“joint development agreement”

Deputy Commissioner of Income-Tax, Central Circle-2(4), Bengaluru vs. Alagappa Annamalai (HUF), Bengaluru

Bench: Shri Chandra Poojari & Shri Soundararajan K.Sri Alagappa Muthiah (Huf) 34, 8Th Main, 4Th Cross Rajamahal Vilas Extension Bangalore 560 080 Pan No : Aaана3885P Appellant

justified in upholding the assessment of capital gains arising on the transfer of the Developers share in land in terms of the Joint Development agreement dated 10/02/2011 entered into between Appellant and his brother Sri A L Annamalai with the Developer M/S Millenia Realtors Pvt Ltd dated 10/02/201

Sri Alagappa Annamalai(HUF), Bangalore vs. Deputy Commissioner of Income-Tax, Central Circle-2(4), Bangalore

Bench: Shri Chandra Poojari & Shri Soundararajan K.Sri Alagappa Muthiah (Huf) 34, 8Th Main, 4Th Cross Rajamahal Vilas Extension Bangalore 560 080 Pan No: Aaaha3885P Appellant

justified in upholding the assessment of capital gains arising on the transfer of the Developers share in land in terms of the Joint Development agreement dated 10/02/2011 entered into between Appellant and his brother Sri A L Annamalai with the Developer M/S Millenia Realtors Pvt Ltd dated 10/02/201

Sri Alagappa Muthiah(HUF), Bangalore vs. Deputy Commissioner of Income-Tax, Circle-2(4), Bangalore

Bench: Shri Chandra Poojari & Shri Soundararajan K.Sri Alagappa Muthiah (Huf) 34, 8Th Main, 4Th Cross Rajamahal Vilas Extension Bangalore 560 080 Pan No: Aaана3885P Appellant

justified in upholding the assessment of capital gains arising on the transfer of the Developers share in land in terms of the Joint Development agreement dated 10/02/2011 entered into between Appellant and his brother Sri A L Annamalai with the Developer M/S Millenia Realtors Pvt Ltd dated 10/02/201

Mr. Muppuri Damodar, Bengaluru vs. Income Tax Officer, Ward-7(2)(5), Bengaluru

In the result, the appeal filed by the assessee is allowed for statistical purposes in terms of the above observations

Bench: Shri Waseem Ahmed & Shri Keshav Dubeymuppuri Damodar The Income Tax Officer #26/1, 7Th Main, Sb Colony Ward - 7(2)(5) Bsk Iii Stage, 7Th Block Vs. Bengaluru Bengaluru 560085 Pan – Ahppd9356E (Appellant) (Respondent) Assessee By: Ms. Sunaina Bhatia, Advocate Revenue By: Shri Ganesh R. Gale, Standing Counsel Date Of Hearing: 25.07.2024 Date Of Pronouncement: 31.07.2024 O R D E R Per: Keshav Dubey, J.M. This Appeal At The Instance Of The Assessee Is Directed Against The Order Of The Of The National Faceless Appeal Centre, Delhi [Cit(A)] Dated 09.02.2024 Vide Din & Order No. Itba/Nfac/S/250/2003-24/1060723928(1) Passed Under Section 250 Of The Income Tax Act, 1961 (The Act) In Respect Of Assessment Year (Ay) 2015-16. 2. The Assessee Has Raised The Following Grounds Of Appeal: “1. The Orders Of The Authorities Below In So Far As They Are Against The Appellant Are Opposed To Law, Equity, Weight Of Evidence, Probabilities, Facts & Circumstances Of The Case.. 2. The Learned Cit[A] Is Not Justified In Dismissing The Appeal As Not- Admitted On The Ground That The Applicable Advance Tax Has Not Been Paid By The Appellant Before The Filing Of The Present Appeal Under The Facts & In The Circumstances Of The Appellant'S Case.

filed the return of income for the relevant year declaring capital gain on the consideration received towards her share (50%) as per the Joint Development Agreement. In the present case, the assessee is contending that he is in the business of running a small medical shop and his income from

Deputy Commissioner of Income Tax, Circle- 4(1)(1), Bangalore vs. Ramesh Narayana Reddy (HUF), Bangalore

Bench: Shri Chandra Poojari & Shri Prakash Chand Yadavdcit, Circle - 4(1)(1) Ramesh Narayana Reddy (Huf) Room No. 230, 2Nd Floor #62, Sonnenahalli Bmtc Building, Koramangala Vs. Mahadevapura Bangalore 560095 Bangalore 560048 Pan – Aamhr4231A (Appellant) (Respondent) Assessee By: Shri V. Srinivasan, Advocate Revenue By: Shri Subramanian S., Jcit-Dr Date Of Hearing: 24.07.2024 Date Of Pronouncement: 30.07.2024 O R D E R Per: Prakash Chand Yadav, J.M. The Present Appeal Of The Revenue Challenges The Din & Order No. Itba/Nfac/S/2003-24/1061428431(1) Of The National Faceless Appeal Centre, Delhi [Cit(A)] Dated 23.02.2024 Passed Under Section 250 Of The Income Tax Act, 1961 (The Act) In Respect Of Assessment Year (Ay) 2020-21. 2. Aggrieved With The Order Of The Ld. Cit(A) The Revenue Has Come Up In Appeal Before Us & Raised The Following Grounds: - “The Ld. Addl. Cit(A) Has Erred In Deleting The Addition Of Rs. 1,18,01,752 As Deemed Rental Income On The Ground That There Was No Addition Made In The Case Of Other Two Co-Owners Of The Same Property For The Same Assessment Year. The Nfac Has Not Considered That The Assessments Of Three Different Co-Owners Were Completed In Faceless Manner. There Is No Algorithm For Allocation Of Cases Of Three Different Assessees Having Common Interest In A Single Property To A Single Assessing Officer For Assessment. Hence, Omission Of Addition In Cases Of Other Two Co-Owners Of The Property Wherein Assesses Is An Owner May Be Because

account of deemed rental income from the flats owned by assessee, these flats were allotted to assessee as a result of joint development agreement. b. NAFC has erred in taxing capital gain as Long Term Capital Gain (LTCG) declared by assessee instead of Short Term Capital Gain (STCG) as assessed ... assessee revised its return of income on 25.03.2021 by declaring an income of Rs.27,51,54,480/-. The assessee has entered into a Joint Development Agreement (JDA) with one Brigade Enterprises Ltd. for development of his lands which were earlier used by the assessee for agricultural purposes. During the course