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Commissioner of Income Tax Vs. Manoharsinhji P. Jadeja

Court : Gujarat

Subject : Direct Taxation

Acts : Income Tax Act, 1961 - Sections 2(14), 2(47), 2(22A), 2(42A), 45, 48, 49, 49(1), 50, 55, 55(2), 55(3) and 256(2); Andhra Pradesh (Telangana Area) Tenancy and Agricultural Lands Act - Sections 40(4); Finance Act, 1987; Finance Act, 1997; Finance Act, 2001

Reported in : (2005)199CTR(Guj)223; (2005)3GLR2218; [2006]281ITR19(Guj)

with effect from 1st April 1995; right to manufacture, produce or process any article or thing by the Finance Act 1997 with effect from 1st April 1998; trademark or brand name associated with business by the Finance Act 2001 … something even to the ancestors of the assessee. The assessee was also called upon to exercise option under Section 55(2) of the Act and state the fair market value as on 01-01-1964 which could be adopted as 'cost

K. Sunil Kini Vs. Income Tax Officer, Ward 2(2),

Court : Income Tax Appellate Tribunal ITAT

Subject : Direct Taxation

Reported in : (2006)6SOT139(Bang.)

is liable to be taxed as capital gains in view of the amendment effected to section 55(2)(b) by Finance Act, 1997. He, accordingly, directed the assessing officer to compute capital gains as long-term capital gains. Still aggrieved, the assessee

Addl. Cit Vs. Kwality Frozen Foods Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Service Tax

Reported in : (2005)1SOT243(Mum.)

sale of trademark as such was brought into the provisions of section 55(2) through the amendment by the Finance Act, 2001. The said amendment brought in by the Finance Act, 2001 is effective only from assessment year 2002-03. … on the following decisions:Addl. CIT v. Ganapathi Raju Jogi (ii) CITv. Suman Tea and Plywood Industries (P) Ltd.( 1997) 226 ITR 34 (Cal).We considered the rival contentions in detail. Goodwill and Trademark, both related to the intrinsic

S.i.J. Chains (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Amritsar

Subject : Direct Taxation

Reported in : (2006)100ITD379(Asr.)

out of brought forward business loss or unabsorbed depreciation, one is nil, nothing is deductible (substituted by the Finance Act, 2002 with effect from 1-4-1997). The Assessing Officer accordingly issued notice under Section 154 of the Income-tax Act … require adoption of nil in Section 115JA or 115JB as there is no similar language as in Section 55(2)(a). It was, therefore, prayed that Section 115JB is not applicable since it becomes case of loss. It was

Deputy Commissioner of Income Tax Vs. Indian Syntans Investments (P)

Court : Income Tax Appellate Tribunal ITAT Chennai

Subject : Direct Taxation

Reported in : (2007)103ITD457(Chennai)

April, 2002, "or a right to manufacture, produce or process any article or thing" was brought by the Finance Act, 1997, w.e.f. 1st April, 1998 and "or right to carry on any business" by the Finance Act, 2002, w.e.f. … the order of the CIT(A)-III, Chennai, dt. 4th Oct., 2002. The assessment was framed by the AO under Section 143(3) r/w Section 147 of the IT Act, 1961 for the asst. yr. 1997-98.2. At the outset, the … of technical know-how partakes the character of goodwill as mentioned in Section 55(2)(a) or the nature of royalty mentioned in Section 9(1)(vi). The AO found

The Commissioner of Income Tax Vs. HCL Infosystems Ltd.

Court : Delhi

Subject : Land Acquisition

the contention of the Assessee that the said capital receipt was not taxable. He held: "The amendment to Finance Act, 1997 also very clearly states that if the extinguishment of the capital right to manufacture is for consideration it … ˜AO') noted that the compensation was indeed a capital income but held that it was nevertheless taxable under Section 55 (2) of the Act. The AO held that the extinguishment of these bundle of rights by termination of

indo Tech Electric Co. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Subject : Land Acquisition

Reported in : (2006)99ITD325(Chennai)

right to manufacture, produce or process any article or thing. This is because the amendment made by the Finance Act, 1997, in Section 55(2) enlarging the scope of a capital asset is structured in such a manner that it

Dinesh Chand Vs. Joint Cit, Special Range,

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2005)95ITD209(Delhi)

received by them from HCC in view of the amended provisions of section 55(2)(a) as inserted by the Finance Act, 1997 with effect from 1-4-1998, In reply, it was submitted on behalf of the assessees that their cases are

P.L. Lamba (Huf) Vs. Asstt. Cit

Court : Delhi

Subject : Direct Taxation

Reported in : (2004)90TTJ(Del)388

right to manufacture, produce or process any article or thing. This is because the amendment made by the Finance Act, 1997, in section 55(2) enlarging the scope of a capital asset is structured in such a manner that it

Late Shri Dinesh Chand Through L/H Vs. Joint Commissioner of Income Ta ...

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2005)97TTJ(Delhi)770

received by them from HCC in view of the amended provisions of Section 55(2)(a) as inserted by the Finance Act, 1997 with effect from 1/4/98. In reply, it was submitted on behalf of the assessees that their cases are