Judgment Search Results Home > Cases Phrase: gains of learning Page 7 of about 47,589 results (0.021 seconds)

Raj Pal Singh Vs. Commissioner of Income Tax Haryana

Court : Supreme Court of India

..... therefore, the aforesaid decisions cited by the learned counsel for parties, even if of guidance on the question relating to the right to receive compensation, do not directly assist us in determination of the core question involved in this matter because, income-tax on capital gains is not levied on the mere right to receive compensation. ..... 11 ..since i have already held that the learned ito was justified in including the enhanced compensation in the total consideration received by the appellant for acquisition of his lands, for computation of capital gains, i hold that appellant has no case in respect of the interest amount of rs.27255/- 17 as mentioned in ground of appeal no.5 of the original grounds of appeal. ..... in the second limb of submissions, learned counsel for the appellant has referred to the order dated 19.12.1985, as passed by the itat in ita no.635/chd/84 for the assessment year 1975-1976 (annexure p-5) and has submitted that in the similar facts and circumstances, pertaining to the acquisition of another land of the appellant, the itat specifically decided that capital gains were not relatable to the date of award but were relatable to the date of dispossession ..... therefore, according to the learned counsel, capital gains chargeable to income-tax accrued only on the date of award and, in this position, the date of notification i.e. .....

Smt. Trishla JaIn Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1990)34ITD523(Delhi)

..... to the points raised by the departmental representative, the learned counsel for the assessee contended that the mere fact that the long term capital gains has been specifically included in section 115e it would not follow that short term capital gains have been excluded from the purview of section 115e. ..... n.d.nirgudkar, second ito [1981] 128 itr 87 where it was held that gains on sale of agricultural land constitutes agricultural income and accordingly not liable to tax, learned departmental representative contended that in the belowmentioned cases, high courts of karnataka, kerala and gujarat have taken contrary view : it was accordingly urged that the orders of the assessing officers as well as of the cit(a) may ..... as such the income derived from the short term capital gains on sale of equity shares falls within the definition of investment income as defined under section 115c(c), it was contended.the learned counsel invited our attention to the decision of the hon'ble supreme court in the case of sevantilal maneklal ..... according to the learned counsel since long term capital gains are to be determined in accordance with the special provisions of the act and deductions are permissible under section sot of the act it could be the reason for the use of separate expression in respect of long term capital gains in section 115e.regarding the decision of the karnataka, kerala and gujarat high courts, the learned counsel contended that the decisions of bombay high court in the case .....

Dhruv N. Shah Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)88ITD188(Mum.)

..... assessee for the mental tension and agony suffered by the assessee and his family members for loss of good bargain, steep rise in the price of real estate and loss due to payment of taxes on capital gain earned which is supported by the ready reckoner and market value of flats during 1990 to 1999 placed on the paper book which can be held to be a right cause for payment of liquidated damages which is ..... the cit had no jurisdiction to pass an order under section 263.2.13 joining the issue with the learned departmental representative, the learned counsel contended that in para 6.2 of his order, the learned cit has held that liquidated damages will be restricted to the covenanted amount in the agreement (i.e., rs ..... 2.10.3 apart from emphasising the fact that real estate prices had doubled between 1993 and 1995, the learned counsel contended that agreement to sell the aforesaid flat to the assessee was illegal because m/s mbpl had no title to ..... is not assessable to tax as capital gain whereas the learned jm has held that the cit has rightly exercised jurisdiction under section 263 and also held that the amount received by the assessee from m/s mahendra builders ..... the learned counsel, while summing up his arguments, contended that the assessee had sold the original flat, new flat could not be properly acquired and hence the assessee had to pay the tax on the capital gains earned, lost his father because of the continued tensions relating to the flat and is presently staying in a .....

Ece Industries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)111TTJ(Delhi)11

..... /2003.since we have held that the sale transaction in the case of the assessee was a slump sale and have also directed the ao to recompute the capital gains as per law and in view of section 45 of it act, we set aside the finding of the learned cit(a) and restore the matter to the ao for recomputing the capital gain or capital loss and thereafter to decide the issue relating to set off of the business loss, if any, as per law.83. ..... ; and the assessee also made reference to the facts that the newly inserted section 50b related to the computation of capital gains in the case of slump sale and submitted that prior to the insertion of section 50b indexing was allowable in the case of slump sale.3.9 learned cit(a) distinguished the authorities on which reliance was placed by the assessee and upheld the view taken by the ao. ..... in the light of the foregoing discussion, i do not consider the sale of sonepat unit as a 'slump sale'.3.10 the learned first appellate authority also considered the issue relating to cost of acquisition, cost of improvements and method of computation of capital gain as given in sections 48 and 50 of it act and held that provisions of section 50 which provide a special method for determining the cost of acquisition shall apply in the case of the assessee.3.11 regarding the applicability of section 50b relating to .....

Amar Nath and Vs. Hukam Chand Nathu Mal

Court : Mumbai

Reported in : (1921)23BOMLR671

..... it is true that a distinction may be drawn between a presumption in favour of partibility, which is a legal attribute of the gains in question, and a presumption in favour of detriment to the patrimony involved in acquiring the specialised learning, the use of which has produced the gain, which is a question of fact; but, in their lordships' opinion, if it is in general incumbent upon the joint family member to prove that his case is au exception to the prevailing rule of partibility, it is also incumbent upon him to prove the particular ..... salary was held impartible, not because a judge stands outside the rule or because a knowledge of law in the nineteenth century is not within the term 'learning' as used in the eleventh, but because in these matters a self-taught man has the best of it, for gains are impartible which are not the result, directly or indirectly, of anything but his own exertions.9. ..... it involves, there is no logical reason for making any further distinction between gains made by science and gains made by labouring on the patrimony or by laying out the family funds and reaping the fruits of the ontlay, nor for distinguishing cases where the learning employed is a specialised and cases where it is a mere ordinary education ..... the dull coparcener, who learns but turns his learning to poor account, must share his gains such as they are, while his brother, who learns without teaching and acquires professional skill by intuition only, keeps his greater gains for himself. .....

Dhruv N. Shah Vs. Dy. Cit

Court : Mumbai

Reported in : [2004]88ITD118(Mum)

..... the mental tension and agony suffered by the assessee and his family members for loss of good bargain, steep rise in the price of real estate and loss due to payment of taxes on capital gain earned which is supported by the ready reckoner and market value of flats during 1990 to 1999 placed on the paper book which can be held to be a right cause for payment of liquidated damages ..... therefore, he directed the assessing officer to keep in mind the discussions made in commissioner's order under section 263 and treat the amount as capital gain accrued and in lieu of relinquishment of the rights vested in him in the property by virtue of agreement dated 27-12-1992 and for non-receipt of peaceful ..... had no jurisdiction to pass an order under section 263.2.14 joining the issue with the learned departmental representative, the learned counsel contended that in para 6.2 of his order, the learned commissioner has held that liquidated damages will be restricted to the covenanted amount in the agreement ..... is not assessable to tax as capital gain whereas the learned judicial member has held that the commissioner of income-tax has rightly exercised jurisdiction under section 263 and also held that the ..... the learned counsel, while summing up his arguments, contended that the assessee had sold the original flat, new flat could not be properly acquired and hence the assessee had to pay the tax on the capital gains earned, lost his father because of the continued tensions relating to the flat and .....

Commissioner of Income Tax Vs. Lake Palace Hotels and Motels

Court : Rajasthan

Reported in : (2008)219CTR(Raj)578

..... asset the following amounts, namely:(i) expenditure incurred wholly and exclusively in connection with such transfer,(ii) the cost of acquisition of the asset and the cost of any improvement thereto.thus, according to section 45, any profit or gain, arising from transfer of capital asset, effected in the previous year, is deemed to be income of the previous year, in which transfer took place, and according to section 48, it is to be computed by deducting from the full value of consideration, received, or ..... against this order, the revenue went in appeal before the tribunal, and the learned tribunal has found, that to charge capital gains under sections 45 and 48, four conditions are required to be fulfilled, being as under:1 ..... to be very specific, what is significant to note is, that even a combined reading of the two sections, nowhere provides for any deemed profit, or deemed gain, or any hypothetical benefit, deemed to have been received, or to be deemed to be accruing to the transferor, as a result of the transfer of the capital asset ..... then section 48 was considered, being providing the mode of computation, under the head capital gain; wherein it is provided, that unless otherwise provided, the consideration shown in the document of transfer should be adopted, being binding, as per standing provisions of law, in absence of appropriate ..... the learned cit(a) has allowed the appeal of the assessee, and set aside the order of the learned ao, assessing capital gain at an amount of rs .....

Commissioner of Income Tax Vs. Nanalal Teli

Court : Rajasthan

Reported in : (2008)220CTR(Raj)186

..... we have considered the submissions and find that section 45 does provide for chargeability of the profits and gains arising out of transfer of capital asset, to tax, under the head 'capital gains' but then, section 48 provides the mode of computation, and provides that capital gain shall be computed by deducting from the full value of the consideration received, or accruing, as a result of the transfer of the capital asset, being the amounts of the expenditure incurred wholly and ..... it was contended by the learned counsel for the revenue that the provisions of section 45 did very much exist at the time of the transaction in question, which provides for taxability of the profits or gains, arising from transfer of capital asset, under the head 'capital gains', and therefore, the learned tribunal was wrong in dismissing the appeal of the revenue.6. ..... in our view, even without going into the aspect about existence of the provisions of taxability of 'capital gains' in the year 1993-94, in view of the judgment of this court in gotan lime stone's case (supra) the question, as framed, is required to be, and is, answered against the revenue.9. ..... the other aspect of the matter is, as fairly pointed out by the learned counsel for the revenue, by showing us the judgment of this court, in cit v ..... thus, the tribunal, on the basis of it, is right in concluding that at the relevant time the liability of 'capital gains' to be taxed, could not be attracted, in case of transfer of right of mining lease. .....

Commissioner of Income-tax Vs. General Industrial Society Ltd.

Court : Kolkata

Reported in : (2003)183CTR(Cal)67,[2003]262ITR1(Cal)

..... the revenue did not prefer any appeal against the findings of the commissioner (appeals) that it was business income and not capital gains, therefore, the learned tribunal refrained from going into the question whether it was capital gains or not and had exempted the amount from being taxed.2. ..... what was received on transfer of the licence, a capital asset within the meaning of section 2(14), was not an income from business under section 28 more particularly under clause (iv) and though chargeable under the head 'capital gains' under section 45 but since incomputable by reason of sections 48 and 49, read with section 55(2) in assessment year 1986-87, the same could not be assessed to capital ..... commissioner (appeals) had held that this amount cannot be treated to be capital gains but it was definitely an income from business and was chargeable to tax. ..... the statement of case was stated by the learned tribunal on the basis of the order passed by this court under section 256 ..... he alternatively contended that if it cannot be charged under the head 'capital gains', it was definitely a business income since this was a receipt by the assessee in the course of its ..... on appeal before the learned tribunal by the assessee, the learned tribunal had held that it was not business income since the assessee was not carrying on business in dealing with ..... none of the provisions pertaining to the head 'capital gains' suggests that they include an asset in the acquisition of which no cost at all can be .....

Cit Vs. General Industrial Society Ltd.

Court : Kolkata

Reported in : [2003]129TAXMAN628(Cal)

..... since the revenue did not prefer any appeal against the findings of the commissioner (appeals) that it was business income and not capital gains, therefore, the learned tribunal refrained from going into the question whether it was capital gains or not and had exempted the amount from being taxed.2. ..... :what was received on transfer of the licence, a capital asset within the meaning of section 2(14), was not an income from business under section 28 more particularly under clause (iv) and though chargeable under the head 'capital gains under section 45 but since incomputable by reason of sections 48 and 49, read with section 55(2) in assessment year 1986-87, the same could not be assessed to capital ..... commissioner (appeals) had held that this amount cannot be treated to be capital gains but it was definitely an income from business and was chargeable to tax. ..... the statement of cases was stated by the learned tribunal on the basis of the order passed by this court under section 256 ..... he alternatively contended that if it cannot be charged under the head capital gains, it was definitely a business income since this was a receipt by the assessee in course of its ..... on appeal before the learned tribunal by the assessee, the learned tribunal had held that it was not business income since the assessee was not carrying on business in dealing with ..... none of the provisions pertaining to the head 'capital gains' suggests that they include an asset in the acquisition of which no cost at all can be .....