M/S UNITED BREWERIES LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-7(1)(1), BANGALORE

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

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "Profits and gains of business or profession". Explanation : For the removal of doubts, it is hereby declared that any expenditure incurred by an assessee

M/S K. MOHAN & COMPNAY (EXPORTS) PVT. LTD.,,BANGALORE vs. ACIT, BANGALORE

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

capital loan, the assessee had to enter into a currency swap arrangement. The ITA Nos. 1093/B0/09, 1266/B/10 & 1057 & 1103/B/12 Page 8 of 50 assessee entered into currency swap transaction in respect of outstanding foreign currency loans as per the prevailing RBI guidelines. The currency swap transaction on settlement resulted in a loss of Rs.6.05 crores. The question before the Tribunal

M/S K. MOHAN & COMPANY (EXPORTS) PRIVATE LIMITED,BANGALORE vs. ACIT, BANGALORE

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

capital loan, the assessee had to enter into a currency swap arrangement. The ITA Nos. 1093/B0/09, 1266/B/10 & 1057 & 1103/B/12 Page 8 of 50 assessee entered into currency swap transaction in respect of outstanding foreign currency loans as per the prevailing RBI guidelines. The currency swap transaction on settlement resulted in a loss of Rs.6.05 crores. The question before the Tribunal

M/S. K. MOHAN & COMPANY (EXPORTS) PVT. LTD.,,BANGALORE vs. ACIT, BANGALORE

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

capital loan, the assessee had to enter into a currency swap arrangement. The ITA Nos. 1093/B0/09, 1266/B/10 & 1057 & 1103/B/12 Page 8 of 50 assessee entered into currency swap transaction in respect of outstanding foreign currency loans as per the prevailing RBI guidelines. The currency swap transaction on settlement resulted in a loss of Rs.6.05 crores. The question before the Tribunal

ACIT, BANGALORE vs. M/S K. MOHAN & COMPANY (EXPORTS) PVT. LTD.,, BANGALORE

In the result, ITA 1057/B/12 is partly allowed and ITA 1103/B/12 is dismissed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

capital loan, the assessee had to enter into a currency swap arrangement. The ITA Nos. 1093/B0/09, 1266/B/10 & 1057 & 1103/B/12 Page 8 of 50 assessee entered into currency swap transaction in respect of outstanding foreign currency loans as per the prevailing RBI guidelines. The currency swap transaction on settlement resulted in a loss of Rs.6.05 crores. The question before the Tribunal

RAHUL MEKA ,BENGALURU vs. INCOME TAX OFFICER, WARD INTERNATIONAL TAXATION-1(2) , BENGALURU

In the result, appeal filed by the assessee is allowed

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

section 68 of the Act, on the facts and circumstances of the case. 4. Grounds on additions made amounting to Rs.28,53,193/- as Long-Term Capital Gains

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

193/- and capital gain of Rs. 4,25,82,091/- only. The case of the assessee was selected for complete scrutiny under CASS to verify the claim of huge loss. 4. During the assessment proceedings, the assessee company was asked to explain how it incurred such a huge loss in one year, the nature of the losses and the reason

M/S. SAFINA HOTELS PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 6(1)(1), BANGALORE

In the result, the appeal of the assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Chandra Poojarim/S. Safina Hotels Pvt. Ltd., 84/85, Safina Plaza, Infantry Road, Bangalore-560 001 ….Appellant Pan Aaccs 5146G Vs. Dy. Commissioner Of Income Tax, Circle 6(1)(1), Bangalore. ……Respondent. Assessee By: Shri Tata Krishna, Advocate. Revenue By: Shri Kannan Narayanan, Jcit(D.R)

capital gains and other income. The learned Authorised Representative submitted 3 that in the assessment year under consideration the assessee engaged in Futures & Options (F&O). According to the learned Authorised Representative for granting the depreciation there was no necessity of having revenue from the assessee's hotel business and existence of revenue from hotel business

M/S. BIOCON LIMITED,BENGALURU vs. COMMISSIONER OF INCOME TAX, LTU,, BENGALURU

In the result, the appeal filed by the assessee is allowed on the legal issue raised in ground no

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2010-11 The Joint M/S. Biocon Ltd., Commissioner Of 20Th Km, Hosur Road, Income-Tax, Electronic City, Large Tax Payers Bangalore – 560 100. Unit [Ltu], Pan: Aaacb7461R Vs. Bangalore. Appellant Respondent : Shri Padam Chand Khincha, Assessee By Ca Revenue By : Shri Pradeep Kumar, Cit Dr Date Of Hearing : 20-04-2022 Date Of Pronouncement : 09-06-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against The Order Dated 28.03.2018 Passed By Ld.Cit(A)-3, Bangalore For A.Y. 2010-11 On Following Grounds Of Appeal: “The Grounds Mentioned Herein Below Are Independent & Without Prejudice To The Other Grounds Preferred By The Appellant. 1. That On Facts & Circumstances Of The ' Case & In Law, The Order Passed By The Learned Commissioner Of Income-Tax Appeals ["Cit(A)"] Dated March 28, 2018 Under Section 250 Of The Income-Tax Act, 1961 ("The Act") For Ay 2010-11 To The Extent Prejudicial To The Appellant, Is Bad In Law & Facts & Liable To Be Quashed. 2. Scope Of Re-Assessment Proceedings

193 Pg 2 of 142(1) Submission dated — 10 March 2014 — Pg 197 Note on computation of Capital Gains 4) Why deduction u/s 35(2AB) should be allowed on transfer No specific submission made of MABs — 6xiv - Pg 10 of 142(1) 10. The Ld.AR submitted that, the Ld.AO made specific enquiries in relation to clinical trial expenses

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

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

193/- and capital gain of Rs.4,25,82,091/- only. The case of the assessee was selected for complete scrutiny under CASS to verify the claim of huge loss. 4. During the assessment proceedings, the assessee company was asked to explain how it incurred such a huge loss in one year, the nature of the losses and the reason thereof

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

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

193/- and capital gain of Rs.4,25,82,091/- only. The case of the assessee was selected for complete scrutiny under CASS to verify the claim of huge loss. 4. During the assessment proceedings, the assessee company was asked to explain how it incurred such a huge loss in one year, the nature of the losses and the reason thereof

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

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

193/- and capital gain of Rs.4,25,82,091/- only. The case of the assessee was selected for complete scrutiny under CASS to verify the claim of huge loss. 4. During the assessment proceedings, the assessee company was asked to explain how it incurred such a huge loss in one year, the nature of the losses and the reason thereof

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

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

193/- and capital gain of Rs.4,25,82,091/- only. The case of the assessee was selected for complete scrutiny under CASS to verify the claim of huge loss. 4. During the assessment proceedings, the assessee company was asked to explain how it incurred such a huge loss in one year, the nature of the losses and the reason thereof

M/S. RMZ HOTELS PRIVATE LIMITED,BANGALORE vs. NATIONAL E-ASSESSMENT CENTRE, DELHI

In the result, the appeal of the assessee is allowed

Bench: Shri Chandra Poojariassessment Year: 2018-19

gains", and this has been the consistent view of this Court. In our opinion, the High Court in the impugned judgment, as well as the Tribunal and the Income Tax authorities have approached the matter from an erroneous angle. In the present case, the assessee borrowed the fund from the bank and lent some of it to its sister concern

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-7(1)(1), BANGALORE vs. M/S TECNOTREE CONVERGENCE LTD , GURGAON

In the result, Revenue’s appeal for Assessment Year 2011-12 is dismissed

Bench: Shri N. V. Vasudevan & Shri Jason P Boaz

193/- u/s section 10A of the Act (iii) Disallowance of capital loss under section 94(7) of the Act ITA Nos. 1447 and 1448/Bang/2017 ITA Nos. 1519 and 1520/Bang/2017 Page 3 of 45 2.2 On appeal, the CIT(A)-15, Delhi, disposed off the same; vide order dated 23.03.2017, allowing the assessee partial relief. 3. Both Revenue and the assessee

TECNOTREE CONVERGENCE LT D,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-7(1)(1), BANGALORE

In the result, Revenue’s appeal for Assessment Year 2011-12 is dismissed

Bench: Shri N. V. Vasudevan & Shri Jason P Boaz

193/- u/s section 10A of the Act (iii) Disallowance of capital loss under section 94(7) of the Act ITA Nos. 1447 and 1448/Bang/2017 ITA Nos. 1519 and 1520/Bang/2017 Page 3 of 45 2.2 On appeal, the CIT(A)-15, Delhi, disposed off the same; vide order dated 23.03.2017, allowing the assessee partial relief. 3. Both Revenue and the assessee

TECNOTREE CONVERGENCE LT D,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-7(1)(1), BANGALORE

In the result, Revenue’s appeal for Assessment Year 2011-12 is dismissed

Bench: Shri N. V. Vasudevan & Shri Jason P Boaz

193/- u/s section 10A of the Act (iii) Disallowance of capital loss under section 94(7) of the Act ITA Nos. 1447 and 1448/Bang/2017 ITA Nos. 1519 and 1520/Bang/2017 Page 3 of 45 2.2 On appeal, the CIT(A)-15, Delhi, disposed off the same; vide order dated 23.03.2017, allowing the assessee partial relief. 3. Both Revenue and the assessee

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-7(1)(1), BANGALORE vs. M/S TECNOTREE CONVERGENCE LTD , GURGAON

In the result, Revenue’s appeal for Assessment Year 2011-12 is dismissed

Bench: Shri N. V. Vasudevan & Shri Jason P Boaz

193/- u/s section 10A of the Act (iii) Disallowance of capital loss under section 94(7) of the Act ITA Nos. 1447 and 1448/Bang/2017 ITA Nos. 1519 and 1520/Bang/2017 Page 3 of 45 2.2 On appeal, the CIT(A)-15, Delhi, disposed off the same; vide order dated 23.03.2017, allowing the assessee partial relief. 3. Both Revenue and the assessee

M/S. UNITED SPIRITS LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, BANGALORE

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

Bench: Shri B.R. Baskaran & Shri Pavan Kumar Gadaleit(Tp)A No.489/Bang/2017 (Assessment Year: 2012-13) M/S. United Spirits Limited, Ub Towers, No.24, Vittal Mallya Road, Bangalore-560 001 ….Appellant Vs. Dy. Commissioner Of Income Tax, Circle 7(1)(1), Bangalore. ……Respondent. Assessee By: Shri Perci Pardiwala, Senior Advocate & Shri Ketan Ved, C.A. Revenue By: Shri Bipin C.N, Jcit (D.R) Date Of Hearing : 06.03.2020. Date Of Pronouncement : 29.05.2020. O R D E R Per Shri B.R. Baskaran, A.M. : The Assessee Has Filed This Appeal Challenging The Assessment Order Dated 31-01-2017 Passed By The Assessing Officer For Assessment Year 2012-13 Passed U/S 143(3) R.W.S 144C(13) Of The Act.

Gains) and 56 (Income from other sources). Even income arising from international transactions between AE must satisfy the test of income under the Act and must find its home in one of the above heads i.e., charging provisions.” Accordingly, the Ld A.R submitted that the provisions of Chapter X cannot be given primacy over the charging sections. Under charging sections