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

In the result, the appeal is accepted with costs

section 12B even then such loss would still be loss under the head ’capital gains’ and if in a subsequent year the assessee had any profit under that head it would still be carried forward and set off against the taxable capital gain. Allowing the appeal to this Court, http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 2

M.S.P. NADAR SONS, VIRUDHU NAGAR vs. COMMISSIONER OF INCOME TAX (CENTRAL), MADRAS

section 80-T (b) (ii) at 50% Rs. 2,78,254.00 ---------------- 449 LESS Loss on sale Rs. 2,76,254.00 of shares Rs. 96,583.00 ---------------- Profits: Rs. 1,81,671.00 The Income-tax Officer did not agree with said mode of computation. He set off the long-term capital loss against the long-term capital gain

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

Section 54G of the Income Tax Act on the entire capital gain earned from the sale proceeds of its erstwhile industrial undertaking situate in Thane in view of the advances so made being more than the capital gain made by it. 2

VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

2(14) of the Act. It is not even disputed. Once it is held to be the “capital asset”, gain Page 22 JUDGMENT 22 therefrom is to be treated as capital gain within the meaning of Section

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

gains under Section 46(2) of the Act was accordingly set aside. The Revenue appealed before the Tribunal. The Tribunal dismissing the Revenue’s appeal held: "On a combined reading of Section 45, 46(2) and 48 it will be clear, according to our opinion, that assets mentioned in Section 46(2) would mean capital

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

2. Whether the benefit of Section 47(vii) is limited to determination of capital gains and only in regard to 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

gains in case of 36 non-resident assessee engaged in activities relating to business of exploration of mineral oil etc. At the same time Sections 4,5 and 9 of the Act which deal with charging section, total income and income of non-resident which arises or deem to arise in India cannot be sidetracked. These are the provisions which

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

capital gain arising during certain periods. The income has been defined by s. 2(6C) to include dividend. Section 2

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

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

gains attributable to such activities as does not exceed,— 17 (i) where such co-operative society is a consumers’ co-operative society, one hundred thousand rupees; and (ii) in any other case, fifty thousand rupees. Explanation.—In this clause, “consumers’ co-operative society” means a society for the benefit of the consumers; (d) in respect of any income

NAVIN JINDAL vs. ASSISTANT COMMISSIONER OF INCOME TAX

2(42A). `Short-term capital asset' means a capital asset held by an assessee for not more than thirty-six months immediately preceding the date of its transfer. 45(1). Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections

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

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

capital asset would amount to ‘transfer’ under Section 2(47) of the Act, 1961. Sale is only one of the modes of transfer envisaged by Section 2(47) of the Income Tax Act, 1961. Relinquishment of any rights in it, which may not amount to sale, can also be considered as transfer and any profit or gain

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

2) of section 12B prescribed a statutory formula for purposes of computation of capital gains. Sub- section (3) of 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

COMMISSIONER OF INCOME TAX,MEERUT, ETC. ETC. vs. M/S VIRMANI INDUSTRIES PRIVATE LIMITED, ETC. ETC

Appeal is allowed accordingly

capital expenditure on scientific research, the provisions of sub-section (2) of section 72 shall apply in relation to speculation business as they apply in relation to any other business." We may first consider the meaning of the expression "profits or gains

SHRI KARTIKEYA vs. .SARABHAI. VS THE COMMISSIONER OF INCOME TAX

capital gain tax. The appellant, however, contended that such reduction of the face value did not result in extinguishment of the assessee’s right and there was no transfer within the meaning of that expression as contained in Section 2

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”. 7. The Assessing Officer vide an order dated 30.12.2009, passed under Section 143(3) of the Act, held that since physical and vacant possession had been handed over under the JDA, the same would tantamount to “transfer” within the meaning of Sections 2

VANIA SILK MILLS (P) LTD. vs. COMMISSIONER OF INCOME-TAX, AHMEDABAD

In the result, the’ appeal succeeds and the impugned

section 45 of the Act, and rejected the case of the appellant that the capital gains tax was not attracted to the amount received on account of the insurance claim since there was no transfer of capital asset as was contemplated by s. 45 read with s. 2