COMM OF INCOME TAX, HYD vs. M/S. BALAN NATURAL FOOD PRIVATE LTD., HYD

Bench: RAMESH RANGANATHAN,KONGARA VIJAYA LAKSHMI

Section 36(1)(viii) of the Act, reads as under:- “(viii) in respect of any special reserve created and maintained by a financial corporation which is engaged in providing long-term finance for industrial or agricultural development or development of infrastructure facility in India or by a public company formed and registered in India with the main object of carrying

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

1) of section 36, IV. Finance Act 1999 introduced the follouing fufther Explanation: " Explanation 2.- For the remoual of doubts, it is herebg declared that ang income bg uag of diuidends, interest or long-term capital gains

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

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 as business income merely because the period of holding of the shares in such cases was somewhat short as compared to other investments. Thus

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

1,57,000 ­  Rs.   75,000/­.   Same   loss   of   Rs.   82,000/­is  therefore directed to be allowed in the sale of  shares of Mysore Cement. As regards UTI master and  L & T shares, no rate adjustment is called for and  loss   as   claimed   of   Rs.   15,31,250/­   is   to   be  allowed   in   full.   Thus,   total   short   term   capital

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

1,57,000 ­  Rs.   75,000/­.   Same   loss   of   Rs.   82,000/­is  therefore directed to be allowed in the sale of  shares of Mysore Cement. As regards UTI master and  L & T shares, no rate adjustment is called for and  loss   as   claimed   of   Rs.   15,31,250/­   is   to   be  allowed   in   full.   Thus,   total   short   term   capital

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

1,57,000 ­  Rs.   75,000/­.   Same   loss   of   Rs.   82,000/­is  therefore directed to be allowed in the sale of  shares of Mysore Cement. As regards UTI master and  L & T shares, no rate adjustment is called for and  loss   as   claimed   of   Rs.   15,31,250/­   is   to   be  allowed   in   full.   Thus,   total   short   term   capital

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

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

Appeals are dismissed

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,   as   part

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

capital gains). Under section 72, a provision has been made for carry forward and setting off of a loss sustained against the head of profits and gains of business or profession. Under section 72, where a loss which has been sustained under the head of profits and gains of business or profession cannot be set-off against income under

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

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

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

Appeals of the Revenue are dismissed

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

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

INCOME TAX BANGALORE vs. SHALINI BHUPAL

Appeal is dismissed

capital of not less than five hundred thousand rupees; (iii) the hotel is for the time being approved for the purposes of this sub-section by the Central Government; (iv) the business of the hotel starts functioning after the 31st day of March, 1981, but before the 1st day of April [1991]. [(4A) This section applies to the business

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

Appeals are allowed

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

36 of an agreement made before the 1st day of April, 1976 , and the agreement is approved by the Central Government: Explanation 2.- For the purposes of this clause, "royalty" means consideration (including any lump sum consideration but excluding any consideration which would be the income of the recipient chargeable under the head" Capital gains") for- (i) the transfer

Commissioner of Income Tax - II, vs. M/s. The Andhra Pradesh State Co-op Bank Ltd.,

Appeal is disposed of

Bench: GODA RAGHURAM,M.S.RAMACHANDRA RAO

1) says that any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head, "Profits

Kuchipudi Krishna Kishore vs. The DCIT

Accordingly the appeals deserves to be allowed by setting aside the impugned

Bench: P.SAM KOSHY,N.TUKARAMJI

36 of the Act, which also deals with the aspect of deductions. Sub-section ('1 ) (iii) deals with the amount of interest paid in respect of capital borrowed for the purpose of the business or profession. The proviso explains that the amount of interest paid in respect of capital borrowed for acquisition of an asset even