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

Section 54(2) declares that within one year from the date of transfer if the capital gain is not invested in purchase of building, he should deposit the amount in the Capital Gain Account Scheme or else the assessee should invest the capital gains before filing of return within the permitted period under s. 139. In which event, the assessee

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

Section 48 for computing income chargeable to tax under the head Capital gains, otherwise it would lead to double deduction of the same expenses viz. interest on housing loan on acquisition of capital asset, which is not permissible. The assessee reliance on judgment and orders of Rajasthan and Gujarati Charitable Foundation(supra) , in our humble considered view is not correct

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

11,620/- The case was selected for scrutiny to examine capital gains deduction claimed. During the scrutiny, the AO observed that the assessee has sold immovable property for a consideration of Rs.33,81,000/- declaring a long term capital gain of Rs.28,81,917/- after claiming index cost of acquisition of Rs.4,99,083/- and he claimed deduction under section

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

Section 48, the language employed is unambiguous. The intention is very clear. When a capital asset is transferred, in order to determine the capital gain Page 9 of 16 from such transfer, what is to be seen is, out of full value of the consideration received or accruing, the cost of acquisition of the asset, the cost of improvement

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

capital gains as computed and upheld is liable to be deleted. Page 4 of 40 16. On the facts the learned Commissioner (A)ought to have accepted the explanation and submissions made by the appellant and refrained from upholding the impugned additions. 17. Without prejudice, the learned Commissioner (A)erred in not giving any finding with regard to levy

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

gains in accordance with section 70 of the Act. Consequently, the computation of gross total income as returned by the assessee was in accordance with law. Once the gross total income is restored to the figure declared in the return, the deduction under section 80G of the Act must also be computed with reference to such income. The restriction applied

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

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 is a long-term capital gain or a short-term capital

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

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 is a long-term capital gain or a short-term capital

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

Section 53 of the\nTP Act in the context of capital gains under the Income\nTax Act, it has been held thus:\nITA Nos.775 & 954/Bang/2024\nSri Alagappa Muthiah (HUF), Bangalore\nITA Nos.776 & 955/Bang/2024\nSri Alagappa Annamalai (HUF), Bangalore\nPage 28 of 34\n“11

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

Section 53 of the\nTP Act in the context of capital gains under the Income\nTax Act, it has been held thus:\n“11

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

Section 48, the language employed is unambiguous. The intention is very clear. When a capital asset is transferred, in order to determine the capital gain from such transfer, what is to be seen is, out of full value of the consideration received or accruing, the cost of acquisition of the asset, the cost of improvement and any expenditure wholly

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

11 of 23 capital assets, it comes within the expression ‘otherwise’ as the object of the Amending Act was to remove the loophole which existed whereby capital gain tax was not chargeable. Therefore, when the asset of the partnership is transferred to a retiring partner, the partnership which is assessable to tax ceases to have a right or its right

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

capital gain in accordance with the provisions of section 50 of the Act. The CIT(Appeals) had the power to examine the claim and decision cited by the ld. counsel for the assessee before us clearly supports the proposition that Page 11

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

11. The CIT(A) held that the consideration of Rs. 53.10 crores, after reducing the cost of the asset, which was determined by the Assessing Officer at Rs. 6.79 crores, was chargeable to tax as short-term capital gain in terms of section

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

Section 53 of the\nTP Act in the context of capital gains under the Income\nTax Act, it has been held thus:\n"11

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

11 arising from its transfer within a period of three years of its purchase, the cost shall be nil ; or (ii ) if the amount of the capital gain is equal to or less than the cost of the new asset, the capital gain shall not be charged under section

SRI KAMANAHALLI PILLA REDDY NAGESH,BANGALORE vs. INCOME TAX OFFICER, WARD- 4(3)(5), BANGALORE

Accordingly, this ground of the assessee is allowed

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2014-15 Shri Kamanahalli Pilla Reddy Nagesh, Kamanahalli Village, Kagur The Income Tax Post, Officer, Sarjapura Road, Ward – 4 [3] [5], Anekal Taluk, Bangalore. Vs. Bangalore – 562 125. Pan: Adfpn8365H Appellant Respondent Assessee By : Shri Guruswamy, Itp : Shri V.S. Chakrapani, Cit- Revenue By Dr Date Of Hearing : 01-06-2022 Date Of Pronouncement : 21-06-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against Order Dated 28.03.2019 Passed By Ld.Cit(A)-9, Bangalore For A.Y. 2014-15 On The Following Grounds Of Appeal: “1. The Orders Of The Authorities Below In So Far As They Are Against The Appellant, Are Opposed To Law, Equity, Weight Of Evidence, Probabilities, Facts & Circumstances Of The Case. 2. The Learned Cit[A] Is Not Justified In Upholding The Assessment Order Passed U/S. 143[3] Of The Act Despite The Fact That No Valid Notice U/S.143[2] Of The Act Was Served

section 2(14) and there was no capital gains tax arising out of such sales within the meaning of the definition of the term “capital asset”. Since the assessee did not offer any capital gain and claimed that it was agricultural land though it was converted into non-agricultural residential purpose, the case was selected for scrutiny and notice u/s.143

M/S ACCIONA WIND ENERGY PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATION TAXATION) CIRCLE-1(1), BANGALORE

In the result, the appeal of the assessee in ITA No

Bench: Shri A. K. Garodia & Smt. Beena Pillai

section 46A is about Deemed Capital gains on buy back of shares. ITA Nos. 1783 and 1784/Bang/2018 Page 10 of 10 11

M/S ACCIONA WIND ENERGY PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATION TAXATION) CIRCLE-1(1), BANGALORE

In the result, the appeal of the assessee in ITA No

Bench: Shri A. K. Garodia & Smt. Beena Pillai

section 46A is about Deemed Capital gains on buy back of shares. ITA Nos. 1783 and 1784/Bang/2018 Page 10 of 10 11