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

The appeals are dismissed

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

24 sub-section (4), the provisions of this sub- section shall have effect as if for the words “fifteen years”, the words “twenty years” had been substituted.] [(2A) Notwithstanding anything contained in sub-section (1) or sub-section (2), the deduction in computing the total income of an undertaking providing telecommunication services, specified in clause (ii) of sub-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

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

24 of 41 C/TAXAP/194/2008 JUDGMENT (a)   the   expression   "Foreign   Institutional  Investor" shall have the meaning assigned to it  in   clause   (a)   of   the   Explanation   to  section  115AD; (b)   the   expression   "securities"   shall   have   the  meaning assigned to it in clause (h) of section 2  of   the   Securities   Contracts   (Regulation)   Act,  1956 (42 of 1956); (iii) agricultural land in India

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

24 of 41 C/TAXAP/194/2008 JUDGMENT (a)   the   expression   "Foreign   Institutional  Investor" shall have the meaning assigned to it  in   clause   (a)   of   the   Explanation   to  section  115AD; (b)   the   expression   "securities"   shall   have   the  meaning assigned to it in clause (h) of section 2  of   the   Securities   Contracts   (Regulation)   Act,  1956 (42 of 1956); (iii) agricultural land in India

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

24 of 41 C/TAXAP/194/2008 JUDGMENT (a)   the   expression   "Foreign   Institutional  Investor" shall have the meaning assigned to it  in   clause   (a)   of   the   Explanation   to  section  115AD; (b)   the   expression   "securities"   shall   have   the  meaning assigned to it in clause (h) of section 2  of   the   Securities   Contracts   (Regulation)   Act,  1956 (42 of 1956); (iii) agricultural land in India

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

Bench: C.V. BHASKAR REDDY,UJJAL BHUYAN

Section 45 of the Act, as betuecn thc tliulsf L'rols ind the uansferee, the transaction compietc s-hen the share cerdficates are handed or'.'r. It *;rs .rlso commented that the mere f,rct thet rhc conrpenl has not registered the transier ir-r its b,rols rv,.r1rld j11q1l1''\' the claim that the transfer tooli plece tlrlv lrter

The Commissioner of Income Tax vs. Srimantha Granites

Appeals are dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains. 7. Opposing the appeals, Shri. A. Shankar, learned Senior Advocate submitted that: • though the lands were converted in 2004, assessees have not diverted the use of land but continued their agricultural operation. 4 Bangalore International Area Plan Approval Authority I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 14 They have offered huge sums of income as 'agricultural income

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

Appeals are dismissed

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

gains. 7. Opposing the appeals, Shri. A. Shankar, learned Senior Advocate submitted that: • though the lands were converted in 2004, assessees have not diverted the use of land but continued their agricultural operation. 4 Bangalore International Area Plan Approval Authority I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 14 They have offered huge sums of income as 'agricultural income

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

Appeals are dismissed

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

gains. 7. Opposing the appeals, Shri. A. Shankar, learned Senior Advocate submitted that: • though the lands were converted in 2004, assessees have not diverted the use of land but continued their agricultural operation. 4 Bangalore International Area Plan Approval Authority I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 14 They have offered huge sums of income as 'agricultural income

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

Bench: The Learned

gain on transfer of certain capital assets not to be charged in case of investment in residential house. *** *** *** Provided that nothing contained in this sub-section shall apply where.– (a) the assessee,– (i) owns more than one residential house, other than the new asset, on the date of the transfer of the original asset; or” 14. The AO held that

The Commissioner of Income Tax vs. M/s Supriya Wines

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

section 278(E) of the Act speaks of culpable state of mind. He further submits that there is allegation against the petitioners that the petitioners have obtained Long Term Capital Gain which is found to be incorrect. He submits that the penalty was imposed upon the petitioner in Cr.M.P. No. 591 of 2017 by order dated 06.06.2018 which was challenged

THEE COMMSSR.OF INCOME TAX.HYD. vs. CHALLA SHANKER REDDY.HYD.

Bench: L.NARASIMHA REDDY,T.SUNIL CHOWDARY

Capital Gains Tax arising out of the commercial development project of the Schedule A' and 'B' properties' The appellantllmage Developers claimed title to the land allo-tted to the respondents on the basis of the Development Agreements d'ated 24'11- 1993' 10. The respondents executed 7 GPAs on 24'll'1993 in keeping with the oral understanding between

COMMR.OF I.T. RAJAHMUNDRY vs. M/S.NARAYANA CHOWDARYAND ORS KAKINADA

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

Capital Gains Tax arising out of the commercial development project of the Schedule A' and 'B' properties' The appellantllmage Developers claimed title to the land allo-tted to the respondents on the basis of the Development Agreements d'ated 24'11- 1993' 10. The respondents executed 7 GPAs on 24'll'1993 in keeping with the oral understanding between

COMMISSIONER OF INCOME TAX - (TDS), vs. M/s. Suman Chit Funds (P) Ltd.,

Capital Gains Tax arising out of the commercial development project of the Schedule A' and 'B' properties' The appellantllmage Developers claimed title to the land allo-tted to the respondents on the basis of the Development Agreements d'ated 24'11- 1993' 10. The respondents executed 7 GPAs on 24'll'1993 in keeping with the oral understanding between

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 INCOME TAX III, vs. M/S. SAVIJANA SEA FOODS PVT. LTD.,

Appeals of the Revenue are dismissed

Bench: J SREENIVAS RAO,ALOK ARADHE

gains, they should be treated as capital expenditure in the hands of the Assessee, was not based on sound reasoning. (iv) Expenditure on purchase of stock and trade is charged to the P&L and trading account at the time of purchase, which cannot be deferred. The observation of the AO that the Appellant was free to claim the deduction

Commissioner of Income Tax, vs. M/s. Kokivenkateswara Reddy AND others,

Appeals of the Revenue are dismissed

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

gains, they should be treated as capital expenditure in the hands of the Assessee, was not based on sound reasoning. (iv) Expenditure on purchase of stock and trade is charged to the P&L and trading account at the time of purchase, which cannot be deferred. The observation of the AO that the Appellant was free to claim the deduction