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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

capital gains arose from the sale of shares of a Singapore Co., and hence, the transaction did not qualify for exemption under the Mauritius Treaty. The AAR also held that the objective 13 of the DTAA was to provide exemption only for gains arising from the transfer of shares of an Indian company, and that such exemption was never intended

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

capital gain. Explanation.—In this sub-section, “urban area” means any such area within the limits of a municipal corporation or municipality as the Central Government may, having regard to the population, concentration of industries, need for proper planning of the area and other relevant factors, by general or 12 Page 13

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

gains of business or profession are chargeable irrespective of whether they arise by way of sale, exchange, or otherwise. Unlike Section 45, which specifically requires a transfer of a capital asset, Section 28 is agnostic to the manner in which income accrues. In particular, Sections 28(i) and 28(iv) 13

NAVIN JINDAL vs. ASSISTANT COMMISSIONER OF INCOME TAX

Section 48(2) of the Act becomes applicable. For that purpose, we annex hereinbelow a chart indicating Computation of Income under the head “Capital gains”, as projected by the assessee on the one hand and as projected by the Assessing Officer on the other hand. ...12/- 12 - COMPUTATION OF INCOME UNDER THE HEAD “CAPITAL GAINS As per assessee

SH. SANJEEV LAL ETC. ETC. vs. COMMISSIONER OF INCOME TAX CHANDIGARH&AN

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 by the appellants-assessees on 24th September, 2004 whereas they had purchased

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

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

gain which arises from the transfer of a capital asset is liable to be taxed under Section 45 of the Act. 12. When as a result of the reducing of the face value of the shares, the share capital is reduced, the right of the preference shareholder to the dividend or his share capital and the right to share

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

capital gains’. According to the learned counsel, the present case is squarely covered by Section 2(47)(v) as Section 53A of the Transfer of Property Act, 1882 is applicable to the transaction under the JDA. According to the learned counsel, the transferee in the present case has, as part performance of the contract, taken possession of the entire property

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

The appeal is allowed

13 of the said rules provides that a registered valuer can be deregistered if the circumstances so warrant. 76. It is in the aforementioned premise, provisions of the Act, the imposition of tax relating to ’capital gain’ are required to be taken into consideration. Section

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

13) The High Court has held that these payments be also included as amounts received for computation of aggregate of amounts specified in sub-section (2) as deemed to be the profits and gains of the businesses of the assessees, chargeable to tax under the said provision. 14) Mr. Porus F. Kaka, learned senior advocate appearing in some of these

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

Appeals are dismissed

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

Capital gains.  F.—Income from other sources.”       Civil Appeal No.3291­3294 of 2009, etc. Page 13 of 45 Clause B was of “interest on securities”.  It was deleted with effect from 1st April 1989 along with Sections

M/S. VIJAY INDUSTRIES vs. COMMISSIONER OF INCOME TAX

Appeals are allowed

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

capital gains and income from other sources. Insofar as income under the head ‘profits and gains of business or professions’ is concerned, provisions thereto are contained in Sections 28 to 44DB of the Act. Section 28 specifies various incomes which shall be chargeable to income tax under this head. Thereafter, Section 29 provides that income referred to in Section

ADD. COMMISSIONER OF INCOME TAX vs. BHARAT V. PATEL

Accordingly, these are hereby dismissed leaving

Bench: The Commissioner Of Income Tax (Appeals) Being No. Cab/I­643/2000­2001. After Considering The Case, Learned Cit (Appeals), Vide Order Dated 28.03.2002, Dismissed The Appeal Of The Respondent After Comprehensively Discussing The Taxability Of The Alleged Amount & Upholding The Assessment Order Passed By The Assessing Officer. 2

capital gains arose to the Respondent on redemption of Stock Appreciation Rights since there was no cost of acquisition involved from the side of the Respondent. The meaning of the word perquisite for the instant case is given under Section 17(2) of the IT Act. The Revenue   alternatively   contended   that   the   case   of   the Respondent should come under

COMMISSIONER OF INCOME TAX, DELHI vs. M/S WOODWARD GOVERNOR INDIA P. LTD

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession". Explanation.- For the removal of doubts, it is hereby declared that any expenditure incurred by an assessee

COMMNR.,CENTRAL EXCISE & CUSTOMS, KERALA vs. M/S. LARSEN & TOUBRO LTD

Appeals are disposed of

Capital gains”. Section 45 is a charging section. For the purpose of imposing the charge. Parliament has enacted detailed provisions in order to compute the profits or gains under that head. No existing principle or provision at variance with them can be applied for determining the chargeable profits and gains. All transactions encompassed by Section 45 must fall under

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

gains of the business, Sections 30 to 43D had to be applied which would embrace Section 32 as well. 12 8) Counsel appearing in other appeals for the assessees made their submissions almost on the same lines thereby virtually adopting the arguments advanced by Mr. Percy. 9) Learned counsel for the Revenue emphatically refuted the aforesaid submissions. He extensively referred

M.M. AQUA TECHNOLOGIES LTD. vs. COMMISSIONER OF INCOME TAX, DELHI - III

Appeals are allowed in the aforesaid terms

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

13. Thus it is not enough to attract the applicability of sub- section (2) that the fair market value of the capital asset transferred by the assessee as on the date of the transfer exceeds the full value of the consideration declared in respect of the transfer by not less than 15 per cent of the value so declared

M/S. SARAF EXPORTS vs. COMMISSIONER OF INCOME TAX, JAIPUR - III

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

capital receipts or revenue receipts and would these be taxable. That to put an end to the uncertainty, the legislature by way of inserting clauses (iiia), (iiib), (iiic), (iiid) and (iiie) in Section 28 has made the said incentives taxable under the head of profits and gains of business and profession. CIVIL APPEAL NO. 4822 OF 2022 Page