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 Income Tax-IV vs. M/s Pokarna Limited

The appeals are dismissed

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

Capital gains. F.—Income from other sources. 10. Section 22 of the Act deals with income from House property which reads as under: Income from house property. 22. The annual value of property consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, other than such portions of such property as he may occupy

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

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

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, AO had taxed the same u/s 28 (va) of the Income Tax Act, 1961 treating the same as business income and recomputed the taxable income of the assessee company

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-II, vs. M/S Gulf Oil Corporation Pvt. Ltd.,

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

gains, as an essential object for forming an AOP. However the CBDT Circular explaining the above insertion states that such insertion was only to take care of the claim of certain bodies that they did not fall within the definition of a ‘person’ for the sole reason, that they were not supposed to have any income or profits. Section

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

80,943/- on 31.10.2006. The AO, after selecting the case for scrutiny assessment, found on 18.11.2008 that the gains realized by the assessee on sale of shares were in the nature of business income, and not capital gains. The assessee, in its reply to the AO stated that the shares were depicted as investments and not “stock in trade

The Commissioner of Income Tax (Exemptions0 vs. Kalinga Cultural Trust

In the result, we do not find any

Bench: ANIS,SANJAY KUMAR

capital gain earned. It is urged that since, the tribunal has failed to determine the core issue with regard to colorable devise adopted by the 15 assessee, to evade tax, therefore, the matter be remitted to the tribunal for decision afresh in accordance with law. In support of aforesaid submissions, the reliance is placed on decision of Supreme Court

Principal Commissioner of Income Tax-5 vs. M/s. VBC Industries Limited

In the result, we do not find any

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

capital gain earned. It is urged that since, the tribunal has failed to determine the core issue with regard to colorable devise adopted by the 15 assessee, to evade tax, therefore, the matter be remitted to the tribunal for decision afresh in accordance with law. In support of aforesaid submissions, the reliance is placed on decision of Supreme Court

Principal Commissioner of Income Tax vs. M/s Nara Constructions,

Bench: CHALLA KODANDA RAM,C.V.NAGARJUNA REDDY

gains of business or profession" (before making any deduction under this clause) carried to such reserve account: Provided that where the aggregate of the amounts carried to such reserve account from time to time exceeds twice the amount of the paid up share capital and of the general reserves of the specified entity, no allowance under this clause shall

The Principal Commissioner of Income Tax-2 vs. M/s Indus Business System Ltd.

Appeals are dismissed

Bench: CHALLA KODANDA RAM,C.V.NAGARJUNA REDDY

80 FEET ROAD, KORMANGALA BENGALURU-560 095. .…APPELLANTS (BY SHRI. K.V. ARAVIND, ADVOCATE) AND: SHRI. SHAILENDRA BABU NO.9 & 11, 3RD MAIN ROAD KRISHNA TOWERS GANDHINAGAR BENGALURU-560 009. PAN: AAVPB 6549C. …RESPONDENT (BY SHRI. S.PARTHASARATHI, ADVOCATE) THIS ITA IS FILED UNDER SECTION 260-A OF INCOME TAX ACT, 1961 ARISING OUT OF ORDER DATED: 19.08.2016 PASSED IN ITA No.291/BANG/2016

The Commissioner of Income Tax vs. M/S New Asian Bar AND Restaurant,

Appeals are dismissed

Bench: SANJAY KUMAR,GUDISEVA SHYAM PRASAD

80 FEET ROAD, KORMANGALA BENGALURU-560 095. .…APPELLANTS (BY SHRI. K.V. ARAVIND, ADVOCATE) AND: SHRI. SHAILENDRA BABU NO.9 & 11, 3RD MAIN ROAD KRISHNA TOWERS GANDHINAGAR BENGALURU-560 009. PAN: AAVPB 6549C. …RESPONDENT (BY SHRI. S.PARTHASARATHI, ADVOCATE) THIS ITA IS FILED UNDER SECTION 260-A OF INCOME TAX ACT, 1961 ARISING OUT OF ORDER DATED: 19.08.2016 PASSED IN ITA No.291/BANG/2016

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

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. Smt P Sujana

The appeal stands disposed of as indicated above

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

80. Submission of return for losses.—Notwithstanding anything contained in this Chapter, no loss which has not been determined in pursuance of a return filed [in accordance with the provisions of sub-section (3) of section 139, shall be carried - 9 - forward and set off under sub-section (1) of section 72 or sub-section (2) of section

The Commissioner of Income Tax-I vs. Ascend Telecom Infrastructure Private Limited

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

80 of IT Act are not applicable to trusts as they only deal with carry forward and set off of loss and not excess expenditure or deficit? 3. This Court in case of ‘Commissioner of Income Tax-III, Pune v. Rajasthan & Gujarati Charitable Foundation Poona’ [2018] 89 taxmann.com 127 [SC] with regard to allowability and Depreciation in the hands

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

80,461/- paid to term lenders and creditors is an allowable expenditure as per Section 57 of the Act. 8. It is urged that difference between sale consideration and the indexed cost of acquisition represents the actual income of the assessee, which is taxable under Section 45 of the Act as provided under Section 112 of the Act and there