SMT. VENKATASWAMY REDDY LAKSHMAMMA,BANGALORE vs. DCIT, CENTRAL CIRCLE-2(2), BANGALORE

ITA 2094/BANG/2025Status: DisposedITAT Bangalore27 August 2026AY 2019-2021 pages
AI SummaryAllowed

What were the facts?

The appeals involved additions made by the Assessing Officer (AO) under Income from House Property and Long Term Capital Gains (LTCG) based on a search operation. The assessees were related and involved in a Joint Development Agreement (JDA) for a property.

What did the Tribunal hold?

The Tribunal held that capital gains are taxable in the year of executing the JDA, not when the constructed area is handed over. It also held that additions based on uncorroborated loose sheets are not sustainable.

What were the issues?

The key issues were the year of taxability for capital gains arising from a JDA and the validity of additions based on 'dumb documents' found during a search.

Which sections of the Income-tax Act were involved?

Section 45,Section 132,Section 24(a)

AI-generated summary — verify with the full judgment below

IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH : BANGALORE

BEFORE SHRI PRASHANT MAHARISHI, VICE – PRESIDENT AND SHRI SOUNDARARAJAN K., JUDICIAL MEMBER

Assessment Appeal No. Appellant Respondent Year

Smt. Banaswadi Chinnappa Anitha, ITA No. No. 43, Near Canara Bank, 2022-23 2080/Bang/2025 Marathhalli, Bangalore – 560 037. PAN: AZDPA0033B

Smt. Narayan Vedavathi, No. 43, Near Canara Bank, 2016-17 ITA Nos. 2084 & Marathahalli, & 2085/Bang/2025 Bangalore – 560 037. 2019-20 PAN: ABOPV8677K The Deputy Commissioner of Income Tax, Late Sri N. Venkatesh Reddy, Through L/R Smt. Banaswadi Central Circle – 2(2), Bangalore. Chinnappa Anitha, 2016-17 ITA Nos. 2088 & No. 43, Near Canara Bank, & 2089/Bang/2025 Marathhalli, 2019-20 Bangalore – 560 037. PAN: ACYPR9109D Late Sri Venkataswamy Kodanda Reddy, Through L/R Smt. N. Vedavathi, 2016-17, 2019-20 ITA Nos. 2090 to S/o. Late Venkataswamy & 2092/Bang/2025 Reddy, 2022-23 House No. 696, CKB House, Near Axis Bank, Bangalore – 560 037. PAN: AFMPK4473Q ITA Nos. 2080/Bang/2025 & Others Assessment Appeal No. Appellant Respondent Year Smt. Venkataswamy Reddy The Deputy Lakshmamma, Commissioner of 2016-17, 2019-20 ITA Nos. 2093 to No. 43,

The order continues below.

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