Commissioner of Income Tax, vs. Agricultural Market Committee,

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

9]. POINT FOR CONSIDERATION The main point for consideration is whether AMCs constituted by the Government of Andhra Pradesh under Section 4 of the AMC Act are institutions established for advancement of the object of general public utility and, therefore, exist for charitable purpose. All other questions are incidental to the main question and are adverted to at the appropriate

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

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

9]. POINT FOR CONSIDERATION The main point for consideration is whether AMCs constituted by the Government of Andhra Pradesh under Section 4 of the AMC Act are institutions established for advancement of the object of general public utility and, therefore, exist for charitable purpose. All other questions are incidental to the main question and are adverted to at the appropriate

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

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 10 of the Act by Finance No. 2 Act, 2004 with effect from 01.04.2005. Further the tribunal failed to consider that the short term capital gains from shares held as investment could not be assessed as business income merely because the period of holding of the shares in such cases was somewhat short as compared to other investments. Thus

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

Appeals are allowed

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

vii) of the Act. Only if the income is chargeable to tax under the Act under the aforesaid provisions, the liability of the assessee to deduct at source would arise. A copy of the cost sharing agreement is made available to us, which reads as under:- COST SHARING AGREEMENT This agreement is made by and between CGI Information Systems

The Commissioner of Income Tax vs. M/s Supriya Wines

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

vii). It has been further alleged that the reply of the assessee was carefully 6 considered by Principal Director of Income Tax (Investigation) and sanction was accorded under section 279(1) of the Income Tax Act by the said authority for prosecuting the petitioner. (viii). In the complaint petition, it has been further alleged that the Enquiry/Investigation Report reveals that

COMM OF INCOME TAX, HYD vs. M/S. BALAN NATURAL FOOD PRIVATE LTD., HYD

Bench: RAMESH RANGANATHAN,KONGARA VIJAYA LAKSHMI

vii) of the Act, as it was in existence prior to its amendment with effect from 01.04.2008, confined the benefit of Financial Corporation and the expression ‘Financial Corporation’ included the Government Company as well as Public Company. It is further submitted that the assessee, namely, Vijaya Bank in any case, is a Public as well as Government Company

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

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

The Commissioner of Income TAx-IV, vs. M/s. Mahaveer Enterprises (India) Limited

The Appeal is dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

capital gains on transfers, to invest unaccounted money (`black money') and to avoid payment of `unearned increases' due to Development Authorities on transfer. 2. The modus operandi in such SA/GPA/WILL transactions is for the vendor or person claiming to be the owner to receive the agreed consideration, deliver possession of the property to the purchaser and execute the following documents

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

vii), the rules and bye-laws of the society restrict the voting rights to the following classes of its members, namely:— (1) the individuals who contribute their labour or, as the case may be, carry on the fishing or allied activities; (2) the cooperative credit societies which provide financial assistance to the society; (3) the State Government; (4) The provisions

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

vii), the rules and bye-laws of the society restrict the voting rights to the following classes of its members, namely:— (1) the individuals who contribute their labour or, as the case may be, carry on the fishing or allied activities; (2) the cooperative credit societies which provide financial assistance to the society; (3) the State Government; (4) The provisions

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

vii), the rules and bye-laws of the society restrict the voting rights to the following classes of its members, namely:— (1) the individuals who contribute their labour or, as the case may be, carry on the fishing or allied activities; (2) the cooperative credit societies which provide financial assistance to the society; (3) the State Government; (4) The provisions

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

vii), the rules and bye-laws of the society restrict the voting rights to the following classes of its members, namely:— (1) the individuals who contribute their labour or, as the case may be, carry on the fishing or allied activities; (2) the cooperative credit societies which provide financial assistance to the society; (3) the State Government; (4) The provisions

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

VII, Economic Offence, Ranchi in Complaint Case No.08 of 2016/Eco.Off. Case No.8 of 2016 for the offences punishable under Sections 276C (1), 277 and 278E of the Income Tax Act, 1961. 3. The brief fact of the case is that during the course of search and seizure operation in the residence of the petitioner, it was found that the petitioner

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

Bench: J. UMA DEVI,V RAMASUBRAMANIAN

9 - ITA No. 383 of 2016 (7) of Section 260A states that the provisions of Code of Civil Procedure, 1908 relating to appeals to the High Court, as far as may be, apply to these appeals. This Section is analogous to Section 100 of CPC. Noticeably, both these Sections i.e., Section 260A of 1961 Act and Section

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