Supreme Court of India
M/s. Fibre Boards (p) Ltd. Bangalore v. Commissioner of Income Tax, Bangalore
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
4 Supreme Court benches have cited this judgment.
What the Court ordered
We are of the view that the aforesaid construction of Section 54G would render nugatory a vital part of the said D Section so far as the assessee is concerned.
Judgment, page 37
From the headnote
Income Tax Act, 1961- s. 54G - Exemption of capital c gains on transfer of assets in cases of shifting of industrial undertaking from urban area - Exemption u/s. 54G - Claim of, by assessee - On the entire capital gain earned from the sale proceeds of its erstwhile industrial undertaking situated in notified urban area in view of the advances so made being more than the capital gain made by it- Held: Advances paid for the purpose of purchase and/or acquisition of the said assets amount to utilization·by the assessee of the capital gains made by him for the purpose of purchasing·andlor
Authorities it was built on
- 1963 State of Orissa v. M.A. Tulloch and Co.
- 1975 Mamleshwar Prasad & Anr v. Kanahaiya Lal (dead) through L.rs.
- 1954 State of Punjab v. Mohar Singh
- 1989 Ratan Lal Adukia & Anr. v. Union of India
- 2000 Kolhapur Canesugar Works Ltd. Etc Etc. v. Union of India
- 1969 Rayala Corporation (p) Ltd. & Ors. v. Director of Enforcement, New Delhi
- 1999 Commissioner of Income Tax, Bangalore v. Venkateswara Hatcheries (p) Ltd. Etc. Etc.
- 2002 State of Punjab v. Harnek Singh
- 2002 M/s. General Finance Co. and Anr. v. Assistant Commissioner of Income Tax, Punjab
- 1990 Poonjabhai Varmalidas v. Commissioner of Income Tax, Ahmedabad
Where later benches applied it
- 2017 Chandpaklal Ramanlal Shah and Anr. v. Reliance Industries Ltd.
- 2017 Roger Shashoua & Others v. Mukesh Sharma & Others
- 2016 Vikas Yadav v. State of U.P. and Ors. Etc. Etc.
- 2017 Union of India and Another v. M/s. Kumho Petrochemicals Company Limited and Another
Of those, 3 referred to · 1 not applicable
Sign in free to read it
- The full judgment, page by page, as published in the Supreme Court Reports
- The ratio: what the Court held, verbatim, with the page it sits on
- Every bench that relied on it, and every bench that argued against it
- Search every reported judgment, by party, citation or question
- Download the PDF, copy pinpoint citations ready for a filing
An email address, no password.