SMT. SHANTHA VIDYASAGAR ANNAM vs. INCOME TAX OFFICER, WARD-4(2) HYDERABAD

In the result, the orders dated 09

Bench: J SREENIVAS RAO,ALOK ARADHE

capital asset in the assessment year lgg7 _gg and consequently no profit or gain accrued to the assessee in order to attra(:t Sections 45 and Section 4g of the Act. In support of the aforesaid submissions, reliance has been placed on decision of thr: Supreme Court in Seshasayee Steels private Limited vs. Assistant Commissioner of Income Tax, Chennai

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

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

The Commissioner of Income Tax-II vs. The Andhra Bank Employees Co.Operative Bank Limited

In the result, for the above reasons, these appeals fail and

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

gains from the business of banking by deposit of surplus funds of the bank is concerned, there cannot be any distinction between SLR reserves and non-SLR reserves although the maintenance of cash reserve and SLR are obligatory under below referred provisions of the RBI Act and the BR Act. Section 45 of the Societies Act lays down the method

Commissioner of Income Tax-II, vs. M/S The A.P.Mahesh Coop. Urban Bank Ltd,

In the result, for the above reasons, these appeals fail and

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

gains from the business of banking by deposit of surplus funds of the bank is concerned, there cannot be any distinction between SLR reserves and non-SLR reserves although the maintenance of cash reserve and SLR are obligatory under below referred provisions of the RBI Act and the BR Act. Section 45 of the Societies Act lays down the method

Commissioner of Income Tax -II vs. The Agrasen Coop. Urban Bank Ltd.,

In the result, for the above reasons, these appeals fail and

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

gains from the business of banking by deposit of surplus funds of the bank is concerned, there cannot be any distinction between SLR reserves and non-SLR reserves although the maintenance of cash reserve and SLR are obligatory under below referred provisions of the RBI Act and the BR Act. Section 45 of the Societies Act lays down the method

COMMISSIONER OF INCOME TAX-II, HYDERABAD vs. M/s. The A.P.Vardhaman(Mahila)Cooperative Urban

In the result, for the above reasons, these appeals fail and

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

gains from the business of banking by deposit of surplus funds of the bank is concerned, there cannot be any distinction between SLR reserves and non-SLR reserves although the maintenance of cash reserve and SLR are obligatory under below referred provisions of the RBI Act and the BR Act. Section 45 of the Societies Act lays down the method

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

capital gains‟ in their hands in their returns would not be relevant in deciding the issue whether the payment by the Assessee should be treated as „business expenditure.‟ As explained by the Madras High Court in CIT v. Sarda Binding Works 102 ITR 187 (Mad), it is the point of view of the payer which is relevant. 37. The decision

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

Appeals of the Revenue are dismissed

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

capital gains‟ in their hands in their returns would not be relevant in deciding the issue whether the payment by the Assessee should be treated as „business expenditure.‟ As explained by the Madras High Court in CIT v. Sarda Binding Works 102 ITR 187 (Mad), it is the point of view of the payer which is relevant. 37. The decision

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 - (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

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

capital asset, the assessee also claims depreciation say @ 20%. Accordingly, the assessee claims that the application of income would include Rs.10,000/- which is to be allowed as depreciation as to this extent, the asset purchased has depreciated. In other words, Rs.60,000/- is to be treated as application of money for the purpose of clause 'a' to Section

The Commissoner of Income Tax I , vs. M/s. Alpha Thought Technologies P Ltd.,

In the result, the orders passed by the

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

capital asset sold during the year. Being aggrieved, the assessee filed an appeal before the Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals) by an order dated 05.10.2009 inter alia held that there is a close nexus between the interest earned on the fixed deposits and the interest paid to the lenders and the creditors

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

Appeals are allowed

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

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

The Commissioner of Income Tax IV vs. Shri Raaj Kumar Jain

Capital) Appeal No. 1475 of 2009 corresponding to Reference No. 3 of 2009, by a co-ordinate bench of this Court on 11th September, 2009. The judgment of this Court in 'XYZ' has been affirmed by the Supreme Court in Criminal Appeal No. (s). 2227 of 2010, decided on 15.2.2011, with summary dismissal of appeal. 15. Separate and distinct trials

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