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

5. Learned counsel Sri.S P Bhat appearing along with Sri C Basavaiah for the appellant submitted that the authorities under the Income Tax Act,1961 (hereinafter referred to as the ‘Act’ for brevity) exceeded the jurisdiction in rescrutinising book profit, declared by the assessee and approved by the Registrar of Companies. 6 The Assessing Officer has no power to disturb

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

D) of the assessee admitting that the possession of the property was handed over, and that MAPL had possession of the property since 4.12.1998. Based on these admissions of part performance, the assessee was proceeded against. No return for the year under consideration was filed till the search was effected and even then the assessee failed to disclose any capital

Commissioner of Income Tax, vs. Agricultural Market Committee,

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

Capital gains”, or “income from other sources” or from a trade or business carried on by it which accrues or arises from the supply of a commodity or service (not being water or electricity) within its own jurisdictional area or from the supply of water or electricity within or outside its own jurisdictional area. Explanation.- For the purposes of this

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

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

Capital gains”, or “income from other sources” or from a trade or business carried on by it which accrues or arises from the supply of a commodity or service (not being water or electricity) within its own jurisdictional area or from the supply of water or electricity within or outside its own jurisdictional area. Explanation.- For the purposes of this

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

The appeals are dismissed

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

Capital gains. F.—Income from other sources. 10. Section 22 of the Act deals with income from House property which reads as under: Income from house property. 22. The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property as he may occupy

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

d) of section 269UA. 2.   For   the   removal   of   doubts,   it   is   hereby  clarified that “transfer” includes and shall be  deemed   to   have   always   included   disposing   of   or  Page 26 of 41 C/TAXAP/194/2008 JUDGMENT parting with an asset or any interest therein, or  creating any interest in any asset in any manner  whatsoever, directly or indirectly, absolutely or  conditionally,   voluntarily

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

d) of section 269UA. 2.   For   the   removal   of   doubts,   it   is   hereby  clarified that “transfer” includes and shall be  deemed   to   have   always   included   disposing   of   or  Page 26 of 41 C/TAXAP/194/2008 JUDGMENT parting with an asset or any interest therein, or  creating any interest in any asset in any manner  whatsoever, directly or indirectly, absolutely or  conditionally,   voluntarily

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

d) of section 269UA. 2.   For   the   removal   of   doubts,   it   is   hereby  clarified that “transfer” includes and shall be  deemed   to   have   always   included   disposing   of   or  Page 26 of 41 C/TAXAP/194/2008 JUDGMENT parting with an asset or any interest therein, or  creating any interest in any asset in any manner  whatsoever, directly or indirectly, absolutely or  conditionally,   voluntarily

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

The appeal is dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

capital gains. v) If there was no AOP what was the date of transfer of subject property to M/s. Parkway Developments Pvt. Ltd., ie, whether such transfer was a) AT the time of MOU? b) At the time of principle agreement? c) At the time of settlement deed? 4 d) At the time of execution of conveyance deed? 17. Taking

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

Bench: C.V. BHASKAR REDDY,UJJAL BHUYAN

5 \\?s rtccived by the xsessee and the co-promoters r'r,ith share certiliciltes Lrruig clelivered to the transferees. 10. \Vhen thc' order of the assessing officer was challenged befon' the fust appellate auhority ;.a., C.ommissioner oi Income Tax (,\ppcals). the first appellate authoriry upheld the decision ot the esscssing officer on both aspects i.e., sale consideration per share

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, Rajahmundry vs. M/s. Kakinada Coop. Town Bank LTd., Kakinada

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

17,80,943/- on 31.10.2006. The AO, after selecting the case for scrutiny assessment, found on 18.11.2008 that the gains realized by the assessee on sale of shares were in the nature of business income, and not capital gains. The assessee, in its reply to the AO stated that the shares were depicted as investments and not “stock in trade

The Commissioner of Income Tax IV vs. Shri Raaj Kumar Jain

Capital) Appeal No. 1475 of 2009 corresponding to Reference No. 3 of 2009, by a co-ordinate bench of this Court on 11th September, 2009. The judgment of this Court in 'XYZ' has been affirmed by the Supreme Court in Criminal Appeal No. (s). 2227 of 2010, decided on 15.2.2011, with summary dismissal of appeal. 15. Separate and distinct trials

SMT. SHANTHA VIDYASAGAR ANNAM vs. INCOME TAX OFFICER, WARD-4(2) HYDERABAD

In the result, the orders dated 09

Bench: J SREENIVAS RAO,ALOK ARADHE

d,ated 21.O2.2OO2 inter atia held that the clevelopment agreement dated 04.05.1,196 is a transfer within the meaning of Section 2$7) of the Act. The assessing officer firrther held that the assessee is not eetitled to benefit of Section 54F of the Act. The assessing officer, therefore, determined the taxable capital gain at Rs.13,7g,9OO/_ rrnd

The Commissioner of Income Tax(Central) vs. M/s.Madhu Enterprises

Bench: The Learned

D-6/5, Vasant Vihar, New Delhi. According to the AO, the basement and second floor were required to be considered as two separate residential houses. 13. In terms of clause (i) to the proviso to Section 54F(1) of the act, the said section would not apply if the assessee owned more than one residential house. Clause

COMMISSIONER OF INCOME TAX-II, HYDERABAD vs. M/s. The A.P.Vardhaman(Mahila)Cooperative Urban

In the result, for the above reasons, these appeals fail and

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

D deals with deductions in respect of certain incomes. Section 80P is a special provision providing for the deduction in respect of income of co-operative societies. As defined in Section 2(19) of the Act, “co-operative society” means “a co-operative society registered under the Co-operative Societies Act, 1912, or under any other law for the time

The Commissioner of Income Tax-II vs. The Andhra Bank Employees Co.Operative Bank Limited

In the result, for the above reasons, these appeals fail and

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

D deals with deductions in respect of certain incomes. Section 80P is a special provision providing for the deduction in respect of income of co-operative societies. As defined in Section 2(19) of the Act, “co-operative society” means “a co-operative society registered under the Co-operative Societies Act, 1912, or under any other law for the time