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

3) __________________________________________________________ ……………………… ……………………… ……………………… 10 Page 11 JUDGMENT ……………………… ……………………… 6. Maharashtra (i) Bombay Thana Area. (ii) Poona-Pimpri-Chinchwad area. (iii) Khopoli area. (iv) Areas within the limits of- (a)Nagpur Municipal Corporation. (b)Sholapur Municipal Corporation. 8. Section 54G of the Income Tax Act inserted by the Finance Act, 1987 with effect from 1.4.1988 reads as follows: “54G. Exemption of capital gains

M.S.P. NADAR SONS, VIRUDHU NAGAR vs. COMMISSIONER OF INCOME TAX (CENTRAL), MADRAS

3) 688 1993 SCALE (2)678 ACT: % Income Tax Act 1961: Sections 70 (2) (ii) and 80T-Assessee- Selling shares held in companies-Long term capital gain as well as long term capital loss-Capital gains-Computation of. HEADNOTE: The appellant-assessee was a Registered Firm. The assessment year concerned was 1973-74. During the relevant previous year being

VATSALA SHENOY vs. JT.COMMISSIONER OF INCOME TAX

capital gain by the Assessing Officer, shall be taken note of subsequently at the appropriate stage. Suffice it to state that the assessees successive appeals to Commissioner of Income Tax (Appeals) and then to the Income Tax Appellate Tribunal (ITAT) and thereafter to the High Court have failed, thereby sustaining the order of the Assessing Officer. With this brief background

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

Bench: HON'BLE MR. JUSTICE R. MAHADEVAN

gains arising to the assessees from the transfer may not be deemed to accrue / arise in India in light of Section 9 of the ITA. According to the learned Senior Counsel, a plain reading of Section 90 establishes that the only requirement that needs to be satisfied in respect of treaty eligibility under Section 90(2) is the satisfaction

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 and only in regard to capital assets? 3. Whether income would accrue to the assesses on shares received by amalgamations and will be taxable in view of non-applicability of Section 47(vii)?” 3.6. After hearing both sides, the High Court, by the impugned judgment, disposed of the appeals in favour of the Revenue and against the assessees

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

3.................................. "45. Capital gains. - (1) Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as other wise provided in sections 53, 54 and 54B, 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

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

3) of section 12B was as under : "Where any capital asset became the property of the assessee by succession, inheritance or devolution or on any distribution of capital assets on the total or partial partition of a Hindu undivided family or on the dissolution of a firm or other association of Persons or on the liquidation of a company

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

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

3) of Section 80-IC mentions about the deduction that is permissible, namely, 100% 14 deduction of the profits and gains for first five years and 25% (or 30% where the assessee is a company) for the next five years. This sub-section, in any case, does not deal with the ‘initial assessment year’. 13.Learned counsel appearing for the assessees

NAVIN JINDAL vs. ASSISTANT COMMISSIONER OF INCOME TAX

6 - (A) in the case of a company, ten per cent of the amount of such gain in excess of fifteen thousand rupees; (B) in the case of any other assessee, fifty per cent of the amount of such gain in excess of fifteen thousand rupees; (ia) in respect of long-term capital gain so arrived at relating to equity

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

3 of the Act. Section 6 enumerated the six http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 9 of 13 heads of income to be: (1)salaries (ii) interest on securities (iii) income from property. (iv) profits and gains of business profession or vocation (v) income from other sources and (vi) capital

COMMISSIONER OF INCOME TAX CHENNAI vs. TULSYAN NEC LTD

gains under sub-section (4) or sub-section (5) of section 80- IB; or (vi) the amount of profits derived by an industrial undertaking from the business of developing, maintaining and operating any infrastructure facility as defined as defined in the Explanation to sub-section (4) of section 80-IA and subject to fulfilling the conditions laid down in that

MANSAROVAR COMMERCIAL PVT. LTD. vs. COMMISSIONER OF INCOME TAX DELHI

Bench: HON'BLE MR. JUSTICE M.R. SHAH

capital gains in a particular case may tantamount to a failure in raising a substantial question of law in terms of Section 260A of the Act. However, the same may not apply on interest as the interest is automatic and mandatory. 4.14 Making above submissions and relying upon the aforesaid decisions, it is prayed that the present appeals be dismissed

JAMES ANDERSON, ADMINISTRATOR OFTHE ESTATE OF THELATE HENR vs. THE COMMISSIONER OF INCOME-TAX,BOMBAY

gain can possibly be made by the person who owned the assets before the distribution and who alone can be liable to tax under the section. If, therefore, the correct interpretation of the third proviso is distribution of capital assets in specie, the proviso does not serve any http://JUDIS.NIC.IN SUPREME COURT OF INDIA Page 6 of 7 purpose. Therefore

GENPACT INDIA PRIVATE LIMITED vs. DEPUTY COMMISSIONER OF INCOME TAX

Bench: HON'BLE THE CHIEF JUSTICE

capital gain is totally exempt, entire transaction used to escape the tax net. Thus to plug this loop hole in the statute, Section 115QA is introduced to provide that where shares are bought back at a price higher than the price at which those shares were issued then, balance amount will be treated as distribution of income to shareholder

COMMISSIONER OF INCOME TAX, PATIALA vs. PATIALA FLOUR MILLS CO. PVT. LTD., PATIALA

6 of 9 11,155/-, Rs. 1,14,153/- and Rs. 90,228/- which were carried forward to the assessment year 1970-71, were liable to be adjusted against it under sub-section (3) of section 80J. The Income Tax officer did not dispute the figures of the relevant amount of capital employed in the assessment year

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

3 of 6 "S.104. Super-tax on undistributed income of certain companies:- (1) Subject to the provisions of sub-section (2) and of Sections 105, 106 and 107, where the Income-tax Officer is satisfied that in respect of any previous year the profits and gains distributed as dividends by any company within the twelve months immediately following the expiry

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

In the result, the’ appeal succeeds and the impugned

3. It would be convenient to reproduce here the provisions of Section 45 of the Act as they stood at the relevant time: "45. Capital gains--Any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 53 and 54, be chargeable to income-tax under

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