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

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

The appeal is dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

section 48, the 34 fair market value of the asset on the date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer. The capital asset here, which was the land, could be considered as transferred to the AOP in the year in which assessee entered

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

The appeals are dismissed

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

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 income of the taxpayer and the tax levied is a single tax on the aggregate taxable receipts from all the sources; it is not a collection

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

37(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

The Commissioner of Income Tax vs. Srimantha Granites

Appeals are dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

37 guntas 14.02.2007 MR Kodanda Ram 10 acres 8 guntas 14.02.2007 MR Ananda Ram 21 acres 27 guntas 14.02.2007 MR Prabhavathy 2 acres 10 guntas 5 acres 38 guntas 9 acres 12 guntas 5 acres 26 guntas 08.02.2008 08.02.2008 08.02.2008 14.01.2008 MR Sampangiramaiah 11 acres 08.02.2008 MR Padmavathy Trust 9 acres 32 guntas 08.02.2008 3. Assessees filed returns of income

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

Appeals are dismissed

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

37 guntas 14.02.2007 MR Kodanda Ram 10 acres 8 guntas 14.02.2007 MR Ananda Ram 21 acres 27 guntas 14.02.2007 MR Prabhavathy 2 acres 10 guntas 5 acres 38 guntas 9 acres 12 guntas 5 acres 26 guntas 08.02.2008 08.02.2008 08.02.2008 14.01.2008 MR Sampangiramaiah 11 acres 08.02.2008 MR Padmavathy Trust 9 acres 32 guntas 08.02.2008 3. Assessees filed returns of income

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

Appeals are dismissed

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

37 guntas 14.02.2007 MR Kodanda Ram 10 acres 8 guntas 14.02.2007 MR Ananda Ram 21 acres 27 guntas 14.02.2007 MR Prabhavathy 2 acres 10 guntas 5 acres 38 guntas 9 acres 12 guntas 5 acres 26 guntas 08.02.2008 08.02.2008 08.02.2008 14.01.2008 MR Sampangiramaiah 11 acres 08.02.2008 MR Padmavathy Trust 9 acres 32 guntas 08.02.2008 3. Assessees filed returns of income

Commissioner of Income Tax-II vs. Energy Solutions International India Pvt Ltd.,

Bench: J. UMA DEVI,V RAMASUBRAMANIAN

37, which has the following text: “Any expenditure (not being expenditure of the nature described in section 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 purpose of the business or profession shall be allowed in computing the income chargeable under

The Commissioner of Income Tax vs. Independent Assemblies of God

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

Section 37 provides that any expenditure, not in the nature of capital expenditure or personal, laid out or expended wholly or exclusively for the purpose of business shall be allowed in computing the income chargeable under the head “Profit and gains

Kuchipudi Krishna Kishore vs. The DCIT

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

Bench: P.SAM KOSHY,N.TUKARAMJI

37 of the Act cannot be sustained. 14. Section 57 of the Act deals with income chargeable under the head of income from other sources which shall be computed after the enumerated deductions. Sub-section (iii) prescribes that any other expenditure not being the nature of capital expenditure expended exclusively for the purpose of making or earning on the borrowed

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

section in the 1922 Act was amended in 1939, allowance was given in respect of any non-capital expenditure „incurred solely for the purpose of earning such profits or gains.‟ Under the present law, the expenditure should be laid out „wholly and exclusively for the purposes of the business.‟ The two expressions are not ITA 210/2003 & connected matters Page

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

Appeals of the Revenue are dismissed

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

section in the 1922 Act was amended in 1939, allowance was given in respect of any non-capital expenditure „incurred solely for the purpose of earning such profits or gains.‟ Under the present law, the expenditure should be laid out „wholly and exclusively for the purposes of the business.‟ The two expressions are not ITA 210/2003 & connected matters Page

The Commissioner of Income-tax(Exemptions) vs. WarangalWarangal Diocese Society

The appeals are dismissed, along with pending

Bench: P.SAM KOSHY,N.TUKARAMJI

37 of the Arbitration and Conciliation Act, 1996 ("the Act") challenging the judgment dated 17.07.2019 (“Impugned Judgment”) passed by the learned Single Judge in OMP (COMM) No. 82 of 2017 and OMP (COMM) No. 83 of 2017 whereby the learned Single Judge has upheld the Awards as passed by the Sole Arbitrator. 2. The facts in brief as stated

M/s. Kamma Sangaham, vs. The Director of Income -Tax (Exemptions),

37(1) of the Income Tax Act, 1961?” 3. Despite full disclosure of facts regarding loans given by the assessee to its subsidiary companies and source of funds, supported by documentary evidences, the assessing officer made addition in the income of the assessee on the presumption that the loan was given out of the borrowed capital by the assessee

PRL COMMR OF INCOME TAX-2, HYDERABAD vs. K RAVINDER REDDY, HYDERABAD

In the result, this Cr.M.P

Bench: RAMESH RANGANATHAN,KONGARA VIJAYA LAKSHMI

capital gain, which has accrued upon the petitioner, was in fact, bogus and not genuine. It is next submitted that Section 278 E of the Income Tax Act is not a penal provision of law and only provides for presumption as to the culpable mental state. It is also submitted by the learned counsel for the petitioner that

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

The Commissioner of Income- Tax - V, vs. M/s. Krishnaveni Constructions,

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gain from exchange fluctuation on identical nature of revenue from loans remaining unpaid. The same is to be allowed on the facts and circumstances of the assessee. 16. The assessee has demonstrated before the Tribunal that increase in investments from Rs.102.92 crores to Rs.380.32 crores was on account of investment of Rs.287 crores in 8% redeemable preference shares of Phipso