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Krishna Kumar Rawat and ors. Vs. Union of India (Uoi) and ors.

Court : Rajasthan

Subject : Direct Taxation

Reported in : (2007)210CTR(Raj)553; RLW2007(4)Raj3133

accruing as a result of such transfer. Apart from the fact that Section 50C was introduced by the Finance Act, 2002 w.e.f. 1st April, 2003 and was not available when the subject compulsory purchase order was passed, this … stamp duty in respect of such transfer, the value so adopted or assessed shall, for the purpose of Section 48, be deemed to be the full value of the consideration received or accruing as a result of such

Commissioner of Income-tax Vs. Smt. Raj Kumari Vimla Devi and anr.

Court : Allahabad

Subject : Direct Taxation

Acts : Gift Tax Act, 1958 - Sections 26(1); Stamp Act; Land Acquisition Act - Sections 23; Income Tax Act, 1961 - Sections 48 and 50C; Finance Act, 2002

Reported in : [2005]279ITR360(All)

bringing to tax on capital gain, Parliament has inserted Section 50C of the Income-tax Act, 1961, by the Finance Act, 2002, with effect from April 1, 2003, wherein it has been provided that the value adopted or assessed … of payment of stamp duty in respect of land or building or both shall for the purposes of Section 48 be deemed to be the full value of the consideration received or accruing as a result of such

Joint Commissioner of Income-tax Vs. Montgomery Emerging Markets Fund

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Direct Taxation

Reported in : (2006)100ITD217(Mum.)

The source will be the asset itself. The CIT(A) further referred to the amendment brought in by the Finance Act, 1987 (No. 2 of 1987) with effect from 1 -4-1988. According to the CIT(A), as per the said … of income for the purpose of Section 70. Capital gains are to be computed under the provisions of Section 48 and the computation has to be made with reference to individual asset and not with reference to any … law has been amended and it is different from the assessment year 2003-04 onwards.22. He explained that as per the law stood in Section 70

Deputy Commissioner of Income Tax Vs. Ram Kumar Giri

Court : Income Tax Appellate Tribunal ITAT Chennai

Subject : Direct Taxation

Reported in : (2006)103TTJ(Chennai)352

above clauses are outside the purview of the non-compete agreement entered by the assessee.11. The amendment in the Finance Act, 2002 proves that the above clauses are not applicable to the assessee's case and Section 28(va) is applicable … is not that such a situation as envisaged by the amendment was unheard of prior to 1st April, 2003. The amended provision thus makes explicit what could have been an occasion for diverse opinion earlier. It does … the said amendment having been specifically made for the purpose of Sections 48 and 49 dealing with the cost in relation to a capital asset

Hsbc Pi Holdings (Mauritius) Limited Vs. Avitel Post Studioz Limited a ...

Court : Mumbai

Subject : Land Acquisition

the arbitration clause of the original partnership deed dated 7th of April, 2003, cannot be sustained. We are in agreement with the contention of the … decided by Arbitral Tribunal and such allegations are incapable of settlement by arbitration under law of India, under section 48 (2) (a) of the Arbitration and Conciliation Act, 1996, such award adjudicating upon such allegations is not enforceable … made serious allegations against the respondents alleging him to commit malpractices in the account books and manipulate the finances of the partnership firm, which, in our opinion, cannot be properly dealt with by the Arbitrator. As such,

industrial Machinery Associates Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2002)81ITD482(Ahd.)

beyond the purview of taxation under Section 45. The learned counsel argued that Section 50B introduced by the Finance Act, 1999 w.e.f. 1st April, 2000 brought the transaction of slump sale within the purview of capital gains under … AO and held that the computation of capital gain is in accordance with the computation provision contained under Section 48 of the IT Act and the decision of Hon'ble Supreme Court in the case of CIT v. B.C.

Abhay Kumar Shroff Vs. Commissioner of Income Tax and ors.

Court : Jharkhand

Subject : Direct Taxation

Acts : Income Tax Act 1961 - Sections 48, 132, 132A, 132(3), 139, 139(1), 140, 140A, 142, 142A, 142(1), 147 and 153; Finance Act, 1995 - Sections 158B to 158BH; Finance Act, 2003 - Sections 32A, 130, 132, 132A, 132B, 139, 140A, 142, 142(1), 142(2A), 143, 143(2), 143(3), 147, 148, 149, 151, 153, 153A, 153B, 153C, 234A, 234B, 245C, 245D, 245D(1), 245Q, 245Q(1), 245R, 245R(3), 245R(7), 246A and 276CC

Reported in : 2007(2)BLJR1552; (2007)210CTR(Jharkhand)602; [2007]290ITR114(Jharkhand); [2007(3)JCR264(Jhr)]

Section 32A was executed. In 2003, new provisions i.e. Sections 153A, 153B and 153C have been inserted in Finance Act, 2003 (32 of 2003) relating to assessment in case of search or requisition made on or before 1.6.2003, specifying … under Section 147 of the Act, the Assessing Officer shall serve notice to the assessee as required under Section 48 of the Act. Section 153 of the Act specify limit within which assessment or re-assessment shall be complied.9.

Estate Late Shri Dharambir Vs. the Dcit [Alongwith Ita Nos. 7279,

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2005)96TTJ(Mum.)880

(c) has also been introduced in addition to Clauses (a) & (b) to Section 45(5) w.e.f. 1/4/2004 by Finance Act 2003. According to this newly inserted Sub-clause (c) where in the assessment for any year, the capital gain arising … arising from the transfer of capital asset, being a transfer by way of compulsory acquisition, is computed Under Section 48 and such compensation is enhanced by any court or Tribunal etc., the same can be recomputed in accordance

Estate of Late Shri Dharambir

Court : Income Tax Appellate Tribunal ITAT Mumbai

Subject : Land Acquisition

Reported in : (2005)95ITD83(Mum.)

been introduced in addition to clauses (a) & (b) to section 45(5) with effect from 1-4-2004 by the Finance Act, 2003. According to this newly inserted sub-clause (c) where in the assessment for any year, the capital gain arising … arising from the transfer of capital asset, being a transfer by way of compulsory acquisition, is computed under section 48 and such compensation is enhanced by any court or the Tribunal, etc.the same can be recomputed in accordance

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. … provisions of section 55(2)(a) were amended with effect from 1-4-1998. After the amendment for the purpose of sections 48 and 49, the cost of acquisition in relation to capital asset being goodwill of the business, tenancy right,