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-III, HYD vs. M/S. SUJANA METALS LTD, HYD

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

gains as is clear from the reading of Section 55 (2) (a) of the Act, which is in the following terms:- (2) For the purposes of sections 48 and 49, "cost of acquisition", - (a) In relation to a capital

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

capital asset existing in the hands  of the assessee and there was no transfer within  the meaning of Section 2 (47) of the Act, 1961,  as under: “6. The Scheme of the Act envisages a conjoint  reading  of   provisions   of   Sections   45,   2(47)  and 2(14) of the Act. Under section 45 of the  Act,   any   profits   or   gains

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

capital asset existing in the hands  of the assessee and there was no transfer within  the meaning of Section 2 (47) of the Act, 1961,  as under: “6. The Scheme of the Act envisages a conjoint  reading  of   provisions   of   Sections   45,   2(47)  and 2(14) of the Act. Under section 45 of the  Act,   any   profits   or   gains

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

capital asset existing in the hands  of the assessee and there was no transfer within  the meaning of Section 2 (47) of the Act, 1961,  as under: “6. The Scheme of the Act envisages a conjoint  reading  of   provisions   of   Sections   45,   2(47)  and 2(14) of the Act. Under section 45 of the  Act,   any   profits   or   gains

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

Section 2(47), no capital gains can be computed under Section 45. Electricity and phone connections were taken by M/s.MAPL

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

The appeals are dismissed

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

section 12B(2) provides that the amount of a capital gain shall be computed after making certain deductions from the full

Commissioner of Income Tax -II vs. The Agrasen Coop. Urban Bank Ltd.,

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

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

capital, still the interest income therefrom would qualify for exemption under Section 80P of the IT Act. In Mehsana District Central Co-op. Bank the Supreme Court reiterated the test observing that to be able to answer the question whether deduction under Section 80P(2)(a)(i) of the IT Act can be allowed, it is necessary to ascertain whether

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

capital, still the interest income therefrom would qualify for exemption under Section 80P of the IT Act. In Mehsana District Central Co-op. Bank the Supreme Court reiterated the test observing that to be able to answer the question whether deduction under Section 80P(2)(a)(i) of the IT Act can be allowed, it is necessary to ascertain whether

Commissioner of Income Tax-II, vs. M/S The A.P.Mahesh Coop. Urban Bank Ltd,

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

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

capital, still the interest income therefrom would qualify for exemption under Section 80P of the IT Act. In Mehsana District Central Co-op. Bank the Supreme Court reiterated the test observing that to be able to answer the question whether deduction under Section 80P(2)(a)(i) of the IT Act can be allowed, it is necessary to ascertain whether

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

capital, still the interest income therefrom would qualify for exemption under Section 80P of the IT Act. In Mehsana District Central Co-op. Bank the Supreme Court reiterated the test observing that to be able to answer the question whether deduction under Section 80P(2)(a)(i) of the IT Act can be allowed, it is necessary to ascertain whether

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

Appeal is allowed

Bench: P.SAM KOSHY,S.CHALAPATHI RAO

2. The appeal was admitted to consider the following substantial question of law: “Whether on the facts and circumstances of the case, the Tribunal is justified in holding that the income from capital gain should be included for the purpose of computing Book Profit under 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

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

The Commissioner of Income Tax vs. Srimantha Granites

Appeals are dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

Section 2(14)(iii) of the Act and therefore attract tax on the Capital gains. 7. Opposing the appeals, Shri

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

Appeals are dismissed

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

Section 2(14)(iii) of the Act and therefore attract tax on the Capital gains. 7. Opposing the appeals, Shri

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

Appeals are dismissed

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

Section 2(14)(iii) of the Act and therefore attract tax on the Capital gains. 7. Opposing the appeals, Shri

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 arising in respect of inuestments made before O1.A4.1997 are not eligiblefor exemptionu/s 1AQ3G) of the I.T.Act. (2) At the tirne of introduction of the Section pou)er generation projects are not brought into tl'rc ambit of Section 1O(23G). (3) The scope of exemption u/s 10(23G) utas u.tidened and long term capital