ORS

In the result, we agree with the view taken by the High

section. Words and Phrases--Meanings of ’exchange’ and ’relin- quishment’. HEADNOTE: Sub-s. (1) of s. 12B of the Indian Income Tax Act, 1922 provides that tax shall be payable by an assessee under the head "Capital gains

D. S. BIST & SONS, NAINITAL vs. COMMISSIONER OF INCOME TAX, DELHI CENTRAL, NEWDELHI

capital gains under section 12B of the Act, and that it could be brought to tax under that head. There

Rm. Ar., Ar. Rm. Ar. RAMANATHAN CHETTIAR vs. COMMISSIONER OF INCOME-TAX, MADRAS

capital gains chargeable according to the provisions of section 12B and not being receipts arising from business or the exercise

NATIONAL CO-OPERATIVE DEVELOPMENT CORPORATION vs. COMMISSIONER OF INCOME TAX-V, DELHI

Bench: HON'BLE MR. JUSTICE SANJAY KISHAN KAUL

12B; (bbb) all moneys received for services rendered; (ba) all moneys borrowed under section 12A; (c) such additional grants, if any, as the Central Government may make to the Corporation for the purposes of this Act; and (d) such sums of money as may, from time to time, be realised out of repayment of loans made from the Fund

THE COMMISSIONER OF INCOME-TAX vs. M/s. McMILLAN & CO

12B(2), s. 23A, etc. In some other sections, it is pointed out, two or more authorities are named, e.g., ss. 27, 38, 48, etc. By what we must admit is a very adroit and plausible piecing together of some of these sections, learned counsel has built up his argument that in the present case the opinion of the Income

COMMR.OF INCOME TAX,NEW DELHI vs. M/S ELI LILLY & COMPANY (INDIA) P.LTD

12B. In this connection, learned counsel placed reliance on Section 192(2). According to 10 the learned counsel, the chosen employer, in such circumstances, would be liable to deduct tax on the total income taxable under the head “salaries”. In the absence of exercise of option under Section 192(2), the obligation of each employer, according to the learned counsel

THE COMMISSIONER OF INCOME-TAX, MADRAS. vs. A. KRISHNASWAMI MUDALIAR AND OTHERS

12B(2), 14, 15A, 15B, 15C and 16 prescribe the manner of computation of income, profits and gains in (1) L.R. 65 I.A. 1. (2) 33 I.T.R. 182. 783 different circumstances, and also prescribe special excep- tions. Section 13 does not directly impinge upon the application of these provisions: it merely prescribes that http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page

THE COMMISSIONER OF INCOME-TAX, BOMBAY CIRCLE II vs. THE NATIONAL SYNDICATE, BOMBAY

12B lay down’ the rules of computation under the different heads. Profits and gains of business are dealt with in s. 10. The first subjection of that section provides: " The tax shall be payable by an assessee under,, the head I Profits and gains of business....’ in respect of the profit or gains of any business...... carried