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, vs. M/s. Laila Impex,

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

Capital gains") for— (i) the transfer of all or any rights (including the granting of a licence) in respect of a patent, invention, model, design, secret formula or process or trade mark or similar property ; (ii) the imparting of any information concerning the working of, or the use of, a patent, invention, model, design, secret formula or process or trade

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

1) Whether the Income Tax Appellate Tribunal substantially erred in law in holding that the gain of Rs. 29,28,799/- made by the appellant on sale and purchase of shares was normal business profit and not short term capital gain as claimed by the appellant? 2. The appellant assessee is a public limited company in the business of granting

The Commissioner of Income Tax - IV vs. M/s. Mekins Agro Product (P) Ltd.

gains, or other sources, the word 'income' should be understood in its commercial sense, i.e., book income, after adding back any appropriations or applications thereof towards the purpose of the trust or otherwise, and also after adding back any debits made for capital expenditure incurred for the purposes of the trust or otherwise.lt should be noted, in this connection, that

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

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains" and  shall be deemed to be the income of such person  of the previous year in which such money or other  asset   was   received   and   for   the   purposes   of  section 48, value of any money or the fair market  value of other assets on the date of such receipt  shall   be   deemed   to   be   the   full   value

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains" and  shall be deemed to be the income of such person  of the previous year in which such money or other  asset   was   received   and   for   the   purposes   of  section 48, value of any money or the fair market  value of other assets on the date of such receipt  shall   be   deemed   to   be   the   full   value

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains" and  shall be deemed to be the income of such person  of the previous year in which such money or other  asset   was   received   and   for   the   purposes   of  section 48, value of any money or the fair market  value of other assets on the date of such receipt  shall   be   deemed   to   be   the   full   value

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

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

The appeal is dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

capital gains at that point of time. Article 1 to 4 of the settlement deed dated 2nd April 2004 is reproduced hereunder: Article I- Assignment: 35 (1) The FIRST PARTY confirms that in pursuance to the development Agreement they have permitted the SECOND PARTY to carry out construction/ development on the Schedule Property. The SECOND PARTY is entitled to continue

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

In the result, the order of the income tax appellate tribunal

Bench: GODA RAGHURAM,M.S.RAMACHANDRA RAO

1) Save as otherwise provided in this act, where the net result for any assessment year in respect of any source falling under any 12 head of income, other than “Capital gains”, is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from any other source under the same head

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

Bench: C.V. BHASKAR REDDY,UJJAL BHUYAN

35 years, plot No. 77. I^9T-ul'" Coop. Housing Society, Road No. 7A, Jrbtie" r_r1lr, , nt;juio"o _ 500033. ( Appellate No. 2 to 4 are bro-ught on_record as LRS of the deceased Appelate No 1 vide C.O. dated 04-Ot_20i7 in ilTAMp No. I ;f 201S ) \\l) I l:e -ltrint ('.r,,rissio.er or'lnoome

Sampathirao Apparao vs. Income Tax Officer,

The appeals stand dismissed

capital gain arising out of sale proceeds of house, thus, Assessing Officer requested Commissioner of Income Tax for adjustment of seized amount towards the tax liability of appellants. The Commissioner of Income Tax, Amritsar vide letter dated 26.06.2009 permitted Assessing Officer to adjust seized cash against tax liability of appellants. The Assessing Officer, accordingly, adjusted seized cash against

M/S.P.SATYANARAYANA AND SONS vs. INCOME TAX OFFICER, WARD 1[9], HYDERABAD

Appeals are allowed

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

Section 9 provides for the income deemed to accrue or arise in India. It reads as under: “9(1) The following incomes shall be deemed to accrue or arise in India- (i) all income accruing or arising, whether directly or indirectly, through or from any business connection in India, or through or from any property in India, or through

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

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

Sri Damodarlal Badruka vs. The Income Tax Officer

The appeal is allowed but in the circumstances with

Bench: A RAMALINGESWARA RAO,DILIP B. BHOSALE

1. This is an appeal by the Assessee against the order dated 20th March, 2003 passed by the Income Tax Appellate Tribunal (‘ITAT’) in ITA No. 3626/D/98 for the Assessment Year 1993-94. 2. While admitting this appeal on 12th November, 2003, the following question was framed the Court for consideration: “Whether in the facts and in the circumstances

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

1, the distinction between the expressions “for the purpose of earning profits‟ and „for purpose of the business‟ was brought out as under: “11. Wholly and Exclusively for the Purposes of the Business. (a) Purpose of Business- Before the corresponding section in the 1922 Act was amended in 1939, allowance was given in respect of any non-capital expenditure „incurred