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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

capital gains can be calculated only after computing the value of the I/12 undivided share of land that was agreed to ITA 33/10 -18- be transferred as per the agreement, and computation made in accordance with Section 48

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

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

capital gain by virtue of section 55 (2) (a) read with clause (i) of the proviso to Section 28 (va). The AR has also relied on the provisions of section 45 (1) read with 2 (14), 2 (11) 9b), 48

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 amount recorded in the books of account of the firm, association or body as the value of the capital asset shall be deemed to be the full value of the consideration received or accruing as a result of the transfer of the capital asset. (4) The profits or gains

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

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

Capital 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

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

Capital 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

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

Capital 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

Commissioner of Income Tax-III vs. V.Ramachandra Rao

In the result, we do not find any merit in the

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

Section 48(i) of the Act reads as under: 48. the income chargeable under the head “capital gains” shall be computed

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

The appeal is dismissed

capital asset by the firm in favour of a person and it results in profits or gains to the firm, then the said profits or gains shall be chargeable to tax as income of the firm and again for computing such income, Section 48

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

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. (2) Where the result of the computation made for any assessment year under Sections 48

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

Commissioner of Income Tax, vs. Agricultural Market Committee,

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 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 Commissioner of Income Tax (Central) vs. M/s Hyderabad House Pvt Ltd.,

capitalizing it with the multiplier of 14 on the basis of age of the claimant mother (44 years old) in view of dicta in Amrit Bhanu Shali & Ors. v. National Insurance Co. Ltd., (2012) 11 SCC 738. 14. The claimants by their appeal (MAC appeal No. 881/2015) submit that the non-pecuniary heads of damages have not been property taken

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

Section 48 of the Act to arrive at the income taxable under the income from capital gains. The difference between

The Commissioner of Income Tax vs. M/s.Globe Organics Ltd

Appeal is dismissed

Bench: V.ESWARAIAH,K.G.SHANKAR

Section 260A of the Income Tax Act, 1961, has been filed against the order dated 07.04.2006 (Annexure A-3) passed by the Income Tax Appellate Tribunal, Chandigarh, whereby appeal filed by the revenue-respondent against the order dated 22.03.2000 passed by the Commissioner of Income Tax (Appeals), Chandigarh, has been partly accepted. Brief facts of the case are 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