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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains   tax   or   capital   loss,   the  essential requirements are that there should  be a transfer of a capital asset effected in  the   previous   year.   This   would   require  ascertainment   of   the   meaning   of   the   terms  transfer and capital assets. Transfer has been  defined, in relation to a capital asset, to  include   various   contingencies   stipulated   by  sub­clauses of Section

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains   tax   or   capital   loss,   the  essential requirements are that there should  be a transfer of a capital asset effected in  the   previous   year.   This   would   require  ascertainment   of   the   meaning   of   the   terms  transfer and capital assets. Transfer has been  defined, in relation to a capital asset, to  include   various   contingencies   stipulated   by  sub­clauses of Section

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains   tax   or   capital   loss,   the  essential requirements are that there should  be a transfer of a capital asset effected in  the   previous   year.   This   would   require  ascertainment   of   the   meaning   of   the   terms  transfer and capital assets. Transfer has been  defined, in relation to a capital asset, to  include   various   contingencies   stipulated   by  sub­clauses of Section

The Principal Commissioner of Income Tax-2 vs. M/s Indus Business System Ltd.

Appeals are dismissed

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

Capital gains tax for A.Y. 2007-08. The law on the point with regard to the transfer of shares in this case, is governed by Section 108 of Companies Act, 1956 which reads as follows: I.T.A No.410/2017 C/W I.T.A No.409/2017 9 "108. TRANSFER NOT BE REGISTERED EXCEPT ON PRODUCTION OF INSTRUMENT OF TRANSFER (1) A company shall not register

The Commissioner of Income Tax vs. M/S New Asian Bar AND Restaurant,

Appeals are dismissed

Bench: SANJAY KUMAR,GUDISEVA SHYAM PRASAD

Capital gains tax for A.Y. 2007-08. The law on the point with regard to the transfer of shares in this case, is governed by Section 108 of Companies Act, 1956 which reads as follows: I.T.A No.410/2017 C/W I.T.A No.409/2017 9 "108. TRANSFER NOT BE REGISTERED EXCEPT ON PRODUCTION OF INSTRUMENT OF TRANSFER (1) A company shall not register

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 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

Sri Natakari Gopal vs. Income Tax Appellate Tribunal and 2 Others

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 3Rd January, 2023. Appearance : Mr. Tilak Mita, Adv. ..For Appellant Mr. Pranit Bag , Adv. Mr. A. K. Mishra, Adv. Mr. Debdatta Saha, Adv. …For Respondent Re: Ga/1/2022 The Court:- Heard Mr. Tilak Mitra, Learned Advocate For The Appellant & Mr. Pranit Bag, Learned Advocate For The Respondent. There Is A Delay Of 1126 Days In Filing The Appeal. Though The Reasons Given In The Affidavit Are Not Convincing The Issues Involved In The Appeal Had Been Decided By This Court In Earlier Matters, This Court Exercises Discretion & Condone The Delay In Filing The Appeal. Accordingly, The Application Is Allowed.

section 260A of the Income Tax Act, 1961 [the Act] is directed against the order dated 15.2.2019 passed by the Income Tax Appellate Tribunal “A[SMC]” Bench in ITA No.1018/Kol/2018 for the assessment year 2015-16 the revenue has raised the following substantial question of law for consideration : 1. Whether on the facts and in the circumstances of the case

The Commissioner of Income Tax (Exemptions0 vs. Kalinga Cultural Trust

In the result, we do not find any

Bench: ANIS,SANJAY KUMAR

capital gain earned. It is urged that since, the tribunal has failed to determine the core issue with regard to colorable devise adopted by the 15 assessee, to evade tax, therefore, the matter be remitted to the tribunal for decision afresh in accordance with law. In support of aforesaid submissions, the reliance is placed on decision of Supreme Court

Principal Commissioner of Income Tax-5 vs. M/s. VBC Industries Limited

In the result, we do not find any

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

capital gain earned. It is urged that since, the tribunal has failed to determine the core issue with regard to colorable devise adopted by the 15 assessee, to evade tax, therefore, the matter be remitted to the tribunal for decision afresh in accordance with law. In support of aforesaid submissions, the reliance is placed on decision of Supreme Court

The Commissioner of Income Tax-I vs. Ascend Telecom Infrastructure Private Limited

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains of business shall be computed in accordance with section 30 to section 43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a similar argument

The Commisioner of Income TAx-1 vs. Divya Shakti Granites Ltd.,

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

capital gains tax, etc., the official figure should be lesser. In a sense, to that extent, it is a case of tax avoidance which is culpable both legally and morally. One cannot gainfully argue that it is a case of tax planning, intent being corrupt. However, that has been done at the instance of the 1st defendant, at whose hands

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

Bench: L.NARASIMHA REDDY,T.SUNIL CHOWDARY

Capital Gains Taxes under the Development Agreements dated 24'11' 1993' This letter was written after Income Tax raids were conducted in the premises of the appellant No.2/C.V. Rao on 23.02.1996 and O3'O4'1996 This letter is a ciucial document and discussed in ' the later part of the judgment. 33. Revised plans were issued on 07.04.1997 in the name

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

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

Capital Gains Taxes under the Development Agreements dated 24'11' 1993' This letter was written after Income Tax raids were conducted in the premises of the appellant No.2/C.V. Rao on 23.02.1996 and O3'O4'1996 This letter is a ciucial document and discussed in ' the later part of the judgment. 33. Revised plans were issued on 07.04.1997 in the name

COMMISSIONER OF INCOME TAX RAJAHMUNDRY vs. M/S.B.KRISHNA MURTHY KAKINADA AND 2 ORS

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

Section 9(1)(vi) of the Act, but the term “royalty” as defined and covered under Art VIII A of the DTAA. 7. Before we examine the relevant clauses of agreement dated 11th May, 1987 between HCL and ADC, it would be first appropriate to examine the ambit and scope of the term „royalty‟ taxable under Article VIIIA

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

Capital Gains Taxes under the Development Agreements dated 24'11' 1993' This letter was written after Income Tax raids were conducted in the premises of the appellant No.2/C.V. Rao on 23.02.1996 and O3'O4'1996 This letter is a ciucial document and discussed in ' the later part of the judgment. 33. Revised plans were issued on 07.04.1997 in the name