M/S INFOSYS LTD ,BANGALOR E vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE

In the result, the appeal filed by the assessee as well as by revenue are partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariit(Tp)A No.735/Bang/2018 Assessment Year: 2013-14

14A as per rule 8D in the absence of satisfaction of the Ld.AO on incorrectness of the claim made by the assessee. 8.5. Without prejudice, Special bench of Hon’ble Delhi Tribunal in the case of ACIT vs. Vireet Investment (P) Ltd., reported in (2017) 82 taxmann.com 415, among other cases has held that only those investments

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE vs. M/S INFOSYS LIMITED , BANGALORE

In the result, the appeal filed by the assessee as well as by revenue are partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariit(Tp)A No.735/Bang/2018 Assessment Year: 2013-14

14A as per rule 8D in the absence of satisfaction of the Ld.AO on incorrectness of the claim made by the assessee. 8.5. Without prejudice, Special bench of Hon’ble Delhi Tribunal in the case of ACIT vs. Vireet Investment (P) Ltd., reported in (2017) 82 taxmann.com 415, among other cases has held that only those investments

DCIT, CC-2(1), BENGALURU, BENGALURU vs. CHAITANYA PROPERTIES PVT LTD, BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2011-12

section 14A of the Act to the file of the learned CIT(A) for reconsideration. 10. The learned CIT(A), vide order dated 30-03-2024, once again decided the issue of capital gains

MANIPAL HEALTH SYSTEMS PRIVATE LIMITED,BANGALORE vs. DCIT, CENTRAL CIRCLE 1(2), BANGALORE

In the result, the the revenue’s appeal is dismissed

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2014-15

capital gains’. Therefore there was no expenditure incurred by the assessee. He strongly relied in the judgments of different High Courts where it is specifically stated that recording satisfaction before invoking section 14A

MANIPAL HEALTH ENTERPRISES PRIVATE LIMITED,BANGALORE vs. ACIT, CIRCLE 2(3)(1), BANGALORE

In the result, the the revenue’s appeal is dismissed

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2014-15

capital gains’. Therefore there was no expenditure incurred by the assessee. He strongly relied in the judgments of different High Courts where it is specifically stated that recording satisfaction before invoking section 14A

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), BENGALURU vs. MANIPAL HEALTH ENTERPRISES PVT LTD, BENGALURU

In the result, the the revenue’s appeal is dismissed

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2014-15

capital gains’. Therefore there was no expenditure incurred by the assessee. He strongly relied in the judgments of different High Courts where it is specifically stated that recording satisfaction before invoking section 14A

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

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

Accordingly, this\nground is allowed for statistical purposes

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

INFOSYS LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-3(1)(1), BANGALORE

In the result, appeal filed by the assessee is partly allowed and the\nappeal filed by the revenue is dismissed

Bench: Shri Waseem Ahmed\Nand\Nshri Keshav Dubey\N\N\Nita No. 881/Bang/2023\N Assessment Year: 2019-20\N\Ninfosys Limited\Nplot 44, Konappana Agrahara\Nhosur Road, Konappana\Nbangalore - 560100\Nkarnataka\N\Npan: Aaaci4798L\N\Nappellant\N\Nvs.\N\Ndy. Commissioner Of Income Tax\Ncircle - 3(1)(1)\Nbmtc Building, 80 Feet Road\Nkoramangala, Bangalore – 560095\Nkarnataka\N\Nrespondent\N\Nita No. 245/Bang/2024\N Assessment Year: 2019-20\N\Njt. Commissioner Of Income Tax (Osd)\Ncircle - 3(1)(1)\Nroom No. 241, 2Nd Floor\Nbmtc Building, 80 Feet Road\N6Th Block, Koramangala\Nbangalore - 560095\Nkarnataka\N\Nvs.\N\Ninfosys Limited\Nplot 44, Konappana Agrahara\Nhosur Road, Konappana\Nbangalore - 560100\Nkarnataka\N\Npan: Aaaci4798L\N\Nappellant\N\Nrespondent\N\Nassessee By\Ndepartment By\N\Nsri Padam Chand Khincha – Ca\Nsmt. Srinandini Das – Cit - Dr\N\Ndate Of Hearing\Ndate Of Pronouncement:\N\N09.05.2025\N06.08.2025\N\Norder\N\Nper Keshav Dubey:\N\Nthese Cross Appeals Are Filed Against The Order Of Ld. Commissioner Of\Nincome Tax (Appeals), National Faceless Appeal Centre, Delhi [In Short \"Ld.\Ncit(A)/Nfac] Vide Din & Order No. Itba/Nfac/S/250/2023-24/1056786183(1) Dated 05.10.2023 Passed U/S.250 Of The Income Tax\Nact, 1961 (In Short “The Act\") For The A.Y.2019-20.\N\Npage 2 Of 34\N\N2. The Assessee Has Raised The Following Grounds Of Appeal: - \N\N\"1.\N\Ngeneral Ground\N\N1.

capital fund. Thus, it is evident\nthat interest on NCDs, interest on loan to Subsidiaries, interest on\ndebentures, interest on Govt securities, interest on tax refunds, insurance\nclaim, incentive from airlines and rental income from BSNL are offered to tax\nunder the head Profits and gains of business and not under the head\nIncome from other sources

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3(1)(1), BENGALURU, BENGALURU vs. INFOSYS LIMITED, BENGALURU

In the result, appeal filed by the assessee is partly allowed and the appeal filed by the revenue is dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2019-20

capital fund. Thus, it is evident that interest on NCDs, interest on loan to Subsidiaries, interest on debentures, interest on Govt securities, interest on tax refunds, insurance claim, incentive from airlines and rental income from BSNL are offered to tax under the head Profits and gains of business and not under the head Income from other sources

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BENGALURU vs. COFFEE DAY ENTERPRISES LIMITED, BENGALURU

In the result, all the COs by assessee in CO\nNos

section 14A of the Act. It was also submitted that in\nassessee's own case for the assessment year 2013-14, the assessee\ncame in appeal before this Tribunal. The Tribunal vide order in ITA\nNo.2820/Bang/2018 dated 10.6.2019 for the AY 2013-14 has\nallowed the appeal of the assessee by observing as under:\n\"6. Having heard rival contentions

DCIT, CENTRAL CIRCLE-1(3), BENGALURU, BENGALURU vs. COFFEE DAY GLOBAL LIMITED, BENGALURU

In the result, all the COs by assessee in CO\nNos

section 14A of the Act. It was also submitted that in\nassessee's own case for the assessment year 2013-14, the assessee\ncame in appeal before this Tribunal. The Tribunal vide order in ITA\nNo.2820/Bang/2018 dated 10.6.2019 for the AY 2013-14 has\nallowed the appeal of the assessee by observing as under:\n\"6. Having heard rival contentions

CANARA BANK,BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BANGALORE, BENGALURU

Bench: SHRI WASEEM AHMED, ACCOUNTANT MEMBER\nAND\nSHRI KESHAV DUBEY, JUDICIAL MEMBER\nITA No.210/Bang/2024\nAssessment Year: 2017-18\nM/s Canara Bank\nFM wing, Head Office,\n112, J.C. Road\nBangalore 560002\nVs.\nDCIT\nCircle-2(1)(1)\nBangalore\nPAN NO : AAACC6106G\nAPPELLANT\nRESPONDENT\nITA No.222/Bang/2024\nAssessment Year: 2017-18\nDCIT\nCircle-2(1)(1)\nBangalore\nVs.\nM/s Canara Bank\nFM wing, Head Office,\n112, J.C. Road\nBangalore 560 002\nAPPELLANT\nRESPONDENT\nITA No.1154/Bang/2023\nAsses

Section 37(1)\n6.\nDisallowance u/s 14A\n7.\nDepreciation on Leased Assets\n8.\nLong Term Capital Gain on Sale of shares

SRI DINESH DEVRAJ RANKA,BENGALURU vs. ADDITIONAL COMMISSIONER OF INCOME TAX, RANGE-8,, BENGALURU

Bench: Smt. Beena Pillai & Ms. Padmavathy Sassessment Year : 2011-12

Capital gain – Rs.5,65,24,370 (iv) Disallowance u/s. 14A – Rs.4,97,089 4. Aggrieved, the assessee filed appeal before the CIT(A). The CIT(A) upheld the additions/disallowances, except for giving a marginal relief with regard to the disallowance made u/s. 14A. The assessee is in appeal before the Tribunal, aggrieved by the order

M/S. KARNATAKA BANK LIMITED,MANGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX. CIRCLE- 2(1), MANGALURU

In the result, the appeal of the assessee is partly allowed for statistical purposes and the revenue’s appeal is dismissed

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K., Judciial Member Assessment Year : 2015-16

gainfully refer to the “MEMORANDUM EXPLAINING FINANCE BILL 2013”, which brings out the intention of the Parliament in inserting Explanation-2 in sec. 36(1)(vii) of the Act. It is extracted below:- “Clarification for amount to be eligible for deduction as bad debts in case of banks:- Under the existing provisions of section 36(1)(viia) of the Income

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 2(1), MANGALORE vs. KARNATAKA BANK LIMITED., MANGALORE

In the result, the appeal of the assessee is partly allowed for statistical purposes and the revenue’s appeal is dismissed

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K., Judciial Member Assessment Year : 2015-16

gainfully refer to the “MEMORANDUM EXPLAINING FINANCE BILL 2013”, which brings out the intention of the Parliament in inserting Explanation-2 in sec. 36(1)(vii) of the Act. It is extracted below:- “Clarification for amount to be eligible for deduction as bad debts in case of banks:- Under the existing provisions of section 36(1)(viia) of the Income

SHIV NADAR AND SANJAY KALRA ASSOCIATES LLP,BENGALURU vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE 1(2)(2), BANGALORE, BENGALURU

In the result, we don to find any merit in this appeal, the same fails and is hereby dismissed

Bench: Shri Laxmi Prasad Sahu & Shri Prakash Chand Yadavassessment Year : 2017-18

section 14A should not be applied. In this regard the assessee furnished reply that there is no Page 7 of 16 exempt income earned during the year, therefore no disallowance could be made u/s. 14A and relied on various High Court judgments. 6. The AO from the submissions, he calculated disallowance u/s. 14A of Rs.83,54,360 and the same

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BENGALURU, BENGALURU vs. CANARA BANK, BENGALURU

In the result, appeal of the revenue in ITA No

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessmentyear: 2017-18

14A of the Act.” 6.1 In view of the above order of this Tribunal cited (supra), taking a consistent view, we allow this ground taken by the assessee. 7. Ground No.3 is with regard totaxing of the profit from the sale of shares of Can Fin Homes Ltd./CARE Ltd as business income instead of income from capital gains