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

22. It will be clear from a reading of this paragraph that a Madhya Pradesh High Court judgment was distinguished by the Constitution Bench on two grounds. One being that Section 6 of the General Clauses Act does not apply to a rule but only applies to a Central Act or Regulation, and secondly, that Section 6 itself would apply

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

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

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

Capital gains’ in respect of the money so received or the market value of the other assets on the date of distribution, as reduced by the amount assessed as dividend within the meaning of sub- clause (c) of clause (22) of 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

gain on the land compulsorily acquired by the Government, was transferred to capital reserve and shown as such in the balance sheet. The Directors of the appellant company took the view that there was no possibility of distributing dividend in the concerned three accounting years on account of the past losses including the loss of the only asset

SH. SANJEEV LAL ETC. ETC. vs. COMMISSIONER OF INCOME TAX CHANDIGARH&AN

22. In addition to the fact that the term “transfer” has been defined under Section 2(47) of the Act, even if looked at the provisions of Section 54 of the Act which gives relief to a person who has transferred his one residential house and is purchasing another residential house either before one year of the transfer or even

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

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

Section 2(47) was attracted and that the amount of Rs 50,000 received by the assessee was liable to be taxed under the head ‘Capital gains’. ” 22

PRAKASH NATH KHANNA vs. COMMNR OF INCOME TAX

Capital 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

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

M/S. VIJAY INDUSTRIES vs. COMMISSIONER OF INCOME TAX

Appeals are allowed

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

22 different heads of income, namely, salaries, income from house property, profits and gains of business or profession, 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

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

The appeal is allowed

capital gains by the assessee was found to be wrong obviously, the finding of the revenue authorities and the Tribunal that the assessee furnished inaccurate particulars cannot be faulted..." 16. Mr. Anil B. Dewan, the learned Senior Counsel appearing on behalf http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 9 of 26 of the Appellant, would contend that the First Respondent

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

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

Section 406 makes it abundantly clear that any such act by a carrier attracts the offence under Section 406. The Court in other words would have to allow the commission of an offence by the appellant in the process of finding that 71 the appellant is the owner of the goods. In other words, proceeding on the basis that there

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

Appeals are dismissed

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

gains from: (1) Investments in (a) securities of the nature  referred  to   in  Section  8  of  the Indian Income Tax Act; or (b) property of the  nature   referred   to  in   Section   9  of that Act; (2) dividends, or      Civil Appeal No.3291­3294 of 2009, etc. Page 31 of 45 (3)   the   ‘other   sources’   referred   to   in Section

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

capital asset situated 38 in India (referred as business income). Explanation 1(a) to Section 9(1)(i) of the Act provides an exclusion in the case of operations which are not carried out in India. The explanation provides that the income of the business deemed under this clause to accrue or arise in India shall be only that part

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 vs. M/S JINDAL STEEL THROUGH ITS MANAGING DIRECTOR

Appeals are hereby dismissed

Bench: HON'BLE MRS. JUSTICE B.V. NAGARATHNA

capital or revenue receipt. This additional issue has been raised in Civil Appeal No.9917 of 2017 (Assistant Commissioner of Income Tax Vs. M/s Godawari Power and Ispat Pvt. Ltd.) and also in Civil Appeal No.8983 of 2017 (Assistant Commissioner of Income Tax Chhattisgarh Vs. M/s Godawari Power and Ispat Pvt. Ltd.) RECOMPUTATION OF DEDUCTION UNDER SECTION

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

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

Appeals are disposed of

Capital gains”. Section 45 is a charging section. For the purpose of imposing the charge. Parliament has enacted detailed provisions in order to compute the profits or gains under that head. No existing principle or provision at variance with them can be applied for determining the chargeable profits and gains. All transactions encompassed by Section 45 must fall under