VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

capital asset. The definition of the expression “transfer” is contained in Section 2(47) of the 1961 Act. It has very wide meaning. What is taxable under Section 45(1) of the 1961 Act is “profits and gains

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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

47 8.13. It was also submitted by the learned Senior Counsel that the Government of India has notified the Mauritius Treaty under Section 90 of the Act, and under Section 90(2), the Treaty prevails to the extent more beneficial to the assessee. Therefore, the charge of tax under the Income Tax Act will be overridden by a more beneficial

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

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

capital asset would amount to ‘transfer’ under Section 2(47) of the Act, 1961. Sale is only one of the modes of transfer envisaged by Section 2(47) of the Income Tax Act, 1961. Relinquishment of any rights in it, which may not amount to sale, can also be considered as transfer and any profit or gain

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

Section 47 (viii) exempts transfer of agricultural lands from capital gain tax under Section 45, we agree with the Commissioner

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

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 of following amounts, namely :- (i) expenditure incurred wholly and exclusively in connection with such transfer : (ii) the cost of acquisition of the capital asset and the cost of any http://JUDIS.NIC.IN SUPREME COURT

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

capital gains”. 7. The Assessing Officer vide an order dated 30.12.2009, passed under Section 143(3) of the Act, held that since physical and vacant possession had been handed over under the JDA, the same would tantamount to “transfer” within the meaning of Sections 2(47

SHRI KARTIKEYA vs. .SARABHAI. VS THE COMMISSIONER OF INCOME TAX

capital gain tax. The appellant, however, contended that such reduction of the face value did not result in extinguishment of the assessee’s right and there was no transfer within the meaning of that expression as contained in Section 2(47

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

In the result, the’ appeal succeeds and the impugned

section 45 of the Act, and rejected the case of the appellant that the capital gains tax was not attracted to the amount received on account of the insurance claim since there was no transfer of capital asset as was contemplated by s. 45 read with s. 2(47

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

capital gains" and in the manner indicated in the fasciculus of sections 45 to 55A. The learned counsel for the appellant urged the following contentions in support of the appeal : (a) That the sale proceeds of agricultural land are totally exempt from the charge of tax under section 45 of the Act by reason of section 47

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

47) of the Act, we are of the view that the appellants were entitled to relief under Section 54 of the Act in respect of the long term capital gain

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

47,921 which had been assessed as capital gain under section 12B of TT Co. for the assessment year 1949-SO, no other

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

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 BOMBAY vs. CHUGANDAS AND CO., BOMBAY

47 (7) RF 1966 SC1514 (9) F 1967 SC1061 (5,6) D 1968 SC 9 (12) ACT: Indian Income-tax Act (XI of 1922), s. 25(3)-Exemption applicable to what income. HEADNOTE: The respondent was a firm dealing in securities and was charged to income-tax under the Income-tax Act (VII of 1918). It received certain sums

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

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

SHARP BUSINESS SYSTEM THR. FINANCE DIRECTOR MR. YOSHIHISA MIZUNO vs. COMMISSIONER OF INCOME TAX-III N.D

The appeals are hereby disposed of in terms of

Bench: HON'BLE MR. JUSTICE MANOJ MISRA

gains of business or profession’, Section 37 of the Act enables 44 the deduction of any expenditure laid out or expended wholly and exclusively for the purposes of business or profession, as the case may be. The fact that an item of expenditure is wholly and exclusively laid out for the purpose of business by itself is not sufficient

PR. COMMISSIONER OF INCOME TAX SHIMLA vs. M/S AARHAM SOFTRONICS

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

capital, in the assessment year relevant to the previous year. 16 “Substantial expansion” is defined in clause (ix) of sub-section (8) of Section 80-IC and it reads as under: "(ix) “Substantial expansion” means increase in the investment in the plant and machinery by at least fifty per cent of the book value of plant and machinery (before taking