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

Court : Income Tax Appellate Tribunal ITAT

Subject : Direct Taxation

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

was taxed as business income relying on clause (va) of section 28 inserted into the statute book by Finance Act, 2002, with effect from 1-4-2003.The Commissioner (Appeals), in the first appeal, had accepted the assessee's claim that the receipt … that the receipt 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.

Commissioner of Income Tax Vs. Ms. Real Image Pvt. Ltd.

Court : Chennai

Subject : Direct Taxation

Acts : Income Tax Act 1961 - Section 143(1), 55(2)(a); Finance Act, 2002 - Section 28(v-a)

"goodwill". He has also contended that introducing the provision in the statute with effect from 1.4.2003 vide the Finance Act, 2002 would indicate that it is the intention of the Legislature to tax such receipts irrespective of the assessment … Prayer:- Appeal under Section 260A of the Income Tax Act, 1961 against the orders of the Income Tax Appellate Tribunal Madras 'B' … the "Goodwill" and brought to tax under Section 45 read with Section 55(2)(a) of the Income Tax Act, 1961. The matter was taken in appeal

Commissioner of Income Tax Vs. Narendra D. Desai

Court : Mumbai

Subject : Direct Taxation

Acts : Finance Act, 2002 - Sections 28; Income Tax Act, 1961 - Sections 55(2)

Reported in : (2008)214CTR(Bom)190

In para 11 of the judgment, the learned Tribunal has referred to the amendment of Section 28 by Finance Act, 2002. Sub-clause (va) was introduced w.e.f. 1st April, 2003. The relevant portion reads as under:(va) any sum whether received … in the nature of a right to manufacture, produce or process an article or thing, recourse to Section 55(2) can be made only from asst. yr. 1998-99 in respect of any consideration received for the transfer thereof

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 and … 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

Commissioner of Income-tax, Bangalore Vs. Associated Electronics and E ...

Court : Karnataka

Subject : Intellectual Property

relating to the transfer of goodwill of a business. 15. Section 55(2) of the Act is amended by Finance Act, 2001 inserting the words 'or a trademark or brand name associated with a business'. Thus, it is clear

Commissioner of Income-tax, Bangalore Vs. Associated Electronics and E ...

Court : Karnataka

Subject : Intellectual Property

relating to the transfer of goodwill of a business. 15. Section 55(2) of the Act is amended by Finance Act, 2001 inserting the words 'or a trademark or brand name associated with a business'. Thus, it is clear

The Commissioner of Income Tax Vs. M/S Associated Electronic and Elctr ...

Court : Karnataka

Subject : Land Acquisition

is relating to the transfer of goodwill of a business.15. Section 55[2]. of the Act is amended by Finance Act, 2001 inserting the words ‘or a trademark or brand name associated with a business’. Thus, it is clear

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)

to Sub-section (2) of Section 143, as it stood immediately before the amendment of said sub-section by the Finance Act, 2002 (20 of 2002) but before the expiry of the time-limit for making the assessment, reassessment or re-computation as … to Section 9(1)(vi) held that transfer 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 that it is a lump sum

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)

Finance Act 2001 with effect from 1st April 2002; and right to carry on any business by the Finance Act 2002 with effect from 1st April 2003.19. Therefore, even if the amendment is taken into consideration Section 55 can

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

Court : Delhi

Subject : Direct Taxation

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

is further noted that the legislature has, in its wisdom, amended the provisions of section 28 by the Finance Act, 2002, with effect from 1-4-2003 to insert a new clause (va). The said clause provides that any sum received … 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 is either 'goodwill'