CANARA BANK,BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BANGALORE, BENGALURU

Bench: SHRI WASEEM AHMED, ACCOUNTANT MEMBER\nAND\nSHRI KESHAV DUBEY, JUDICIAL MEMBER\nITA No.210/Bang/2024\nAssessment Year: 2017-18\nM/s Canara Bank\nFM wing, Head Office,\n112, J.C. Road\nBangalore 560002\nVs.\nDCIT\nCircle-2(1)(1)\nBangalore\nPAN NO : AAACC6106G\nAPPELLANT\nRESPONDENT\nITA No.222/Bang/2024\nAssessment Year: 2017-18\nDCIT\nCircle-2(1)(1)\nBangalore\nVs.\nM/s Canara Bank\nFM wing, Head Office,\n112, J.C. Road\nBangalore 560 002\nAPPELLANT\nRESPONDENT\nITA No.1154/Bang/2023\nAsses

capital gain tax can be levied.\" Concluded at page 12\npara no. 31 as under.-\n\"53. In the result, we hold that sub-section 115JB as stood prior to its\namendment by virtue of Finance Act, 2012, would not be applicable to a\nbanking company. We answer the question No. 2 in favour of the\nassessee and against

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 are fulfilled. 6. It should have been appreciated that only the unutilized amount has to be invested in a special account u/s 54(2) and when there is such utilization before the date of filing u/s 139, which includes 139(4), the requirement of deposit in special account does not arise. 7. The NFAC ought to have appreciated

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

10%, and had also declared short term capital loss arising from STT-paid transactions taxable under section 111A of the Act. The assessee had claimed set off of this short- term capital loss against long term capital gain taxable at 20%. 7.1 Referring to section 70(2

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

2\npersons are as under :-\nITA Nos.775 & 954/Bang/2024\nSri Alagappa Muthiah (HUF), Bangalore\nITA Nos.776 & 955/Bang/2024\nSri Alagappa Annamalai (HUF), Bangalore\nPage 3 of 34\nLandowners and Developers share in the Land in the Project as\nPer JDA\nParticulars\nCommercial\nResidential\nTotal Area\nLand Share\n(Sq. Ft)\n77,627\n14,630\n92,257\nDevelopers\nShare

INCOMETAX OFFICER, WARD 1, UDUPI, UDUPI vs. BRAHMAVARA VYAVASAYA SEVA, BRAHMAVARA

In the result, the appeals filed by Revenue are allowed and the COs\nfiled by the assessee are allowed for statistical purposes

10, 11, 12/Bang/2024\nother sources, and therefore not eligible for deduction u/s 80P(2)(a)(i) of\nthe Act. The Hon'ble Karnataka High Court in case of Tumkur Merchants\nSouharda Credit Cooperative Ltd. vs. ITO (230 Taxman 309), was dealing\nwith a case where deduction u/s.80P(2)(a)(i) of the Act was claimed on\ninterest from the deposits

DCIT, CENTRAL CIRCLE, BELLARI vs. M/S. NAVODAYA EDUCATION TRUST, RAICHUR

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

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2009-10

capital gains, then addition as income from other sources and income from other sources is also accepted, therefore, the question of law framed in this regard namely, substantial questions of law No.3, 4, 5 and 8 do not arise for consideration in this appeal, as the Commissioner of Income Tax (Appeals) has passed the order 'on the aforesaid Remand Report

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

In the result appeal of the assessee is allowed

10%, and had also declared short\nterm capital loss arising from STT-paid transactions taxable under\nsection 111A of the Act. The assessee had claimed set off of this short-\nterm capital loss against long term capital gain taxable at 20%.\n7.1 Referring to section 70(2

INCOME TAX OFFICER, WARD 1, UDUPI, UDUPI vs. BRAHMAVARA VYAVASAYA SEVA, BRAHMAVARA

In the result, the appeals filed by Revenue are allowed and the COs\nfiled by the assessee are allowed for statistical purposes

10, 11, 12/Bang/2024\nother sources, and therefore not eligible for deduction u/s 80P(2)(a)(i) of\nthe Act. The Hon'ble Karnataka High Court in case of Tumkur Merchants\nSouharda Credit Cooperative Ltd. vs. ITO (230 Taxman 309), was dealing\nwith a case where deduction u/s.80P(2)(a)(i) of the Act was claimed on\ninterest from the deposits

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

10. In the result appeal filed by the assessee is allowed. 11. Now, we take up the three appeals related to the Asst. year 2007-08 in which all three assessee being the partners of the erstwhile firm raised the sole issue that whether the capital gain accruing to the assessee on transfer of land under the joint development agreement

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

10. In the result appeal filed by the assessee is allowed. 11. Now, we take up the three appeals related to the Asst. year 2007-08 in which all three assessee being the partners of the erstwhile firm raised the sole issue that whether the capital gain accruing to the assessee on transfer of land under the joint development agreement

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, HUBBALLI, HUBBALLI vs. SMT. SHEELA PRASANNAKUMAR , CHITRADURGA

In the result, the appeals of the Revenue are dismissed

2), (3), (4), (5) and (6) of section 16A,\nclause (i) of sub-section (1) and sub-sections (6) and (7) of section\n23A, sub-section (5) of section 24, section 34,4A,, section 35 and\nsection 37 of the Wealth-tax Act. 1957 (27 of 1957). shall, with\nnecessary modifications, apply in relation to such reference as they\napply

INCOME-TAX OFFICER, WARD-1, UDUPI, UDUPI vs. BRAHMAVARA VYAVAYASAYA SEVA, BRAHMAVARA

In the result, the appeals filed by Revenue are allowed and the COs\nfiled by the assessee are allowed for statistical purposes

10, 11, 12/Bang/2024\nPage 3 of 22\n5. For these and other grounds that may be urged upon, the\norder of CIT(A) may be reversed and that assessment order\nto be restored.\n6. The appellant craves to amend or alter any grounds of appeal\nor add the same, if deemed necessary.\n4. Brief facts of the case

M/S. ATRIA WIND (KADAMBUR) PRIVATE LIMITED,BENGALUAU vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(4), BENGALURU

In the result, appeal filed by the assessee is allowed

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

2(47) of the Act defines the transfer in relation to a capital asset. Section 45 of the Act deals with the profits or gains arising out of the transfer of the capital asset and treated the same as deemed income. Admittedly, in this case, there is a transfer of capital asset owned by the firm during the previous year

IBM GLOBAL SERVICES INDIA PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), BANGALORE

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

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2000-2001

gains of the undertaking; and that sub-section, as if such amendment or (iv) in computing the depreciation allowance omission had not been made.] under section 32, the written down value of Explanation. For the purposes of this any asset used for the purposes of the section, business of the undertaking shall be computed (i) free trade zone means

SHRI. BANGALORE NARAYAN DAS,BENGALURU vs. INCOME-TAX OFFICER, (INTERNATIONAL TAXATION-1(1), BENGALURU

In the result the appeal filed by the assessee for assessment year 2014-15 & 2017-18 stands allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillaiit(It)A Nos. 120 & 121/Bang/2022 (Assessment Years: 2014-15 & 2017-18)

capital gains. IT(IT)A No. 120/Bang/2022 for AY 2014-15 4 IT(IT)A Nos. 120 & 121/Bang/2022 Bangalore Narayan Das 3. It was noted from the assessment order, the assessee had not filed any return of income, however he had sold property of Rs.30 lakhs and had cash deposit of Rs.58,40,000/-. The ld.AO issued notice

SHRI. BANGALORE NARAYAN DAS,BENGALURU vs. INCOME-TAX OFFICER, (INTERNATIONAL TAXATION-1(1), BENGALURU

In the result the appeal filed by the assessee for assessment year 2014-15 & 2017-18 stands allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillaiit(It)A Nos. 120 & 121/Bang/2022 (Assessment Years: 2014-15 & 2017-18)

capital gains. IT(IT)A No. 120/Bang/2022 for AY 2014-15 4 IT(IT)A Nos. 120 & 121/Bang/2022 Bangalore Narayan Das 3. It was noted from the assessment order, the assessee had not filed any return of income, however he had sold property of Rs.30 lakhs and had cash deposit of Rs.58,40,000/-. The ld.AO issued notice

M/S PARAMANAND AND SONS,BENGALURU vs. INCOME TAX OFFICER, WARD 5(2)(1), BENGALURU

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Years : 2020-21

Section 71(2) of the Act, the assessee has the discretion to decide whether to set off business losses against capital gains. The assessee consciously exercised this option by not setting off the business loss against capital gains in its original return of income. The AR further submitted that the CPC’s adjustment violated principles of natural justice

CENTRE FOR E-GOVERNANCE ,BANGALORE vs. DCIT, EXEMPTION, CIRCLE-1 , BANGALORE

Bench: Shri Waseem Ahmed & Shri Soundararajan Kassessment Year: 2021-22

Capital Expenditure incurred, Income accumulated or set apart for e-Governance project under section 11(1)(2) and deduction under section 11(1)(a) for accumulation of 15 percentage of Gross Revenue as per provisions of the Act. Ground No-3 and Ground No-4 are complementary to the Ground No-2 wherein, Vide Ground No-3 the appellant

UDAYA SOUHARDA CO-OPERATIVE SOCIETY LIMITED ,BANGALORE vs. INCOME TAX OFFICER WARD-5(1)(1), BANGALORE

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

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2020-21

gains or capital by the cooperative societies engaged in providing credit facilities to the members is squarely covered in favour of the assessee by the ruling of Jurisdictional High Court in the cases of Tumkur Merchants Souharda Credit Cooperative Ltd(supra), Guttigedarara Credit Co-operative Society Ltd. and Lalitamba Pattina Souharda Sahakari Niyamita vs. ITO as well