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

capital gain has invested in the house. Once if it is demonstrated that the consideration received on transfer has been invested in construction of the residential house, then though the construction is not complete in all respects and as required under law, the assessee should be given the benefit of section 54F. A reading of the aforesaid decision

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

Capital Gains Accounts Scheme, 1988 which has been notified for the purposes of availing exemption u/s 54F(4) and other similar provisions of the Act and the salient features of the said scheme reads as under: "Deposits how to be made. Page 10 of 16 3. A deposit or deposits may be made under the provisions of section

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

capital gains chargeable to tax . It was submitted that since, there was misuse of the provisions of law and hence this loophole was plugged by the Parliament by introducing first proviso to Section 48 clause (ii). 10.3 The assessee, in rejoinder, relied upon the judgment and order of Hon’ble Supreme Court in the case of CIT(A) v. Rajasthan

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

13 of 16 7. From the above settled position of the issue, it can be safely concluded that the "date of allotment" should be reckoned as the date for computing the holding period for the purpose of capital gains. In the instant case, the date of allotment is 11.04.2003 (FY 2003-2004) and the date of sale of the property

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

Section 48(2) of the Act, according to the assessee. Accordingly, the capital gains for transfer of property to M/s. Gopalan Enterprises is required to be computed by giving a reasonable expenditure towards fencing and also by reducing Rs.3,30,29,479 from capital gains as computed by the AO. 21. The ld. DR submitted that the original agreement dated

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

SMT.ANUPAMA NAGESH,BANGALORE vs. INCOME TAX OFFICER, BANGALORE

In the result, the assessee's appeal is allowed

Bench: Shri Vijay Pal Rao

gain of Rs.87,13,115 claimed under Section 54 of the Act. The Assessing Officer after conducting the enquiry and verification of the status of the new asset disallowed the claim of the assessee under Section 54 of the Act. As per the 3 Assessing Officer, the assessee has not utilized the 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

13,94,60,000.00 Area or 1,83,500 sq. ft whichever is higher at the rate of 760 per sq. ft Less: COA for 61.5% of undivided share of land 1,67,28,000.00 Capital Gains 12,27,32,000.00 Share of assessee- 15% 1,84,09,800.00 3.2 After the completion of the JDA, the assessee was handed

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

13,94,60,000.00 Area or 1,83,500 sq. ft whichever is higher at the rate of 760 per sq. ft Less: COA for 61.5% of undivided share of land 1,67,28,000.00 Capital Gains 12,27,32,000.00 Share of assessee- 15% 1,84,09,800.00 3.2 After the completion of the JDA, the assessee was handed

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 Gains) 2010-11 4931189 286866 2011-12 4248181 240820 4489001 Page 13 of 13 2012-13 3021275 216738 3238013 2013-14 3800165 195064 3995229 2014-15 1340782 175558 1516340 2015-16 0 0 0 2016-17 0 0 1735217 Total 18687159 3342073 28471402 28. As per 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

13,02,430 [B] 32,64,99,962\n43,25,290\n43,25,290\n17,49,200\n17,49,200\n40,000\n40,000\nITA Nos.775 & 954/Bang/2024\nSri Alagappa Muthiah (HUF), Bangalore\nITA Nos.776 & 955/Bang/2024\nSri Alagappa Annamalai (HUF), Bangalore\nPage 6 of 34\nSurvey charges\nEvaluation and speculation of JD\nJD Agreement\nDesign and inspection

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

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

13,02,430 [B] 32,64,99,962\n43,25,290\n43,25,290\n17,49,200\n17,49,200\n40,000\n40,000\nSurvey charges\nEvaluation and speculation of JD\nJD Agreement\nDesign and inspection\n11,251\n1,05,150\n45,00,000\n5,61,800\n[C]\n1,12,92,691\nTotal Long Term Capital Gains\n1/2 Share

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

section 50 and not as long-term capital gain as held by the Assessing Officer. As regards the taxability of Rs.33.21 crores being the amount received for furnishing restrictive covenant, the ld. CIT(A) has taken the view that the said amount represented consideration for the transfer of goodwill and hence he directed the Assessing Officer to charge the same

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

section 45 of the Act. Page 6 of 23 12. A look at how formation and dissolution of partnership was used as a device to evade tax on capital gains to convert an asset held individually into an asset of the firm in which the individual is a partner and conversion of capital assets into individual assets on dissolution

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

13,02,430 [B]\n32,64,99,962\nExpenditure in relation to transfer :\nBetterment fee - Residential uinits\nFees paid for change of land use\nPartition Deed\n43,25,290\n17,49,200\n40,000\n43,25,290\n17,49,200\n40,000\nSurvey charges\nEvaluation and speculation of JD\nJD Agreement\nDesign and inspection

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

capital gains in view of section 2(14) read with sections 45 and 48 of the Act ? " Page 13 of 66 10.5The Hon'ble Court

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

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 1(1), MYSURU vs. M/S. BHORUKA ALUMINIUM LIMITED, MYSURU

In the result, appeal of the Revenue is allowed

Bench: Shri N. V. Vasudevan & Shri Laxmi Prasad Sahuassessment Year : 2014-15 Acit, Vs. M/S. Bhoruka Aluminium Ltd., No.427E, 2Nd Floor, Hebbal Industrial Circle – 1(1), Mysuru. Area, Metagalli, Mysuru – 570 016. Pan : Aaacb 8073 D Appellant Respondent Assessee By : Shri. S. Ramasubramanian, Ca Revenue By : Dr. Manjunath Karkihalli, Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 08.08.2022 Date Of Pronouncement : 16.08.2022 O R D E R Per N. V. Vasudevan:

capital gains tax and the amount to be taxed under section 45(1) is not dependent upon the receipt of the consideration. The Hon’ble High Court held that in the subject assessment year no right to claim any particular amount gets vested in the hands of the assessee. Therefore, entire amount of Rs.20 crores which is sought