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Smt. Gulab Sundri Bapna Vs. Dy. Cit

Court : Delhi

Subject : Direct Taxation

Reported in : [2001]79ITD455(Delhi)

sought to tax. It is important in this connection to note that section 55(2)(a) was substituted by the Finance Act, 1994 with effect from 1-4-1995 including the tenancy rights, inter alia within the definition of 'capital asset' having

Commissioner of Income Tax, Mumbai Vs. D.P. Sandu Bros. Chembur (P) Lt ...

Court : Supreme Court of India

Subject : Direct Taxation Tenancy

Acts : Income Tax Act, 1961 - Sections 2(24), 10(3), 14, 45, 48, 55(2) and 56; Finance Act, 1994; Income Tax Act, 1922

Reported in : AIR2005SC796; 2005(5)ALLMR(SC)545; [2005]273ITR1(SC); JT2005(2)SC226; (2005)2SCC584

situation created by the decision in Srinivasa Setty and the subsequent decisions of the High Court that the Finance Act 1994 amended Section 55(2) to provide that the cost of acquisition of inter-alia a tenancy right would be … Tax v. Srinivasa Setty : [1981]128ITR294(SC) as well as the amendment to Section 55(2) of the Act in 1995 and held that the assessee did not incur any cost to acquire the leasehold rights and that if

Veena Kanoria Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Kolkata

Subject : Direct Taxation

Reported in : (2003)85ITD95(Kol.)

to the specific simplified procedure for computation of capital gains on transfer of bonus shares containing in the Finance Bill, 1995 and published in 212 ITR 357 (statute portion). On perusal of the same, it will be … not a simple job and has led to a number of difficulties.For the sake of clarity and simplicity, section 55 is being amended to provide that the cost of bonus shares will be taken as nil for computation … shares was taxable capital gains under section 45 of the Income Tax Act, 1961".(ii) "For that learned Commissioner (Appeals) was wrong in holding that sale

Ericsson Telephone Corporation Vs. Commissioner of Income-tax

Court : Authority for Advance Rulings

Subject : Direct Taxation

Reported in : (1997)224ITR203AAR

India AB Vs.Income Tax Act, 1961 - Sections 9(1), 28 to 44C, 44D, 115A, 195(2), 245R and 245R(2); Finance Act, 1995; Agreement for Advance Avoidance of Double Taxation Between India and Sweden - Articles 7, 7(3) and 13 1. … Appellants: Ericsson Telephone Corporation India AB Vs.Income Tax Act, 1961 - Sections 9(1), 28 to 44C, 44D, 115A, 195(2), 245R and 245R(2); Finance Act, 1995; Agreement for Advance Avoidance of … making payments to it under the contract, they will withhold income-tax at 55 per cent. as prescribed under paragraph 2(b)(ix) of Part II of the

Kalyani Exports and Investments Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Land Acquisition

upon the provisions of section 55(2)(aa)(ii). He submitted that sub-section (2)(aa)(iiia) was brought on the statute book by Finance Act, 1995 with effect from 1-4-1996 and has no application to the ear under appeal, i.e. 1995-96.25. Shri Naresh Kumar,

Kalyani Exports and Investment (P) Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Subject : Land Acquisition

Reported in : (2001)72TTJ(Pune.)341

upon the provisions of section 55(2)(aa)(B)(ii). He submitted that sub-section (2)(aa)(B)(iiia) was brought on the statute book by Finance Act, 1995, with effect from 1-4-1996, and has no application to the year under appeal, i.e., 1995-96.Shri Naresh Kumar, the

Cadell Weaving Mill Co. P. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Subject : Direct Taxation

Acts : Income-tax Act, 1961 - Sections 2(14), 2(24), 2(47), 10, 10(3), 10(13), 14, 17(3), 28, 41, 45 to 55, 55(2), 56, 59, 115J and 253; Bombay Rent Act; Finance Act, 1987 - Sections 55(2); Direct Tax Laws (Amendment) Act, 1989

Reported in : 2001(3)ALLMR108; (2001)166CTR(Bom)7; [2001]249ITR265(Bom)

the rate of 35 per cent, then there was no point in the Legislature bringing the amendment in Section 55 with effect from April 1, 1995, under which the cost of acquisition of a capital asset could be … of a motor car used for personal purposes would result in a revenue income. That, even after the Finance Act, 1994, consideration arising from the transfer of tenancy in cases where the tenant had no right to sublet,

Cadell Weaving Mill Co. (P.) Ltd. Vs. Assistant Commissioner of Income ...

Court : Mumbai

Subject : Direct Taxation

Reported in : (1995)53TTJ(Mumbai)538

Matched in: Citation (1995)53TTJ(Mumbai)538

Assistant Commissioner of Income Vs. Beehive Engineering and Allied

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Subject : Land Acquisition

Reported in : (2002)81ITD330(Hyd.)

rejected this contention on the ground that Section 55 of the IT Act has been amended by the Finance Act, 1987, so as to make capital gains even in the matter of goodwill exigible to tax, and, therefore, … there was an amendment brought about by insertion of Section 55(2)(aa)(ii) by Finance Act, 1994, w.e.f. 1st April, 1995, by virtue of which capital gains on the sale of certain financial assets like the rights in question,

Assistant Commissioner of Income Vs. Affection Investments Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2003)80TTJ(Ahd.)278

has quoted wrong facts and date.5.10. The AO has thereafter, placed reliance on the amendment made by the Finance Act, 1995, in which it has been provided that the cost of right renunciation of bonus should be the actual … by Miss Dhun D. Kapadia. The cost of original/old shares as per third proviso to Sub-section (2) of Section 12B of the IT Act, 1922, was Rs. 341 per share, which included the cost of "rights" embedded … facts in holding that the amendment brought under the provisions of Section 55(2)(aa) in the matter of determination of the value of rights to financial