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Commissioner of Income Tax Vs. Jannhavi Investments (P) Ltd.

Court : Mumbai

Subject : Direct Taxation

Acts : Securities Contracts Regulation Act, 1956 - Sections 2, 48 and 55(2); Finance Act, 1970; Finance Act, 1992

Reported in : (2008)215CTR(Bom)72; [2008]304ITR276(Bom)

Keshavji Karsondas (cited supra) was distinguishable in the facts of the present case. Me pointed out that by Finance Act, 1992, w.e.f. 1993, the mode of computation of income chargeable under head 'Capital gain' had changed and the concept … of 'indexed cost of acquisition' had been introduced and defined under Explanation III to the 5th proviso of Section 48. According to him the concept 'indexed cost of acquisition' was calculable on the basis of the cost of

The Commissioner of Wealth Tax, Thiruvananthapuram Vs. Associated Indu ...

Court : Kerala

Subject : Direct Taxation

filed these appeals. 3. We have considered the controversy in hand. It is worthwhile to note that by Finance Act, 1992, Wealth Tax Act was  drastically amended with effect from assessment year 1993-94 providing for wealth tax only on … the first appellate authority confirmed the disallowance, on second appeal, the Tribunal by giving a wide meaning to Section 2(m) allowed the claim against which revenue has filed these appeals. 3. We have considered the controversy in … find these are rendered in the context of considering  deduction under Section 48(i) of the IT Act for the purpose of computation of capital gains.

Assistant Commissioner of Vs. Smt. Geeta Mayor

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2000)74ITD314(Ahd.)

Shri N.A.Palkhiwala, eighth Edition Volume I page 790 which reads as under : The explanation inserted by the Finance Act, 1987 with effect from 1st April, 1988, provides that in Sections 53 to 54G references to capital gain … taxable capital gain.Reliance was also placed on Taxman's Direct Taxes Ready Reckoner, 1992-93 pages A-86 & A-87. It was further submitted that the Hon'ble Kerala … Return Rs. 2,42,04,980(2) Exemption Under Section 54Fas per Return Rs. 48,40,996 Rs. 2,90,45,976 ----------------B.Balanc ... Rs. 3,36,87,570C.Deduction Under Section 48(2) :Bal. Rs. 3,36,72,570 @ 60% Rs. 2,02,03,542 Rs. 2,02,18,542 ------------------ ----------------D.Capital gain chargeable to tax Rs. 1,34,69,028In the

Timken France Sas Vs. Director of Income-tax

Court : Authority for Advance Rulings

Subject : Land Acquisition

Reported in : (2008)BusLR60

the effect of inflation vide CBDT circular No. 636 dated 31.8.1992 containing explanatory Notes on the provisions of Finance Act, 1992. The cost of acquisition of asset and the cost of improvement thereto are inflated to arrive at the … 10 percent and for computation of capital gains on the sale of bonus shares, computation must as per Section 48 treating the same as nil, as enjoined by Section 55(2) - Director of Income-tax submitted that the Applicant

Smt. Mina Deogun Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Land Acquisition

Reported in : (2008)117TTJ(Kol.)121

and Circular No. 636, dt. 31st Aug., 1992 [(1992) 107 CTR (St) 1] which explained the provisions of Finance Act, 1992. According to the Memorandum and the Board Circular the indexation of the cost of acquisition was to be … have gone up more than the general rate of inflation. The cost inflation index which is prescribed under Section 48 is based on the "wholesale price index" and during the period 1981 and 2003 the cost inflation index

Timken France Sas Vs. Director of Income-tax (international Taxation) ...

Court : Authority for Advance Rulings

Subject : Direct Taxation

the effect of inflation vide CBDT circular No. 636 dated 31.8.1992 containing explanatory Notes on the provisions of Finance Act, 1992. The cost of acquisition of asset and the cost of improvement thereto are inflated to arrive at the … arising on the sale of bonus shares of NRB Bearing Ltd are to be computed by applying substantive section 48 of the Act without resort to either the first or the second proviso to the said Section? *

Basf Aktiengesellschaft Vs. Ddit, International Taxation

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2007)293ITR1(Mum.)

CBDT Circular No. 559 dated 4.5.1990; (ii) The provisions of first proviso to Section 48 as substituted by Finance Act, 1992 r/w CBDT Circular No. 636 dated 31.8.1992; (iii) The provisions of Section 115-AD of the Act inserted by

Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2000)241ITR43(Mum.)

incorporated mainly to encourage earning of the foreign exchange, inviting our attention to the relevant notes to the Finance Act, 1967, the learned counsel contended that s. 85C granted the deduction till asst. yr. 1972-73 when s. 80-O … 1. The appeal of the assessee, for asst. yr. 1992-93, had come up for hearing before 'A' Bench, Mumbai and on the recommendation of the Bench, the President … s. 80-O. It was reiterated that s. 80-O is a stand alone section.Referring to the decision of the Supreme Court in the case of Distributors … CIT vs. B. N. Bhattacharjee (1979) 118 ITR 461 (SC) at p. 480 their Lordships of the Supreme Court quoted the following by Per Denning

Virtual Soft Systems Ltd. Vs. Commissioner of Income Tax, Delhi-i

Court : Supreme Court of India

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 28(1), 48, 143, 143(1), 143(1A), 260A, 271 and 271(1); Finance Act, 1975; Finance Act, 2002 - Sections 271; Taxation Laws (Amendment) Act, 1975; Finance Act, 1993; Finance Act, 1992; Finance Act, 1951; Income Tax Act, 1922 - Sections 23(5), 28 and 28(1); Constitution of India - Article 20(1)

Reported in : (2007)207CTR(SC)733; [2007]289ITR83(SC); JT2007(3)SC125; 2007(2)SCALE612; (2007)9SCC665

from 1.4.2003.29. The two questions which arise in the present cases are, prior to the amendments by the Finance Act, 1992 with effect from 1.4.2003 (2003 amendment):i. What is meant by the words 'in addition to any tax' in … of the business', it was held that the charge of capital gains could not be levied because under section 48 (ii) required computing the gain by deducting from the full value of the consideration received.36. Applying Elphinstone case

Kalyani Exports and Investments Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Land Acquisition

on the 1st day of April, 1981, whichever is later." The insertion of the above Explanation by the Finance Act, 1992 with effect from 1-4-1993 has made a significant difference in the matter of computation of capital gains. The … this Tribunal. Dr. Sunil Pathak, the learned counsel for the assessee, submitted that as per the provisions of section 48(ii) what is deductible from the consideration received as a result of the transfer of the capital asset is