M/S.R.S.RANGADAS vs. THE ASST.COMMISSIONER OF INCOME TAX

Appeals are disposed of, with no order as to costs

Bench: C.V. BHASKAR REDDY,UJJAL BHUYAN

Section 54F in respect of purchase of House No.5, Golf Links, New Delhi for Rs.10.75 Crores was allowed and the balance amount of Rs.4,18,00,000/- was treated as long term capital gains. In other words, the Assessing Officer assumed the transfer price of each share of NIIT as Rs.1,493/-, instead of Rs.500/- per share. 11

M/S UNICORN AGRO TECH LIMITED, SECUNDERABAD. vs. THE ASST. COMMISISONER OF INCOME TAX, HYDERABAD.

In the result, the appeal filed by the assessee is allowed and the

Bench: T.VINOD KUMAR,M.S.RAMACHANDRA RAO

Section 10 of the Act by Finance No. 2 Act, 2004 with effect from 01.04.2005. Further the tribunal failed to consider that the short term capital gains from shares held as investment could not be assessed as business income merely because the period of holding of the shares in such cases was somewhat short as compared to other investments. Thus

THE COMMISSIONER OF INCOMEE TAX-III vs. M/S.V.B.C.FERRO ALLOYS LTD

THE APPEAL IS DISMISSED

Bench: SUJOY PAUL,NAMAVARAPU RAJESHWAR RAO

gains of an infrastntcture capital fund or an infrastructure capital compang from inuestments made before the 7"t daA of June, 1998 bg utay of shares or long-terrn finance in ang enterprise carrying on th.e business of deueloping, maintaining and operating ang infrastructure facilitg shalL not be included and the prouisions of this clause as it stood immediately before

M/S. VJIL CONSULTING LTD., vs. INCOME TAX OFFICER, WARD -3(2), HYDERABAD

Appeal is allowed

Bench: P.SAM KOSHY,S.CHALAPATHI RAO

capital gains should be included in the profit and loss account for the purpose of computing book profit. 9. It is also submitted that the Judgments of the Apex Court in the case of Apollo Tyres (supra), and HCL Comnet Systems (supra), clarifies that the Assessing Officer does not have the jurisdiction to go behind the net profit shown

COMMISSIONER OF INCOME TAX-III, HYD vs. M/S. SUJANA METALS LTD, HYD

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

capital gain by virtue of section 55 (2) (a) read with clause (i) of the proviso to Section 28 (va). The AR has also relied on the provisions of section 45 (1) read with 2 (14), 2 (11

The Commissioner of Income Tax-III vs. Sri Anand Prakash Sanghi

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

11. To claim benefit of part performance under Section 53A, the above mentioned requirements must be ITA 33/10 -11- satisfied. The thrust of the argument advanced by the learned Senior Counsel appearing for the assessee is that the Revenue has not succeeded in establishing that Section 53A of the TP Act is attracted in this case. It is pointed

The Commissioner of Income Tax-I vs. Ascend Telecom Infrastructure Private Limited

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

section 11(1) in its commercial sense. The relevant portion of the Circular No.5XX-6 of 1968, dated 19-6- 1968 (See Taxmann’s Direct Taxes Circulars, Vol. 1, 1980 edn. P.85) reads: “Where the trust derives income from house property, interest on securities, capital gains

The Commissioner of Income Tax - IV vs. M/s. Mekins Agro Product (P) Ltd.

capital asset, the assessee also claims depreciation say @ 20%. Accordingly, the assessee claims that the application of income would include Rs.10,000/- which is to be allowed as depreciation as to this extent, the asset purchased has depreciated. In other words, Rs.60,000/- is to be treated as application of money for the purpose of clause 'a' to Section

The Commissioner of Income Tax-IV vs. M/s Pokarna Limited

The appeals are dismissed

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

11. Section 28 of the Act deals with Profits and Gains of business and profession which reads as under: Profits and gains of business or profession. 28. The following income shall be chargeable to income-tax under the head "Profits and gains of business or profession",— - - 21 (i) the profits and gains of any business or profession which was carried

The Commissioner of Income Tax-II, vs. M/S Gulf Oil Corporation Pvt. Ltd.,

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains   tax   or   capital   loss,   the  essential requirements are that there should  be a transfer of a capital asset effected in  the   previous   year.   This   would   require  ascertainment   of   the   meaning   of   the   terms  transfer and capital assets. Transfer has been  defined, in relation to a capital asset, to  include   various   contingencies   stipulated   by  sub­clauses of Section

Commissioner of Income Tax-II vs. M/s.Jayalakshmi Chits

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains   tax   or   capital   loss,   the  essential requirements are that there should  be a transfer of a capital asset effected in  the   previous   year.   This   would   require  ascertainment   of   the   meaning   of   the   terms  transfer and capital assets. Transfer has been  defined, in relation to a capital asset, to  include   various   contingencies   stipulated   by  sub­clauses of Section

The Commissioner of Income Tax - VI vs. M/s. Manikanta Iron AND Hardware

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains   tax   or   capital   loss,   the  essential requirements are that there should  be a transfer of a capital asset effected in  the   previous   year.   This   would   require  ascertainment   of   the   meaning   of   the   terms  transfer and capital assets. Transfer has been  defined, in relation to a capital asset, to  include   various   contingencies   stipulated   by  sub­clauses of Section

Principal Commissioner of Income Tax - 5 vs. M/s Vijay Textiles Limited

The appeal is dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

11(4) BANGALORE. ... APPELLANTS (BY SRI. JEEVAN J. NEERALGI FOR SRI. E. I. SANMATHI, ADV.) AND M/S. IND SING DEVELOPERS P. LTD., NO.208, WEST MINISTER, CUNNINGHAM ROAD, BANGALORE - 560 052, PAN: AABCI 2107C. ... RESPONDENT THIS ITA IS FILED UNDER SECTION 260-A OF THE INCOME TAX ACT, 1961 APPEAL UNDER SEC.260-A OF INCOME TAX ACT 1961, ARISING OUT OF ORDER

K.V.D.PRASAD RAO vs. THE JT.COMMISSIONER OF INCOME TAX

Bench: C.V. BHASKAR REDDY,UJJAL BHUYAN

11,L00 shares, the rer.enue ues jtr-stiiicd in .rilopting the sale consideration of Rs.+:/- per share, the ntlner uas rcnr-rnded back to the assessing officer to re-complrte the capit:rl Section 2(+7) of the Act for the pu4roses of computation o[ 7 gains

Commissioner of Income Tax, Rajahmundry vs. M/s. Kakinada Coop. Town Bank LTd., Kakinada

Bench: The Court Is: “Whether, The Shares Invested Through A Portfolio Management

section 111A on short term capital gains were both denied. 7. Counsel for the Appellant argued that the transactions must be considered by themselves, while applying the tests to determine whether they are investments or adventure in the nature of trade. It is urged that the PMS agreement, by its terms alone or by the fact of agency being handed

The Commissioner of Income Tax vs. Srimantha Granites

Appeals are dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

11 acres 08.02.2008 MR Padmavathy Trust 9 acres 32 guntas 08.02.2008 3. Assessees filed returns of income for A.Y.1 2008-09 under Section 139(1) of the Income Tax Act, 1961 ('the Act' for short) and revised returns excluding capital gains

The Commissioner of Income Tax- I vs. Harmahendar Singh Bagga

Appeals are dismissed

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

11 acres 08.02.2008 MR Padmavathy Trust 9 acres 32 guntas 08.02.2008 3. Assessees filed returns of income for A.Y.1 2008-09 under Section 139(1) of the Income Tax Act, 1961 ('the Act' for short) and revised returns excluding capital gains

The Commissioner of Income-tax-I, vs. Derco Cooling Coils Ltd,

Appeals are dismissed

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

11 acres 08.02.2008 MR Padmavathy Trust 9 acres 32 guntas 08.02.2008 3. Assessees filed returns of income for A.Y.1 2008-09 under Section 139(1) of the Income Tax Act, 1961 ('the Act' for short) and revised returns excluding capital gains