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

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

Appeal is allowed

Bench: P.SAM KOSHY,S.CHALAPATHI RAO

3(XII)(b) & [c] has to be disclosed in the profit and loss account which is mandatory requirement, as set out in these provisions under Schedule VI of the Companies Act, having not been followed, the Income Tax Authorities are justified in rescrutinizing the book profit as per Sub-section (2) of Section 115JB of the Act. It is further

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

The appeal stands disposed of as indicated above

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

Capital gains” and claims that the loss or any part thereof should be carried forward under sub-section (1) of section 72, or sub-section (2) of section 73, or sub-section (2) of section 73A or sub-section (1) or sub-section (3) of section 74, or sub- section (3) of section 74A, he may furnish, within the time

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

3. The assessee for the AY 1998-99 had filed his return of income of Rs.2,33,89,820/- on 15th September, 1998. The income was revised to Rs.2,33,49,680/- vide revised return filed on 29th June, 1999. 4. For the AY 1999-2000, the assessee had filed its return of income on 29th June, 1999 declaring income

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 Income TAx-IV, vs. M/s. Mahaveer Enterprises (India) Limited

The Appeal is dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

13 of 76 C/LPA/94/2008 JUDGMENT DATED: 06/07/2021 RAVJIBHAI PRABHUDAS PATEL SINCE DECD. THR'HEIRS V/s ADDITIONAL COLLECTOR AND COMPETENT AUTHORITY U.L.C. entitled to get the benefit of Section 3 of the Repeal Act. However, there will be no order as to costs.” 38.2 These significant contextual facts are missing in the case in our hands where Sections 10(3

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

13,20,OOOl at a vaiue of Rs.24 l- per share' The capital gain '"vas Rs.31,56,8O,000/-. After indexation, lhe long-term capital gain arrived at Rs.31,43,80,590/ . The respondent c laimed to have invested the amount c'f sale t*r- * ,dt&+re. 4 i 4 consideration in Konaseema EPS Oakwell Power Limited, an industrial

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

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

The appeal is dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains, as an essential object for forming an AOP. However the CBDT Circular explaining the above insertion states that such insertion was only to take care of the claim of certain bodies that they did not fall within the definition of a ‘person’ for the sole reason, that they were not supposed to have any income or profits. Section 3

M/s. Maruthi Movies vs. Income Tax Officer

Bench: This Court & Making The Same A Rule Of Court, Alongwith Decree Against Respondents Awarding Rs.5,35,920/- Paid By The Petitioner To The Arbitrator As Their Share Of Fees As Per Order Dated 21.12.2010. 2. Respondent No.1 Has Filed Its Objections To The Award Under Section 30 & 33 Of The Act In Form Of I.A. No.9067/2011. Respondent No.2 Has Also Filed Its Objections To The Award.

Capital of only Rs.2000/- and did not even have a bank account on the date of entering into the Agreement. They submit that even the amount of Rs.1.25 lac stated to have been deposited with the L&DO was infact paid by Mr.R.Ganguly and not by the petitioner. They submit that therefore, the petitioner was neither ready nor willing

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

The appeals are dismissed

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

3) income from property, (4) profits and gains of business, profession or vocation, (5) income from other sources and - - 32 (6) capital gains. This classification under distinct heads of income profits and gains is made having regard to the sources from which income is derived. Income-tax is undoubtedly levied on the total taxable income of the taxpayer

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-II vs. M/s.Jayalakshmi Chits

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains" and  shall be deemed to be the income of such person  of the previous year in which such money or other  asset   was   received   and   for   the   purposes   of  section 48, value of any money or the fair market  value of other assets on the date of such receipt  shall   be   deemed   to   be   the   full   value

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains" and  shall be deemed to be the income of such person  of the previous year in which such money or other  asset   was   received   and   for   the   purposes   of  section 48, value of any money or the fair market  value of other assets on the date of such receipt  shall   be   deemed   to   be   the   full   value

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains" and  shall be deemed to be the income of such person  of the previous year in which such money or other  asset   was   received   and   for   the   purposes   of  section 48, value of any money or the fair market  value of other assets on the date of such receipt  shall   be   deemed   to   be   the   full   value

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

The Commissioner of Income Tax vs. Srimantha Granites

Appeals are dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

Section 143(3) of the Act and 1 Assessment Year I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 10 added taxes against each assessee, as shown herein below, on the ground that the lands sold by them are capital assets and the capital gains arising on the said assets are chargeable to tax: Assessee Original return of income Revised return

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

Appeals are dismissed

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

Section 143(3) of the Act and 1 Assessment Year I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 10 added taxes against each assessee, as shown herein below, on the ground that the lands sold by them are capital assets and the capital gains arising on the said assets are chargeable to tax: Assessee Original return of income Revised return