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

capital gain was charged\nto income tax in the assessment year 2017-18. However,\ncontention of ld. A.R. is that section 45(5A) was introduced by\nFinance Act, 2017 w.e.f. 1.4.2018 placed on record at paper book-I\npage no.143 to 145

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

capital gain was charged\nto income tax in the assessment year 2017-18. However,\ncontention of ld. A.R. is that section 45(5A) was introduced by\nFinance Act, 2017 w.e.f. 1.4.2018 placed on record at paper book-I\npage no.143 to 145

DIVYA DINESH ,BENGALURU vs. DCIT, CIRCLE-7(1)(1), BANGALORE

In the result appeal of the assessee is allowed

section 70 of the Income-tax Act, the assessee\nsubmitted that short term capital loss from any capital asset can be set\noff against short term or long-term capital gains from any other capital\nasset. The law does not restrict such set off merely because different\nrates of tax apply. The assessee further relied on judicial decisions,\nincluding Mumbai

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), BENGALURU vs. HIREHAL JAIRAJ BALRAM, BENGALURU

In the result, appeal filed by the assessee is allowed for statistical\npurposes

gain\nwhich arises from the transfer of a capital asset, which\ncould be brought to tax under Section 45 read with Section\n48 of the Income Tax Act.\n13. The assessee in the affidavit explaining the delay in filing the\nappeal late before the Tribunal has also mentioned the\nfactual aspects and the legal dispute and has stated on oath

INSTAKART SERVICES PRIVATE LIMITED,BANGALORE vs. ACIT, SPECIAL RANGE-3, BANGALORE

In the result appeal of the Revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

gains of business or profession" or "Income from other sources" has to be computed and it lays down that such income shall, subject to the provisions of sub-section (2), be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Sub-section (2) of section 145 provides that the Central Government may notify

M/S. ANAND DIAGNOSTIC LABORATORY,BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(4), BENGALURU

In the result, the appeal by the assessee is partly allowed

Bench: Shri Prashant Maharishi & Shri Soundararajan K.

section 45(4) of the act ignoring the factual position that there were no transfer of assets consequent to alleged distribution and in the absence of any such distribution there was capital gains chargeable to tax. 12. The learned Commissioner of Income Tax (Appeals)-15, Bengaluru erred in not following the ratios laid down in the following decisions which were

M/S. ANAND DIAGNOSTIC LABORATORY,BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(4), BENGALURU

In the result, the appeal by the assessee is partly allowed

Bench: Shri Prashant Maharishi & Shri Soundararajan K.

section 45(4) of the act ignoring the factual position that there were no transfer of assets consequent to alleged distribution and in the absence of any such distribution there was capital gains chargeable to tax. 12. The learned Commissioner of Income Tax (Appeals)-15, Bengaluru erred in not following the ratios laid down in the following decisions which were

M/S. CONCORDE HOUSING CORPORATION PRIVATE LIMITED,BENGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), BENGALURU

In the result, appeal of the assessee in ITA No

Bench: Shri Chandra Poojari & Shri Prakash Chand Yadav

145 9.60% 17,57,91,288 10.02% 22,58,31,652 12.51% (PBT) Income Tax & 6,45,03,146 6,74,88,967 6,74,88,967 Deferred tax Profit After Tax 10,31,57,999 5.91% 10,83,02,321 6.17% 15,83,42,685 8.77% (PAT) Refer Note 1 Below Total income

DCIT, CC-1(4), BENGALURU, BENGALURU vs. INSTAKART SERVICES PVT LTD, BENGALURU

In the result, the stay application dismissed as infructuous

gains of business or\nprofession\" or \"Income from other sources\" has to be computed and it lays\ndown that such income shall, subject to the provisions of sub-section (2), be\ncomputed in accordance with either cash or mercantile system of accounting\nregularly employed by the assessee. Sub-section (2) of section 145 provides\nthat the Central Government may notify

INSTAKART SERVICES PRIVATE LIMITED ,BENGALURU vs. ACIT, CENTRAL CIRCLE-1(4), BENGALURU

In the result, the stay application dismissed as infructuous

gains of business or\nprofession\" or \"Income from other sources\" has to be computed and it lays\ndown that such income shall, subject to the provisions of sub-section (2), be\ncomputed in accordance with either cash or mercantile system of accounting\nregularly employed by the assessee. Sub-section (2) of section 145 provides\nthat the Central Government may notify

DCIT CC -1(4), BENGALURU, BENGALURU vs. INSTAKART SERVICES PVT LTD, BENGALURU

gains of business or\nprofession\" or \"Income from other sources\" has to be computed and it lays\ndown that such income shall, subject to the provisions of sub-section (2), be\ncomputed in accordance with either cash or mercantile system of accounting\nregularly employed by the assessee. Sub-section (2) of section 145 provides\nthat the Central Government may notify

INSTAKART SERVICES PRIVATE LIMITED,BANGALORE vs. JCIT, SPECIAL RANG-3, BANGALORE

Appeals of the revenue are dismissed

gains of business or\nprofession\" or \"Income from other sources\" has to be computed and it lays\ndown that such income shall, subject to the provisions of sub-section (2), be\ncomputed in accordance with either cash or mercantile system of accounting\nregularly employed by the assessee. Sub-section (2) of section 145 provides\nthat the Central Government may notify

SHANKARE GOWDA ,BENGALURU vs. INCOME TAX OFFICER, WARD-4(3)(3), BANGALORE

In the result the appeal of the assessee is allowed

Bench: Shri Laxmi Prasad Sahu & Shri Keshav Dubeyassessment Year : 2018-19 Shankare Gowda No.2314/A/1681/A, Behind Bescom Office Subhash Nagara Ito Nelamangala Vs. Ward 4(3)(3) Bengaluru Rural 562 123 Bengaluru Karnataka Pan No : Bozpg9856G Appellant Respondent

Section 48 must have connection i.e. proximate and perceptible nexus and link with the transfer resulting in income by way of capital gain. The word "wholly" refers to the quantum of expenditure and word "exclusively" refers to the motive, objective and purpose of the expenditure. These two words give jurisdiction to the taxing authority to decide whether the expenditure

M/S. ZASH TRADERS,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-4(1)(1), BENGALURU

gain. Further, it was\nobserved that there are four categories of capital assets enumerated\nin clauses (a), (aa), (ab) and (b) of sub-section (2) of section 55 of\nthe Act. Clause (b) is a residuary provision governing “any other capital\nasset”. Here, NFAC was concerned with the capital asset falling\nwithin the scope of sub-clause (aa) and category

DEPUTY COMMISSIONER OF INCOME TAX, BENGALURU vs. FLIPKART INDIA PVT LTD, BENGALURU

In the result, both the appeals filed by the Revenue are dismissed

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

gains of business or profession" or "Income from other sources" has to be computed and it lays down that such income shall, subject to the provisions of sub-section (2), be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Sub-section (2) of section 145 provides that the Central Government may notify

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), BENGALURU vs. FLIPKART INDIA PVT LTD, BENGALURU

In the result, both the appeals filed by the Revenue are dismissed

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

gains of business or profession" or "Income from other sources" has to be computed and it lays down that such income shall, subject to the provisions of sub-section (2), be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Sub-section (2) of section 145 provides that the Central Government may notify

DCIT, CENTRAL CIRCLE-1(4), BENGALURU vs. M/S. FLIPKART INDIA PVT LTD., BENGALURU

In the result, appeal of the assessee is allowed and appeal of revenue is dismissed

Bench: Shri George George K. & Ms. Padmavathy Sassessment Year : 2017-18

gains of business or profession" or "Income from other sources" has to be computed and it lays down that such income shall, ITA No.1141 & 1115/Bang/2022 Page 14 of 18 subject to the provisions of sub-section (2), be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Sub-section (2) of Section 145

M/S. FLIPKART INDIA PVT. LTD.,BANGALORE vs. ACIT, SPECIAL RANGE-3, BANGALORE

In the result, appeal of the assessee is allowed and appeal of revenue is dismissed

Bench: Shri George George K. & Ms. Padmavathy Sassessment Year : 2017-18

gains of business or profession" or "Income from other sources" has to be computed and it lays down that such income shall, ITA No.1141 & 1115/Bang/2022 Page 14 of 18 subject to the provisions of sub-section (2), be computed in accordance with either cash or mercantile system of accounting regularly employed by the assessee. Sub-section (2) of Section 145