ACIT, BANGALORE vs. SHRI. PRASHANTH PRAKASH, BANGALORE

In the result, the appeal by the Revenue is dismissed, while the Cross Objection by assessee is treated as allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Abraham P. Georgeassessment Year : 2009-10

Capital Gain of Rs.1,65,57,000 on sale of shares. This gain arose on account of sale of shares of Musigma Inc., consideration for which was received on 04.09.2008. Out of the above gain a sum of Rs.49,27,996 was claimed as deduction

GOBINDRAM CHANDRAMANI VIVEK,BANGALORE vs. INCOME TAX OFFICER - WARD 1(1), BANGALORE, BANGALORE

In the result, the appeal of the assessee is allowed for statistical purposes, in the manner indicated in this order

Bench: Mrs. Beena Pillai & Shri Ramit Kochar

capital gains chargeable to income-tax, as the said increased cost of acquisition is deducted while computing capital gains chargeable

SHRI BHATKAL RAMARAO PRAKASH ,BANGALORE vs. INCOME TAX OFFICER WARD-5(2)(3), BANGALORE

In the result, the appeal by the Assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boazassessment Year : 2015-16

capital gain. The assessee had claimed deduction u/s. 54F of the Act by investing the capital gain in acquisition of another

SREENIVASULU SAGALETI,BENGALURU vs. INCOME TAX OFFICER, WARD-2(2)(2), BENGALURU

In the result, appeal filed by the assessee is allowed

Bench: Shri. Laxmi Prasad Sahuandshri.Keshav Dubeyassessment Year :2018-19

capital gains deduction claimed. During the scrutiny, the AO observed that the assessee has sold immovable property for a consideration

SHRI BINDIGANAVALE RAVI ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-5(2)(1), BANGALORE

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

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year : 2015-16

deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset, the expenditure incurred wholly and exclusively in connection with such transfer and the cost of acquisition of the asset and the cost of any improvement thereon. The 2nd proviso to Section 48 provides where long term capital gain

K A SUJIT CHANDAN,BENGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE BENGALURU.-5(2)(1), BENGALURU

In the result all the three appeals in ITA Nos

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

capital gains. Both the Authorities below held that the cost can be claimed only to the extent of what was actually claimed in at the time the JDA was offered toTax which in our opinion is completely incorrect. The proportionate cost of the land amounting to Rs. 1,67,28,000/- was already allowed as deduction

SHRI K.G SUBBARAMA SETTY ,BANGALORE vs. ACIT 5(2)(1) BANGALORE, C R BUILDING

In the result all the three appeals in ITA Nos

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

capital gains. Both the Authorities below held that the cost can be claimed only to the extent of what was actually claimed in at the time the JDA was offered toTax which in our opinion is completely incorrect. The proportionate cost of the land amounting to Rs. 1,67,28,000/- was already allowed as deduction

M/S JAICO AUTOMOBILE ENGINEERING COMPANY PVT LTD ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-11(5), BANGALORE

In the result, the appeal by the assessee is dismissed

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2007-08

deduction as claimed was liable to be allowed in full especially when the appellant had sufficient non-interest bearing funds. 5. The learned Commissioner (A) erred in upholding the impugned addition of Rs.25,76,253/- towards alleged undisclosed scrap sale. 6. The learned Commissioner (A)ought to have refrained from upholding the computation of capital gains

DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2(4), BENGALURU vs. ALAGAPPA ANNAMALAI (HUF), BENGALURU

The appeals of the assessees are allowed\nand revenue appeals are dismissed

capital gains shall be computed by deducting the\nfollowing amounts from the full value of consideration\nreceived or accrued as a result

SRI ALAGAPPA ANNAMALAI(HUF),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2(4), BANGALORE

In the result, both the appeals of the assessees are allowed\nand revenue appeals are dismissed

capital gains shall be computed by deducting the\nfollowing amounts from the full value of consideration\nreceived or accrued as a result

PRASHANTH PRAKASH,BANGALORE vs. ADDL.C.I,.T., BANGALORE

In the result, the appeal by the assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boazassessment Year : 2009-10

deduction while computing capital gain, can be allowed as a deduction? The CIT(A) without going into this question, went

SRI ALAGAPPA MUTHIAH(HUF),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-2(4), BANGALORE

In the result, both the appeals of the assessees are allowed\nand revenue appeals are dismissed

capital gains shall be computed by deducting the\nfollowing amounts from the full value of consideration\nreceived or accrued as a result

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

deduction. This issue is accordingly decided in favour of assessee. 19. As far as the other issue of capital gain

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

In the result appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

deduction under section 80G was also reduced. The assessee contended that this action of the CPC was not correct. 6.4 Relying on section 70 of the Income-tax Act, the assessee submitted that short term capital loss from any capital asset can be set off against short term or long-term capital gains

PRADEEP KAR,BANGALORE vs. ACIT, BANGALORE

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

Bench: Shri Sunil Kumar Yadav & Shri Abraham P. Geoergeassessment Year : 2006-07

gains is computed, the deductions set out in s. 48 has to be given to the assessee. It is only the amount thus arrived at, after such deductions under s. 48, would be the income chargeable under the heading capital

SMT. SAVITRI KADUR,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, BANGALORE

In the result, the appeal of the assessee is allowed to the extent indicated above

Bench: Shri N.V. Vasudevan & Shri Jason P Boazassessment Year : 2008-09

capital gain by the AO. The Assessee had invested a sum of Rs.50 lacs in specified bonds and therefore the AO allowed deduction

M/S. ABB LTD.,,BANGALORE vs. THE ADDL. CIT, BANGALORE

In the result appeal by the Assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz Assessment Year : 1997-98

capital gains u/s 45 after allowing deduction for the costs of their acquisition / improvement/development. The assessee cannot argue, after claiming

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 1(1), MYSURU vs. M/S. BHORUKA ALUMINIUM LIMITED, MYSURU

In the result, appeal of the Revenue is allowed

Bench: Shri N. V. Vasudevan & Shri Laxmi Prasad Sahuassessment Year : 2014-15 Acit, Vs. M/S. Bhoruka Aluminium Ltd., No.427E, 2Nd Floor, Hebbal Industrial Circle – 1(1), Mysuru. Area, Metagalli, Mysuru – 570 016. Pan : Aaacb 8073 D Appellant Respondent Assessee By : Shri. S. Ramasubramanian, Ca Revenue By : Dr. Manjunath Karkihalli, Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 08.08.2022 Date Of Pronouncement : 16.08.2022 O R D E R Per N. V. Vasudevan:

deduction under section 35AD, nil; and (c) in the case of other assets, the book value of such assets. A reading of Sec.50B (1) of the Act read with Sec.2(42C) of the Act, it is clear that taxability of capital gain

CHINNAPPA ANTHONAPPA,BANGALORE vs. ACIT, BANGALORE

In the result, the appeal by the assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boazassessment Year : 2010-11

deduction u/s.54B of the Act came up for consideration in AY 2010-11 even though the transfer of the capital asset which gave raise to capital gain