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

capital of such co- operative society out of funds provided by the State Government for the purpose. Explanation.—If any dispute arises as to the primary object or principal business of any co- operative society referred to in clauses (cciv), (ccv) and (ccvi), a determination thereof by the Reserve Bank shall be final; (ccvii) “central co-operative bank”, “primary rural

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

x) total number of days worked double shift and triple shift (to be furnished only if extra shift allowance is claimed); (xi) depreciation claimed (a) initial depreciation; (b) normal depreciation (including extra depreciation for approved hotels); (c) additional depreciation; (d) extra-shift allowance double shift and triple shift; (xii) total depreciation; (xiii) investment allowance claimed (also indicate rate); (xiv) remarks

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

DILIP N. SHROFF vs. JOINT COMMNR. OF INCOME TAX, MUMBAI &ANR

The appeal is allowed

x 331 100 Rs.8,00,00,000 Rs.4,79,71,522 3,20,28,478 Less Expenses incurred in relation to sale of property : Solicitor’s fees : Rs.2,50,000 Brokerage : Rs.8,00,000 -------------- LONG TERM CAPITAL GAINS Rs. 10,50,000 ------------------- Rs.3,09,78,478 =========== The claim of the assessee for deduction of Rs.22,200/- being expenses incurred

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).

capital borrowed for the purposes of the business, profession or vocation, the amount of the interest paid: 12. Rule 24 of the 1961 Act reads as under: \02324. Income derived from the sale of tea grown and manufactured by the seller in the taxable territories shall be computed as if it were income derived from business, and 40 per cent

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

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

COMMISSIONER OF INCOME TAX, COIMBATORE vs. M/S. LAKSHMI MACHINE WORKS

Capital gains 9,94,680 20,000 Gross total income 10,14,680 Less: Deduction Under section 80HHC [see Note] http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 12 of 18 Under section 80-I [i.e., 25% of Rs.9,94,680] Net income (rounded off) 5,48,355 2,48,670 2,17,660 Note: Computation of deduction under section 80HHC

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

Appeals are disposed of

x), (y), (z), (za), (zb), (zc), (zd), (ze), (zf), (zg), (zh), (zi), (zj), (zk), (zl), (zm), (zn), (zo), (zq), (zr), (zs), (zt), (zu), (zv), (zw), (zx), (zy), (zz), (zza), (zzb), (zzc), (zzd), (zze), (zzf), (zzg), (zzh), (zzi), (zzj), (zzk), (zzl), (zzm), (zzn), (zzo), (zzp), (zzq), (zzr), (zzs), (zzt), (zzu), (zzv), (zzw), (zzx), and (zzy) of clause (105) of section

AGRICULTURAL PRODUCE MARKET COMMITTEE vs. COMMR.OF INCOME TAX

Appeals are dismissed with no order as to costs

Capital gains” or “Income from other sources” or from a trade or business carried on by it 4 which accrues or arises from the supply of a commodity or service (not being water or electricity) within its own jurisdictional area or from the supply of water or electricity within or outside its own jurisdictional area.” 11. Through the aforementioned amendment

MANSAROVAR COMMERCIAL PVT. LTD. vs. COMMISSIONER OF INCOME TAX DELHI

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

24 (Calcutta High Court Judgment); and x) Universal Cargo Carriers Inc. v. Commissioner of Income Tax, 1990 SCC OnLine Cal. 385 (Calcutta High Court Judgment) 4.3 Relying upon the aforesaid decisions, it is submitted as under: a) Holding lands, receipt of payments and carrying on trade is of no consequence as long as the control of the commercial venture

ISHIKAWAJMA-HARIMA HEAVY INDUSTRIES LTD. vs. DIRECTOR OF INCOME TAX, MUMBAI

The appeal is allowed in part and to

x) Assuming that the income from the offshore supply is chargeable to tax in India on the premise that Section 9(1)(i) applies, it was required to be examined by the Authority as to whether it would also be chargeable in accordance with the provisions of the Double Taxation Avoidance Agreement (DTAA) in terms whereof no charge

M/S D. N. SINGH THROUGH PARTNER DUDHESHWAR NATH SINGH vs. COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE K.M. JOSEPH

x): ‘To acquire possession of a thing it is necessary to exercise such physical control over the thing as the thing is capable of, and to evince an intention to exclude others:….’ Reference in this connection has been made to the case of Tubantia: Young v. Hichens and of Pierson v. Post [(1805) 3 Caines 175 (Supreme Court

COMMR.OF INCOME TAX, DEHRADUN vs. M/S ENRON OIL & GAS INDIA LTD

Bench: Cit(A), Who After Analyzing The Psc Held That Each Co-Venturer In This Case Had Made Contribution At A Certain Rate Whereas The Expenditure Incurred Out Of The Said Contribution Stood Converted On The Basis Of The Previous 2

2) … Explanation.- For the purposes of this section, "mineral oil" includes petroleum and natural gas.” 11. Section 42 is a special provision applicable to oil contracts. It has to be construed in the background of the PSC. There is a difference between Production Sharing Contracts and Revenue Sharing Contracts. PSCs were put in place in order to enable Sovereign Governments