KERALA STATE BEVERAGES MANUFACTURING AND MARKETING CORPORATION LIMITED vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 1(1)

Accordingly, the civil appeal filed by the assessee is dismissed

Bench: HON'BLE MR. JUSTICE R. SUBHASH REDDY

40.   Amounts   not   deductible.­   Notwithstanding   any­ thing   contrary   in   sections   30   to   38,   the   following amounts shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession”,­ 5 C.A.@S.L.P.(C)No.12859 of 2020 etc. (a)   in the case of any assessee­ (i) … … … …   … … … … (iib) any amount ­  (A)  paid by way of royalty

VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

40,987 TOTAL INCOME EXCLUDING LONGTERM CAPITAL-GAINS Rs. 2,15,90,743” 12) As can be gathered from the above, the total proceeds of 92 crores are ₹ Page 11 JUDGMENT 11 first apportioned among the assessees in the ratio in which they had received the said amount. Thereafter, this amount is divided into long term capital gains and short

M/S MUNJAL SALES CORPORATION vs. COMMR.OF INCOME TAX,LUDHIANA

capital borrowed within the meaning of this clause; AMOUNTS NOT DEDUCTIBLE 40. Notwithstanding anything to the contrary in Sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head "Profits and gains

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

section (2) which would show that it is enough that the capital gain made by the assessee should only be “utilized” by him in the assessment year in question for all or any of the purposes aforesaid, that is towards purchase and acquisition of plant and machinery, and land and building. Advances paid for the purpose of purchase and/or acquisition

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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

capital gain which could then be used to declare a special dividend to the shareholders of HTIL. We find no merit in this argument. 134. Firstly, the Tier I (Mauritius companies) were the indirect subsidiaries of HTIL who could have influenced the former to sell the shares of Indian companies in which event the gains would have arisen

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

THE COMMONWEALTH TRUST LTD., CALICUT, KERALA vs. THE COMMISSIONER OF INCOME TAX, KERALA II, ERNAKULAM

Section 40 (a)(v) of the Income-tax Act, 1961? 2. Whether on the facts and in the circumstance of the case, the Tribunal was justified in holding that the assessee did not have the right of substituting the market value as on 1.1.54 in respect of depreciable assets? While the first question was referred at the instance

TEA ESTATE INDIA (P) LTD. vs. COMMISSIONER OF INCOME-TAX

40 per cent would constitute capital gain. As such gain arose during the period from April 1 1946 to March 31 1948 the same according to Mr. Hardy would answer to the description of accumulated profits as mentioned in the explanation to section

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

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

40,900 shares to 9,988 shares. However, the face value of shares remained the same at Rs. 10 even after the reduction in the share capital. The High Court also directed the company for payment of Rs. 3,17,83,474/- to the assessee as a consideration. 3 6. During the year, the assessee claimed long term capital loss

THE COMMISSIONER OF INCOME-TAX, BOMBAY vs. THE PROVIDENT INVESTMENT CO., LTD

In the result, the appeal fails and is dismissed with costs

40 days from the date of acceptance. As Boon as the transfer is sanctioned, we will pay the balance of the purchase price." On September 26, 1946, there was a meeting of the Board of Directors of the assessee company. At that meeting, the Board considered the offers made by the Dalmia Company and resolved to accept the offers

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

The appeal is allowed

40,59,510 7. Assessed accordingly. Give credit for prepaid taxes. Charge interest u/s 234B and 234C. Initiate penalty proceedings u/s 271(1)(c) of the Act. Issue demand notice and challan." 10. Thus, in the said order, valuation of the land as made by the District Valuation Officer was adopted and on the basis thereof long term capital gain

NAVINCHANDRA MAFATLAL vs. THE COMMISSIONER OF INCOME-TAX,BOMBAY CITY

Section 12-B of the Indian Income-tax Act, 1922 (inserted by Act XXII of 1947) which imposed tax on ’Capital gains’ is not ultra vires the Government of India Act, 1935. The term ’Capital 106 830 http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 2 of 7 gains’ comes well within the meaning of the word ’income’ used in item

SMITH KLINE & FRENCH [INDIA] LTD.ETC. vs. COMMISSIONER OF INCOME TAX

gains", as contemplated by the said Section 40 opens with a non-obstante clause "notwithstanding anything to the contrary in Sections 30 to 39", which means that even if any amount is entitled to deduction under any of the provisions contained in Sections 30 to 39, it will be disallowed if it falls inter-alia within sub-clause

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

40) Section 9 enumerates the income which is deemed to accrue or arise in India. There are two broad categories of taxability of income provided under this Section, i.e., Business Income and income from interest or royalty or fees for technical services (FTS). 41) Section 9(1)(i) provides that income is to be deemed to have accrued or arising

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

ADD. COMMISSIONER OF INCOME TAX vs. BHARAT V. PATEL

Accordingly, these are hereby dismissed leaving

Bench: The Commissioner Of Income Tax (Appeals) Being No. Cab/I­643/2000­2001. After Considering The Case, Learned Cit (Appeals), Vide Order Dated 28.03.2002, Dismissed The Appeal Of The Respondent After Comprehensively Discussing The Taxability Of The Alleged Amount & Upholding The Assessment Order Passed By The Assessing Officer. 2

40,649/­ paid   to   the   Respondent   by   P&G,   USA   shall   be   treated   as capital gains on transfer/redemption of shares, and hence, the Respondent   is   liable   to   pay   tax   on   capital   gains.   Being aggrieved with the order dated 15.09.2003, the Respondent filed an appeal  before  the  CIT  (Appeals) being  No.  CAB/V­ 37/04­05 which was upheld by learned CIT (Appeals

CHALLAPALLI SUGAR LTD. vs. THE COMMISSIONER OF INCOME TAX, A.P. HYDERABAD

40, or sub-section (IA) of section 58, of the principal Act, as amended by this Act, or, as the case may be, section 4 of this Act, shall apply to the assessment of such assessee for that particular year." [549F-550F] What is necessary to attract this section is that this Court should have held before July

TURNER MORRISON & CO., LTD. vs. COMMISSIONER OF INCOME-TAX,.WEST BENGAL

capital asset in India. All these incomes by virtue of this section have to be deemed to be income accruing or arising within India and where the person entitled to such income, profits :or gains is a non-resident such income, profits and gains are made chargeable to income-tax either in his name or in the name