Judgment Search Results Home > Cases Phrase: income tax act 1961 section 115e tax on investment income and long term capital gains Page 1 of about 12 results (0.127 seconds)

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

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1990)34ITD523(Delhi)

..... thus the short term capital gains derived from foreign exchange assets would fall within the definition of investment income as defined in section 115c(c) of the income-tax act, 1961. ..... , to deduct taxes on short term capital gains, would also not warrant the inference that the short term capital asset does not fall within the definition of investment income under section 115e.since the language of the relevant provisions of the act is unambiguous we cannot unnecessarily resort to investigation and determination of intention of the legislature on the basis of speech of the finance minister. ..... thus undoubtedly the short term capital gains fall within the definition of income under section 2(24)(vi) of the income-tax act, 1961. ..... 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 of manubhaia. ..... on the same analogy, learned counsel contended, that the income derived from the sale of foreign exchange asset is income from the asset and accordingly investment income within the meaning of section 115c(c) of the income-tax act, 1961. .....

Commissioner of Income-tax Vs. Sangya Jain

Court : Punjab and Haryana

Reported in : [1998]232ITR666(P& H)

..... of income-tax, haryana, rohtak, has filed this petition under section 256(2) of the income-tax act, 1961, for issuance of a mandamus directing the income-tax appellate tribunal, delhi bench, new delhi, to refer the following question of law to this court for its opinion, along with the statement of the case :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that mention of specific words 'long-term capital gains' in section 115e would not necessarily imply that short-term capital gains ..... the tribunal, on a consideration of the relevant provisions of law, held that short-term capital gains fall within the definition of 'investment income' under section 115e read with section 115c.5. ..... under section 115e in respect of long-term capital gains was accepted by the revenue. ..... view that the question of law has to be reframed and, accordingly, we direct the tribunal to refer the following question of law along with the statement of the case for the opinion of this court instead of the one claimed by the revenue ;'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that the short-term capital gains are included in the long-term capital gains in sections 115e and 115c and that the short-term capital gains is an investment income within the meaning .....

Dr. Rajnikant R. Bhatt Vs. Commissioner of Income-tax

Court : Authority for Advance Rulings

Reported in : (1996)222ITR562AAR

..... trust of india or from mutual fund specified under clause (23d) of section 10 will be given the same treatment and taxed at 15 per cent, of the gross amount (b) whether interest accrued and received by the assessee in india as a beneficial owner and taxable under section 56 of the income-tax act, 1961, will be taxed at 12.5 per cent, of the gross amount of interest according to article 11 of the abovementioned/treaty (c) whether capital gain (long-term as well as short-term capital gain), arising from the sale of shares, debentures, units and other like securities will be totally exempt from ..... tax in india, according to article 13 of the abovementioned treaty whether the dividend income, interest received from government or an indian concern, and income received in respect of units of mutual funds specified under clause (23d) of section 10 or the unit trust of india will be taxable as per the provisions of section 115a or as per the provisions of section 115e ?" 5. ..... he has, during the past several years, invested substantial sums in shares and debentures of indian companies, units of the unit trust of india (u. t. i. .....

In Re: V. Ravi Narayanan

Court : Authority for Advance Rulings

..... of the foreign exchange regulation act, 1973 (46 of 1973), and any rules made thereunder; (b) "foreign exchange asset" means any specified asset which the assessee has acquired or purchased with, or subscribed to in, convertible foreign exchange; (c) "investment income" means any (income derived other than dividends referred to in section 115-o) from a foreign exchange asset; (d) "long-term capital gains" means income chargeable under the head "capital gains" relating to a capital asset, being a foreign exchange asset which is not a short-term capital asset; (e) "non-resident indian ..... foreign exchange in a banking company which is not a private company, shall be treated as 'foreign exchange asset' under clause (b) of section 115c of the act; (ii) income by way of interest earned from the said nro deposit shall be treated as 'investment income' under clause (c) of section 115c and shall be liable to be taxed at the rate of twenty per cent under section 115e; and (iii) the banks paying interest on the nro deposit of the applicant are required to deduct tax at source at the rate of twenty per cent. ..... the interest on such nro deposits can be treated as 'investment income' under section 115c of the it act, 1961 and liable to be taxed at 20 per cent only under section 115e? ..... that the interest income arising from that account will be 'investment income' under section 115c of the it act, 1961 (the act').accordingly, it will attract income-tax @ 20 per cent under section 115e of the act. .....

Sunderdas Haridas Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (1998)67ITD89(Pat.)

..... if the benefit of the concessional tax rate is extended even to short-term capital gains by including the short-term capital gains within the scope of the expression "investment income" used in section 115e such an approach would overlook the distinction consistently made in the act between the short-term capital gains and long-term capital gains and also, as already observed, render the expression "long-term capital gains or both redundant". ..... this decision of the apex court was given in the context of interpreting the provisions of section 16(3)(a)(iii) of the income-tax act, 1922 which corresponds to section 64(iv) of the income-tax act, 1961. ..... not only clause (24) of section 2 of the 1961 act, which defines the word "income", by sub-clause (vi) includes "any capital gains chargeable under section 45" within the meaning of the word "income", but the supreme court also has in navinchandra's case [1954] 26 itr 758, held such capital gains to be income. ..... sarala devi (supra) where the leading decision taking a view contrary to that of bombay high court in manubhai a.sheth's case (supra) were considered, their lordships of kerala high court observed as under :- "the profits or gains arising from the sale of land used for agricultural purposes constitute income because section 2(24) of the income-tax act, 1961, includes as "income" capital gains chargeable under section 45. .....

Commissioner of Income-tax, Mumbai City -II Vs. Sham L. Chellaram

Court : Mumbai

..... a plain reading of section 115e of the act would thus indicate that the benefit of concessional tax would be available to a non-resident on specified assets only to the following extent: (a) investment income; and (b) income by way of long term capital gains. ..... if we apply the definition of income as provided in section 2 of the act to the use of the word 'investment income' found in chapter xii-a of the act and particularly in section 115e thereof, we would render the words 'income by way of long term capital gain' therein redundant. ..... section 115e which is part of chapter xii-a of the act at the relevant time granted benefit of concessional rate of tax at 20% to the extent the income of the non-resident consists of 'investment income' or 'income by way of long term capital gains' or both arising out of assets specified in chapter xii-a of the act. ..... this not having been done is a clear indication that parliament restricted the benefit of section 115e of the act only to long term capital gains and investment income. 21. ..... thus the interpretation by the revenue also find support from the fact that section 115e of the act specifically indicates income by way of long term capital gains to be entitled to the benefit of section 115e of the act as it is not considered to be an income derived from an investment. ..... this appeal by revenue under section 260a of the income tax act, 1961 (the 'act') assails the order dated 12th july 1999 passed by the income tax appellate tribunal (the 'itat'). 2. .....

Mrs. Prema P. Shah and Sanjiv P. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD60(Mum.)

..... hence the commissioner of income-tax (appeals) held, the assessee being a non-resident indian, is not entitled to any deduction in respect of expenditure or allowance under the provisions of the income-tax act and if the income of the non-resident consists only of investment income or income by way of long-term capital gain or both, tax payable by him on his total income shall be the amount of income-tax calculated on such total income at 20 per cent. ..... as per section 115d(2)(a), in the case of an assessee, being a non-resident indian-(a) the gross total income consists only of investment income or income by way of long-term capital gains or both, no deduction shall be allowed to the assessee under sub-section (2) of section 48 or under chapter vi-a. ..... the assessing officer held section 54 of the income-tax act speaks of purchase of residential property or construction thereof within a stipulated period, so that long-term capital gains would be exempted from tax. ..... reference was also made to the definition of "specified asset" and "long-term capital gain" under the provisions of section 115c. ..... for the above proposition, learned counsel drew our attention to section 11 of the income-tax act, 1961. ..... of such income in view of the provisions of sub-section (1) of section 115e. .....

Dr. Virindra Kumar Raina Vs. Dit-ii (international Taxation), New Delh ...

Court : Authority for Advance Rulings

..... purposes of the foreign exchange regulation act, 1973 (46 of 1973), and any rules made thereunder; (b) foreign exchange asset means any specified asset which the assessee has acquired or purchased with, or subscribed to in, convertible foreign exchange; (c) investment income means any [income derived other than dividends referred to in section 115-o] from a foreign exchange asset; (d) long-term capital gains means income chargeable under the head capital gains relating to a capital asset, being a foreign exchange asset which is not a short-term capital asset; (e) non-resident indian means ..... section 115h gives an option to a person who was previously a non-resident but has subsequently become a resident, of asking for continued treatment of his income from specified asset for concessional rate of tax as specified in section 115e. ..... by complying with the requirements of section 115h of the income-tax act, 1961 ( the act ), he can continue to avail this concessional rate of tax in subsequent years also after his return to india. ..... coming to the applicability of section 115e to the new nro accounts opened by the applicant during the financial year 2008-09 after his return to india, and to the extended period of the existing nro accounts, we notice that this section applies to the investment income of a non-resident indian, which expression has been defined in section 115c(e) to mean an individual who is a citizen of india or a person of indian origin, who is not a resident. .....

Mitsui and Company Ltd. Vs. Deputy Commissioner of Income Tax

Court : Delhi

Reported in : (1999)65TTJ(Del)1

..... (iii) that although by inserting an explanationn in section 9(ii) of the income tax act, 1961, with effect from 1st april, 1979 by the finance act, 1983, it is clarified and declared that the income which falls under the head 'salaries' payable for services rendered in india, shall be regarded as income earned in india, yet all kinds of payments arising under a contract of employment are not liable to tax in india. ..... (b) that the company had all along maintained during penalty proceedings that as per terms of employment of expatriate employees on deputation to india, part of their salary had been paid to them in japan as retention/continuation pay and the provisions of chapter xvii-b of the income tax act did not apply to payment of salary in japan. ..... we, however, find that though according to the assessee-company, the amount paid in japan was not salary but retention/continuation pay, and provisions of chapter xvii-b did not apply thereto but the company to avoid litigation and to extend necessary cooperation to the government of india looking to their long-term business interest in india did not pursue such legal claim and ultimately made the payment of the amount of short tax deduction and also interest thereon. ..... the payment of short deduction of tax as well as interest thereon for delayed payment could be to avoid long-term litigation looking to its trade interest in india. .....

Commissioner of Income-tax Vs. I. Chatterji

Court : Mumbai

Reported in : (1986)50CTR(Bom)129; [1986]161ITR535(Bom); [1986]24TAXMAN251(Bom)

..... the aforementioned case of arvind narottam lalbhai dalpatbhai vada : [1976]105itr378(guj) , observed that the words which required interpretation, having regard to the argument before it (which is the argument before us) in sub-section (2) of section 23 of the income-tax act, 1961, were : 'the annual value shall first be determined as in sub-section (1) 'and' and further be reduced by one-half of the amount'. ..... the instance of the revenue, this reference is made under section 256(1) of the income-tax act, 1961, to pose the question :'whether the tribunal was right in holding that the deduction for municipal taxes was allowable under section 23(1) of the income-tax act, 1961, while determining the annual value in the case of self- ..... the words 'and further be reduced' in sub-section (2) of section 23 of the income-tax act, 1961, do not lead to the conclusion that there has already been a reduction in the annual letting value by the application of the provisions contained in sub-section (1). ..... court came to the same conclusion as the gujarat high court but did not rest itself solely upon the words 'and further be reduced' in sub-section (2) of section 23 of the income-tax act, 1961. ..... emphasis upon the words 'and further be reduced' in sub-section (2) of section 23 of the income-tax act, 1961. ..... for the revenue, submitted that having regard to this position and the language of section 23 of the income-tax act, 1961, no deduction was available to the assessee on account of municipal taxes.6. .....