M/S. CONCORDE HOUSING CORPORATION PRIVATE LIMITED,BENGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), BENGALURU

In the result, appeal of the assessee in ITA No

Bench: Shri Chandra Poojari & Shri Prakash Chand Yadav

bogus. These are only the computation of long term capital gain from sale of shares. Therefore, the documents which were found and seized during the course of search and seizure action containing details of long term capital gain would not be regarded as incriminating material disclosing any income not recorded in the books of account. Apart from the fact that

M/S. YASHASWI FISH MEAL AND OIL COMPANY,UDUPI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, MANGALORE

In the result, all the appeals of the assessee are partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

purchases recorded in the computer of the assessee firm containing date wise purchases made by the assessee from Malpe were found. When confronted, the partner present during the course of the survey proceedings, clarified that the purchases under the column "MalpePur Actual" represented the actual purchases for which payments had been made by NEFT/RTGS and ITA Nos.62 to 66/Bang/2023

M/S. YASHASWI FISH MEAL AND OIL COMPANY,UDUPI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, MANGALORE

In the result, all the appeals of the assessee are partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

purchases recorded in the computer of the assessee firm containing date wise purchases made by the assessee from Malpe were found. When confronted, the partner present during the course of the survey proceedings, clarified that the purchases under the column "MalpePur Actual" represented the actual purchases for which payments had been made by NEFT/RTGS and ITA Nos.62 to 66/Bang/2023

M/S. YASHASWI FISH MEAL AND OIL COMPANY,UDUPI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, MANGALORE

In the result, all the appeals of the assessee are partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

purchases recorded in the computer of the assessee firm containing date wise purchases made by the assessee from Malpe were found. When confronted, the partner present during the course of the survey proceedings, clarified that the purchases under the column "MalpePur Actual" represented the actual purchases for which payments had been made by NEFT/RTGS and ITA Nos.62 to 66/Bang/2023

M/S. YASHASWI FISH MEAL AND OIL COMPANY,UDUPI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, MANGALORE

In the result, all the appeals of the assessee are partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

purchases recorded in the computer of the assessee firm containing date wise purchases made by the assessee from Malpe were found. When confronted, the partner present during the course of the survey proceedings, clarified that the purchases under the column "MalpePur Actual" represented the actual purchases for which payments had been made by NEFT/RTGS and ITA Nos.62 to 66/Bang/2023

M/S. YASHASWI FISH MEAL AND OIL COMPANY,UDUPI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1, MANGALORE

In the result, all the appeals of the assessee are partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

purchases recorded in the computer of the assessee firm containing date wise purchases made by the assessee from Malpe were found. When confronted, the partner present during the course of the survey proceedings, clarified that the purchases under the column "MalpePur Actual" represented the actual purchases for which payments had been made by NEFT/RTGS and ITA Nos.62 to 66/Bang/2023

SHRI. SUNIL KUMAR JALAN,BANGALORE vs. INCOME TAX OFFICER, WARD- 6(3)(1), BANGALORE

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Shri George George K.Shri Sunil Kumar Jalan Vs The Income Tax Officer - 6(3)(1) No.703, 7Th Floor, Ebony Bmtc Building, 80Ft Road A Wing, Godrej Woods Apts 6Th Block, Koramangla Near Hebbal Flyover Bengaluru 560095 Bangalore 560024 Pan – Acdpj0966D (Appellant) (Respondent) Assessee By: Shri P.K. Prasad, Advocate Revenue By: Dr. Sankar Ganesh K., Addl. Cit-Dr Date Of Hearing: 23.02.2023 Date Of Pronouncement: 28.02.2023 O R D E R Per: George George K., J.M. This Appeal At The Instance Of The Assessee Is Directed Against The Cit(A)’S Order Dated 25.11.2019. The Relevant Assessment Year Is 2014-15. 2. The Brief Facts Of The Case Are As Follows: - The Assessee Is An Individual Engaged In Granite Business. For The Assessment Year (Ay) 2014-15 Return Of Income Was Filed On 28.11.2014 Declaring Total Income Of Rs.13,52,370/- Consisting Of Income From House Property, Capital Gains & Business Income. The Assessment Was Selected For Scrutiny & Notice Under Section 143(2) Of The Income Tax Act, 1961 (The Act) Was Issued On 18.09.2015. The Assessee’S Ar Attended Hearing On 30.12.2016 & 2 Shri Sunil Kumar Jalan Produced The Books Of Accounts & Other Details. The Assessing Officer (Ao) Concluded The Assessment Under Section 143(3) Of The Act Vide Order Dated 30.12.2016 Making The Following Addition: -

Long Term Capital Gains under section 10(38) of the Income - Tax Act by disregarding the facts, evidences and reasons and merely on the basis of suspicion, presumptions and without due and independent application of mind on the generalised report of the Investigation Wing of Kolkata, in total defiance of natural justice by denying sharing of the information and evidences

MANOJ KUMAR ,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(2)(1) , BANGALORE

In the result, appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2014-15

bogus long term capital gain without any basis whatsoever on the facts and circumstances of the case. 16. The learned authorities below are not justified in making the above additions merely on the presumption, surmise and conjecture and not based on any cogent material facts and circumstances of the case. 17. The learned authorities below are also not justified

AKSHAY KUMAR RUNGTA,BANGALORE vs. INCOME TAX OFFICER, WARD 2(1), INTERNATIONAL TAXATION

In the result, appeal filed by the assessee is allowed as per above terms

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubeyit(It)A No.66/Bang/2024 Assessment Year :2015-16

long term capital gains as unexplained in terms of section 69A of the Act without appreciating the fact that the nature and source of such transaction stands explained on the facts and circumstances of the case. iii. Without prejudice and not conceding that the sale of shares were in order, the learned assessing officer ought to have allowed the purchase

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), BENGALURU vs. HIREHAL JAIRAJ BALRAM, BENGALURU

In the result, appeal filed by the assessee is allowed for statistical\npurposes

long term\ncapital gains as computed by the learned assessing officer.\n(5) That, in facts and circumstances of the case, the Learned\nCommissioner of Income Tax ought to have appreciated that\nthe alleged transaction was between relatives i.e. between\nson -in-law and father – in – law and that the intension of\nthe parties was to effect a deed

M/S. HARIS MARINE PRODUCTS,MANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1,, MANGALORE

In the result, both the appeals of the assessee are\nallowed

bogus so as to disallow the same and brought to tax as\nundisclosed income of the assessee.\n5.7 Further, there was a CBDT circular file no.286/98/2013-IT\n(Inv.II) dated 18.12.2014 which states as under:\n“Instances/complaints of undue influence/coercion have come to notice of\nthe CBDT that some assessees were coerced to admit undisclosed income\nduring Searches/Surveys conducted

M/S. HARIS MARINE PRODUCTS,MANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, , MANGALORE

In the result, both the appeals of the assessee are\nallowed

bogus so as to disallow the same and brought to tax as\nundisclosed income of the assessee.\n5.7 Further, there was a CBDT circular file no.286/98/2013-IT\n(Inv.II) dated 18.12.2014 which states as under:\n“Instances/complaints of undue influence/coercion have come to notice of\nthe CBDT that some assessees were coerced to admit undisclosed income\nduring Searches/Surveys conducted

MR. ISHAAN HEGDE L/R OF LATE SRI. V G SIDDHARTHA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOMER TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

gains. The AO also pointed out that as per the original debenture purchase agreement, the holder of debentures was entitled to a coupon payment at 13.75%. However, no such coupon or interest income was realized or considered at the time of redemption. The assessee’s claim that waiver of interest was based on an informal agreement was found

MR. ISHAAN HEGDE L/R OF LATE SRI. V G SIDDHARTHA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOMER TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

gains. The AO also pointed out that as per the original debenture purchase agreement, the holder of debentures was entitled to a coupon payment at 13.75%. However, no such coupon or interest income was realized or considered at the time of redemption. The assessee’s claim that waiver of interest was based on an informal agreement was found

MR. AMARTHYA SIDDHARTHA L/R OF LATE SRI. V G . SIDDHARTHA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

gains. The AO also pointed out that as per the original debenture purchase agreement, the holder of debentures was entitled to a coupon payment at 13.75%. However, no such coupon or interest income was realized or considered at the time of redemption. The assessee’s claim that waiver of interest was based on an informal agreement was found

MR. AMARTHYA SIDDHARTHA L/R OF LATE SRI. V G . SIDDHARTHA ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

gains. The AO also pointed out that as per the original debenture purchase agreement, the holder of debentures was entitled to a coupon payment at 13.75%. However, no such coupon or interest income was realized or considered at the time of redemption. The assessee’s claim that waiver of interest was based on an informal agreement was found

MRS. MALAVIKA HEGDE L/R OF LATE SRI. V G SIDDHARTHA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

gains. The AO also pointed out that as per the original debenture purchase agreement, the holder of debentures was entitled to a coupon payment at 13.75%. However, no such coupon or interest income was realized or considered at the time of redemption. The assessee’s claim that waiver of interest was based on an informal agreement was found

MRS. MALAVIKA HEGDE L/R OF LATE SRI. V G SIDDHARTHA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

gains. The AO also pointed out that as per the original debenture purchase agreement, the holder of debentures was entitled to a coupon payment at 13.75%. However, no such coupon or interest income was realized or considered at the time of redemption. The assessee’s claim that waiver of interest was based on an informal agreement was found