Search Results for "long term capital gain"

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Bombay High Court Upholds Revenue's View on Capital Gains Computation in Amalgamation Case. Assessee Not Entitled to Substitute Fair Market Value as on 1-1-1964 for Shares Acquired Under Sections 47 and 49 of Income Tax Act, 1961.

The case pertains to a reference under Section 256(1) of the Income Tax Act, 1961, at the instance of the assessee, M/s. Madhura Coats Ltd., arising f...

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Bombay High Court Allows Revenue's Appeal in Income Tax Case - Holding Period for Long-Term Capital Gains Determined by Section 2(42A) Explanation 1. Indexation Benefit Requires Asset Held for More Than 36 Months; Inherited Property's Holding Period Includes Previous Owner's Period.

The case involves an appeal by the Commissioner of Income Tax against an order of the Income Tax Appellate Tribunal (ITAT) regarding the computation o...

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Bombay High Court Partly Allows Revenue's Appeal on Disallowance of Legal and Professional Charges in Income Tax Case. Tribunal's Order Set Aside Regarding Legal Expenses but Upheld on Depreciation and Section 54EC Deduction.

The appeal by the revenue under Section 260A of the Income Tax Act, 1961 challenged the order of the Income Tax Appellate Tribunal dated 19/1/2010 in ...

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Bombay High Court Allows Writ Petition Challenging Reopening of Assessment Under Section 148 of Income Tax Act, 1961 Based on Change of Opinion. Reassessment Notice and Order Quashed as Assessing Officer Had No Fresh Tangible Material to Justify Reopening.

The petitioner, Aroni Commercials Limited, challenged a notice dated 28 March 2013 under Section 148 of the Income Tax Act, 1961 seeking to reopen its...

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Madras High Court Dismisses Revenue's Appeal in Capital Gains vs Business Profits Dispute. Profit on Sale of Land Held as Capital Gains Where Assessee Not in Property Development Business.

The case involves an appeal by the Commissioner of Income Tax against an order of the Income Tax Appellate Tribunal for assessment year 2004-05. The a...

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Bombay High Court Dismisses Revenue's Appeal in Income Tax Reopening Case — Reopening Invalid Due to Change of Opinion. Tribunal's finding that reassessment notice was based on mere change of opinion upheld under Section 147 of Income Tax Act, 1961.

The case pertains to an appeal by the Revenue against the order of the Income Tax Appellate Tribunal (ITAT) which held that the reopening of assessmen...

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Bombay High Court Dismisses Revenue Appeals in Income Tax Cases Involving Long-Term Capital Gains and Business Income Classification. Court upholds ITAT findings that gains from sale of agricultural land and shares were capital gains, not business income, under the Income Tax Act, 1961.

The judgment involves a batch of income tax appeals filed by the Commissioner of Income Tax against various assessees, including Nitish Rameshchandra ...