M/S PRESTIGE ESTATES PROJECTS LIMITED ,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-18(1), BANGALORE

In the result, the appeal of the assessee is allowed

Bench: Shri N.V.Vasudevan, Vp & Shri Chandra Poojari, Am

47) is relevant in context of computing ‘capital gains’ arising out of transfer of a capital asset. Section 194IA does not deal with taxability of capital gains. It fastens an obligation on the payee / transferee to withhold taxes from any consideration paid or credited for transfer of an immovable property [not being an agricultural land]. The provisions of section 2

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

Section" 2(47) of the Income Tax Act,1961, defines "transfer" in relation to a capital asset. It is an inclusive definition which, inter cilia, provides that relinquishment of an asset or extinguishment of any right there in amounts to a transfer of a capital asset. It is not necessary for a capital gain

SRI KAMANAHALLI PILLA REDDY NAGESH,BANGALORE vs. INCOME TAX OFFICER, WARD- 4(3)(5), BANGALORE

Accordingly, this ground of the assessee is allowed

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2014-15 Shri Kamanahalli Pilla Reddy Nagesh, Kamanahalli Village, Kagur The Income Tax Post, Officer, Sarjapura Road, Ward – 4 [3] [5], Anekal Taluk, Bangalore. Vs. Bangalore – 562 125. Pan: Adfpn8365H Appellant Respondent Assessee By : Shri Guruswamy, Itp : Shri V.S. Chakrapani, Cit- Revenue By Dr Date Of Hearing : 01-06-2022 Date Of Pronouncement : 21-06-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against Order Dated 28.03.2019 Passed By Ld.Cit(A)-9, Bangalore For A.Y. 2014-15 On The Following Grounds Of Appeal: “1. The Orders Of The Authorities Below In So Far As They Are Against The Appellant, Are Opposed To Law, Equity, Weight Of Evidence, Probabilities, Facts & Circumstances Of The Case. 2. The Learned Cit[A] Is Not Justified In Upholding The Assessment Order Passed U/S. 143[3] Of The Act Despite The Fact That No Valid Notice U/S.143[2] Of The Act Was Served

capital asset within the meaning of section 2(14) of the IT Act. The simple reply of the assessee’s representative was that though the lands were converted, agricultural activities were going on. 7. The Assessing Officer held though the assessee’s representative was harping that the agricultural activities were carried on till the date of the sale, even after

MR K. P. MANJUNATHA REDDY,BANGALORE vs. THE INCOME TAX OFFICER, WARD 4(3)(2), BANGALORE

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

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

capital gains tax. These points were considered by the various decisions of the Apex court and High Courts and he, particularly relied on the following decisions : i) CIT v. Gemini Pictures P. Ltd., (1996) 220 ITR 43 (SC); ii) Mahaveer Enterprises v. Union of India (2000) 224 ITR 789 (Raj); iii) CWT v. Officer-in-charge (Court of Wards) Paigah

M/S JAICO AUTOMOBILE ENGINEERING COMPANY PVT LTD ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-11(5), BANGALORE

In the result, the appeal by the assessee is dismissed

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2007-08

Section 2(47)(v) of the I.T. Act. In T.K. Dayalu’s case supra, possession of the Page 17 of 40 property was also given within the same financial year i.e., on 30.05.1996 and consequently the Hon’ble High Court has held that transfer was complete for the purpose of income-tax and the capital gain

SREENIVASULU SAGALETI,BENGALURU vs. INCOME TAX OFFICER, WARD-2(2)(2), BENGALURU

In the result, appeal filed by the assessee is allowed

Bench: Shri. Laxmi Prasad Sahuandshri.Keshav Dubeyassessment Year :2018-19

2) If a depositor in respect of whose deposit account a nomination is in force, dies, the nominee, if he desires to close the account or accounts and obtain the payment of the balance standing to the credit in the account of the deceased depositor, shall make an application to the deposit office in Form H or as near thereto

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

gain shall be the deemed\nincome of the year of transfer of the capital asset. In the context of\nJDA transactions, it is important to analysis the point in time in\nwhich the transfer can be said to have taken place for the purposes\nof Section 45.\n7.4 Section 2(47

SMT. SAVITRI KADUR,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, BANGALORE

In the result, the appeal of the assessee is allowed to the extent indicated above

Bench: Shri N.V. Vasudevan & Shri Jason P Boazassessment Year : 2008-09

gain is charged to tax in the previous year in which the transfer takes place. Section 2(47) defines what is transfer and it reads as follows : Page 5 of 23 (47) "transfer", in relation to a capital

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

SHRI BINDIGANAVALE RAVI ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-5(2)(1), BANGALORE

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

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year : 2015-16

Section 2(47)(v) of the IT Act and the construction of the apartment was for and on behalf of the Appellant for which the cost was incurred from time to time as per the scheme of payment provided in the agreement and accordingly the Appellant had rightly computed the Cost Inflation Index while computing the capital gain

M/S ACCIONA WIND ENERGY PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATION TAXATION) CIRCLE-1(1), BANGALORE

In the result, the appeal of the assessee in ITA No

Bench: Shri A. K. Garodia & Smt. Beena Pillai

47(iv) of the Act 2. The learned CIT(A) has erred in law to conclude that section 46A of the Act is a charging provision for gains arising from buy-back of shares and would prevail over the general provision of section 45 of the Act for taxation of capital

M/S ACCIONA WIND ENERGY PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATION TAXATION) CIRCLE-1(1), BANGALORE

In the result, the appeal of the assessee in ITA No

Bench: Shri A. K. Garodia & Smt. Beena Pillai

47(iv) of the Act 2. The learned CIT(A) has erred in law to conclude that section 46A of the Act is a charging provision for gains arising from buy-back of shares and would prevail over the general provision of section 45 of the Act for taxation of capital

K S HANUMANTHA RAO,BANGALORE vs. PRINCIPAL COMMISSIONER OF INCOME TAX, BENGALURU-2, BANGALORE

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

Bench: Shri George George K

capital gains" and, therefore, charged to tax on a concessional basis.' 5.2.2 Similarly, the reason for introduction of clauses (v) and (vi) in the definition of the word "transfer" in Section 2(47

PRADEEP KAR,BANGALORE vs. ACIT, BANGALORE

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Shri Sunil Kumar Yadav & Shri Abraham P. Geoergeassessment Year : 2006-07

2(47) of the Act, we are of the view that the appellants were entitled to relief under Section 54 of the Act in respect of the long term capital gain

DCIT, BANGALORE vs. SHRI. NARAYAN MANDYAM VEERABUDHI, BANGALORE

In the result, the appeal of the revenue is dismissed

Bench: Shri B.R Baskaran & Smt. Beena Pillaiassessment Year : 2010-11

gains. What needs to be considered is whether the receipt is a capital receipt / asset within the meaning of Section 2(14) and whether relinquishment of agreement rights or termination of agreement will tantamount to transfer of asset within the meaning of Section 2(47

SRI MAHENDRASINGH RAMSINGH JADAV,BENGALURU vs. INCOME TAX OFFICER, WARD-5(3)(5), BENGALURU

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

capital gains" and, therefore, charged to tax on a concessional basis.' 6.2 Similarly, the reason for introduction of clauses (v) and (vi) in the definition of the word "transfer" in Section 2(47

SRI. KEMPANNA (HUF - DISRUPTED),BANGALORE vs. DCIT, BANGALORE

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

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodiaassessment Year : 2006-07

2[47][v] of the Act read with Section 53A of the Transfer of Property Act prior to enactment of Section 50-D of the Act which is with effect from 01/04/2013 and consequently, no capital gains

M/S. ATRIA WIND (KADAMBUR) PRIVATE LIMITED,BENGALUAU vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(4), BENGALURU

In the result, appeal filed by the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Soundararajan K.Assessment Year: 2017-18

2) of the Act was issued by the AO. The assessee also contended that the addition made under the head “Long Term Capital Gain” on conversion of the partnership firm into a company is also not in accordance with section 47