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

section (1), or such further period as the Board may allow, shall first be ascertained; (b) the amount of the tax credit certificate shall bear to the amount of tax payable by the company on its income chargeable under the head “Capital 8 Page 9 JUDGMENT gains

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

Section 2(47) is relevant only for the purpose of computing capital gains and has no application to stock-in-trade. Only the exploitation or realisation of stock-in-trade gives rise 7 (2020) 425 ITR 420 (SC) 8

COMMISSIONER OF INCOME TAX vs. M/S JINDAL STEEL THROUGH ITS MANAGING DIRECTOR

Appeals are hereby dismissed

Bench: HON'BLE MRS. JUSTICE B.V. NAGARATHNA

capital or revenue receipt. This additional issue has been raised in Civil Appeal No.9917 of 2017 (Assistant Commissioner of Income Tax Vs. M/s Godawari Power and Ispat Pvt. Ltd.) and also in Civil Appeal No.8983 of 2017 (Assistant Commissioner of Income Tax Chhattisgarh Vs. M/s Godawari Power and Ispat Pvt. Ltd.) RECOMPUTATION OF DEDUCTION UNDER SECTION

NAVIN JINDAL vs. ASSISTANT COMMISSIONER OF INCOME TAX

Section 48(2) of the Act becomes applicable. For that purpose, we annex hereinbelow a chart indicating Computation of Income under the head “Capital gains”, as projected by the assessee on the one hand and as projected by the Assessing Officer on the other hand. ...12/- 12 - COMPUTATION OF INCOME UNDER THE HEAD “CAPITAL GAINS As per assessee

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

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

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

8 as a shareholder qua the company. It is not necessary that for a capital gain to arise there must be sale of a capital asset. Sale is only one of the modes of transfer envisaged by Section

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

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

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 pointed out before us that clause (v) of sub-section (8) of Section 80-IC is the concerned provision which

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 gain was, therefore, stated to be Rs.3,54,68,276/-. 8. The Commissioner (Appeals) dismissed the appeal upholding the order passed by the Assessing Officer. Aggrieved by the order, the assessee filed appeal before the Income Tax Appellate Tribunal (ITAT), which was also dismissed by the ITAT. 9. In the impugned judgment by the High Court under Section

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

DEPUTY COMMISSIONER OF INCOME TAX vs. M/S. CORE HEALTH CARE LTD

capital which the assessee has borrowed. Further, the words "actual cost" do not find place in Section 36(1)(iii) of the 1961 Act which otherwise find place in Sections 32, 32A etc of the 1961 Act. The expression "actual cost" is defined in Section 43(1) of the 1961 Act which is essentially a definition section which is subject

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

The appeal is allowed

Capital gains" in respect of that asset under section 46, means the fair market value of the asset on the date of distribution: 78. Section 55A of the Act provides for reference to Valuation Officer. A bare perusal of the said provision will clearly go to show that the reference to a Valuation Officer is optional. The said provision

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

M/S. VIJAY INDUSTRIES vs. COMMISSIONER OF INCOME TAX

Appeals are allowed

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

capital gains and income from other sources. Insofar as income under the head ‘profits and gains of business or professions’ is concerned, provisions thereto are contained in Sections 28 to 44DB of the Act. Section 28 specifies various incomes which shall be chargeable to income tax under this head. Thereafter, Section 29 provides that income 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

8)  Per   contra,   learned   senior   counsel   appearing   for   the Respondent   submitted   that   the   amount   received   by   the Respondent   from   redemption   of   Stock   Appreciation   Rights (SARs) can be treated only as capital gains and cannot be treated as perquisite under Section

COMMISSIONER OF INCOME TAX, DELHI vs. M/S WOODWARD GOVERNOR INDIA P. LTD

Capital account). According to the learned counsel, the essence of deductibility under Section 37 is that the increase in liability due to foreign exchange fluctuations must fulfill the twin requirements of “expenditure” and the factum of such expenditure having been “laid out or expended”. According to the learned counsel, the expression “expenditure” is “what is paid out” and “something which

SHAH ORIGINALS vs. COMMISSIONER OF INCOME TAX 24 MUMBAI

Bench: HON'BLE MR. JUSTICE S.V.N. BHATTI

capital, and the gain from foreign exchange fluctuation comes within the permissible deduction of Section 80 HHC of the Act. He places strong reliance on Sutlej Cotton Mills Ltd. v. Commissioner of Income Tax, Calcutta1 and Commissioner of Income Tax, Delhi v. Woodward Governor India Pvt. Ltd2. The Learned Counsel also places reliance on Commissioner of Income

M.M. AQUA TECHNOLOGIES LTD. vs. COMMISSIONER OF INCOME TAX, DELHI - III

Appeals are allowed in the aforesaid terms

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

8 qualify for deduction; however Explanation 3C acts to insist on a rider: “Explanation 3C for the removal of doubts, it is hereby declared that a deduction of any sum, being interest payable under clause(d) of this section, shall be allowed if such interest has been actually paid and any interest referred to in that clause which has been