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

X 15/100). The only dispute is with regard to cost per sq.ft. towards the land to be adopted while arriving at the capital gain on the sale of the properties. The assessee himself adopted a rate of Rs. 45.85 per sq.ft. in the return of income filed for the AY 2021-22 however, during the course of assessment proceedings submitted

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

X 15/100). The only dispute is with regard to cost per sq.ft. towards the land to be adopted while arriving at the capital gain on the sale of the properties. The assessee himself adopted a rate of Rs. 45.85 per sq.ft. in the return of income filed for the AY 2021-22 however, during the course of assessment proceedings submitted

SHRI. SRIRAM RUPANAGUNTA,BANGALORE vs. ASISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-5(3)(2), BANGALORE

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

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2015-16 Shri Sriram Rupanagunta, The Assistant 34 Purva Park Ridge, Commissioner Of Goshala Road, Income Tax, Garudachar Palya, Circle – 5(3)(2), Bangalore – 560 048. Vs. Banglore. Pan: Ahlpr7578N Appellant Respondent Assessee By : Shri Kodhanda Pani, Ca : Shri Kiran .D, Addl. Cit Revenue By (Dr) Date Of Hearing : 13-04-2023 Date Of Pronouncement : 18-05-2023 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against Order Dated 24.11.2022 Passed By Nfac For Assessment Year 2015-16 On Following Grounds Of Appeal: “1. The Ld.Assessing Officer Erred In Passing The Assessment Order In The Manner In Which It Is Done On The Basis Of Presumptions, Assumptions & Surmises & Inferences, Conjecture & Hypothetical, Than On The Basis Of The Facts.

24,188/- 2) The second lot of 794 stock options were sold on 27.02.2015 for an amount of Rs.54,78,397/- 2.5 The assessee declared capital gains in the return of income that was filed for A.Y. 2015-16, as long term based on the period of holding. It was submitted that the holding period of 794 shares sold

NABHIRAJ RATNA BALRAJ BY LEGAL HEIR B.R.RAKESH,BANGALORE vs. INCOME-TAX OFFICER, WARD-7(2)(1), BANGALORE

In the result the appeal of the assessee is allowed

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2016-17

24, section 34AA, section 35 and section 37 of the Wealth- tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. Explanation 1.—For the purposes of this section, "Valuation Officer

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

x. Hence, he prayed to hold that the activities of the assessee are charitable in nature and not hit by the proviso to section 2(15) of the Act, and further that the assessee is eligible for the claim of deduction under section 11 and 12 of the Act. xi. The ld. A.R. submitted that the activity of lending money

TATA ELXSI LIMITED ,BANGALORE vs. DEPUTY COMMISIONER INCOMER TAX, CIRCLE-7(1)(1), BANGALORE

Accordingly, the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Narender Kumar Choudhry & Shri Laxmi Prasad Sahuassessment Year : 2018-19 M/S. Tata Elxsi Ltd., The Deputy 126, Itpb Road, Commissioner Hoody, Of Income Tax, Whitefield, Circle – 7(1)(1), Bangalore – 560 048. Bangalore. Vs. Pan: Aaact7872Q Appellant Respondent

x) It may be also noted that the decision in the case of Vijay Industries pertains to only section 80HH and the language used in that section as specifically pointed out by the Hon'ble Apex Court in para 17 of the order. Reference is also invited to section 10AA(8) which says that provisions of (xi) section

M/S. TATA ELXSI LIMITED., ,BANGALORE vs. DEPUTY COMMISSIONER INCOME TAX, CIRCLE-7(1)(1), BANGALORE

In the result, all the appeals of the assessee are partly allowed for statistical purposes

Bench: Shri George George K. & Shri Chandra Poojari

x) to only section 80HH and the language used in that section as specifically pointed out by the Hon'ble Apex Court in para 17 of the order. (xi) Reference is also invited to section 10AA(8) which says that provisions of section 10A(6) are equally applicable which bars giving effect to section 32(2) even in later years

PRACTO TECHNOLOGIES PRIVATE LIMITED,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE 1(3), BENGALURU, BANGALORE

In the result the appeal of the assessee is allowed

Bench: SHRI WASEEM AHMED (Accountant Member), SHRI KESHAV DUBEY (Judicial Member)

X in the absence of accrual of real income. 7. Valuation of IP - Adjustment amounting to INR 3,42,78,18,865 7.1. On the facts and circumstances of the case and in law, the Hon’ble DRP/Learned AO/Learned TPO erred in making an upward transfer pricing adjustment of INR 3,42,78,18,865 on international transaction of transfer

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

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

x) Another factor material for attention is that when the scheduled land property itself cost Rs. 2 crores 50 lakhs as per the sale deed dated 05th December. 2006, it is not plausible to spend Rs. 2 crores just for referring the assessee to the Developer. It can only be visualized as an act of sheer absurdity and no business

M/S. BARBEQUE NATION HOSPITALITY LTD,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-2(2), BENGALURU

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

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

24 of 47 6. The learned AO completed the assessment proceedings vide orders dated 30.12.2019 passed under section 143(3) r.w.s. 153A of the Act for the A.Ys. 2013-14 to 2017-18 and under section 143(3) of the Act for the A.Y. 2018-19. The only disputed addition is the disallowance of depreciation on goodwill. 7. The appellant

M/S. BARBEQUE NATION HOSPITALITY LTD,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2(2), BENGALURU

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

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

24 of 47 6. The learned AO completed the assessment proceedings vide orders dated 30.12.2019 passed under section 143(3) r.w.s. 153A of the Act for the A.Ys. 2013-14 to 2017-18 and under section 143(3) of the Act for the A.Y. 2018-19. The only disputed addition is the disallowance of depreciation on goodwill. 7. The appellant

M/S. BARBEQUE NATION HOSPITALITY LTD,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), BENGALURU

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

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

24 of 47 6. The learned AO completed the assessment proceedings vide orders dated 30.12.2019 passed under section 143(3) r.w.s. 153A of the Act for the A.Ys. 2013-14 to 2017-18 and under section 143(3) of the Act for the A.Y. 2018-19. The only disputed addition is the disallowance of depreciation on goodwill. 7. The appellant

GOOGLE IRELAND LIMITED,IRELAND vs. DCIT (IT), JCIT(OSD) (IT) - CIRCLE 1(1), BENGALURU

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

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

x) the date that the services provided by Google exhaust any amounts prepaid by Distributor, or (y) the date that is thirty (30) days after expiration or termination of the Agreement. Termination or expiration of this Agreement. in part or in whole. shall not limit either party from pursuing other remedies available to it, nor shall Distributor be relieved

GOOGLE IRELAND LIMITED,IRELAND vs. DCIT (IT), JCIT(OSD) (IT) - CIRCLE 1(1), BENGALURU

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

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

x) the date that the services provided by Google exhaust any amounts prepaid by Distributor, or (y) the date that is thirty (30) days after expiration or termination of the Agreement. Termination or expiration of this Agreement. in part or in whole. shall not limit either party from pursuing other remedies available to it, nor shall Distributor be relieved

ADDL/JOINT COMMISSIONER OF INCOME TAX (LTU) , BANGALORE vs. M/S VIJAYA BANK , BANGALORE

Accordingly the grounds raised by the revenue is allowed for statistical purposes

Bench: Shri George George K. & Shri Laxmi Prasad Sahum/S. Bank Of Baroda Vs. Addl. Cit, Ltu, (Erstwhile Vijaya Bank) Bmtc Building 7Th Floor, Central Accounts 6Th Block, Koramangala Bengaluru 560095 Dept., 41/2, M.G. Road Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Acit, Circle - 2(1)(1) Vs. M/S. Bank Of Baroda Room No. 561, 5Th Floor (Erstwhile Vijaya Bank) Aayakar Bhavan 7Th Floor, Central Accounts M.K. Road Dept., 41/2, M.G. Road Mumbai 400020 Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Assessee By: Shri Ananthan, Ca& Smt. Lalitha Rameswaran, Ca Revenue By: Shri G. Manoj Kumar, Cit-Dr Date Of Hearing: 29.03.2023 Date Of Pronouncement: 25.04.2023 M/S. Bank Of Baroda

capital reserve in the subsequent year should be considered for the purpose of allowing deduction u/s 36(1)(viii). An identical issue has been dealt with by the coordinate bench of the Tribunal in the case of Vijaya Bank Vs. JCIT (Supra), wherein it is held as under:- “8.4.1 We have heard the rival contentions, perused and carefully considered

M/S VIJAYA BANK ,BANGALORE vs. ADDITIONAL COMMISSIONER OF INCOME TAX LTU , BANGALORE

Accordingly the grounds raised by the revenue is allowed for statistical purposes

Bench: Shri George George K. & Shri Laxmi Prasad Sahum/S. Bank Of Baroda Vs. Addl. Cit, Ltu, (Erstwhile Vijaya Bank) Bmtc Building 7Th Floor, Central Accounts 6Th Block, Koramangala Bengaluru 560095 Dept., 41/2, M.G. Road Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Acit, Circle - 2(1)(1) Vs. M/S. Bank Of Baroda Room No. 561, 5Th Floor (Erstwhile Vijaya Bank) Aayakar Bhavan 7Th Floor, Central Accounts M.K. Road Dept., 41/2, M.G. Road Mumbai 400020 Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Assessee By: Shri Ananthan, Ca& Smt. Lalitha Rameswaran, Ca Revenue By: Shri G. Manoj Kumar, Cit-Dr Date Of Hearing: 29.03.2023 Date Of Pronouncement: 25.04.2023 M/S. Bank Of Baroda

capital reserve in the subsequent year should be considered for the purpose of allowing deduction u/s 36(1)(viii). An identical issue has been dealt with by the coordinate bench of the Tribunal in the case of Vijaya Bank Vs. JCIT (Supra), wherein it is held as under:- “8.4.1 We have heard the rival contentions, perused and carefully considered

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 2(1), MANGALORE vs. KARNATAKA BANK LIMITED., MANGALORE

In the result, the appeal of the assessee is partly allowed for statistical purposes and the revenue’s appeal is dismissed

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K., Judciial Member Assessment Year : 2015-16

X out of which Rs. 53.47 cr. was found to be ITA Nos.1107/Bang/2019 & 161/PAN/2019 Page 6 of 46 prudentially written off. The majority of bad debts written off related to urban debts mounting to Rs. 218.09 Crores and the rural debts written off was only Rs. 0.77 Crores which has been separately reduced from the claim of provision

M/S. KARNATAKA BANK LIMITED,MANGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX. CIRCLE- 2(1), MANGALURU

In the result, the appeal of the assessee is partly allowed for statistical purposes and the revenue’s appeal is dismissed

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K., Judciial Member Assessment Year : 2015-16

X out of which Rs. 53.47 cr. was found to be ITA Nos.1107/Bang/2019 & 161/PAN/2019 Page 6 of 46 prudentially written off. The majority of bad debts written off related to urban debts mounting to Rs. 218.09 Crores and the rural debts written off was only Rs. 0.77 Crores which has been separately reduced from the claim of provision