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

41, as the case may be, the computation for this purpose being made with reference to the period commencing from the 1st day of January, 1954, in cases to which clause (2) of section 50 applies; (b) "cost of any improvement", in relation to capital assets, - (i) where the capital asset became the property of the previous owner

VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

section 41(2) of the Act and not as capital gains. In the circumstances, the judgment of this court in the case

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

41(4) of the 1961 Act and is, therefore, chargeable to tax in terms of that sub- 22 Page 23 JUDGMENT section to the extent of the ‘excess’ specified therein.” (at para 7). 17. In State of Punjab v. Harnek Singh, (2002) 3 SCC 481, this Court held:- “17. Section 24 of the General Clauses Act deals with the effect

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

gains in case of 36 non-resident assessee engaged in activities relating to business of exploration of mineral oil etc. At the same time Sections 4,5 and 9 of the Act which deal with charging section, total income and income of non-resident which arises or deem to arise in India cannot be sidetracked. These are the provisions which

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

COMMISSIONER OF INCOME TAX vs. UNITED PROVINCES ELECTRIC SUPPLY CO

In the result, appeal is allowed

41 ITR 291] capital receipts are taxed under the head, Profits and gains from business or profession by virtue of deeming fiction, but the receipts do not become business profits. He, therefore, submitted that notional receipt of profit is in the nature of capital receipt and as there is no provision or procedure in the Act for taxing it again

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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

gains tax. Reliance was placed on Vodafone, particularly its 16 For short, “OECD” 17 For short, "POEM” 32 recognition of Judicial Anti-Avoidance Rules and the distinction between “influencing power” and “persuasive power”. 7.9. The learned Additional Solicitor General submitted that Circular No. 789 was a policy measure intended to provide certainty to FIIs and similarly placed investors. It does

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

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

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

41,300/-. In our considered view, the ITAT has rightly followed authority in Kartikeya V. Sarabhai v. The Commissioner of Income Tax : 1998 2 ITR 163 SC with regard to meaning of transfer by holding that there was no transfer within the meaning of that expression contained in Section 2(47) of the Income Tax Act, 1961.” 10. Having heard

COMMISSIONER OF INCOME TAX, MADRAS vs. M/S. MADURAI MILLS CO. LIMITED

capital gains as contemplated by section 12B of the Act in respect of the amount of Rs. 95,944/- [667D] (ii) If the language of subsection (1) of section 12B of the Act is clear and does not warrant the inference that distribution of assets on liquidation of a company constitutes sale, transfer or exchange the said transaction of distribution

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

VANIA SILK MILLS (P) LTD. vs. COMMISSIONER OF INCOME-TAX, AHMEDABAD

In the result, the’ appeal succeeds and the impugned

41(2) of the Income-Tax Act. The lncomeTax Officer subjected to tax also the additional amount of Rs.3,50,792 the difference between the amount of insurance claim and the original cost of the machinery---treating the same as capital gains chargeable under section

CAMBAY ELECTRIC SUPPLY INDUSTRIAL CO. LTD. vs. THE COMMISSIONER OF INCOME TAX, GUJARAT-IIAHMEDABAD (AND VI

In the result the assessee’s appeal also fails and the same

section a deduction of 8% is permissible from "such profits and gains" meaning "profits and gains attributable ’to the business of generation and distribution of electricity" carried on by an assessee. He contended that a balancing charge contemplated under s. 41 (2) is really in the nature of a return of capital

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

2(45) of the Act. Thus, the amount of compensation received by the appellant could not have formed part of the "gross total income" within the meaning of clause (iv) of Section 109 of the Act. Consequently, there was no question of its becoming part of "distributable income" as defined in section 109(1). We are hence, of the view

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

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

Appeal is allowed to the above extent

capitalized or not. However, the same expenditure will not be liable to FBT again in the year in which it is amortized and charged to profit. Is FBT payable by an Indian Company having employees based both in and outside India on its total (global) expenditure incurred by it for the purposes referred to in clauses

SAHARANPUR ELECTRIC SUPPLY CO. LTD. ETC. ETC. vs. COMMISSIONER OF INCOME-TAX ETC.ETC

41(2) or the allowances under Section 32(1)(iii). [139B, E] Birmingham Corporation v. Barnes [1935] 3 I.T.R. Supp. 26 (HL), referred to. Riverside (Bhatpara) Electric Supply Co. Ltd v. C.I.T., [1977] 109 I.T.R. 399 (Cal.); CIT v. South Madras Electric Supply Corporation Ltd., [1977] 109 I.T.R. 426 (Mad.); CIT v. Saharanpur Electric Supply Co. Ltd., [1977] 109 I.T.R

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