TYCO FIRE AND SECURITY INDIA PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE

In the result, the appeal of the Assessee is partly allowed

Bench: Shri N. V. Vasudevan & Shri Chandra Poojariit(Tp)A No.270/Bang/2021 Assessment Year : 2016-17 Acit, M/S. Tyco Fire & Security India Private Limited, Vs. D-601, Rmz Centennial, Circle - 7(1)(1), Kundalahalli Main Road, Bengaluru. Bengaluru – 560 048. Pan : Aabct 0087 C Appellant Respondent Assessee By : Shri. Rajan Vora, Ca Revenue By : Shri. Sumer Singh Meena, Cit(Dr)(Itat), Bengaluru Date Of Hearing : 27/11.09.2022 Date Of Pronouncement : 28.11.2022 O R D E R Per N V Vasudevan

loss was reworked to be Nil. 33. The Assessee filed objections before the Dispute Resolution Panel (DRP) against the draft order of Assessment incorporating the above findings of the AO. The DRP upheld the AO’s findings and held that the series of transactions has been planned to avoid payment of capital gains and also for carrying forward

R V DESHPANDE HUF,BANGALORE vs. PRINCIPAL COMMISSIONER OF INCOME TAX, BANGALORE-1, BANGALORE

In the result, the appeal by the assessee is partly allowed

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy Sassessment Year : 2017-18

capital gains and hence the question of disallowance of set off of losses does not arise. 10. Without prejudice, assuming even for argument sake without conceding, when the assessment was carried out the only way the correctness of the loss brought forward

CHANDRASHEKAR HEMANTH ,BENGALURU vs. INCOME TAX OFFICER WARD 7(2)(4) BANGALORE, BENGALURU

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

Bench: Shri Waseem Ahmed & Shri Soundararajan K.Assessment Year : 2017-18

Capital gains" and claims that the loss or any part thereof should be carried forward under sub-section (1) of section

DIVYA DINESH ,BENGALURU vs. DCIT, CIRCLE-7(1)(1), BANGALORE

In the result appeal of the assessee is allowed

forward long-term capital loss against the\ncapital gains in accordance with law. After such set off, tax was\ncomputed and deductions under Chapter VI-A were claimed correctly.\n6.3 However, while processing the return, the CPC disallowed the set\noff of short -term capital loss arising from STT-paid transactions. As a\nresult, the taxable income increased

AJIT VASANT PAI,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CPC, BANGALORE

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

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year : 2017-18

Capital gain' and claims that the said loss or part thereof should be carried forward under section 72, 73 or 74 etc. then

M/S HIRSCH BRACELET INDIA PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3(1)(2), BANGALORE

In the result, the appeal by the assessee is partly allowed

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranassessment Year : 2015-16

forward business loss against the short term capital gains on sale of business assets.” 4. The above additional grounds sought to be raised by the Assessee were grounds of appeal which were agitated by the Assessee before the CIT(A) but were not adjudicated by the CIT(A). These grounds are therefore admitted for adjudication. 5. There are basically three

DCIT, BANGALORE vs. M/S EPSILON ADVISORS PVT. LTD.,, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

carried forward. By the same reason, the average cost should also have been allowed to the appellant. 10 That considering the facts and circumstances of the case, the CIT has erred in upholding the disallowing the Short Term Capital Loss of Rs.1 17,76,40,000 in respect of the sale of shares of M/s Jupiter Capital Advisory Private Limited

EPSILON ADVISORS P. LTD.,,BANGALORE vs. CIT, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

carried forward. By the same reason, the average cost should also have been allowed to the appellant. 10 That considering the facts and circumstances of the case, the CIT has erred in upholding the disallowing the Short Term Capital Loss of Rs.1 17,76,40,000 in respect of the sale of shares of M/s Jupiter Capital Advisory Private Limited

EPSILON ADVISORS P. LTD.,,BANGALORE vs. CIT, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

carried forward. By the same reason, the average cost should also have been allowed to the appellant. 10 That considering the facts and circumstances of the case, the CIT has erred in upholding the disallowing the Short Term Capital Loss of Rs.1 17,76,40,000 in respect of the sale of shares of M/s Jupiter Capital Advisory Private Limited

DCIT, BANGALORE vs. M/S EPSILON ADVISORS PVT. LTD.,, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

carried forward. By the same reason, the average cost should also have been allowed to the appellant. 10 That considering the facts and circumstances of the case, the CIT has erred in upholding the disallowing the Short Term Capital Loss of Rs.1 17,76,40,000 in respect of the sale of shares of M/s Jupiter Capital Advisory Private Limited

O3 CAPITAL GLOBAL ADVISORY PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-5(1)(2), BANGALORE

In the result, the appeal filed by the assessee is dismissed

Bench: Shri Chandra Poojari & Shri George George K.Assessment Year: 2013-14

Loss carried 4,43,24,751/- forward from the AY 2013-14 Set-off of carried forward short term capital gain

M/S JUPITER CAPITAL PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-11(5), BANGALORE

In the result, the appeal filed by the assessee is allowed

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodiaassessment Year : 2014-15

carry forward losses as worked out under section 48, while a shareholder who is a shade worse off and gets nothing in the event of such total loss should be denied the effect of section 46(2) read with Sec 71 and 74 of the act and be put to a perpetual loss. Therefore even where receipt

BANGALORE INTERNATIONAL AIRPORT LTD.,,BANGALORE vs. DCIT, BANGALORE

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

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Raobangalore International Airport Ltd. Administration Block, Bial, Devanahalli Bangalore-560 300. … Appellant Pan:Aabc8973D Vs. Deputy Commissioner Of Income-Tax, Circle 11(2), Bangalore. … Respondent & Deputy Commissioner Of Income-Tax, Circle 11(2), Bangalore. … Appellant Vs. Bangalore International Airport Ltd. Bangalore-560 300. … Respondent

forward business loss or unabsorbed depreciation against book profits for the purpose of computing tax liability u/s 115JB, the CIT(A) held that lower or loss or depreciation whichever is lower should be considered on cumulative basis for the purpose of set off against book profits while computing tax liability u/s 115JB of the Act. Thus, the appeal was partly

DCIT, BANGALORE vs. M/S BANGALORE INTERNATIONAL AIRPORT LTD.,, BANGALORE

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

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Raobangalore International Airport Ltd. Administration Block, Bial, Devanahalli Bangalore-560 300. … Appellant Pan:Aabc8973D Vs. Deputy Commissioner Of Income-Tax, Circle 11(2), Bangalore. … Respondent & Deputy Commissioner Of Income-Tax, Circle 11(2), Bangalore. … Appellant Vs. Bangalore International Airport Ltd. Bangalore-560 300. … Respondent

forward business loss or unabsorbed depreciation against book profits for the purpose of computing tax liability u/s 115JB, the CIT(A) held that lower or loss or depreciation whichever is lower should be considered on cumulative basis for the purpose of set off against book profits while computing tax liability u/s 115JB of the Act. Thus, the appeal was partly

ASST.C.I.T., MANGALORE vs. DR. YUSUF KUMBLE, MANGALORE

In the result, the appeals filed by the revenue are dismissed

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

forward of losses and that of unabsorbed depreciation are not available to successor business entities. However, in cases of amalgamation, capital gains tax, is not levied and losses and absorbed depreciation are allowed to be carried

ASST.C.I.T., MANGALORE vs. DR. YUSUF KUMBLE, MANGALORE

In the result, the appeals filed by the revenue are dismissed

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

forward of losses and that of unabsorbed depreciation are not available to successor business entities. However, in cases of amalgamation, capital gains tax, is not levied and losses and absorbed depreciation are allowed to be carried

ASST.C.I.T., MANGALORE vs. DR. ALI KUMBLE, MANGALORE

In the result, the appeals filed by the revenue are dismissed

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

forward of losses and that of unabsorbed depreciation are not available to successor business entities. However, in cases of amalgamation, capital gains tax, is not levied and losses and absorbed depreciation are allowed to be carried

ASST.C.I.T., MANGALORE vs. DR. ALI KUMBLE, MANGALORE

In the result, the appeals filed by the revenue are dismissed

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

forward of losses and that of unabsorbed depreciation are not available to successor business entities. However, in cases of amalgamation, capital gains tax, is not levied and losses and absorbed depreciation are allowed to be carried