SARITHA FLAVINA DSOUZA,MANGALORE vs. INCOME TAX OFFICER WARD 1(1), MANGALORE

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

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2018-19

119 days in filing the appeal. Accordingly, in the interest of justice, the delay is condoned and the appeal is admitted for adjudication on merits. 5. The issue raised by the assessee on grounds of appeal pertains to the addition of long-term capital gain on sale of land & building. 6. The brief facts are that the assessee

CHANGAAI MANGALOTE IBRAHIM,BANGALORE vs. THE INCOME TAX OFFICER, WARD-1(2)(4), BANGALORE

In the result, assessee's appeal stands allowed

Bench: Shri Laxmi Prasad Sahu & Shri Keshav Dubeyassessment Year: 2016-17

capital gains”. Changaai Mangalote Ibrahim, Bangalore Page 5 of 14 3.2 Aggrieved by the assessment completed u/s 143(3) of the Act, the assessee preferred an appeal before the ld. CIT(A)/NFAC. 4. The ld. CIT(A)/NFAC dismissed the appeal of the assessee on that ground that in the present case as there is not even Sanction Plan

MAHESH REDDY ,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(2)(1), BANGALORE

In the result, both the appeals of the assessee are allowed

capital gains of\nRs.7,12,17,657/- on which deduction of Rs.4,82,00,000/- had been claimed u/s 54F\nof the IT Act....\n4.3 Thus he submitted that it is grossly incorrect to initiate 263\nproceedings on the ground of no enquiry or inadequate inquiry.\nConsequently, the order of the AO dt.28.12.2019 is neither\nerroneous nor prejudicial

MAHESH REDDY,BANGALORE vs. PRINCIPAL COMMISSIONER OF INCOME TAX, BENGALURU-2, BENGALURU

In the result, both the appeals of the assessee are allowed

capital gains of\nRs.7,12,17,657/- on which deduction of Rs.4,82,00,000/- had been claimed u/s 54F\nof the IT Act....\n4.3 Thus he submitted that it is grossly incorrect to initiate 263\nproceedings on the ground of no enquiry or inadequate inquiry.\nConsequently, the order of the AO dt.28.12.2019 is neither\nerroneous nor prejudicial

SRI SRINIVASA EDUCATIONAL & CHARITABLE TRUST,BANGALORE vs. DCIT, CENTRAL CIRCLE-2(3), BANGALORE

119(1), any action taken in violation of it renders the subsequent\nproceedings irregular and invalid. The Revenue authority cannot claim\nimmunity by treating the instruction as merely advisory, when judicial\nprecedents have consistently upheld the binding nature of CBDT\ncirculars upon revenue authorities.\n\n14.8 We therefore hold that the last valid panchanama in this case was\ndrawn

M/S. PRACTO TECHNOLOGIES PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result, the appeal by the assessee is allowed

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

gain as operating in nature for the purpose of computing OP/TC of the Appellant and the OP/TC of the comparable companies remaining in the final set; 6.9. Erred in not providing appropriate adjustments to account for differences in working capital employed by the Appellant vis-a-vis the comparable companies. IT(TP)A No.154/Bang/2022 Page 5 of 28 6.10 Erred

SRI. ARAVINDAN VEDHAVATHTHIYAR SINGARACHARI,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-5(3)(1), BANGALORE

capital gains by adopting deemed\nsale consideration at Rs. 26,89,99,677/-. However, the assessee has\nfailed to do so. It has also been seen that the assessee has furnished\nincorrect details regarding sale consideration of one property sold and\ndeclared in the ITR as per the provisions of section 50C of the Income Tax\nAct

SRI. ARAVINDAN VEDHAVATHTHIYAR SINGARACHARI ,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-5(3)(1), BANGALORE

In the result, the appeals of the assessee are partly allowed

capital gains by adopting deemed\nsale consideration at Rs. 26,89,99,677/-. However, the assessee has\nfailed to do so. It has also been seen that the assessee has furnished\nincorrect details regarding sale consideration of one property sold and\ndeclared in the ITR as per the provisions of section 50C of the Income Tax\nAct

M/S HARMAN CONNECTED SERVICES CORPORATION INDIA PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(2), BANGALORE

In the result, the appeal filed by the revenue is dismissed

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

gains derived y the undertaking engaged in the export of articles as envisaged under section 10-B and could not be taxed separately under section 56. [Para 37].” ITA Nos.1980 to 1982/Bang/2018 M/s. Harman Connected Services Corporation India Pvt. Ltd., Bangalore Page 33 of 38 35.1 In view of the above judgement of jurisdictional High Court, we allow the ground

M/S HARMAN CONNECTED SERVICES CORPORATION INDIA PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(2), BANGALORE

In the result, the appeal filed by the revenue is dismissed

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

gains derived y the undertaking engaged in the export of articles as envisaged under section 10-B and could not be taxed separately under section 56. [Para 37].” ITA Nos.1980 to 1982/Bang/2018 M/s. Harman Connected Services Corporation India Pvt. Ltd., Bangalore Page 33 of 38 35.1 In view of the above judgement of jurisdictional High Court, we allow the ground

M/S HARMAN CONNECTED SERVICES CORPORATION INDIA PRIVATE LIMITED ,BANGALORE vs. ADDITIONAL COMMISSIONER OF INCOME TAX RANGE-12 , BANGALORE

In the result, the appeal filed by the revenue is dismissed

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

gains derived y the undertaking engaged in the export of articles as envisaged under section 10-B and could not be taxed separately under section 56. [Para 37].” ITA Nos.1980 to 1982/Bang/2018 M/s. Harman Connected Services Corporation India Pvt. Ltd., Bangalore Page 33 of 38 35.1 In view of the above judgement of jurisdictional High Court, we allow the ground

SRI SRINIVASA EDUCATIONAL & CHARITABLE TRUST,BANGALORE vs. DCIT, CENTRAL CIRCLE-2(3), BENGALURU

119(1), any action taken in violation of it renders the subsequent\nproceedings irregular and invalid. The Revenue authority cannot claim\nimmunity by treating the instruction as merely advisory, when judicial\nprecedents have consistently upheld the binding nature of CBDT\ncirculars upon revenue authorities.\n14.8 We therefore hold that the last valid panchanama in this case was\ndrawn

RAGHU BELAGODU(HUF),BENGALURU vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX, BENGALURU - 2 , BENGALURU

In the result, the appeal of the assessee is allowed

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2016-17

capital gains for receiving compensation from the concerned authority-Karnataka Industrial Areas Development Board. It is contended that the petitioner was unaware of the exemption for NC: 2024:KHC:8023 deduction of tax deducted at source as well as payment of tax in respect of the land acquisition compensation received by her and when she came to know about

DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2(3), BENGLAURU vs. SHRI KEMPAREDDY GOVINDRAJU, DOMLUR, BENGALURU

In the result the appeals of the assessee in ITA No’s 1022 to 1024/ Bang/ 2024, for the Assessment Years 2014-15, 2015-16 and 2016-17 are allowed and the appeals of the Revenue in ITA Nos

Bench: Shri Laxmi Prasad Sahu & Shri Soundarajan K

section 133(6) from the Lokayukta by the AO and he observed that there is difference in the jewellery declared. Therefore, the information received from the Lokayukta is part and parcel of the incriminating documents found during the course of search. The assessee has not explained the apparent discrepancies in his own statements on affidavit before the statutory authorities

RAAJRATNA ENERGY HOLDINGS PRIVATE LIMITED,HYDERABAD vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), BANGALORE

section 56(2)(viib) of the\nAct for the Assessment Year 2017-18. Further for the Assessment Year 2018-\n19, AO has disallowed short term capital loss of Rs.5,10,000/- as per his Order\nat para No.5 on sale of investment in Venu Hydro Powers Ltd., and observed\nthat the assessee has claimed excess long term capital loss

MR. AMARTHYA SIDDHARTHA L/R OF LATE SRI. V G . SIDDHARTHA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

gains. The AO also pointed out that as per the original debenture purchase agreement, the holder of debentures was entitled to a coupon payment at 13.75%. However, no such coupon or interest income was realized or considered at the time of redemption. The assessee’s claim that waiver of interest was based on an informal agreement was found

MR. AMARTHYA SIDDHARTHA L/R OF LATE SRI. V G . SIDDHARTHA ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

gains. The AO also pointed out that as per the original debenture purchase agreement, the holder of debentures was entitled to a coupon payment at 13.75%. However, no such coupon or interest income was realized or considered at the time of redemption. The assessee’s claim that waiver of interest was based on an informal agreement was found

MRS. MALAVIKA HEGDE L/R OF LATE SRI. V G SIDDHARTHA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

gains. The AO also pointed out that as per the original debenture purchase agreement, the holder of debentures was entitled to a coupon payment at 13.75%. However, no such coupon or interest income was realized or considered at the time of redemption. The assessee’s claim that waiver of interest was based on an informal agreement was found