M/S ATRIA POWER CORPROATION LTD.,,BANGALORE vs. ITO, BANGALORE

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

Bench: Shri Sunil Kumar Yadav & Shri A.K. Garodiaassessment Year : 2010-11

gains attributable to revaluation of the asset is not subject to MAT liability. It is, therefore, proposed to amend section 115JB to provide that the book profit for the purpose of section 115JB shall be increased by the amount standing in the revaluation reserve relating to the revalued asset which has been retired or disposed, if the same

BANGALORE INTERNATIONAL AIRPORT LTD.,,BANGALORE vs. DCIT, BANGALORE

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

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Raobangalore International Airport Ltd. Administration Block, Bial, Devanahalli Bangalore-560 300. … Appellant Pan:Aabc8973D Vs. Deputy Commissioner Of Income-Tax, Circle 11(2), Bangalore. … Respondent & Deputy Commissioner Of Income-Tax, Circle 11(2), Bangalore. … Appellant Vs. Bangalore International Airport Ltd. Bangalore-560 300. … Respondent

gains arising on account of exchange fluctuation are not liable to ITA Nos.510 & 662/Bang/2014 Page 17 of 37 tax as it is on capital account and is required to be adjusted in the year of actual repayment of loan from the actual cost of asset. To this extent, the direction of the CIT(A) is modified and the grounds

DCIT, BANGALORE vs. M/S BANGALORE INTERNATIONAL AIRPORT LTD.,, BANGALORE

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

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Raobangalore International Airport Ltd. Administration Block, Bial, Devanahalli Bangalore-560 300. … Appellant Pan:Aabc8973D Vs. Deputy Commissioner Of Income-Tax, Circle 11(2), Bangalore. … Respondent & Deputy Commissioner Of Income-Tax, Circle 11(2), Bangalore. … Appellant Vs. Bangalore International Airport Ltd. Bangalore-560 300. … Respondent

gains arising on account of exchange fluctuation are not liable to ITA Nos.510 & 662/Bang/2014 Page 17 of 37 tax as it is on capital account and is required to be adjusted in the year of actual repayment of loan from the actual cost of asset. To this extent, the direction of the CIT(A) is modified and the grounds

SRI CHAMUNDESWARI SUGARS LIMITED ,BANGALORE vs. PRINCIPAL COMMISSIONER OF INCOME TAX, BANGALORE-1, BANGALORE

In the result, the appeal is allowed in favour of the assessee

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy Sassessment Year : 2017-18

capital gains by the AO, the same cannot be a reason for coming to the conclusion that the AO has not made any enquiry. Further, the enquiry made by the AO need not be extended to the verification of the P&L Account of the assessee based on which computation u/s. 115JB of the Act was prepared as the assessee

M/S.BRINDAVAN BEVERAGES PVT. LTD.,,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, BANGALORE

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy S

capital gains has to be mandatorily taken into ITA Nos. 1999, 2002 & 2003/Bang/2016 Page 11 of 33 profit and loss account while computing the book profit. That having not been done by the Assessee, the authorities have recomputed the book profit. At this juncture, it would be beneficial to refer to the Judgment of the Apex Court in Apollo Tyres

M/S.BRINDAVAN BEVERAGES PVT. LTD.,,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, BANGALORE

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy S

capital gains has to be mandatorily taken into ITA Nos. 1999, 2002 & 2003/Bang/2016 Page 11 of 33 profit and loss account while computing the book profit. That having not been done by the Assessee, the authorities have recomputed the book profit. At this juncture, it would be beneficial to refer to the Judgment of the Apex Court in Apollo Tyres

M/S.BRINDAVAN BEVERAGES PVT. LTD.,,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, BANGALORE

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy S

capital gains has to be mandatorily taken into ITA Nos. 1999, 2002 & 2003/Bang/2016 Page 11 of 33 profit and loss account while computing the book profit. That having not been done by the Assessee, the authorities have recomputed the book profit. At this juncture, it would be beneficial to refer to the Judgment of the Apex Court in Apollo Tyres

ING VYSYA BANK LTD. vs. ACIT,

In the result, revenue’s appeal for Assessment Year 2007-08 is dismissed

Bench: Shri Rajpal Yadav & Shri Jason P. Boaz

115J, and not the profit as per the profit and loss account prepared in accordance with the Banking Regulation Act. Following the same reasoning, the CIT(A) directed that computation of MAT may be done on the basis of the profit and loss account redrawn by the assessee in accordance with the Companies Act. The assessee was directed to furnish

DCIT, UDUPI vs. M/S MANIPAL ACADEMY OF HIGHER EDUCATION, MANIPAL

In the result, the appeal of the revenue is dismissed

Bench: Shri Vijay Pal Rao & Shri Jason P Boaz

capital nature incurred on scientific research u/s. 35(1)(iv) of the Act. The Hon’ble Court thereafter held that a trust claiming depreciation cannot be equated with a claim for double deduction. The Hon’ble Punjab & Haryana High Court has also made a reference to the decision of the Hon'ble Karnataka High Court in the case