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

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

gains;] Chapter III contains provisions which deal with incomes which do not form part of total income for the purpose of levy of income tax. As of now, there are fourteen (14) sections. These can be conveniently grouped into four categories. Section 10 enumerates incomes from various sources of various institutions and persons which shall not be included in computing

Commissioner of Income Tax, vs. Agricultural Market Committee,

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

gains;] Chapter III contains provisions which deal with incomes which do not form part of total income for the purpose of levy of income tax. As of now, there are fourteen (14) sections. These can be conveniently grouped into four categories. Section 10 enumerates incomes from various sources of various institutions and persons which shall not be included in computing

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 143(3) of the Act by order dated December 31, 2007 accepted the long term capital gains which arose in respect of shares held as investments from the earlier years, he also accepted the short term capital gains to the extent the same related to shares held as investments from the earlier years. However, short term capital gains amounting

M/S. VJIL CONSULTING LTD., vs. INCOME TAX OFFICER, WARD -3(2), HYDERABAD

Appeal is allowed

Bench: P.SAM KOSHY,S.CHALAPATHI RAO

Section 115JB of the Income Tax Act, 1961?” 3 3. Facts in brief are: The appellant/company was incorporated on 3.2.1992 with an object to commence business of running a hotel. It transpires that for this purpose, it had purchased a land measuring 2 acres 32 guntas at Mahadevapura through public auction from the appropriate authority of the Income Tax Department

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

The appeal is dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

capital gains. For answering this a look at section 45(3) and Section 45(4) of the Act are necessary

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

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

Section 1O(23G) oJ the Income Tax Aet uithout due consideration of detailed reasoning gioen bg the ,{ssessing OlJicer and the related. Jacts on record., is sustainable in laut? 4. The learned counsel for the appellant submitted that the appellant rightly sustained the order of the Assessing Officer in bringing long term capital gains

COMMISSIONER OF INCOME TAX-III, HYD vs. M/S. SUJANA METALS LTD, HYD

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

4 of 16 During the course of assessment proceedings, it was noticed by Assessing Officer that the assessee had shown the income from Long Term Capital Gains @ ` 3,80,02,500/-. Moreover, AO observed that this income should be made taxable under the head „Business and Professions‟ vis-a-vis „Capital Gain‟ as taken by the assessee. Thereafter

The Commissioner of Income Tax-III vs. Sri Anand Prakash Sanghi

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

Section 143(2) and assessment completed making an addition of Rs.1,87,00,000/- as being concealed income under 'short-term capital gain'. The assessee, which was a partnership firm and later registered as a Company, owns 30.7 cents of land in a prime location at Ernakulam. While the assessee was a firm, it started construction of a building

Commissioner of Income Tax-V, vs. Sri Vinod Krishna Conjeevaram,

The appeal is dismissed

gains, then that income is chargeable at the hands of the firm under this provision. In order to attract sub-section (4) of section 45, the condition precedent is, (1)there should be a distribution of capital

Principal Commissioner of Income Tax vs. Sri Nama Nageshwar Rao

Bench: P.SAM KOSHY,LAXMI NARAYANA ALISHETTY

4. The Revenue is aggrieved with the aforesaid impugned order and has filed the present appeal under Section 260A of the Act, proposing the following questions of law: a. Whether the ITAT is justified in deleting the additions made on account of bogus long term capital gain

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

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

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

Bench: C.V. BHASKAR REDDY,UJJAL BHUYAN

Section 2(+7) of the Act for the pu4roses of computation o[ 7 gains tax accordingly. On the balance 75,000 shares rurder lock-in- period or tLnder pledge, libeny qranted t,-, the revenue \\-i1S authorities to lery capital gains tax in the relevant assessment )ear after expiry of the lock-in-period or after No Objection Crniiicate

Commissioner of Income Tax, Rajahmundry vs. M/s. Kakinada Coop. Town Bank LTd., Kakinada

Bench: The Court Is: “Whether, The Shares Invested Through A Portfolio Management

section 111A on short term capital gains were both denied. 7. Counsel for the Appellant argued that the transactions must be considered by themselves, while applying the tests to determine whether they are investments or adventure in the nature of trade. It is urged that the PMS agreement, by its terms alone or by the fact of agency being handed

The Commissioner of Income Tax vs. Srimantha Granites

Appeals are dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

Section 2(14)(iii) of the Act and therefore attract tax on the Capital gains. 7. Opposing the appeals, Shri. A. Shankar, learned Senior Advocate submitted that: • though the lands were converted in 2004, assessees have not diverted the use of land but continued their agricultural operation. 4