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

capital gain tax can be levied.\" Concluded at page 12\npara no. 31 as under:-\n\"53. In the result, we hold that sub-section 115JB as stood prior to its\namendment by virtue of Finance Act, 2012, would not be applicable to a\nbanking company. We answer the question No. 2 in favour of the\nassessee and against

SANGHAMITRA RURAL FINANCIAL SERVICES,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, EXEMPTIONS CIRCLE-1, BANGALORE

In the result, appeals of the assessee are dismissed

Bench: Shri Chandra Poojari & Smt. Madhumita Roy

capital so as to advance the loan. Borrowed funds of the assessee have been utilised to lend loans to the public and the rate of interest charged is with a view to generate profit. xv. The ld. A.R. submitted that the learned assessing officer has held that the assessee is engaged in business activity and denied the exemption under section

CENTRE FOR E-GOVERNANCE ,BANGALORE vs. DCIT, EXEMPTION, CIRCLE-1 , BANGALORE

Bench: Shri Waseem Ahmed & Shri Soundararajan Kassessment Year: 2021-22

Capital Expenditure incurred, Income accumulated or set apart for e-Governance project under section 11(1)(2) and deduction under section 11(1)(a) for accumulation of 15 percentage of Gross Revenue as per provisions of the Act. Ground No-3 and Ground No-4 are complementary to the Ground No-2 wherein, Vide Ground No-3 the appellant

GOBINDRAM CHANDRAMANI VIVEK,BANGALORE vs. INCOME TAX OFFICER - WARD 1(1), BANGALORE, BANGALORE

In the result, the appeal of the assessee is allowed for statistical purposes, in the manner indicated in this order

Bench: Mrs. Beena Pillai & Shri Ramit Kochar

gains chargeable to tax so far as such interest on housing loan on acquisition of capital asset is not claimed as deduction u/s 24(b) by the assessee, and that is what the assessee is also now contending, albeit without prejudice. Thus, the AO is required to verify whether or not interest on housing loan on the acquisition of capital

SANGHAMITRA RURAL FINANCIAL SERVICES,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, EXEMPTIONS CIRCLE-1, BANGALORE

In the result, appeals of the assessee are dismissed

capital so as to advance the loan. Borrowed\nfunds of the assessee have been utilised to lend loans to the public and\nthe rate of interest charged is with a view to generate profit.\nXv.\nThe ld. A.R. submitted that the learned assessing officer has\nheld that the assessee is engaged in business activity and denied\nthe exemption under section

DIVYA DINESH ,BENGALURU vs. DCIT, CIRCLE-7(1)(1), BANGALORE

In the result appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

section 70(2) of the Act, the ld. CIT(A) held that short term capital loss taxable at a concessional rate of 15% cannot be adjusted against long term capital gain

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

The appeals of the assessees are allowed\nand revenue appeals are dismissed

15 of 34\n10. We have carefully considered the rival\nsubmissions made by the learned counsel appearing for\nthe parties and perused the material on record.\n11. Section 45 of the Act reads thus:\n"Capital gains.\n45. (1) Any profits or gains arising from\nthe transfer of a capital asset effected in the\nprevious year shail, save as otherwise

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

In the result, both the appeals of the assessees are allowed\nand revenue appeals are dismissed

2(47)(v) of the I.T. Act cannot be\ninvoked so as to have the capital gains into tax in the assessment year 2005\n2006 and thus the very foundation of the assessee's case is devoid of merits\nand not tenable and more so there is a specific clause in the JDA as\nenumerated earlier that the assessee

INCOMETAX OFFICER, WARD 1, UDUPI, UDUPI vs. BRAHMAVARA VYAVASAYA SEVA, BRAHMAVARA

In the result, the appeals filed by Revenue are allowed and the COs\nfiled by the assessee are allowed for statistical purposes

gains of\nbusiness attributable to the activity of carrying on the business of banking\nor providing credit facilities to its members by a co-operative society and is\nliable to be deducted from the gross total income under Section 80P of the\nPage 7 of 22\nITA Nos.656, 667, 668/Bang/2024\nC.O. Nos. 10, 11, 12/Bang/2024\nAct. The Hon'ble Karnataka

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

In the result, both the appeals of the assessees are allowed\nand revenue appeals are dismissed

2(47)(v) of the I.T. Act cannot be\ninvoked so as to bring the capital gains into tax in the assessment year 2005-\n2006 and thus the very foundation of the assessee's case is devoid of merits\nand not tenable and more so there is a specific clause in the JDA as\nenumerated earlier that the assessee

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

15. In all these three appeals, the brief facts of the case are that the assessing officer passed an order u/s. 143(3) r.w.s 147 of the Act on 10/02/2015 for the AY 2007-08 by calculating the short termcapital gains on transfer of land under the Joint development agreement dated 01/03/2007 as detailed belowfor ease of reference and convenience

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

15. In all these three appeals, the brief facts of the case are that the assessing officer passed an order u/s. 143(3) r.w.s 147 of the Act on 10/02/2015 for the AY 2007-08 by calculating the short termcapital gains on transfer of land under the Joint development agreement dated 01/03/2007 as detailed belowfor ease of reference and convenience

INCOME TAX OFFICER, WARD 1, UDUPI, UDUPI vs. BRAHMAVARA VYAVASAYA SEVA, BRAHMAVARA

In the result, the appeals filed by Revenue are allowed and the COs\nfiled by the assessee are allowed for statistical purposes

gains of\nbusiness attributable to the activity of carrying on the business of banking\nor providing credit facilities to its members by a co-operative society and is\nliable to be deducted from the gross total income under Section 80P of the\nPage 7 of 22\nITA Nos.656, 667, 668/Bang/2024\nC.O. Nos. 10, 11, 12/Bang/2024\nAct. The Hon'ble Karnataka

KARNATAKA HOUSING BOARD,BANGALORE vs. DCIT, EXEMPTIONS, CIRCLE-1, , BANGALORE

Bench: Shri Laxmi Prasad Sahu\Nand\Nshri Keshav Dubey\N\Nita Nos.512 & 513/Bang/2025\N Assessment Year : 2021-22 & 2015-16\N\Nkarnataka Housing Board\N4Th Floor Cauvery Bhavan\Nk.G. Road\Nbangalore 560 009\Nvs.\Ndcit (Exemptions)\Ncircle-1\Nbangalore\N\Npan No:Aaajk0398K\N\Nappellant Respondent\N\Nappellant By : Sri Padamchand Khincha, A.R.\Nrespondent By : Sri K.M. Mahesh, D.R.\N\Ndate Of Hearing : 17.09.2025\Ndate Of Pronouncement : 15.12.2025\N\Norder\N\Nper Keshav Dubey:\N\Nthese Appeals At The Instance Of The Assessee Are Directed Against The Orders Of The 1D. Cit(A)/Nfac Dated 18.02.2025 Vide Din & Order No.Itba/Nfac/S/250/2024-25/1073418441(1) For The Assessment Year 2021-22 & Vide Order Dated 31.1.2025 With Din & Order No.Itba/Nfac/S/250/2024-25/1072790068(1) For The Assessment Year 2015-16 Passed U/S 250 Of The Income Tax Act, 1961 (In Short “The Act”). Since The Issues In Both The Appeals Are Similar, These Are Clubbed Together, Heard Together & Disposed Of By This Common Order For The Sake Of Convenience.\N\N2. First, We Take Up Assessee'S Appeal In Ita No.512/Bang/2025 For The Assessment Year 2021-22 For Adjudication. The Assessee Has Raised The Following Grounds Of Appeal:\N\N1. General Ground\N\N1.

2(15) and section 13(8) are inapplicable and consequently exemption under section 11 is to be allowed as claimed by the appellant.\n\n4. Non accounting of Receipts of Maintenance Charges and Expenses in relation to National Games Village\n\n5.1 The learned Assessing officer has erred in making an additional of Rs.3,65,00,000 on\n\naccount

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, HUBBALLI, HUBBALLI vs. SMT. SHEELA PRASANNAKUMAR , CHITRADURGA

In the result, the appeals of the Revenue are dismissed

15) of section 155 shall, as far may\nbe. Apply in relation to the stamp duty value of such property for\nthe purpose of this sub-clause as they apply for valuation of capital\nasset under those sections\".\n5.2 In this case, the AO had reproduced in the assessment order,\nthe detailed objections raised by the appellant during the assessment

DCIT, CENTRAL CIRCLE, BELLARI vs. M/S. NAVODAYA EDUCATION TRUST, RAICHUR

In the result, the appeal of the revenue is partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year: 2009-10

15) Assessee's submissions may be accepted." 9. Thus, from perusal of the report submitted by the Assessing Officer himself, it is evident that, if the Remand Report is accepted with regard to long term capital gains, then addition as income from other sources and income from other sources is also accepted, therefore, the question of law framed in this

KARNATAKA HOUSING BOARD,BANGALORE vs. DCIT, EXEMPTIONS, CIRCLE-1, BANGALORE

Bench: Shri Laxmi Prasad Sahu\Nand\Nshri Keshav Dubey\N\Nita Nos.512 & 513/Bang/2025\N Assessment Year : 2021-22 & 2015-16\N\Nkarnataka Housing Board\N4Th Floor Cauvery Bhavan\Nk.G. Road\Nbangalore 560 009\Nvs.\Ndcit (Exemptions)\Ncircle-1\Nbangalore\N\Npan No :Aaajk0398K\Nappellant\Nrespondent\N\Nappellant By\Nrespondent By\N: Sri Padamchand Khincha, A.R.\N: Sri K.M. Mahesh, D.R.\N\Ndate Of Hearing\N: 17.09.2025\Ndate Of Pronouncement\N: 15.12.2025\N\Norder\N\Nper Keshav Dubey:\N\Nthese Appeals At The Instance Of The Assessee Are Directed\Nagainst The Orders Of The 1D. Cit(A)/Nfac Dated 18.02.2025 Vide\Ndin & Order No.Itba/Nfac/S/250/2024-25/1073418441(1) For\Nthe Assessment Year 2021-22 & Vide Order Dated 31.1.2025 With\Ndin & Order No.Itba/Nfac/S/250/2024-25/1072790068(1) For\Nthe Assessment Year 2015-16 Passed U/S 250 Of The Income Tax\Nact, 1961 (In Short “The Act”). Since The Issues In Both The Appeals\Nare Similar, These Are Clubbed Together, Heard Together And\Ndisposed Of By This Common Order For The Sake Of Convenience.\N\N2. First, We Take Up Assessee'S Appeal In Ita No.512/Bang/2025\Nfor The Assessment Year 2021-22 For Adjudication. The Assessee\Nhas Raised The Following Grounds Of Appeal:\N\N1. General Ground\N1.

2(15)\nand section 13(8) are inapplicable and consequently exemption under section 11 is to be\nallowed as claimed by the appellant.\n\n4. Non accounting of Receipts of Maintenance Charges and Expenses in relation to\nNational Games Village\n5.1 The learned Assessing officer has erred in making an additional of Rs.3,65,00,000 on\naccount of recording

NALAPAD PROPERTIES ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOMER TAX, CENTRAL CIRCLE-2(3) , BANGALORE

capital gains is taxable in AY 1996-97. The High Court\nobserved that in the instant case, the agreement was a\nDevelopment Agreement and the test to be applied to decide the\nyear of chargeability was the year in which the transaction had\nbeen entered into. This view was taken for the reason that the\nDevelopment Agreement does not transfer