M/S. SRI DEVARAJ URS EDUCATIONAL TRUST FOR BACKWARD CLASSES (REGD),KOLAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

132B and assessment under sec 153A on the jurisdiction of the AO in possession of valid seized material. 43. It was submitted that the presumption under section 292C is with reference to books of accounts, other documents, money, bullion, jewellery or other valuable article or thing. The loose sheets, scribbled note-pads do not qualify as books of accounts

M/S. SRI DEVARAJ URS EDUCATIONAL TRUST FOR BACKWARD CLASSES (REGD),KOLAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

132B and assessment under sec 153A on the jurisdiction of the AO in possession of valid seized material. 43. It was submitted that the presumption under section 292C is with reference to books of accounts, other documents, money, bullion, jewellery or other valuable article or thing. The loose sheets, scribbled note-pads do not qualify as books of accounts

M/S. SRI DEVARAJ URS EDUCATIONAL TRUST FOR BACKWARD CLASSES (REGD),KOLAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

132B and assessment under sec 153A on the jurisdiction of the AO in possession of valid seized material. 43. It was submitted that the presumption under section 292C is with reference to books of accounts, other documents, money, bullion, jewellery or other valuable article or thing. The loose sheets, scribbled note-pads do not qualify as books of accounts

M/S. SRI DEVARAJ URS EDUCATIONAL TRUST FOR BACKWARD CLASSES (REGD),KOLAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

132B and assessment under sec 153A on the jurisdiction of the AO in possession of valid seized material. 43. It was submitted that the presumption under section 292C is with reference to books of accounts, other documents, money, bullion, jewellery or other valuable article or thing. The loose sheets, scribbled note-pads do not qualify as books of accounts

M/S. SRI DEVARAJ URS EDUCATIONAL TRUST FOR BACKWARD CLASSES (REGD),KOLAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

132B and assessment under sec 153A on the jurisdiction of the AO in possession of valid seized material. 43. It was submitted that the presumption under section 292C is with reference to books of accounts, other documents, money, bullion, jewellery or other valuable article or thing. The loose sheets, scribbled note-pads do not qualify as books of accounts

M/S. SRI DEVARAJ URS EDUCATIONAL TRUST FOR BACKWARD CLASSES (REGD),KOLAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

132B and assessment under sec 153A on the jurisdiction of the AO in possession of valid seized material. 43. It was submitted that the presumption under section 292C is with reference to books of accounts, other documents, money, bullion, jewellery or other valuable article or thing. The loose sheets, scribbled note-pads do not qualify as books of accounts

K.NAGESH ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-7(2)(1), BANGALORE

Accordingly Grounds 6-7 raised by assessee stands dismissed

Bench: Shri. B. R. Baskaran & Smt. Beena Pillaiassessment Year : 2013 – 14

1,04,00,000/- Acquired during the financial year 2009-10 by way of gift less: indexed cost of acquisition as on 01/04/1981 (Rs. 30/-per sq.ft.) 81,000 x 852/100 6,90,120 97,09,880 less: exemption under section 54 97,09,880 Nil Assessee thus declared ‘Nil’ capital gains. Page 4 of 23 3. Ld.AO, thereafter called

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE vs. MR. D K SHIVAKUMAR, BANGALORE

In the result, we allow appeal filed by the assessee

capital gains / income from other sources from the said sale has not been offered to tax.\nOn the basis of the above information received from the Investigation Wing and perusal of the\nseized documents, the AO had reason to believe that income chargeable to tax has escaped\nassessment for the assessment year 2006-07 and hence the provisions of section

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE vs. MR. D K SHIVAKUMAR, BANGALORE

capital gains / income from other sources from the said sale has not been offered to tax.\nOn the basis of the above information received from the Investigation Wing and perusal of the\nseized documents, the AO had reason to believe that income chargeable to tax has escaped\nassessment for the assessment year 2006-07 and hence the provisions of section