VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

D India Ltd. v. The Deputy Commissioner of Income Tax5 (iv) Commissioner of Income Tax & Anr. v. Associated Electronics & Electricals Industries (Bangalore) (P) Ltd.6 (b) Without prejudice to the aforesaid contentions, his other submission was that if at all the capital gain tax was payable, liability to pay the same was that of the partnership firm and not the individual

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

D G M E N T RUMA PAL, J. The question to be decided in these appeals is whether the word ’assets’ in Section 46(2) of the Income Tax Act, 1961 (referred to hereafter as the ’Act’) must be understood and construed according to the definition of the word ’capital assets’ in Section 2

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

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) pertaining to mobilisation and mobilisation fee. Clause 3.2 of the Agreement dated September 3, 1985 relating to providing the Shallow Dash Water Jack

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

capital gains, once this Court has recognized that amalgamation entails a transfer, that conclusion cannot be ignored while considering the ambit of Section 28. 16.4. The real question, therefore, is whether an amalgamation – though, in company law, it operates as a statutory substitution of rights – nonetheless gives 36 rise to taxable business profits under Section

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

22. There is a deliberate intention to permit ITC on plant or machinery under Section 17(5)(d) even if the plant or machinery is immovable, and Section 17(5)(d) cannot be detracted by Section 16(3). He submitted that Sections 16(3) and 17(5) must be read harmoniously. REPLY TO REJOINDER 23. We may note here that

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

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

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

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

D, 54-E, 54-F and 54-G, be chargeable to income tax under the head ‘Capital gains’ and shall be deemed to be the income of the previous year in which the transfer took place.” 11. Section 2(47) which is an inclusive definition, inter alia, provides that relinquishment of an asset or extinguishment of any right therein amounts

PRAKASH NATH KHANNA vs. COMMNR OF INCOME TAX

22(3) of the Indian Income Tax Act, 1922 (in short the ’Old Act’) which are in pari-materia of Section 139(1) and Section 139(4) of the Act. It follows that return was furnished in "the due time" and consequently Section 276CC is not attracted. 2. The provisions of Section 276CC(i) are not intended to apply

ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTIONS) vs. AHMEDABAD URBAN DEVELOPMENT AUTHORITY

Bench: HON'BLE THE CHIEF JUSTICE

D work which enables educational institutions with Information and Communication Technology infrastructure for making education reach the public at large solely for charitable purpose and further reliance was placed upon ICAI Accounting Research Foundation v. DGIT(E)70, Bureau of Indian Standards v. DGIT(E)71 and GS1 India v. DGIT(E)72. 66. Mr. Ajay Vohra, learned senior counsel

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

d) of sub-section (1) or sub-section (2) of section 272A, sub-section (1) of section 272AA, or sub-section (1) of section 272BB or sub-section (1A) of section 272BB or sub- section (1) of section 272BBB or clause (b) of sub-section (1) or clause (b) or clause (c) of sub-section (2) of section

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

gains" shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset the following amounts, namely: 26 (i) expenditure incurred wholly and exclusively in connection with such transfer; (ii) the cost of acquisition of the asset and the cost of any improvement thereto:” 18. Section

DELHI FARMING & CONSTRUCTION(P) LTD. vs. COMMNR. OF INCOME TAX, DELHI

In the result, we set aside the judgment of the High Court and uphold the

22,580 and for the financial year ending 30th June, 1974 the total income was assessed at Rs.72,130. Since the appellant had not declared any dividend during the aforesaid accounting years, the Income-tax Officer issued notices to the appellant under section 104 of the Act for the assessment years 1974-75 and 1975-76. The appellant contended that

NATIONAL TRAVEL SERVICES vs. COMMISSIONER OF INCOME TAX DELHI VIII

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

D G M E N T R.F. Nariman, J. 1) Leave granted. 2) The present appeals raise an interesting question as to the correct interpretation of Section 2(22)(e) of the Income Tax Act, 1961, as amended in 1988. 3) The brief facts in order to decide the present controversy are as follows: The Assessee is a partnership firm

R & B FALCON (A) PTY LTD. vs. COMMISSIONER OF INCOME TAX

Appeal is allowed to the above extent

capitalized or not. However, the same expenditure will not be liable to FBT again in the year in which it is amortized and charged to profit. Is FBT payable by an Indian Company having employees based both in and outside India on its total (global) expenditure incurred by it for the purposes referred to in clauses

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

d) extra-shift allowance double shift and triple shift; (xii) total depreciation; (xiii) investment allowance claimed (also indicate rate); (xiv) remarks (indicate the amount of initial depreciation, investment allowance or development rebate allowed in respect of the assets in an earlier year). (2) Where the depreciation in respect of any asset is not admissible as a deduction under clause

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

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

Appeals are dismissed

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

D’ is of income from “profits   and   gains   of   business   or   profession”   covered   by Section 28 of the IT Act.  Profits and gains from any business or profession that the assessee carried out at any time during the   previous   year   are   chargeable   to   income   tax.     Under Section 36(1)(iii), the assessee is entitled to a deduction of the amount