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

4,53,628/- as interest on housing loan while computing his income from the house property. Thus, the AO disallowed the deduction claimed by the assessee under Section 48 towards cost of acquisition to the tune of Rs. 18,38,292/- being interest on housing loan, as the assessee has already availed deduction of interest under section

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

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

gains under section 45(4). On appeal, the appellate authority upheld the impugned order. On second appeal, the Tribunal held that there was no dissolution but only reconstitution. It also held that the expression ‘otherwise’ in section 45(4) has to be read ejusdem generis and would contemplate situations like a deemed dissolution. It, accordingly, held that the business continued

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

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

4) of the Act, the donation in excess of 10% of the gross total income has to be ignored while computing the deduction. Since the gross total income was recomputed, the allowable deduction under section 80G was correctly restricted by CPC. The ld. CIT(A) therefore found no error in the rectification order passed under section

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

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

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

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

4) of section 45, the amount\nchargeable to income-tax as income of such\nspecified entity under that sub-section which\nis attributable to the capital asset being\ntransferred by the specified entity, calculated\nin the prescribed manner:\nProvided............”\n12. On combined reading of these provisions,\nany profits or gains arising from the transfer of a capital\nasset with

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

4) of section 45, the amount\nchargeable to income-tax as income of such\nspecified entity under that sub-section which\nis attributable to the capital asset being\ntransferred by the specified entity, calculated\nin the prescribed manner:\nProvided.................................\"\n12. On combined reading of these provisions,\nany profits or gains arising from the transfer of a capital\nasset with

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

4 of 17 …….. Sec.2(42B) of the Act defines Short term capital gain as follows:- “(42B) "short-term capital gain" means capital gain arising from the transfer of a short-term capital asset;” 10. We have to look at the definition of the term “Short term capital gain” because what is not short term capital gain is Long term capital

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

11, that has been judicially noted and approved. 6. The learned CIT(A) erred in law and on facts in holding that transfer of leasehold land along with the buildings on it leads to short-term capital gains u/s 50 of the Income Tax Act, 1961 without appreciating that Sec 50 of the I.T.Act,1961 is applicable in the case

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

4) of section 45, the amount\nchargeable to income-tax as income of such\nspecified entity under that sub-section which\nis attributable to the capital asset being\ntransferred by the specified entity, calculated\nin the prescribed manner:\nProvided.. \"\n12. On combined reading of these provisions,\nany profits or gains arising from the transfer of a capital\nasset with

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

4 of 45 5. The figures as given in the agreements and the figures given in the notes referred to above varies. But this is due to some other adjustments between the parties to the agreement. The variation is not very material for the present case. The variation in the consideration for transfer of transportation business/undertaking is because

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

4 of 11 exemption/deduction, the Assessee has to deposit the capital gain in a specified account. As per proviso to section

ACIT, BANGALORE vs. SRI. C. NARASIMHAIAH, BANGALORE

In the result, the appeal of the revenue as well as cross

Bench: Shri A. K. Garodia & Shri Vijay Pal Rao

Section 143(3) by the Deputy Commissioner of Income Tax, Circle 1(4), Bangalore is opposed to Law and Facts and Circumstances of the case. Hence, the Assessee has come up with this appeal. 2. The moot question to be decided and answered in this appeal 4 ITA No.206(B)/12 & C.O. No.4(B)2015 - whether gains arisen is "Long

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

capital gain on purchase by company of its own shares or other specified securities. In this regard, he submitted that section 46A is not a charging section and charging section is section 45 and therefore section 47(iv) is applicable in the present case. He placed reliance on the judgment of Hon’ble Bombay High Court rendered in the case

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

capital gain on purchase by company of its own shares or other specified securities. In this regard, he submitted that section 46A is not a charging section and charging section is section 45 and therefore section 47(iv) is applicable in the present case. He placed reliance on the judgment of Hon’ble Bombay High Court rendered in the case