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

14 Page 15 JUDGMENT the undertaking is shifted or incurs expenses on shifting the original asset and transferring the establishment of the undertaking to such area and incurs expenses on such other purposes as may be specified in a scheme framed by the Central Government, the capital gain shall be exempt to the extent such gain has been utilized

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

14) excludes stock-in-trade from the definition of a capital asset, while Section 2(47) defines “transfer” only in relation to capital assets. Section 28 casts a wide net, taxing the “profits and gains

N. BAGAVATHY AMMAL vs. COMNR. OF INCOME TAX, MADURAI

gains and subjected to tax. The assessees’ appeals before the Commissioner of Income Tax (Appeals) were allowed by holding that the scope of Section 46(2) would have to be read in the light of the definition of the word ’capital asset’ in Section 2(14

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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

Section 197 certification process, had concluded that the question of chargeability of capital gains and the identification of the beneficial owner, upon piercing the corporate veil, had already been determined. In light of the same, and in the absence of any change in factual circumstances, the CIT had urged the AAR to reject the applications made by the respondents

NAVIN JINDAL vs. ASSISTANT COMMISSIONER OF INCOME TAX

capital loss of Rs.2,43,750/-, which occurred to the assessee on sale of right to subscribe to PCDs. The long-term gain, which accrued to the assessee on sale of shares of JSL and SPL, came to Rs.23,18,200/- to which Section 48(2) is applied by the assessee. On application of Section 48(2), the standard deduction

COMMNR. OF INCOME TAX, MUMBAI vs. D.P. SANDU BROS CHEMBUR (P) LTD

Capital gains; (F) Income from other sources unless otherwise, provided in the Act. Section 56 provides for the chargeability of income of every kind which has not to be excluded from the total income under the Act, only if it is not chargeable to income tax under any of the heads specified in Section 14

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

Section 54 of the Act, the Legislature does not want him to be burdened with tax on the long term capital gain and therefore, relief has been given to him in respect of paying income tax on the long term capital gain. The intention of the Legislature or the purpose with which the said provision has been incorporated

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

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

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 in the distribution of the net assets upon liquidation is extinguished proportionately to the extent of reduction

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

capital gains. The amount of tax sought to be evaded is worked out as per clause (a) to Explanation 4 to Sec. 271(1)(c) of the Act at 20% of Rs.3,43,90,478 i.e. Rs.68,78,095. Accordingly, a minimum penalty of Rs.68,78,095 is levied under Section 271(1)(c) of the Act." 12. The Appellant

COMMISSIONER OF INCOME TAX vs. WILLAMSON FINANCIAL SERVICES

Bench: The 60 : 40 Apportionment Under Rule 8(1) Or From 40% Profits On Sales Taxable As Business Income. 3. Rule 8(1) Of The Said Rule Provides That 40% Of The Composite Income From Sale Of Tea, Grown & Manufactured, Arrived At On Making Of The Apportionment \023Shall Be Deemed To Be Income Liable To Tax\024. 4. Assessees Exported Tea In The Accounting Year. They Were Entitled To Deduction Under Section 80Hhc Of Income-Tax Act, 1961 (For Short, \0211961 Act\024) In Respect Of The Export. They Were In The Business Of Growing & Manufacturing Tea. Since They Earned Composite Income, Their Case Stood Covered By Rule 8(1) Of Income-Tax Rules, 1962 (\0231962 Rule\024 For Short). 5. For The Sake Of Convenience We State The Facts Occurring In Civil Appeal No.3803-3808 Of 2005- Commissioner Of Income Tax V. Willamson Financial Services & Ors. In The Returns, The Assessee Claimed Section 80Hhc Deduction Against The Entire Composite Income Before Application Of Rule 8(1).

14 and such income is included in the total income of an assessee. According to assessees, Section 80A, which is in Chapter VI-A, provides that in computing the total income, there shall be allowed from gross total income, deductions specified in sections 80C to 80U of the Act and, therefore, there is no difference between deductions under Chapter

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

Appeals are dismissed

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

Section 14 of the IT Act reads thus: “14.   Heads   of   income.—   Save   as   otherwise provided by this Act, all income shall, for the purposes   of   charge   of   income­tax   and computation of total income, be classified under the following heads of income:—  A.—Salaries.  B. * * * * *  C.—Income from house property.  D.—Profits   and   gains   of   business   or profession.  E.—Capital

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

Appeals are allowed

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

Section 14 enumerates Civil Appeal Nos. 1581-1582 of 2005 a/w. Connected matters Page 5 of 22 different heads of income, namely, salaries, income from house property, profits and gains of business or profession, capital

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

14 SCC 732 11 (1972) 4 SCC 426 28 the parties on both sides, it would be apposite to go into the raison d’etre behind the orders of the ITAT as well as the High Court. 30) The ITAT in its order has taken note of the relevant clauses of the agreements entered into between ONGC and assessee (Sedco

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

COMMISSIONER OF INCOME TAX CHENNAI vs. TULSYAN NEC LTD

gains under sub-section (4) or sub-section (5) of section 80- IB; or (vi) the amount of profits derived by an industrial undertaking from the business of developing, maintaining and operating any infrastructure facility as defined as defined in the Explanation to sub-section (4) of section 80-IA and subject to fulfilling the conditions laid down in that

THE COMMISSIONER OF INCOME TAX 7 vs. M/S PAVILLE PROJECTS PVT LTD

Appeal is allowed

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

capital gains. Civil Appeal No. 6126 of 2021 Page 14 of 20 5.7 It is submitted that therefore the Commissioner wrongly assumed the jurisdiction under Section