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) of the I.T. Act r.w.s. 53A of the T.P. Act, 1982. The orders of the lower authorities on this account is therefore to be upheld. Page 36 of 40 70. In the present case, we are of the considered opinion that it is squarely covered by the ratio of the jurisdictional Hon'ble Karnataka High Court

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) to prevent avoidance of capital gains liability by recourse to transfer of rights in the manner referred to above. A person holding the Power of Attorney is authorized the powers of owner, including that of making construction though the legal ownership in such Page 8 of 16 cases continues to be with the transferor. The intention

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 46(2) read with Sec 71 and 74 of the act and be put to a perpetual loss. Therefore even where receipt is nil on the date of distribution on the liquidation of the company, the case of such shareholder will fall u/s 46(2) and the deemed full value of the consideration for the purpose

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

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 asessee’s representative was harping that the agricultural activities were carried on till the date of the sale, even after

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

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 asessee’s representative was harping that the agricultural activities were carried on till the date of the sale, even after

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

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 asessee’s representative was harping that the agricultural activities were carried on till the date of the sale, even after

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

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 asessee’s representative was harping that the agricultural activities were carried on till the date of the sale, even after

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

SHRI D.DASAPPA,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, BANGALORE

In the result, both the appeals of the assessee are partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

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 asessee’s representative was harping that the agricultural activities were carried on till the date of the sale, even after

SHRI D.DASAPPA,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, BANGALORE

In the result, both the appeals of the assessee are partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

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 asessee’s representative was harping that the agricultural activities were carried on till the date of the sale, even after

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

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 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 is only

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

M/S HIRSCH BRACELET INDIA PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3(1)(2), BANGALORE

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

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranassessment Year : 2015-16

Capital Gains at Rs. Page 5 of 13 3,67,67,836 and after adjusting current years business expenses of Rs. 1,08,54,687 (including depreciation as per the I.T. Act) under the applicable provisions of the Income Tax Act, 1961 (Set off provision under section 71 of the Act), returned a total taxable Income of Rs. 2

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

M/S PARAMANAND AND SONS,BENGALURU vs. INCOME TAX OFFICER, WARD 5(2)(1), BENGALURU

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Years : 2020-21

section 71(2) of the Act, the setting off of the business losses with income under the head capital gain

SHRI BHATKAL RAMARAO PRAKASH ,BANGALORE vs. INCOME TAX OFFICER WARD-5(2)(3), BANGALORE

In the result, the appeal by the Assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boazassessment Year : 2015-16

Section 2(47) to prevent avoidance of capital gains liability by recourse to transfer of rights in the manner referred to above. A person holding the Power of Attorney is authorized the powers of owner, including that of making construction though the legal ownership in such cases continues to be with the transferor. The intention of legislature is to treat

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

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

71,331 Thus, the AO completed the assessment proceedings on a total assessed income of Rs.5,26,62,915/- against the return income ofRs.5,07,94,880/- under section 143(3) of the Act vide order dated 30/12/2022. 4. Aggrieved by the assessment order passed u/s. 143(3) of the Act, dated 30/12/2022, the assessee preferred an appeal before