MR K. P. MANJUNATHA REDDY,BANGALORE vs. THE INCOME TAX OFFICER, WARD 4(3)(2), BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2014-15

capital gains tax. These points were considered by the various decisions of the Apex court and High Courts and he, particularly relied on the following decisions : i) CIT v. Gemini Pictures P. Ltd., (1996) 220 ITR 43 (SC); ii) Mahaveer Enterprises v. Union of India (2000) 224 ITR 789 (Raj); iii) CWT v. Officer-in-charge (Court of Wards) Paigah

LATE SMT.K.LEELAVATHY, BY L/R SHRI M.THIMMEGOWDA ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(3), BANGALORE

In the result, all the appeals by the assessee are partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

capital asset within the meaning of section 2(14) of the IT Act. The simple reply of the assessee’s representative was that though the lands were converted, agricultural activities were going on. 7. The Assessing Officer held though the asessee’s representative was harping that the agricultural activities were carried on till the date of the sale, even after

LATE SMT.K.LEELAVATHY BY L/R SHRI M.THIMMEGOWDA ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(3), BANGALORE

In the result, all the appeals by the assessee are partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

capital asset within the meaning of section 2(14) of the IT Act. The simple reply of the assessee’s representative was that though the lands were converted, agricultural activities were going on. 7. The Assessing Officer held though the asessee’s representative was harping that the agricultural activities were carried on till the date of the sale, even after

LATE SMT.K.LEELAVATHY BY L/R SHRI M.THIMMEGOWDA ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(3), BANGALORE

In the result, all the appeals by the assessee are partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

capital asset within the meaning of section 2(14) of the IT Act. The simple reply of the assessee’s representative was that though the lands were converted, agricultural activities were going on. 7. The Assessing Officer held though the asessee’s representative was harping that the agricultural activities were carried on till the date of the sale, even after

LATE SMT.K>LEELAVATHY BY L/R SHRI.M.THIMMEGOWDA ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(3), BANGALORE

In the result, all the appeals by the assessee are partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

capital asset within the meaning of section 2(14) of the IT Act. The simple reply of the assessee’s representative was that though the lands were converted, agricultural activities were going on. 7. The Assessing Officer held though the asessee’s representative was harping that the agricultural activities were carried on till the date of the sale, even after

SHRI D.DASAPPA,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

gain arising out of transfer of land without prejudice to the legal arguments. The ld. AR submitted that submitted that the asset transferred is an agriculture land within the meaning of section 2(14)(iii) of the Act. Although the lands were converted, agricultural activities were carried on by the assessee till the date of transfer. The same

SHRI D.DASAPPA,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

gain arising out of transfer of land without prejudice to the legal arguments. The ld. AR submitted that submitted that the asset transferred is an agriculture land within the meaning of section 2(14)(iii) of the Act. Although the lands were converted, agricultural activities were carried on by the assessee till the date of transfer. The same

M/S MHM HOLDINGS PVT LTD ,BANGALORE vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX RANGE-12 , BANGALORE

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

Bench: Smt. Beena Pillai & Ms. Padmavathy S.M/S. Mhm Holding Pvt. Ltd. Vs Acit, Range - 12 Bengaluru No. 52, Bassappa Road Shantinagar Bengaluru 560027 Pan – Aabcm6614L (Appellant) (Respondent) Assessee By: Shri Parthasarathi, Adv. Revenue By: Shri K.R. Narayana, Addl Cit-Dr Date Of Hearing: 23/11/2022 Date Of Pronouncement: 25/11/2022 O R D E R Per: Padmavathy, A.M.

section 50B, no indexation benefit is available on cost of acquisition, i.e., net worth. 11. In the given case, it is the contention of the ld AR that though the amount of Rs.6,28,66,590 which is claimed as a deduction from the purchase price for the purpose of capital gain, the amount is an adjustment to the provisional

NAVJYOTI SHARMA,BANGALORE vs. DCIT ASMNT, BANGALORE

In the result appeal filed by the assessee is allowed

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

Capital Gain u/s. 45 of the Act. 3.1 During the course of assessment proceedings, the AO noticed that assessee had sold his house property in Delhi on 07/09/2015 for a consideration of Rs.70,00,000/- which was originally purchased on 04/06/2007 for a consideration of Rs.17,00,000/-, the index cost of acquisition being worked out to Rs.33

SHRI M. THIMMEGOWDA,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(3), BANGALORE

In the result, both the appeals by the assessee are partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

section 2(14) and there was no capital gains tax ITA Nos.1035 & 1036/Bang/2019 Page 45 of 78 arising out of such sales within the meaning of the definition of the term “capital asset”. Since the assessee did not offer any capital gain and claimed that it was agricultural land though it was converted into non-agricultural residential purpose, the case

SHRI M. THIMMEGOWDA,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(3), BANGALORE

In the result, both the appeals by the assessee are partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

section 2(14) and there was no capital gains tax ITA Nos.1035 & 1036/Bang/2019 Page 45 of 78 arising out of such sales within the meaning of the definition of the term “capital asset”. Since the assessee did not offer any capital gain and claimed that it was agricultural land though it was converted into non-agricultural residential purpose, the case

DCIT, BANGALORE vs. M/S GENEVA FINE PUNCH ENCLOSURES LTD.,, BANGALORE

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

Bench: Shri Inturi Rama Rao & Shri Lalit Kumardeputy Commissioner Of Income-Tax, Circle 11(3), Bengaluru. … Appellant Vs. M/S.Geneva Industries Ltd., (Formerly Geneva Fine Punch Enclosures Ltd.),No.140/1, Pattandur Agrahara Village, Whitefield Road, Bengaluru-560 066. … Respondent Pan: Aaacg7208F & (By The Assessee) Assessee By : Shri B.Balachandran, Advocate. Revenue By : Shri Pradeep Kumar, Cit(Dr) Date Of Hearing : 02/11/2017 Date Of Pronouncement : 19/01/2018 O R D E R Per Inturi Rama Rao, Am : These Cross Appeals Filed By The Assessee-Company As Well As Revenue Directed Against The Order Of The Ld. Commissioner Of Income- Tax(Appeals)-I, Bengaluru, Dated 30/08/2013 For The Assessment Year 2009-10. 2. Briefly, Facts Of The Case Are As Under: The Assessee Is A Company Duly Incorporated Under The Provisions Of The Companies Act 1956. It Is Engaged In The Business Of Making Of Sheet Metal, Medical Equipments & Accessories. The Return Of Income For The Assessment Year 2009-

160/-. Against the said return of income, the assessment was completed by the Deputy Commissioner of Income Tax, Circle 11(3), Bengaluru vide order dated 30/ 12/2011 passed under section 143 (3) of the Income- tax Act, 1961 [hereinafter referred to as 'the Act' for short] at total income of Rs.42,97,10,412/-. While doing so, the Assessing Officer

SHRI. DEV KUMAR ROY,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 3(1)(1), BANGALORE

In the result, appeal of the Assessee is treated as allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri A K Garodiaassessment Year: 2016-17

160 8. According to the AO, the Assessee did not acquire the undivided share of land or the built up area and therefore there was no capital asset that was transferred by the Assessee and hence the gain in question cannot be considered as chargeable to tax u/s.45 of the Income Tax Act, 1961 (Act) under the head “Capital Gain

K.G. KRISHNA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

capital gain as offered by the appellant is to be accepted. The appellant denies the liability to pay interest u/s 234A 8. and 234B of the Act. The interest levied being wholly erroneous is to be deleted. 9. In view of the above and on other grounds to be adduced at the time of hearing it is requested that

K.G. KRISHNA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

capital gain as offered by the appellant is to be accepted. The appellant denies the liability to pay interest u/s 234A 8. and 234B of the Act. The interest levied being wholly erroneous is to be deleted. 9. In view of the above and on other grounds to be adduced at the time of hearing it is requested that

K. G. KRISHNA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

capital gain as offered by the appellant is to be accepted. The appellant denies the liability to pay interest u/s 234A 8. and 234B of the Act. The interest levied being wholly erroneous is to be deleted. 9. In view of the above and on other grounds to be adduced at the time of hearing it is requested that

K.G. KRISHNA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

capital gain as offered by the appellant is to be accepted. The appellant denies the liability to pay interest u/s 234A 8. and 234B of the Act. The interest levied being wholly erroneous is to be deleted. 9. In view of the above and on other grounds to be adduced at the time of hearing it is requested that

K.G. KRISHNA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

capital gain as offered by the appellant is to be accepted. The appellant denies the liability to pay interest u/s 234A 8. and 234B of the Act. The interest levied being wholly erroneous is to be deleted. 9. In view of the above and on other grounds to be adduced at the time of hearing it is requested that