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

E N T R.F. Nariman, J. 1. The assessee, a private limited company, had an industrial unit at Majiwada, Thane, which was a notified urban area. With a view to shift its industrial undertaking from an urban area to a non-urban area at Kurukumbh Village, Pune District, Maharashtra, it sold its land, building and plant and machinery situated

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

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(14) of the Act. The issue arises

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

e) Reimbursement of actual expenditure, which was the obligation of the operator/company cannot be included in receipts under Section 44BB of the Act as the income tax is levied on income. Further, the fact of such reimbursements being devoid of any profit element has not been disputed by the Revenue. 21) Mr. Vohra, learned senior counsel appearing for the appellant

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(47) is relevant only for the purpose of computing capital gains and has no application to stock-in-trade. Only the exploitation or realisation of stock-in-trade gives rise 7 (2020) 425 ITR 420 (SC) 8 to business income, which is to be computed strictly in accordance with Section 28 of the I.T. Act. 4.2. Reliance was placed

NATIONAL TRAVEL SERVICES vs. COMMISSIONER OF INCOME TAX DELHI VIII

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

gain-saying the fact that the H.U.F. was not the shareholder of the company. Mr. Sen did not contend otherwise. 9. Section 2 (6A)(e) gives an artificial definition of “dividend”. It does not take in dividend actually declared or received. The dividend taken note of by that provision is a deemed dividend and not a real dividend. The loan

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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

E N T R. MAHADEVAN, J. 1. Delay condoned. 2. Leave granted. The present appeals arise from a final judgment and common order dated 28.08.2024 passed by the High Court of Delhi at New Delhi1 in W.P. (C) Nos. 6764, 6765 and 6766 of 2020 and are, therefore, disposed of by this common judgment. 3. For the sake of clarity

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

COMMISSIONER OF INCOME TAX vs. MYSODET

22) of the Act, it should be construed that this definition would be applicable to all provisions which contain the term "dividend" in the Act. Section 104 of the Act reads as under : "104. Income-tax on undistributed income of certain companies. - (1) Subject to the provisions of this section and of sections 105, 106 107 and 107A, where

PRAKASH NATH KHANNA vs. COMMNR OF INCOME TAX

gains" and claims that the loss or any part thereof should be carried forward under sub-section (1) of Section 72, or sub-section (2) of Section 73, or sub-section (1) or sub- section (3) of Section 74, or sub- section (3) of Section 74A, he may furnish within the time allowed under sub-section

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

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

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

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

Bench: HON'BLE THE CHIEF JUSTICE

E)70, Bureau of Indian Standards v. DGIT(E)71 and GS1 India v. DGIT(E)72. 66. Mr. Ajay Vohra, learned senior counsel, appearing for the Apparel Export Promotion Council (AEPC) urged that it is a non-profit organization set up with approval of the Central Government, for promotion of exports of garments from India (i.e., promotion of trade

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 should “arise” from the transfer of a capital asset and income should be computed after full value of the consideration has been received or accrued. Since no income was received or had accrued, as the project was finally terminated by the owners on 15 13.06.2011, it was clear that the High Court judgment was correct. Further, sub-clause

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

E N T S.H. KAPADIA, J. Delay condoned. 2. Leave granted. 3. In this batch of civil appeals, the question which arises for determination is – whether TDS provisions in Chapter XVII-B, which are in the nature of machinery provisions to enable collection and recovery of taxes, are independent of the charging provisions which determines the assessability of income chargeable

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

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

Appeal is allowed to the above extent

E N T REPORTABLE CIVIL APPEAL NO. 3326 OF 2008 (Arising out of SLP (C) No.10451 of 2007) S.B. Sinha, J. 1. Leave granted. 2. Interpretation and/or application of the provisions of Section 115WB of the Income Tax Act, 1961 (for short, ’the Act’) providing for imposition of tax on ’fringe benefits’ is in question herein. 3. Before embarking upon

PR. COMMISSIONER OF INCOME TAX 6 vs. KHYATI REALTORS PVT. LTD

The appeal is allowed, in the above terms, without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

E N T S. RAVINDRA BHAT, J. 1. Special leave granted. With consent of the counsels for the parties, the appeal was heard finally. The Revenue has appealed a decision of the Bombay High Court1 which affirmed an order2 of the Income Tax Appellate Tribunal (hereinafter, “ITAT”) which had upheld a claim by the respondent (hereinafter, “assessee”) for writing

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

Appeals are dismissed

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

E.—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 18 to 21, which dealt with interest on securities.  Head ‘D’ is of income from “profits   and   gains   of   business   or   profession

GENPACT INDIA PRIVATE LIMITED vs. DEPUTY COMMISSIONER OF INCOME TAX

Bench: HON'BLE THE CHIEF JUSTICE

capital gain is totally exempt, entire transaction used to escape the tax net. Thus to plug this loop hole in the statute, Section 115QA is introduced to provide that where shares are bought back at a price higher than the price at which those shares were issued then, balance amount will be treated as distribution of income to shareholder