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

capital gains arising on transfer of any of assets of existing industrial unit is utilized within one year or three 37 Page 38 JUDGMENT years after the date on which the transfer took place for purchase of new machinery or plant for the purposes of the business of the industrial undertaking in the area to which the said undertaking

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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

54 together with the whole enterprise) or of such a fixed base, may be taxed in that other State. 3. Notwithstanding the provisions of paragraph (2) of this article, gains from the alienation of ships and aircraft operated in international traffic and movable property pertaining to the operation of such ships and aircraft, shall be taxable only in the Contracting

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

gain under Section 45 of the Act. 8. Relevant portion of Section 54 of the Act reads as under: “54. PROFIT ON SALE OF PROPERTY USED FOR RESIDENCE. (1) Subject to the provisions of sub-section (2), where in the case of an assessee being an individual or a Hindu undivided family, the capital

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

gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54

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

gains arising from the transfer of a capital asset effected in the previous year shall, save as other wise provided in sections 53, 54

NAVIN JINDAL vs. ASSISTANT COMMISSIONER OF INCOME TAX

gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 53, 54

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

54, 54B, 54D, 54E, 54EA, 54EB, 54F, 54G and 54H be chargeable to income tax under the head ’Capital gains’, and shall be deemed to be the income of the previous year in which the transfer took place." The words ’capital assets’ has been defined in Section

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

In the result, the’ appeal succeeds and the impugned

gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 53 and 54

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

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

Sections 53, 54, 54-B, 54-D, 54-E, 54-F and 54-G, be chargeable to income tax under the head ‘Capital gains

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

gain arising from the transfer of such land would not constitute capital under the Act and consequently would not be liable to be taxed as such. [155H, 156 A-D, 157 B-D] JUDGMENT: CIVIL APPELLATE JURISDICTION: Civil Appeal Nos. 1491 and 1693 of 1971. Appeals by Special Leave from the Judgment and order dated the 13th January

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

gains arising from the transfer of capital asset effected in the previous year shall, save as otherwise, provided in sections 53, 54

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

Sections 2(47)(ii), (v) and (vi) of the Income Tax Act. He further held that, in the case of an assessee owning a 1000 square yards plot, the full value of consideration would be Rs.3.675 10 crores less cost of acquisition of Rs.12,81,724/-. The long term capital gain was, therefore, stated to be Rs.3,54

COMMISSIONER OF INCOME TAX vs. SHIVAKAMI CO. PVT. LTD

54,000 and after deducting the cost price of the aforesaid shares of Rs.81,201 and Rs.1,00,000 respectively from the above said break-up value, he determined the capital gain at Rs.91,599 and Rs.54,000 respectively under the first proviso to section

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

54-Tax on capital gains, if ultra vires--Capital gains, if income -Legislative practice-Interpretation of words- Words used in Constitution Act. HEADNOTE: Section

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

COMMISSIONER OF INCOME TAX vs. SMT. PELLETI SRIDERAMMA, NELLORE

The appeal is allowed, the

54,8000/-, resulting in http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 3 of 5 a capital gain of Rs.70,860/-, as computed under Section

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

54 Mad. 69i ; L.R. 58 I.A. 239. 69 532 Tobacco Company of India Ltd. v. The Secretary of State for India (1), Commissioner of Income-tax, ,Bombay v. Metro Goldwyn Mayer (India) Ltd.(2) and Caltex (India) Ltd. v. Commissioner of. Income-tax, Bombay City(3), where it has http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 9 of 9 been

SHEKHAWATI GENERAL TRADERS LTD. vs. INCOME TAX OFFICER, COMPANY CIRCLE I, JAIPUR

The appeals are allowed and the

Section 45 of the Act provides that any profits and gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in ss. 53 and 54