Court : Karnataka
Decided on : Feb-22-2002
Reported in : ILR2003KAR2066; [2002]257ITR31(KAR); [2002]257ITR31(Karn)
..... issue, detailed reference to the relevant provisions of the kvs scheme contained in the finance act, as also the clarification given by the central board of direct taxes (the 'cbdt') will be necessary. the relevant portion of section 88 of the finance (no. 2) act, relating to settlement of tax payable, reads as follows :'88. subject to ..... 1998/tpl, dated september 3, 1998 (see : [1998]233itr50(sc) ), under section 96 of the finance (no. 2) act, 1998. the said section 96 enables the central government to issue from time to time, such orders, instructions and directions to the authorities as it may deem fit, for the proper ..... therefore, the explanation to sub-section (1) of section 140a of the income-tax act applies only where the liability has attained finality. this is clarified by the department itself. the government of india, ministry of finance (department of revenue), central board of direct taxes, issued certain clarifications by circular f. no. 149/145 of .....
Tag this Judgment!Court : Karnataka
Decided on : Dec-19-2002
Reported in : (2003)180CTR(Kar)87; [2003]264ITR124(KAR); [2003]264ITR124(Karn)
..... heading 'income from capital gains', 43. in order to overcome the above judicial interpretation of the apex court, by the finance act, 1987, which came into force w.e.f. 1st april, 1988, section 55(2)(a) of the act was amended providing that cost of acquisition in the case of self-generated goodwill will be taken to be nil. [ ..... the firm is treated as an entity distinct from person who constituted the firm. in the case of d.s. bist and sons, nainital v. commissioner of income tax, delhi central, new delhi : [1979]116itr131(sc) it has been held that: 'it may be, as is quite often said, that a firm is merely a compendious description of ..... lands and buildings, plant and machinery and the goodwill. therefore, in a traditionally and judicially accepted sense the transaction can be said to be slump sale. but, neither it act nor any judicial pronouncement declares that where sale of the assets are made for lumpsum consideration, it cannot be subject to tax under the heading 'capital gains'. the law .....
Tag this Judgment!Court : Karnataka
Decided on : Feb-22-2002
Reported in : (2002)175CTR(Kar)347
..... the issue, detailed reference to the relevant provisions of the kvs scheme contained in the finance act, as also the clarification given by the central board of direct taxes will be necessary.7.1. the relevant portion of section 88 of the finance (no. 2) act, relating to statement of tax payable, which read as follows :'88. subject to ..... dated 3-9-1998, under section 96 of the finance (no. 2) act, 1998. the said section 96 enables the central government to issue from time-to-time, such orders, instructions and directions to the authorities as it may deem fit, for the ..... . therefore, the explanation to sub-section (1) of section 140a of the income tax act applies only where the liability has attained finality. this is clarified by the department itself. the government of india, ministry of finance (department of revenue) central board of direct taxes issued certain clarifications by circular no. f 149/145/98/dpl, .....
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