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

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

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

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

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

INCOME-TAX OFFICER, WARD-1, UDUPI, UDUPI vs. BRAHMAVARA VYAVAYASAYA 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\nAct. The Hon'ble Karnataka High Court also distinguished the decision of\nthe Hon'ble Supreme Court

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

2) Notwithstanding anything contained in sub-section\n(1), the profits or gains arising from the transfer by way of\nconversion by the owner of a capital asset into, or its\ntreatment by him as stock-in-trade of a business carried on\nby him shall be chargeable to income-tax as his income of\nthe previous year in which

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(47) of the Act defines the transfer in relation to a capital asset. Section 45 of the Act deals with the profits or gains arising out of the transfer of the capital asset and treated the same as deemed income. Admittedly, in this case, there is a transfer of capital asset owned by the firm during the previous year

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), BENGALURU vs. HIREHAL JAIRAJ BALRAM, BENGALURU

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

2(47)(v) of the Act. In such circumstances, the\nessential conditions of transfer having not been satisfied,\nthere can be no charge of capital gains under Section 45(1)\nof the Act in this assessment year.\n9. We also note that during reassessment proceedings, the\nassessee had submitted photographs showing that the\nproject was still under construction, which substantiates

M/S. NAVODAYA GRAMA VIKAS CHARITABLE TRUST,MANGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, BANGALORE

In the result, the appeal filed by assessee stands allowed

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2017-18 M/S. Navodaya Grama Vikas Charitable Trust, The Deputy #14-7-1005, Scdcc Commissioner Of Bank Ltd., Income Tax, Head Office Building, Central Circle – 1, Kodialbail, Vs. Mangaluru. Mangaluru – 575 003. Pan: Aaatn7594E Appellant Respondent : Shri V. Srinivasan, Advocate & Assessee By Ms. Sunaina Bhatia, Ca Revenue By : Shri D.K. Mishra, Cit Dr Date Of Hearing : 07-07-2023 Date Of Pronouncement : 31-08-2023 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against The Order Dated 07.03.2022 Passed By Ld.Cit(A)-2, Panaji For A.Y. 2017-18 On 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 Disallowance Of The Exemption Claimed U/S.11 Of The Act

capital so as to advance the loan. The appellant is providing loans by association with various commercial banks by raising loans from them. Such kind of micro finance activity cannot be termed as charitable activity rather it is a business activity. In order to become a charitable activity, the institution must have advance loans at a subsidized rate of interest

AKSHAY KUMAR RUNGTA,BANGALORE vs. INCOME TAX OFFICER, WARD 2(1), INTERNATIONAL TAXATION

In the result, appeal filed by the assessee is allowed as per above terms

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubeyit(It)A No.66/Bang/2024 Assessment Year :2015-16

capital gain of Rs.28,65,882/-in the financial year 2014-15 in the scrip of M/s GCM Securities Limited, M/s Unno Industries, M/s Pearl Electric Limited, M/s Mahaveer Advanced Rem and claimed the same as exempt u/s 10(38) of the act. During the course of search and seizure proceedings u/s 132 of the Act, it was found that

CHANDRASHEKAR HEMANTH ,BENGALURU vs. INCOME TAX OFFICER WARD 7(2)(4) BANGALORE, BENGALURU

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

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

71, so much of the loss as has not been so set off or, [* * *] where he has no income under any other head, the whole loss shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year, and-- (i) it shall be set off against the profits and gains, if any, of any business

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-II, MANGALORE vs. SHRI.P.M.A.RAZAK, MANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2013-14

capital gains arising before the1st day of April, 1946, or after the 31st day of March, 1948, and before the 1st day of April, 1956. Explanation 2.—The expression "accumulated profits" in sub- clauses (a), (b), (d) and (e), shall include all profits of the company up to the date of distribution or payment referred to in those sub- clauses

DASA SHETTY KANTHA,BANGALORE vs. ACIT CIRCLE 6(3)(1), BANGALORE, BANGALORE

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

section 234A, 234B and 234C\nof the Act which is consequential in nature and therefore not requiring\nany separate adjudication. Hence, all these grounds of appeal are\nhereby dismissed as infructuous.\n20.\nThe issue raised by the assessee through Ground Nos.3 to 7 are\ninterconnected and pertains to the taxation of receipt of sale\nconsideration of flats received under

DASA SHETTY KANTHA,BANGALORE vs. ACIT CIRCLE 3(2)(1), BANGALORE, BANGALORE

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

section 234A, 234B and 234C\nof the Act which is consequential in nature and therefore not requiring\nany separate adjudication. Hence, all these grounds of appeal are\nhereby dismissed as infructuous.\n\n20. The issue raised by the assessee through Ground Nos.3 to 7 are\ninterconnected and pertains to the taxation of receipt of sale\nconsideration of flats received under

DCIT, CC-2(1), BENGALURU, BENGALURU vs. CHAITANYA PROPERTIES PVT LTD, BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2011-12

2. STCG Rs. 84,92,10,510/- 3. LCTG Rs. 71,90,45,278/- 4. Disallowances u/s 14A Rs. 7,91,031/- 6. The aggrieved assessee filed an appeal before the learned CIT(A) who vide order dated 29-12-2016, allowed the appeal in favor of the assessee. . Page 3 of 9 7. Being dissatisfied with the decision