THE COMMISSIONER OF INCOMETAX vs. M/S V.SATAYANARAYANA

The appeal is allowed

Bench: V.V.S.RAO,RAMESH RANGANATHAN

Capital Territory of Delhi)16 the Hon’ble Supreme Court observed as follows : 16. On the said aspect, we would now refer to Section 20 of the Act which reads as under: ―20. Presumption where public servant accepts gratification other than legal remuneration.—(1) Where, in any trial of an offence punishable under Section 7 or Section 11 or clause

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

gains, or other sources, the word 'income' should be understood in its commercial sense, i.e., book income, after adding back any appropriations or applications thereof towards the purpose of the trust or otherwise, and also after adding back any debits made for capital expenditure incurred for the purposes of the trust or otherwise.lt should be noted, in this connection, that

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

d) "long -tenn finance" shall haue ther meaning assigned to it in clause(Viii) of sub-section (1) of section 36, IV. Finance Act 1999 introduced the follouing fufther Explanation: " Explanation 2.- For the remoual of doubts, it is herebg declared that ang income bg uag of diuidends, interest or long-term capital gains of an infrastntcture capital fund

Principal Commissioner of Income Tax vs. M/s Nara Constructions,

Bench: CHALLA KODANDA RAM,C.V.NAGARJUNA REDDY

gains of business or profession" (before making any deduction under this clause) carried to such reserve account: Provided that where the aggregate of the amounts carried to such reserve account from time to time exceeds twice the amount of the paid up share capital and of the general reserves of the specified entity, no allowance under this clause shall

M/S NATIONAL ACADEMY OF CONSTRUCTION vs. ASST. DIRECTOR OF INCOME TAX

Bench: P.SAM KOSHY,LAXMI NARAYANA ALISHETTY

capital receipt and therefore both, section 11 (5) and Section 13 (l) (d) of the Act, would not be applicable. 15- Learned counsel appearing for the department on the other harrd justifying the order of the ITAT, contended that since the order of the assessing ofhcer has already been subjected to scrutiny and challenge, there is hardly any scope left

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) 9b), 48 and Section 55 (2) (ii) of the Act. The combined reading of the above provisions and of section

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

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

Appeal is allowed

Bench: P.SAM KOSHY,S.CHALAPATHI RAO

d] of the Auditor’s report specifies that the profit and loss account and balance sheet referred to in the report complies substantially in all material respects, except as stated in Note-B[2] on accounts which refers to transferring of the capital gain amount of Rs.51,71,819.20/- to capital reserve account instead of crediting to profit and loss

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 vs. M/s Supriya Wines

Bench: CHALLA KODANDA RAM,C.V.NAGARJUNA REDDY

d) Whether the finding of the Income Tax Appellate Tribunal is binding upon the criminal court in view of the fact that the Chief Commissioner and the assessing officer who initiated the prosecution under Section 276-C(1) had no right to overrule the order of the Income Tax Appellate Tribunal? More so when the Income Tax Officer giving

The Commissioner of Income Tax [Central] vs. Smt P Sujana

The appeal stands disposed of as indicated above

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

D G M E N T This appeal is filed by the assessee under Section 260A of the Income Tax Act, 1961 (‘Act’ for short) against the order dated 27.02.2015 passed by the Income Tax Appellate Tribunal, “A” Bench, Bangalore (‘Tribunal’ for short) relating to the assessment year 2006-07. 2. The appeal was admitted to consider the following substantial

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

11. Having   heard   the   learned   advocates   of   the  respective parties and having gone through the  material   on   record,   in   order   to   answer   the  questions framed, it would be germane to refer  to relevant provisions of the Income Tax Act,  Page 23 of 41 C/TAXAP/194/2008 JUDGMENT 1961 as under: Section 2 (14)  "capital asset" means— (a)   property   of   any   kind   held

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

11. Having   heard   the   learned   advocates   of   the  respective parties and having gone through the  material   on   record,   in   order   to   answer   the  questions framed, it would be germane to refer  to relevant provisions of the Income Tax Act,  Page 23 of 41 C/TAXAP/194/2008 JUDGMENT 1961 as under: Section 2 (14)  "capital asset" means— (a)   property   of   any   kind   held

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

11. Having   heard   the   learned   advocates   of   the  respective parties and having gone through the  material   on   record,   in   order   to   answer   the  questions framed, it would be germane to refer  to relevant provisions of the Income Tax Act,  Page 23 of 41 C/TAXAP/194/2008 JUDGMENT 1961 as under: Section 2 (14)  "capital asset" means— (a)   property   of   any   kind   held

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains can be computed under Section 45. Electricity and phone connections were taken by M/s.MAPL with the intention to start business, which was a non starter, and ultimately ended up in rescission of contract. The learned counsel for the assessee points out that there is no recital in the agreement for sale produced at Annexures-A and B regarding possession

Commissioner of Income Tax (TDS), vs. M/s Country Club Inda Limited

11 of 57 according to the Assessee, it was not required to have its accounts audited in the tax jurisdiction where the Assessee is a resident, namely, Delaware, USA. Thereafter, on 18th December, 2006, the AO passed an assessment order under Section 143(3)/147 of the Act. Assessment Order dated 18th December, 2006 14. The AO observed that

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

The appeal is dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

1. PR. COMMISSIONER OF INCOME TAX, C. R. BUILDINGS, QUEENS ROAD, BANGALORE - 560 001. 2. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 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

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

Bench: C.V. BHASKAR REDDY,UJJAL BHUYAN

1{s.15l- p('r shrlr-r .rs claimed by the assessee. FIe accordinglv computecl thi: long tcnn capital gains. FIe funher held that nott-ithsurnding tlic lock-irrperiod and the pledge of shares, those mtst br' regaftlcd ls li.rving been sold or trarsferred within the rreaning of Section 2('17) of rlre Act as the entire consideration 5 \\?s rtccived