M/S.R.S.RANGADAS vs. THE ASST.COMMISSIONER OF INCOME TAX

Appeals are disposed of, with no order as to costs

Bench: C.V. BHASKAR REDDY,UJJAL BHUYAN

long term capital gain‟ the assessee had disclosed transfer consideration of Rs.5 Crores on sale of one lakh equity shares of NIIT to M/s Glad Investment Pvt. Ltd. („M/s GIPL‟ for short). Date of transfer declared was 14th August, 1997. The assessee had claimed deduction under Section 54F of Rs.5 Crores on account of having purchased immovable property 5, Golf

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

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

gains can be computed under Section 45. Electricity and phone connections were taken by M/s.MAPL with the intention to start business, which was a non starter, and ultimately ended up in rescission of contract. The learned counsel for the assessee points out that there is no recital in the agreement for sale produced at Annexures-A and B regarding possession

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

The Commissioner of Income Tax (Central) vs. Sri R.Gowsreesham,

The appeals stand allowed leaving the

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

terms as may be considered fit. (vi) “To Carry on the business of Hotel keepers, owners of restaurants," lodging and boarding house keepers and as owners of restaurants.” 7. Insofar as the other asseessee Chero Medico & Developers Pvt. Ltd.; the MoA indicates following objects which are extracted below:- I. To acquire and take over as a going concern the businesses

The Commissioner of Income Tax IV, vs. M/s. Maheshwari Plaza Resorts (P) Ltd.,

The appeals stand allowed leaving the

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

terms as may be considered fit. (vi) “To Carry on the business of Hotel keepers, owners of restaurants," lodging and boarding house keepers and as owners of restaurants.” 7. Insofar as the other asseessee Chero Medico & Developers Pvt. Ltd.; the MoA indicates following objects which are extracted below:- I. To acquire and take over as a going concern the businesses

The Commissioner of Income Tax I vs. M/S Alloy Nitrides Limited,

The appeals stand allowed leaving the

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

terms as may be considered fit. (vi) “To Carry on the business of Hotel keepers, owners of restaurants," lodging and boarding house keepers and as owners of restaurants.” 7. Insofar as the other asseessee Chero Medico & Developers Pvt. Ltd.; the MoA indicates following objects which are extracted below:- I. To acquire and take over as a going concern the businesses

The Commissioner of Income Tax -IV vs. M/s. Meghadoot Drillers

The appeals stand allowed leaving the

terms as may be considered fit. (vi) “To Carry on the business of Hotel keepers, owners of restaurants," lodging and boarding house keepers and as owners of restaurants.” 7. Insofar as the other asseessee Chero Medico & Developers Pvt. Ltd.; the MoA indicates following objects which are extracted below:- I. To acquire and take over as a going concern the businesses

Commissioner of Income Tax-2 vs. Agricultural Market Committee

The appeals stand allowed leaving the

Bench: V.V.S.RAO,SANJAY KUMAR

terms as may be considered fit. (vi) “To Carry on the business of Hotel keepers, owners of restaurants," lodging and boarding house keepers and as owners of restaurants.” 7. Insofar as the other asseessee Chero Medico & Developers Pvt. Ltd.; the MoA indicates following objects which are extracted below:- I. To acquire and take over as a going concern the businesses

Commissioner of Income Tax vs. Agricultural Market Committee

The appeals stand allowed leaving the

Bench: V.V.S.RAO,SANJAY KUMAR

terms as may be considered fit. (vi) “To Carry on the business of Hotel keepers, owners of restaurants," lodging and boarding house keepers and as owners of restaurants.” 7. Insofar as the other asseessee Chero Medico & Developers Pvt. Ltd.; the MoA indicates following objects which are extracted below:- I. To acquire and take over as a going concern the businesses

Commissioner of Income Tax vs. Agricultural Market Committee,

The appeals stand allowed leaving the

Bench: V.V.S.RAO,SANJAY KUMAR

terms as may be considered fit. (vi) “To Carry on the business of Hotel keepers, owners of restaurants," lodging and boarding house keepers and as owners of restaurants.” 7. Insofar as the other asseessee Chero Medico & Developers Pvt. Ltd.; the MoA indicates following objects which are extracted below:- I. To acquire and take over as a going concern the businesses

Commissioner of Income Tax vs. Agricultural Market Committee

The appeals stand allowed leaving the

Bench: V.V.S.RAO,SANJAY KUMAR

terms as may be considered fit. (vi) “To Carry on the business of Hotel keepers, owners of restaurants," lodging and boarding house keepers and as owners of restaurants.” 7. Insofar as the other asseessee Chero Medico & Developers Pvt. Ltd.; the MoA indicates following objects which are extracted below:- I. To acquire and take over as a going concern the businesses

Commissioner of Income Tax, vs. Agricultural Market Committee,

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

long as the dominant object is of general public utility, it cannot be said that the said trust/institution is not established for charitable purposes. In Market Committee, the Punjab and Haryana High Court, after considering the provisions of the Punjab Agricultural Produce Markets Act, 1961 (Punjab Act, for brevity), held that the market committee incorporated in terms of Section

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

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

long as the dominant object is of general public utility, it cannot be said that the said trust/institution is not established for charitable purposes. In Market Committee, the Punjab and Haryana High Court, after considering the provisions of the Punjab Agricultural Produce Markets Act, 1961 (Punjab Act, for brevity), held that the market committee incorporated in terms of Section

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

terms of the completion certificate issued by the NDMC, the LGF was sanctioned as „storage.‟ It was for this reason that the buyers lost interest. The Assessee then decided to return the advance received and also compensate the buyers since the buyers‟ funds had remained with the Assessee for some time. The Assessee had sought to explain that this compensation

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

Appeals of the Revenue are dismissed

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

terms of the completion certificate issued by the NDMC, the LGF was sanctioned as „storage.‟ It was for this reason that the buyers lost interest. The Assessee then decided to return the advance received and also compensate the buyers since the buyers‟ funds had remained with the Assessee for some time. The Assessee had sought to explain that this compensation

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

The appeal is dismissed

House, 1st Main, Mahalakshmi Layout Extn., Bangalore-560 086. ...RESPONDENT (By Sri A Shankar and Sri M Lava, Advocates) -0-0-0-0-0- This ITA is filed under Section 260-A of I.T. Act, 1961 arising out of Order dated 31.7.2013 passed in ITA No.764/Bang/2012 for the Assessment Year 2008- 09 to decide the foregoing question

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

long term capital gain arising out of the transaction at Rs. l3,7g,gOO/_. The assessee submittecL a reply on 03.04.200 l, wherein it was stated that the built_u1r area was received from the builder from the year 1999 on.vards and therefore, the relevant financial year through which capital gain arose was l99g_99, relevarrt for the assessment year

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

property and Rs.83,60,46,867/- as income from the business of banking. The assessee claimed deduction of business income under Section 80P(2)(a)(i) of the Income-tax Act. The assessing officer, namely, the Deputy Commissioner of Income-tax took up the return for scrutiny and found that the assessee had Rs.61,87,16,546/- as statutory reserve