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

164), Pranav, South Cross Road, Basavangudi, Bengaluru-560004 was covered. Thereafter, the case was centralized with the Deputy Commissioner of Income Tax, Central Circle-1(4), Bengaluru vide order u/s. 127 of the Act dated 05/03/2022 of the Principal Commissioner of income Tax, Bengaluru-3, Bengaluru. Accordingly, notices u/s. 143(2) as well

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

164), Pranav, South Cross Road, Basavangudi, Bengaluru-560004 was covered. Thereafter, the case was centralized with the Deputy Commissioner of Income Tax, Central Circle-1(4), Bengaluru vide order u/s. 127 of the Act dated 05/03/2022 of the Principal Commissioner of income Tax, Bengaluru-3, Bengaluru. Accordingly, notices u/s. 143(2) as well

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 55." 31. Thus the only way to bring to tax sale consideration received on transfer of “Technical know-how” is to call it “goodwill” and that is probably Page 27 of 45 the reason why the AO preferred to call transfer of Technical know-how as transfer of goodwill. We are of the view that “Technical know

PRASHANTH PRAKASH,BANGALORE vs. ADDL.C.I,.T., BANGALORE

In the result, the appeal by the assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boazassessment Year : 2009-10

164, 165 & 166 of Doddathogur Village, Begur Hobli, Bangalore South Taluk. The assessee purchased a house site bearing No.197. Concorde Housing also agreed to convey the land and construct a Villa for the assessee. One of its sister concerns, Concorde Shelters Pvt. Ltd. (hereinafter referred to “Concorde Shelters”) agreed to construct a villa on the site sold by Concorde Housing

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, BELLARY, CENTRAL CIRCLE, BELLARY vs. M/S VIRGO PROPERTIES PRIVATE LIMITED, CHENNAI

Bench: Shri.Laxmi Prasad Sahu & Shri. Keshav Dubey

section 148 of the Act to disclose fully and truly all material facts necessary for assessment for that Assessment Year. Therefore the case was rightly reopened by the AO. The learned CIT(A) has wrongly allowed appeal of the assessee. 6. On the other hand, learned Counsel for the assessee relied on the Order of learned

INCOME TAX OFFICER WARD-1(2)(1), BANGALORE vs. M/S TRUE NORTH FUND IIIA , BANGALORE

In the result, the appeal of the revenue is dismissed and the cross objection of the assessee is treated as allowed

Bench: Shri B.R Baskaran & Smt. Beena Pillaiassessment Year : 2015-16

gains in their respective return of income and paid appropriate taxes 4.31 It is also informed that the details of the beneficiaries were furnished to the AO vide submission dated 16 August, 2017. 4.32 The Appellant has further submitted that the confirmations from the beneficiaries that they have offered their share of income from the Appellant to tax, as appropriate

M/S JUPITER CAPITAL PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-11(5), BANGALORE

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

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodiaassessment Year : 2014-15

164,48,55,840/- :- The brief facts of the case are that, the appellant claimed an amount of Rs. 1,64.48,55,840/- as Long Term Capital loss from sale of shares. This loss was stated to accrue against the reduction in share capital of M/s Asianet News Pvt. Ltd (ANNPL) effected under a capital reduction scheme. The AO disagreed

SRI ALAGAPPA MUTHIAH(HUF),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-2(4), BANGALORE

Bench: Shri Chandra Poojari & Shri Soundararajan K.Sri Alagappa Muthiah (Huf) 34, 8Th Main, 4Th Cross Rajamahal Vilas Extension Bangalore 560 080 Pan No: Aaана3885P Appellant

164 3.6 Accordingly, they stated that they would be offering capital gains for the assessment year 2018-19 on the above basis in course of assessment proceedings after receipt of notice. 3.7 Both these persons had accordingly filed returns in response to notice u/s.153C of the Act offering capital gains by adopting the value determined by the registered valuer

DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2(4), BENGALURU vs. ALAGAPPA ANNAMALAI (HUF), BENGALURU

Bench: Shri Chandra Poojari & Shri Soundararajan K.Sri Alagappa Muthiah (Huf) 34, 8Th Main, 4Th Cross Rajamahal Vilas Extension Bangalore 560 080 Pan No : Aaана3885P Appellant

164 3.6 Accordingly, they stated that they would be offering capital gains for the assessment year 2018-19 on the above basis in course of assessment proceedings after receipt of notice. 3.7 Both these persons had accordingly filed returns in response to notice u/s.153C of the Act offering capital gains by adopting the value determined by the registered valuer

SRI ALAGAPPA ANNAMALAI(HUF),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2(4), BANGALORE

Bench: Shri Chandra Poojari & Shri Soundararajan K.Sri Alagappa Muthiah (Huf) 34, 8Th Main, 4Th Cross Rajamahal Vilas Extension Bangalore 560 080 Pan No: Aaaha3885P Appellant

164 3.6 Accordingly, they stated that they would be offering capital gains for the assessment year 2018-19 on the above basis in course of assessment proceedings after receipt of notice. 3.7 Both these persons had accordingly filed returns in response to notice u/s.153C of the Act offering capital gains by adopting the value determined by the registered valuer

ITO vs. R. SRINIVAS,

In the result, both the Revenue’s appeal and the assessee's C

Section 54F of the Act. In the case on hand, the facts clearly establish that the assessee has utilized the sale consideration / capital gains for a) purchase of a residential site for Rs.52,08,164

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-

164/- and in respect of land the Assessing Officer at of arrived long term capital gains Rs.50,30,93,552/-. The Assessing Officer denied exemption of the claim u/s 54G of the Act on the ground that the assessee-company has not shifted the factory building from specified urban area to non-urban area. The Assessing Officer had come

ACIT, BANGALORE vs. M/S ICICI EMERGING SECTOR FUND,, BANGALORE

In the result, all the thirteen appeals of the revenue are dismissed

Bench: Shri Sunil Kumar Yadav & Shri A.K.Garodia, Accounant Member

section 164(1) of the Act would apply and the assessee would be liable to be assessed at the maximum marginal rate which was 30 per cent. plus surcharge, if any, and education cess, if any. The beneficiaries had however declared interest income at the applicable rates and short-term capital gains

SHRI.JAYA PRAKASH ,BANGALORE vs. THE INCOME TAX OFFICER WARD-4(3)(5), BANGALORE

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

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

164, Purava Rivera, Marathahalli, Bengaluru. It is seen that the said Jaya Prakash, Bengaluru Page 5 of 16 land is at Narayanghatta village, Bengaluru and is within the city limit and a capital asset. The assessee did not produce any details/documents to the contrary. In view of this gain on the sale of land is considered as long-term capital

M/S. GOKULDAS EXPORTS,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(2), BANGALORE

In the result, the appeal filed by the assessee is partly allowed in above terms

Bench: Shri George George K. & Shri Laxmi Prasad Sahum/S. Gokaldas Exports Vs. Dcit, Circle - 11(2) (Presently Gokaldas Exports Ltd.) Bengaluru No. 25, 2Nd Cross, 3Rd Main Industrial Suburb, Yashwanthpur Bengaluru 560022 Pan – Aaacg8239J (Appellant) (Respondent) Assessee By: Shri S.V. Ravishankar, Advocate Revenue By: Shri Gudimella Vp Pavan Kumar, Jcit Date Of Hearing: 28.03.2023 Date Of Pronouncement: 31.03.2023 O R D E R Per: Laxmi Prasad Sahu, A.M. This Appeal By The Assessee Is Directed Against The Order Of The Cit(A)-1, Bangalore Dated 31.03.2004 For Ay 1995-06. This Is The Third Round Of Proceedings Before The Tribunal In Pursuant Of The Judgement Of The Hon'Ble Jurisdictional High Court In Ita No. 635 Of 2016 Order Dated 19.07.2022 Which Is Placed On Record On Pages 164 To 176 Of The Paper Book.

164 to 176 of the paper book. 2. The assessee filed additional grounds before the Tribunal on 27.03.2023 challenging legal as well as other issues as under: - “1. The notice issued under section 148 of the Act is invalid in law without obtaining the sanction as per provisions of section 151(1) of the Act on the facts and circumstances

AKSHAY KUMAR RUNGTA,BANGALORE vs. INCOME TAX OFFICER, WARD 2(1), INTERNATIONAL TAXATION

In the result, appeal filed by the assessee is allowed as per above terms

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubeyit(It)A No.66/Bang/2024 Assessment Year :2015-16

capital gain has been earned by sale of share as penny stock. After recording of reasons and taking necessary approval from the competent authorities as per extended date by the CBDT, the approval was granted and notice under section 148 of the Act was issued to the assessee. The assessee furnished reply on 30.10.2023 and the assessee also furnished reply

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

In the result, the appeals of the Revenue are partly allowed

Bench: S/Shri Chandra Poojari, Am & Smt. Beena Pillai, Jm Ita Nos. 3040 & 3041/Bang/2018 Assessment Years: 2013-14 & 2014-15 The Deputy Commissioner Of Vs. M/S. Coffee Day Global Limited, Income-Tax, Central Circle-1(3), No.23/2, Coffeeday Square, 3Rd Floor, C.R. Building, Vittal Mallya Road, Queen’S Road, Bengaluru-560 001. Bengaluru-560 001. [Pan: Aabca 5291P]

capital investment in a partnership firm cannot be considered on par with investment in equity and therefore. such investment cannot be considered as for the purpose of earning exempt income, all the more so for the reason that the profits of the partnership firm are taxed in the hands of the firm and hence, not taxed in the hands

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

In the result, the appeals of the Revenue are partly allowed

Bench: S/Shri Chandra Poojari, Am & Smt. Beena Pillai, Jm Ita Nos. 3040 & 3041/Bang/2018 Assessment Years: 2013-14 & 2014-15 The Deputy Commissioner Of Vs. M/S. Coffee Day Global Limited, Income-Tax, Central Circle-1(3), No.23/2, Coffeeday Square, 3Rd Floor, C.R. Building, Vittal Mallya Road, Queen’S Road, Bengaluru-560 001. Bengaluru-560 001. [Pan: Aabca 5291P]

capital investment in a partnership firm cannot be considered on par with investment in equity and therefore. such investment cannot be considered as for the purpose of earning exempt income, all the more so for the reason that the profits of the partnership firm are taxed in the hands of the firm and hence, not taxed in the hands