The Director of Income Tax (Exemptions) vs. G Pulla Reddy Chritable Trust

In the result, the orders passed by the Commissioner of

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

capital gains to disallow interest on loan of purchase of property as deduction from sale consideration, to direct the Assessing

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

disallowed as capital expenditure/loss as it had not been paid for business purposes. 5. By a reply dated 15th December 1997 the Assessee contended that the space to be sold was in its stock and trade. The space allotted to various persons had been surrendered by them for various reasons. Such persons who surrendered had insisted that since they

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

Appeals of the Revenue are dismissed

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

disallowed as capital expenditure/loss as it had not been paid for business purposes. 5. By a reply dated 15th December 1997 the Assessee contended that the space to be sold was in its stock and trade. The space allotted to various persons had been surrendered by them for various reasons. Such persons who surrendered had insisted that since they

The Commissioner of Income Tax(Central) vs. M/s.Madhu Enterprises

Bench: The Learned

gain on transfer of certain capital assets not to be charged in case of investment in residential house. *** *** *** Provided that nothing contained in this sub-section shall apply where.– (a) the assessee,– (i) owns more than one residential house, other than the new asset, on the date of the transfer of the original asset; or” 14. The AO held that

Sri Natakari Gopal vs. Income Tax Appellate Tribunal and 2 Others

Bench: : The Hon’Ble Justice T.S. Sivagnanam & The Hon’Ble Justice Hiranmay Bhattacharyya Date : 3Rd January, 2023. Appearance : Mr. Tilak Mita, Adv. ..For Appellant Mr. Pranit Bag , Adv. Mr. A. K. Mishra, Adv. Mr. Debdatta Saha, Adv. …For Respondent Re: Ga/1/2022 The Court:- Heard Mr. Tilak Mitra, Learned Advocate For The Appellant & Mr. Pranit Bag, Learned Advocate For The Respondent. There Is A Delay Of 1126 Days In Filing The Appeal. Though The Reasons Given In The Affidavit Are Not Convincing The Issues Involved In The Appeal Had Been Decided By This Court In Earlier Matters, This Court Exercises Discretion & Condone The Delay In Filing The Appeal. Accordingly, The Application Is Allowed.

Capital gain of Rs.1,12,13,010/- and claim the same as exempted from income tax u/s 10(38) of the Income Tax Act, 1961, giving rise thereby to the vice of perversity in the process of decision making ? 2. Whether the learned Income Tax Appellate Tribunal erred in deleting the disallowances

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

capital gains. According to the assessee the aforesaid sum was an expenditure incurred by the assessee wholly and exclusively in connection with transfer as contemplated under Section 48(i) of the Act. The Assessing Officer by an order dated 30.11.2011 disallowed

PRINCIPAL COMMISSIONER OF INCOME TAX-I vs. A.V. V. VARAPRASAD

Bench: C.V.NAGARJUNA REDDY,T.AMARNATH GOUD

capital gains by way of purchasing bonds and residential property, as those investments were made beyond the time limit specified under the aforementioned provisions. CVNR,J & TA, J I.T.T.A.No.742 of 2017 Date: 29.11.2017 3 3. The assessee has submitted his response to the show cause notice, wherein he has claimed that the transaction of sale of shares

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

In the result, we do not find any

Bench: ANIS,SANJAY KUMAR

disallowed the assessee's claim for deduction under Section 10B of the Act. 5. The Assessing Officer inter alia held that assessee is entitled to deduction under Section 10B of the Act only after verification and the contention of the assessee that old machinery from FFIPL was transferred to it only in April 2007 does not deserve acceptance

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

disallowed the assessee's claim for deduction under Section 10B of the Act. 5. The Assessing Officer inter alia held that assessee is entitled to deduction under Section 10B of the Act only after verification and the contention of the assessee that old machinery from FFIPL was transferred to it only in April 2007 does not deserve acceptance

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

M/s. Kamma Sangaham, vs. The Director of Income -Tax (Exemptions),

capital gain earned on the sale of the above shares of JCT Electronics Pvt. Ltd. was disclosed. The computation of income is filed at assessee's paper book pages 310 and 311. 6. Further, in the previous year relevant to AY 1993-94 the assessee advanced a sum of Rs. 12.30 cr. to its subsidiary Chohal Investments

COMMISSIONER OF INCOME TAX-II vs. GLAND PHARMA LTD.,

In the result, the appeal (ITAT/96/2017) fails and stands

Bench: P.SAM KOSHY,NARSING RAO NANDIKONDA

capital gains and not business profit and its purported findings in this regard are arbitrary, unreasonable and perverse?” We have heard Mr. Smarajit Roychowdhury, learned Counsel for the appellant/revenue and Mr. Asim Choudhury, learned counsel for the respondent/assessee. 3 On going through the order passed by the tribunal, we find that the tribunal was considering six issues

The Commissioner of Income Tax IV vs. M/s Matrix Power Pvt Ltd.,

disallowed, as the income of this unit was exempt from tax. In response, the Assessee furnished its detailed submissions, which, however, were rejected by the AO who was of the opinion that as Section 10B was in Chapter-III of the Act, under the heading ―incomes which do not form part of total income‖, legislative intent was clear that such

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

gains, such deductions should be allowed and profits should be computed after deducting the expenses incurred for business though such expenses may not be admissible expressly under the Act, unless such expenses are expressly disallowed by the Act. In SETH M DALMIA supra, the Supreme Court referred to with approval the decision of the Bombay High Court in ‘COMMISSIONER

The Commissioner of Income Tax vs. M.Venkata Krishna Mohan

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gained under the second license agreement and without any payment whatsoever, the word “HILTON” was used. Thus, he submits that the ITAT and AO were right in holding that the expenditure is a capital expenditure and the deduction is not liable to be allowed. Analysis and Findings Capital expenditure and Revenue expenditure - Tests 16. There is exhaustive case

Commissioner of Income Tax-2, vs. Agricultural Market Committee,

Bench: : The Hon’Ble Justice Surya Prakash Kesarwani & The Hon’Ble Justice Rajarshi Bharadwaj Date : 28Th February 2024. Appearance: Mr. J. P. Khaitan, Senior Advocate Mr. Somak Basu, Advocate … For The Appellant. Mr. Vipul Kundalia, Advocate Mr. Anurag Roy, Advocate Ms. Oindrila Ghosal, Advocate … For The Respondent. 1. Heard Sri J. P. Khaitan, Learned Senior Advocate Assisted By Sri Somak Basu, Learned Counsel For The Appellant Assessee & Vipul Kundalia, Learned Senior Standing Counsel For The Respondent. 2. This Appeal Was Admitted By This Court By Order Dated 19.08.2011 On Four Substantial Questions Of Law. Learned Counsel For The Appellant Has Stated That The Appellant Does Not Want To Press The Substantial

disallowed in view Section 14A of the Act 1961. In paragraph 5 of the assessment order the A.O. has given details of investment in public sector bonds from borrowed capitals, which discloses that the investment was made by the assessee in public sector bonds on various dates. The bonds of American Express Bank Limited were purchased between

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

disallowance. We feel the assessee should be allowed to write back the depreciation for this year and even for previous and then allow the same to be carried forward for application for subsequent years. It is for the assessee to write back depreciation and if Hi >- V II done the Assessing Officer will modify the assessment determining higher income

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains of business shall be computed in accordance with section 30 to section 43C, That, section 32(1) of the Act provides for depreciation in respect of building, plant and machinery owned by the assessee and used for the business purposes. It further provides for deduction subject to section 34. In that matter also, a similar argument