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

gains 'arose' from the transfer of a capital asset. 24. The ld. AR submitted that the above principles are squarely covered by the ruling of the SC in Balbir Singh Maini (398 ITR 531). The following rulings also support this proposition:- ITA Nos.752 to 755/Bang/2019 Page 28 of 79 a. CIT v. City Lubricants Ltd. (129 taxmann.com 267); Madras

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

gains 'arose' from the transfer of a capital asset. 24. The ld. AR submitted that the above principles are squarely covered by the ruling of the SC in Balbir Singh Maini (398 ITR 531). The following rulings also support this proposition:- ITA Nos.752 to 755/Bang/2019 Page 28 of 79 a. CIT v. City Lubricants Ltd. (129 taxmann.com 267); Madras

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

gains 'arose' from the transfer of a capital asset. 24. The ld. AR submitted that the above principles are squarely covered by the ruling of the SC in Balbir Singh Maini (398 ITR 531). The following rulings also support this proposition:- ITA Nos.752 to 755/Bang/2019 Page 28 of 79 a. CIT v. City Lubricants Ltd. (129 taxmann.com 267); Madras

M/S OLIVIA APPARELS PRIVATE LIMITED,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

capital gains. Bad debts written off ITA Nos.1211 to 1212 & 1251 to 1253/Bang/2013 Page 6 of 23 14. On perusal of the return filed in response to notice u/s. 153C, the AO noticed that the assessee has claimed a sum of Rs.30,34,124 as bad debts written off. The AO disallowed the said claim for the reason that

THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE vs. M/S OLIVIYA APPARELS PRIVATE LIMITED, BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

capital gains. Bad debts written off ITA Nos.1211 to 1212 & 1251 to 1253/Bang/2013 Page 6 of 23 14. On perusal of the return filed in response to notice u/s. 153C, the AO noticed that the assessee has claimed a sum of Rs.30,34,124 as bad debts written off. The AO disallowed the said claim for the reason that

THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE vs. M/S OLIVIYA APPARELS PRIVATE LIMITED, BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

capital gains. Bad debts written off ITA Nos.1211 to 1212 & 1251 to 1253/Bang/2013 Page 6 of 23 14. On perusal of the return filed in response to notice u/s. 153C, the AO noticed that the assessee has claimed a sum of Rs.30,34,124 as bad debts written off. The AO disallowed the said claim for the reason that

M/S. OLIVIA APPARELS PRIVATE LIMITED,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

capital gains. Bad debts written off ITA Nos.1211 to 1212 & 1251 to 1253/Bang/2013 Page 6 of 23 14. On perusal of the return filed in response to notice u/s. 153C, the AO noticed that the assessee has claimed a sum of Rs.30,34,124 as bad debts written off. The AO disallowed the said claim for the reason that

M/S OLIVIA APPARELS PRIVATE LIMITED,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

capital gains. Bad debts written off ITA Nos.1211 to 1212 & 1251 to 1253/Bang/2013 Page 6 of 23 14. On perusal of the return filed in response to notice u/s. 153C, the AO noticed that the assessee has claimed a sum of Rs.30,34,124 as bad debts written off. The AO disallowed the said claim for the reason that

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

gains 'arose' from the transfer of a capital asset. 28. The ld. AR submitted that the above principles are squarely covered by the ruling of the SC in Balbir Singh Maini (398 ITR 531). The following rulings also support this proposition: a. CIT v. City Lubricants Ltd. (129 taxmann.com 267); Madras HC; b. Seshasayee Steels

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

gains 'arose' from the transfer of a capital asset. 28. The ld. AR submitted that the above principles are squarely covered by the ruling of the SC in Balbir Singh Maini (398 ITR 531). The following rulings also support this proposition: a. CIT v. City Lubricants Ltd. (129 taxmann.com 267); Madras HC; b. Seshasayee Steels

SHANTHA ALIAS SHANTHAMMA,BANGALORE vs. DCIT, CENTRAL CIRCLE-2(4), BANGALORE

In the result, the appeal of the assessee is hereby allowed

capital gains from joint development agreements (JDAs),\ntreatment of sale proceeds from flats as business income, and inclusion\nof refundable deposits as income from other sources.\n34.2 At the outset, we find force in the contention of the assessee that\nthe jurisdiction assumed under section 153C of the Act is invalid in the\nabsence of incriminating material pertaining

M/S. S P R DEVELOPERS PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

183 lTD 237): Jaipur ITAT, wherein it was held as under:- ITA No.295, 296 & 297/Bang/2020 Page 24 of 27 “I. Section 2(47), read with section 45, of the Income-tax Act, 1961 - Capital gains

M/S. S P R DEVELOPERS PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

183 lTD 237): Jaipur ITAT, wherein it was held as under:- ITA No.295, 296 & 297/Bang/2020 Page 24 of 27 “I. Section 2(47), read with section 45, of the Income-tax Act, 1961 - Capital gains

M/S. S P R DEVELOPERS PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

183 lTD 237): Jaipur ITAT, wherein it was held as under:- ITA No.295, 296 & 297/Bang/2020 Page 24 of 27 “I. Section 2(47), read with section 45, of the Income-tax Act, 1961 - Capital gains

SIR ANIL DEV ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-2(1)(1), BANGALORE

In the result, the assesseee’s appeal is allowed

Bench: Shri A. K. Garodia & Smt. Beena Pillaiassessment Year : 2013 – 14 Shree Anil Dev, C/O M/S Suresh & Co., Chartered Accountants, Dcit Circle – 2 (2) (1), #43/16, ‘Srinidhi’, 1St Floor, Vs. Bengaluru Surveyor Street, Basavangudi, Bengaluru - 560004 Pan : Aeppd4791L Appellant Respondent Assessee By : Shree Nitish Ranjan, C. A. Revenue By : Smt. R. Premi, Addl. Cit Dr Date Of Hearing : 20.08.2020 Date Of Pronouncement : 25.08.2020 O R D E R Per Arun Kumar Garodia, A. M.: This Appeal Is Filed By The Assessee & The Same Is Directed Against The Order Of Learned Cit(A) – 10 Bengaluru Dated 10.01.2018. 2. The Assessee Has Raised Several Grounds But Learned Ar Of The Assessee Submitted That As Per These Grounds, This Is The Only Effective Grievance Of The Assessee That The Ao & Cit (A) Were Not Justified In Rejecting The Claim Of The Assessee For Deduction U/S 54F. Page 2 Of 14

capital gain the same proportion as the cost of the new asset bears to the net consideration, shall not be charged under section 45 : [Provided that nothing contained In this sub-section shall apply where -- (a) the assessee, -- (i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset

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

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

gains tax. The above facts show that the claim of the assessee is not supported by any befitting document and therefore in the absence of evidence, it cannot be held that this amount have been incurred wholly and exclusively for transfer of the capital asset. Therefore, though Sheetal Ranka has declared this as income in her return filed with DCIT

CANARA BANK,BANGALORE vs. JOINT COMMISSIONER OF INCOME TAX, LTU,, BANGALORE

In the result, Revenue’s appeal for Assessment Year 2014-15 is partly allowed for statistical purposes

Bench: Shri Sunil Kumar Yadav & Shri Jason P Boaz

183 ITR 200). In the light of these judgments, we hold that no income can be taxed on notional basis unless and otherwise income accrued to the assessee.” 10.4.2 Respectfully following the aforesaid decision of the co- ordinate bench of this Tribunal in the assessee's own case (supra), we hold that the unrealized gains on revaluation of foreign exchange

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

section 11 of the Act to the appellant on the ground that the funds have been diverted for the benefit of the trustees, would show that the material cannot be transcended to qualify as incriminating material so as to form conclusive proof for making assessment under section 153A. It can, at the most, arouse a suspicion which cannot be substituted