The Commissioner of Income Tax-IV vs. M/s.Mold-Tek Technologies Ltd

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

Section 2(15), mean activity undertaken with a view to make or earn profit. Profit motive is determinative and a critical factor to discern whether an activity is business, trade or commerce. The court further held : 22. Business activity has an important pervading element of self interest, though fair dealing should and can be present, whilst charity or charitable activity

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

Appeal is allowed

Bench: P.SAM KOSHY,S.CHALAPATHI RAO

capital gain in the profit and loss account. Section 211 of the Companies Act contemplates, form and contents of balance sheet and profit and loss account. Sub-sections 3(A),3(B) and 3(C) of Section 211 provides that every profit and loss account and balance sheet of the company shall comply with the accounting standards, where the profit

Commissioner of Income Tax, vs. Agricultural Market Committee,

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

gains;] Chapter III contains provisions which deal with incomes which do not form part of total income for the purpose of levy of income tax. As of now, there are fourteen (14) sections. These can be conveniently grouped into four categories. Section 10 enumerates incomes from various sources of various institutions and persons which shall not be included in computing

Commissioner of Income Tax, Guntur. vs. Agricultural Market Committee, Kangiri.

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

gains;] Chapter III contains provisions which deal with incomes which do not form part of total income for the purpose of levy of income tax. As of now, there are fourteen (14) sections. These can be conveniently grouped into four categories. Section 10 enumerates incomes from various sources of various institutions and persons which shall not be included in computing

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

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

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

capital gain was also assessed. According to the assessee therein, the possession of the land was handed over as only a licence to develop the land and not a possession as contemplated under Section 53A. The project was also terminated. The High Court accepted that argument. The Hon'ble Supreme Court did not find it necessary to go into

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

15. In paragraph 12 of the assessment order  it has been mentioned by Assessing Officer  that according to the assessment order for  Asst.   Year   1991­92   read   with   order   under  section 154 there is no carry forward loss,  therefore, no set off of the same is given.” 9.4. Referring to the above facts which are not in  dispute, it was submitted

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

15. In paragraph 12 of the assessment order  it has been mentioned by Assessing Officer  that according to the assessment order for  Asst.   Year   1991­92   read   with   order   under  section 154 there is no carry forward loss,  therefore, no set off of the same is given.” 9.4. Referring to the above facts which are not in  dispute, it was submitted

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

15. In paragraph 12 of the assessment order  it has been mentioned by Assessing Officer  that according to the assessment order for  Asst.   Year   1991­92   read   with   order   under  section 154 there is no carry forward loss,  therefore, no set off of the same is given.” 9.4. Referring to the above facts which are not in  dispute, it was submitted

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

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

The appeals are dismissed

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

gains on the sale of land to one of its sister concerns namely M/s.MD Properties Pvt. Ltd., is concerned, relying on Section 50C of the Act providing for adoption of the guideline value as the consideration for transfer of a capital asset, Section 80IA(8) requiring adoption of market value of goods in place of the actual - - 15

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

Bench: C.V. BHASKAR REDDY,UJJAL BHUYAN

Section 2(+7) of the Act for the pu4roses of computation o[ 7 gains tax accordingly. On the balance 75,000 shares rurder lock-in- period or tLnder pledge, libeny qranted t,-, the revenue \\-i1S authorities to lery capital gains tax in the relevant assessment )ear after expiry of the lock-in-period or after No Objection Crniiicate

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

15. The Assessing Officer in para 4.3.3 of his order has recorded that assessees had filed a Certificate from the Tahasildar, Devanahalli, stating that the distance was 11 kms. A letter under Section 133(6) of the Act was issued to the Tahasildar to furnish the shortest possible distance, but there was no response. On verification of google

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

Appeals are dismissed

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

15. The Assessing Officer in para 4.3.3 of his order has recorded that assessees had filed a Certificate from the Tahasildar, Devanahalli, stating that the distance was 11 kms. A letter under Section 133(6) of the Act was issued to the Tahasildar to furnish the shortest possible distance, but there was no response. On verification of google

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

Appeals are dismissed

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

15. The Assessing Officer in para 4.3.3 of his order has recorded that assessees had filed a Certificate from the Tahasildar, Devanahalli, stating that the distance was 11 kms. A letter under Section 133(6) of the Act was issued to the Tahasildar to furnish the shortest possible distance, but there was no response. On verification of google

The Commissioner of Income Tax IV vs. M/s Matrix Power Pvt Ltd.,

capital gains). Under section 72, a provision has been made for carry forward and setting off of a loss sustained against the head of profits and gains of business or profession. Under section 72, where a loss which has been sustained under the head of profits and gains of business or profession cannot be set-off against income under