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 asset to be taxable, even without the receipt of money. This demonstrates that where the legislature intends to tax notional accretions, it does so explicitly. In the absence of any analogous deeming provision in respect of amalgamations, Section 28 cannot be judicially expanded to cover hypothetical or unrealised gains. 14. Conversely, on behalf of the Revenue, it was submitted

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

THE BANK OF RAJASTHAN LTD. vs. COMMISSIONER OF INCOME TAX

Appeals are dismissed

Bench: HON'BLE MR. JUSTICE ABHAY S. OKA

capital   expense   is disallowed, it will have to be added to the acquisition cost of the securities, which will then be deducted from the sale proceeds when such securities are sold in the subsequent years. It was submitted that, consequently, the related interest received would have to be excluded from the income and truncated from the purchase cost

KILLICK NIXON LTD., MUMBAI vs. DEPUTY COMNR. OF INCOME TAX,MUMBAI

In the result, we allow the appeal, set aside the judgment of the High

capital gains to the extent of Rs. 4,00,000.00. (d) Disallowance under Rule 6D to the extent of Rs. 31,963.00." Being

SHAH ORIGINALS vs. COMMISSIONER OF INCOME TAX 24 MUMBAI

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

disallowance of gain earned from foreign exchange fluctuations by the assessee without recording findings on crucial matters in issue. 3.1 It is argued that sub-section (1) of Section 80 HHC allows the deduction of profits of business derived from exports of goods/merchandise outside India. Sub-section (1) of Section 80 HHC is appreciated by also applying sub-section

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

gains an amount which, by no stretch of imagination, can be said to have accrued to the assessee or been received by him and it must be confined to cases where the actual consideration received for the transfer is understated and since in such cases it is very difficult, if not impossible, to determine and prove the exact quantum

SHIV RAJ GUPTA vs. COMMISSIONER OF INCOME-TAX, DELHI IV

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

capital gain. The contention that quoted price of each share was mere Rs. 3 only, viz. price as declared of Rs. 30/- is fallacious and off beam. The argument of the assessee suffers from a basic and fundamental flaw which is conspicuous and evident.” This finding flies in the face of settled law. A catena of judgments has held that

COMMNR. OF INCOME TAX, MUMBAI vs. M/S. GENERAL INSURANCE CORPN.OF INDIA

Disallowance of Rs. 1,04,28,500/- in respect of stamp duty and registration fees incurred in connection with the increase in the authorized share capital were bifurcated by the CIT (Appeals) into two categories, one relating to the increase in authorized share capital from Rs. 75 crores to Rs. 250 crores and second relating to issue of bonus shares

IPCA LABORATORY LTD. vs. DY. COMMNR. OF INCOME TAX, MUMBAI

disallowed the deduction of Rs. 3.78 crores. The Commissioner (Appeals) dismissed the Appeal filed by the Appellants on 11th October, 1999. On 29th December, 2000 the Income Tax Appellate Tribunal dismissed the Second Appeal. By the impugned Judgment the Bombay High Court has dismissed the Appeal filed under Section 260A of the Income Tax Act. The question for consideration

DIRECTOR OF INCOME TAX (IT)-I, MUMBAI vs. M/S. AMERICAN EXPRESS BANK LTD

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

capital expenditure or personal expenditure, shall be allowed as a deduction in computing the income chargeable under the head “Profits and gains from business or profession”. Therefore, it is clear that there is no restriction under Section 37(1) of the Act that, for an expenditure to be deductible under it, it must be incurred in India. b) This position

M/S MANGALORE GANESH BEEDI WORKS vs. COMMISSIONER OF INCOME TAX, MYSORE

The appeals are disposed of in the above terms

disallowing the claim.” 18. The High Court did not accept the view of the Tribunal and in support of that it was contended before us by learned counsel for the Revenue that the highest bid of AOP-3 was accepted by the High Court on or about 21st September, 1994 and therefore there was no question

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

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

disallowed). Separate penalty proceedings were initiated under sections 271(1)(a). 271(1)(c), 273/274 and 271-B of the Act. 2.12 The assessees then preferred appeals before the CIT(A). Subsequently on 08th December, 2000, the writ petitions filed by the assessees came to be dismissed by the High Court as the respective assessees moved the Appellate Authority prescribed

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

THE SOUTH INDIAN BANK LTD. vs. THE COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE HRISHIKESH ROY

Capital Gains & Income from other sources. The Section 14A relates to expenditure incurred in relation to income which are not includable in Total Income and which are exempted from tax. No taxes are therefore levied on such exempted income. The Section 14A had been incorporated in the Income Tax Act to ensure that expenditure incurred in generating such tax exempted

NATIONAL CO-OPERATIVE DEVELOPMENT CORPORATION vs. COMMISSIONER OF INCOME TAX-V, DELHI

Bench: HON'BLE MR. JUSTICE SANJAY KISHAN KAUL

disallowed the same as a deduction. What weighed with the AO was also the fact that the grants received from the Central Government were in the nature of a capital receipt exempt from tax. The AO noted that no deduction as sought for has been claimed in the previous assessment years. Of course, subsequently, the stand of the appellant-Corporation

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

capital assets enumerated therein. It may appear intriguing on the part of the assessee as to why it does not claim the benefit of deduction from its taxable income, but the choice is clearly its. Where the assessee does not want the benefit, it cannot be thrust upon it. There is no provision which makes it compulsory on the part

M/S.VIRTUAL SOFT SYSTEMS LTD. vs. COMMISSIONER OF INCOME TAX, DELHI-I

disallowed i.e. Rs. 10,28,462.00, Rs. 57,51,520.00 and Rs. 1,15,000.00. He concluded that by adding these figures the total amount of Rs. 68,94,982.00 was the income in respect of which inaccurate particulars had been furnished. The tax was computed at Rs. 31,71,692.00. It was held that the tax sought

THE COMMISSIONER OF INCOME TAX JAIPUR vs. PRAKASH CHAND LUNIA (D) THR LRS

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

disallowable under Explanation 1 to Section 37(1). It is submitted that thus either way, neither can the Respondent- Assessee claim business loss due to him not being in the smuggling business nor can he claim business expenditure as the same is prohibited under Explanation 1 to Section 37(1). 3.6 Making above submissions and relying upon the above submissions