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

gains arising on transfer of original asset. Thus, the appeal of the assessee on this issue is allowed for statistical purposes. We order accordingly. 8. The second issue concerns itself with the allowability of interest paid on housing loan amounting to Rs.18,38,292/- towards cost of apartment. The AO observed that the assessee has already claimed deduction under section

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

10 of 34\nAO. We also note that the assessee taken possession of property\nfrom developer vide letter reference VKT/LND/591 dated 8.5.2017\nwhich is placed on record at page 146 to 150 of assessee paper\nbook-I. The ld. AO not accepted the said letter of the allocation of\npossession to assessee by alleging that there could be manipulation\nbetween

JAYANTILAL BHAGWANCHAND,BENGALURU vs. INCOME TAX OFFICER, WARD-5(2)(4), BANGALORE

In the result, the appeal of the assessee is allowed

Bench: Shri George George K & Shri Waseem Ahmedassessment Year : 2011-12

capital gain of Rs. 1,53,73,386/- under section 10(38) of the Act, including the capital gain of Rs. 10

POONAM GUPTA ,BENGALURU vs. DCIT, CIRCLE-5(1)(1), BANGALORE

In the result appeal filed by the assessee is allowed

Bench: Shri Prashant Maharishi & Shri Soundararajan K.Assessment Year: 2017-18

capital gain in the sale of shares of sun star Realty Limited as per Report of Investigation wing. 5. Assessee categorically submitted that she has not claimed any benefit from section 10 (38

HANCHIPURA CHANNAIAH NANDAKISHORE,MAHALKSHMIPURAM vs. INCOME TAX OFFICER WARD INTL, TAXATION 1(2) BANGALORE, BANGALORE

In the result appeal filed by the assessee is allowed

Bench: Shri Prashant Maharishi & Shri Keshav Dubeyit(It)A No.258/Bang/2025 Assessment Year : 2018-19 Hanchipura Channaiah Nandakishore 87, 2Nd Stage & Phase Mahalakshmipuram 2Nd Stage, 14Th Main, West Of Chord Ito Road Vs. Ward International Taxation 1(2) Mahalakshmipuram Bangalore Bangalore 560 086 Pan No :Blrpn0428A Appellant Respondent Appellant By : Sri Siddesh N Gaddi, A.R. Respondent By : Dr. Divya K.J., D.R. Date Of Hearing : 07.08.2025 Date Of Pronouncement : 04.11.2025

10 of 16 evidenced by registration thereof as provided under section 17 of the Registration Act. For the purpose of attracting the provisions of section 54, it is not necessary that the assessee should become the owner of the property. Section 54 speaks of purchase. Moreover, the ownership of the property may have different connotations in different statutes. The question

THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE vs. M/S OLIVIYA APPARELS PRIVATE LIMITED, BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

section 10(38) before proceeding further. “Incomes not included in total income. 10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included— ……… 38) any income arising from the transfer of a long-term capital asset, being an equity share in a company

M/S. OLIVIA APPARELS PRIVATE LIMITED,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

section 10(38) before proceeding further. “Incomes not included in total income. 10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included— ……… 38) any income arising from the transfer of a long-term capital asset, being an equity share in a company

THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE vs. M/S OLIVIYA APPARELS PRIVATE LIMITED, BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

section 10(38) before proceeding further. “Incomes not included in total income. 10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included— ……… 38) any income arising from the transfer of a long-term capital asset, being an equity share in a company

M/S OLIVIA APPARELS PRIVATE LIMITED,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

section 10(38) before proceeding further. “Incomes not included in total income. 10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included— ……… 38) any income arising from the transfer of a long-term capital asset, being an equity share in a company

M/S OLIVIA APPARELS PRIVATE LIMITED,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

section 10(38) before proceeding further. “Incomes not included in total income. 10. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included— ……… 38) any income arising from the transfer of a long-term capital asset, being an equity share in a company

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: -

capital gain. (c) During the year, the assessee transferred shares for a consideration of Rs.2,10,91,591/- and on which, LTCG was computed at Rs.1,82,93,301/- and claimed as exempt under Section 10(38

CENTURY SHELTORS,BANGALORE vs. ACIT, CIRCLE-2(2), BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

gains of Rs 40 Crore arising on Revaluation were transferred to the capital accounts of Shri P. Ravindra Pai and Shri P. Ashwin Pai only (in equal ratio), and not to other retiring partners. (v) Shri P. Ravindra Pai and Shri P. Ashwin Pai are also the Directors in the company M/s Century Real Estate ITA Nos.1073 to 1075/Bang/2022 Century

M/S. CENTURY SILICON CITY,BANGALORE vs. DCIT, CIRCLE-1(2)(1, BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

gains of Rs 40 Crore arising on Revaluation were transferred to the capital accounts of Shri P. Ravindra Pai and Shri P. Ashwin Pai only (in equal ratio), and not to other retiring partners. (v) Shri P. Ravindra Pai and Shri P. Ashwin Pai are also the Directors in the company M/s Century Real Estate ITA Nos.1073 to 1075/Bang/2022 Century

M/S. CENTURY SILICON CITY,BANGALORE vs. DCIT, CIRCLE-1(2)(1, BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

gains of Rs 40 Crore arising on Revaluation were transferred to the capital accounts of Shri P. Ravindra Pai and Shri P. Ashwin Pai only (in equal ratio), and not to other retiring partners. (v) Shri P. Ravindra Pai and Shri P. Ashwin Pai are also the Directors in the company M/s Century Real Estate ITA Nos.1073 to 1075/Bang/2022 Century

CENTURY SHELTORS,BANGALORE vs. ACIT, CIRCLE-2(2), BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

gains of Rs 40 Crore arising on Revaluation were transferred to the capital accounts of Shri P. Ravindra Pai and Shri P. Ashwin Pai only (in equal ratio), and not to other retiring partners. (v) Shri P. Ravindra Pai and Shri P. Ashwin Pai are also the Directors in the company M/s Century Real Estate ITA Nos.1073 to 1075/Bang/2022 Century

CENTURY SHELTORS,BANGALORE vs. ACIT, CIRCLE-2(2), BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

gains of Rs 40 Crore arising on Revaluation were transferred to the capital accounts of Shri P. Ravindra Pai and Shri P. Ashwin Pai only (in equal ratio), and not to other retiring partners. (v) Shri P. Ravindra Pai and Shri P. Ashwin Pai are also the Directors in the company M/s Century Real Estate ITA Nos.1073 to 1075/Bang/2022 Century

M/S. CENTURY SILICON CITY,BANGALORE vs. DCIT, CIRCLE-1(2)(1, BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

gains of Rs 40 Crore arising on Revaluation were transferred to the capital accounts of Shri P. Ravindra Pai and Shri P. Ashwin Pai only (in equal ratio), and not to other retiring partners. (v) Shri P. Ravindra Pai and Shri P. Ashwin Pai are also the Directors in the company M/s Century Real Estate ITA Nos.1073 to 1075/Bang/2022 Century

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, BELLARY, CENTRAL CIRCLE, BELLARY vs. M/S VIRGO PROPERTIES PRIVATE LIMITED, CHENNAI

In the result, appeal filed by the Revenue is dismissed

38,49,698/- X 10,31,416\n852/785\nF.Y.2012-13-Rs.10,31,416/- Nil\nLong Term Capital Gain\n6,48,41,697\n1. In response, the appellant had furnished a copy of the same statement\nas mentioned above and a copy of four purchase deeds amounting to\nRs.4,42,20,000/- but did not produce any evidence as to how it claimed

SHRI. ANANTULA VIJAY MOHAN ,HYDERABAD vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-6(1)(1), BANGALORE

Bench: Shri Laxmi Prasad Sahu\Nand\Nshri Keshav Dubey\Nita Nos.2059 & 2060/Bang/2024\N Assessment Years: 2016-17 & 2017-18\Nanantula Vijay Mohan\N9, Banjara Avenue Road\Nno.1, Banjara Hills\Nhyderabad 500 034\Npan No: Aelpm6515K\Nappellant\Nvs.\Nvs.\Ndcit\Ncircle-6(1)(1)\Nbangalore\Nrespondent\Nsp No.67/Bang/2024\N(Arising Out Of Ita No.2060/Bang/2024)\N Assessment Year: 2017-18\Nanantula Vijay Mohan\N9, Banjara Avenue Road\Nno.1, Banjara Hills\Nhyderabad 500 034\Npan No: Aelpm6515K\Nappellant\Ndcit\Ncircle-6(1)(1)\Nbangalore\Nrespondent\Nappellant By\Nrespondent By\Nsri Padma Khincha, A.R.\Nsri Sridhar E., D.R.\Ndate Of Hearing\N: 18.02.2025\Ndate Of Pronouncement: 07.05.2025\Norder\Nper Laxmi Prasad Sahu:\Nthese Appeals At The Instance Of The Assessee Are Directed\Nagainst The Orders Of Ld. Cit(A)/Nfac, Delhi Both Dated 23.09.2024\Nvide Din & Order No. Itba/Nfac/S/250/2024-25/1068988279(1)\Nfor The Assessment Year 2016-17 & Vide Din & Order\Nno.Itba/Nfac/S/250/2024-25/1068999127(1) For The Assessment\Nyear 2017-18 Passed U/S 250 Of The Income Tax Act, 1961 (In Short\N'The Act'). Since Both These Appeals & The Stay Petition Are Of The\Nsame Assessee For The Different Assessment Years, These Are Clubbed\Ntogether, Heard Together & Disposed Of By This Common Order For\Nthe Sake Of Convenience & Brevity.\Nita No.2059/Bang/2024 (Ay 2016-17):\N2. First, We Take Up Ita No.2059/Bang/2024 For The Ay 2016-\N17 Wherein The Assessee Has Raised The Following Grounds Of Appeal:\N1. General\N1.

38):\n7. 1. The learned CIT(A) has erred in concurring with the conclusion of the learned AU that\nlong term capital gain on sale of 1,74,000 bonus shares of Bharat Electronic Limited\n(referred to as \"Bonus BEL Shares\" for brevity) is not exempt under Section 10