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

vi), or sub-clause (vii), the rules and bye-laws of the society restrict the voting 16 rights to the following classes of its members, namely: — (1) the individuals who contribute their labour or, as the case may be, carry on the fishing or allied activities; (2) the co-operative credit societies which provide financial assistance to the society

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 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 (vi

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

capital gains under Section 45 of the Act. If not, it was liable to be taxed as ’income from other sources’ under Section 10(3) read with Section 56 of the Act. Section 2(24)(vi

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

section 2(24)(vi) as there was no ’capital gain’ within the meaning of section 45. It was also not to be included

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

Capital gains. Various sections deal with how income, profits and gains under each http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 8 of 21 head have to be computed. Section 10 deals with the computation of profits and gains of any business carried on by an assessee. Section 10(2) prescribes the allowances which have to be deducted before computing

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

Appeals are dismissed

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

2) provides for  the carrying      Civil Appeal No.3291­3294 of 2009, etc. Page 24 of 45 forward of the loss of one year and setting off of the   same   against   the   profit   or   gains   of   the assessee   from   the   same   business   in   the subsequent   year   or   years   The   crucial   words, therefore, are “profits and gains of the assessee from

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

gains and income from other sources. The scheme of the TDS provisions applies not only to the amount paid, which bears the character of “income” such as salaries, dividends, interest on securities etc. but the said provisions also apply to gross sums, the whole of which may not be income or profits in the hands of the recipient, such

ENGINEERING ANALYSIS CENTRE OF EXCELLENCE PRIVATE LIMITED vs. THE COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

24 Substituted by Act 38 of 1994, sec. 2 (w.e.f. 10-5-1995). 25 Inserted by Act 27 of 2012, sec. 2(ii) (w.e.f. 21-6-2012). 44 (m) "infringing copy" means-- (i) in relation to a literary, dramatic, musical or artistic work, a reproduction thereof otherwise than in the form of a cinematograph film; (ii) in relation

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).

VI- A because it provides that in computing the total income, the profits and gains from export would be allowed a deduction of the profits derived by the assessee from the export of such goods. According to the learned counsel, in section 80HHC, the following expression is not there, namely, \023where gross total income of an assessee includes the profits

THE CITIZEN COOPERATIVE SOCIETY LTD., REP. BY MANAGING DIRECTOR G.RANGA RAO. HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX

The appeal is dismissed in terms of the signed reportable

gains of business attributable to any one or more of such activities: xx xx xx” 4) Section 80P was amended by the Finance Act, 2006 with effect from April 01, 2007 and sub-section (4) was inserted thereto. This sub-section (4) reads as under: “(4) The provisions of this section shall not apply in relation to any co-operative

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

gains is as per nationally accepted accounting standards; (vi) whether the system adopted by the assessee is fair and reasonable or is adopted only with a view to reducing the incidence of taxation. Facts in M/s Honda Siel Power Products Ltd. [Civil Appeal arising out of SLP(C) No. 7632/08] – CAPITAL ACCOUNT CASE: 22. The main issue which arises

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

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

gains an amount which, by no stretch of imagination, can be said to have accrued to the assessee or been received by him and it must be confined to cases where the actual consideration received for the transfer is understated and since in such cases it is very difficult, if not impossible, to determine and prove the exact quantum

PR. COMMISSIONER OF INCOME TAX vs. MARUTI SUZUKI INDIA LIMITED

Bench: HON'BLE THE CHIEF JUSTICE

capital of other company which remains in existence and continues its undertaking but the context in which the term is used may show that it is intended to include such an acquisition. See: Halsbury's Laws of England (4th edition volume 7 para 1539). Two companies may join to form a new company, but there may be absorption or blending

M/S. SOUTHERN TECHNOLOGIES LTD. vs. JOINT COMMNR. OF INCOME TAX, COIMBATORE

2(24) of the IT Act and added back while computing profits and gains of business under Sections 28 to 43D of the IT Act. In reply, the Department contended before us that the IT Act is a separate code by itself; that the taxable total income has to be computed strictly in terms of the provisions

THE INCOME TAX OFFICER, vs. URBAN IMPROVEMENT TRUST

The appeals are allowed

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

Capital gains" or "Income from other sources" or from a trade or busi- ness carried on by it which accrues or arises from the supply of a commodity or service (not being water or electricity) within its own ju- risdictional area or from the supply of water or electricity within or outside its own ju- risdictional area. Explanation

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

Appeals are disposed of

vi) cannot, however, be excluded. The position of a contractor in relation to a transfer of property in goods in the execution of a works contract is not different from that of a dealer in goods who is liable to pay sales tax on the sale price charged by him from the customer for the goods sold. The said price