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

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

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

capital gains under Section 48 of the Income Tax Act?" 2. ITA No.389/2007 filed by the Director of Income Tax, i.e. the Revenue, relates to AY 1999-2000 and impugns order dated 23rd June, 2006 passed by the tribunal in Appeal No.1167/Del/2005 deleting/cancelling penalty for concealment of income under Section 271(1)(c) of the Income

The Commissioner of Income Tax, vs. M/s. Laila Impex,

Accordingly answered against the Revenue. The appeals fail and are dismissed, without

3) r/w 144C applied Section 9(1)(vi) of the Act to tax the income of the assessee as royalty. 6. The assessees in the present cases both derive income from the “lease of transponders” of their respective satellites. This lease is for the object of relaying signals of their customers; both resident and non-resident TV channels that wish

Principal Commissioner of Income Tax vs. M/s Nara Constructions,

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

3 of the Companies Act, 1956 (1 of 1956); (c) “Government company” shall have the meaning assigned to it in Section 617 of the Companies Act, 1956 (1 of 1956); (d) “infrastructure facility” shall have the meaning assigned to it in clause (23G) of Section 10; (e) “long-term finance” means any loan or advance where the terms under which

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

The Appeal is dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gain in the ultimate analysis, the question is whether such grievance could be made long after the alleged violation of Section 10(5). If actual physical possession was taken over from the erstwhile landowner on 7.12.1991 as is alleged in the present case any grievance based on Section 10(5) ought to have been made within a reasonable time

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

3) The scope of exemption u/s 10(23G) utas u.tidened and long term capital gains in respect of inuestments made in power generation projection tuere also brought into the ambit of 1O(23G) u.e.f. 01.04.1998. ft) The cutoff date rnentioned in respect o7 po,-Le, generation praject in that sub-section utas O 1

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

The Commissioner of Income Tax - III, vs. M/s. Suven Pharmaceuticals Limited,

Appeals are dismissed

capital gains; or (b) income of the nature referred to   in sub­clause (ix) of clause (24) of  section 2, and the assessee has paid the whole of the  amount of tax payable in respect of income  referred to in clause (a) or clause (b), as  the case may be, had such income been a part  of   the   total   income

Commissioner of Income Tax (TDS), vs. M/s Country Club Inda Limited

capital asset situate in India: [Explanation 1] –For the purposes of this clause—(a) in the case of a business of which all the operations are not carried out in India, the income of the business deemed under this clause to accrue or arise in India shall be only such part of the income as is reasonably attributable

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

3 years for long term capital assets was reduced to one year in respect of shares and mutual funds by inserting clause 37 in 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

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

The appeals are dismissed

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

1) salaries, (2) interest on securities, (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

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

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 vs. M/s Supriya Wines

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

Capital Gain is bogus. (iii).It has been further alleged that even subsequent to the said search, 3 false statement was made by the petitioner on examination on oath under section 131(1A) of the Act. (iv).It has been further alleged that the petitioner had even attempted to evade tax which attracts offence under section 276 C (1

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

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

The appeal is dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

3) : The profits or gains arising from the transfer of a capital asset by a person to a firm or other association of persons or body of individuals (not being a company or a co- operative society) in which he is or becomes a partner or member, by way of capital contribution or otherwise, shall be chargeable

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

1,49,18,516/- as income for the year under consideration. It was assessed under the provisions of Section 143(3) of the Act. The Assessing Officer (AO) during the assessment proceedings, noticed that: (i) The Assessee had a hundred per-cent export oriented undertaking (100% EOU) at Plot No.A-280 to 283, RIICO Industrial Area, Chopanki, Distt. Alwar (Rajasthan