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 48, the language employed is unambiguous. The intention is very clear. When a capital asset is transferred, in order to determine the capital gain from such transfer, what is to be seen is, out of full value of the consideration received or accruing, the cost of acquisition of the asset, the cost of improvement and any expenditure wholly

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

200 to 202. Appellant also relies upon the decision of the\nHon'ble ITAT, Bangalore in the case of N.G.Balu Reddy in ITA\n651/Bang/2020 dated 21/12/and the decision of the Hon'ble ITAT,\nBangalore in the case of Sri Dinesh Devaraj Ranka in ITA\nNo.2786/Bang/2017 dated 13/03/2023 [See page 254 to 274 of\nthe Paper book in ITA No.776/Bang/2024] wherein

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

section 71 of the Act), returned a total taxable Income of Rs. 2,59,15,640. 10. In the assessment proceedings, the assessee claimed that the sale of the leasehold rights over the land that was sold gave rise to long term capital gain (LTCG). That the sale of building was taxable as short term capital gain (STCG

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

200 to 202. Appellant also relies upon the decision of the\nHon'ble ITAT, Bangalore in the case of N.G.Balu Reddy in ITA\n651/Bang/2020 dated 21/12/and the decision of the Hon'ble ITAT,\nBangalore in the case of Sri Dinesh Devaraj Ranka in ITA\nNo.2786/Bang/2017 dated 13/03/2023 [See page 254 to 274 of\nthe Paper book in ITA No.776/Bang/2024] wherein

ACIT, BANGALORE vs. SRI. C. NARASIMHAIAH, BANGALORE

In the result, the appeal of the revenue as well as cross

Bench: Shri A. K. Garodia & Shri Vijay Pal Rao

200/ - which is reinvested by the respondent shall be allowed while computing Long Term Capital Gains. 7 .The learned CIT(A) erred in not reversing the determination of Short Term.,Capital Gains in the case of the respondent by the learned AA which was based on the statement given by Sri. V.Doddappa, the co-owner who admitted for payment

SRI SRINIVASA EDUCATIONAL & CHARITABLE TRUST,BANGALORE vs. DCIT, CENTRAL CIRCLE-2(3), BANGALORE

section 132A. 50.3 Applicability-These\namendments will take effect from the 1st day of June, 2007.\"\n\n6.2 From the perusal of the section 153D of the Act read with the CBDT\nCircular No. 3 of 2008, dated 12-3-2008, the legislative intent can be gathered\nso far as that the legislature in its highest wisdom made it compulsory

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, BELLARY, CENTRAL CIRCLE, BELLARY vs. M/S VIRGO PROPERTIES PRIVATE LIMITED, CHENNAI

In the result, appeal filed by the Revenue is dismissed

capital gain was not disclosed in the return filed\nfor Assessment Year 2013-14. To assess the income escaped assessment, the\ncase was reopened under section 148 of the Act after obtaining the\napproval/sanction from the Principal Commissioner of Income Tax - 3,\nChennai. A notice under section 148 of the Act was issued to the assessee on\n30.3.2019 requiring

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

200 CTR 473, the Hon’ble High Court held that the assessee having sold the flat allotted to him by a co-operative housing society after a period of 36 months from the date of allotment, capital gains arising to him were long term capital gains, despite the fact that physical possession of the flat was given to the assessee

SRI SRINIVASA EDUCATIONAL & CHARITABLE TRUST,BANGALORE vs. DCIT, CENTRAL CIRCLE-2(3), BENGALURU

3) has to be quashed, thus ordered accordingly. The\nground raised by the Assessee is accordingly allowed\".\n14. In this appeal, we are required to examine whether any substantial\nquestion of law arises for our consideration.\n15. Having regard to the findings returned by the Tribunal, which are\nfindings of fact, in our view, no substantial question of law arises

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 4(2)(1), BANGALORE vs. M/S. N G BALU REDDY HUF, BANGALORE

In the result, the appeal of the Revenue is allowed

Bench: Shri Chandra Poojari & Shri George George Kassessment Year : 2009-10

200/- after claiming various expenses like cost of acquisition, cost of improvement etc. before claiming deduction u/s.54F of Rs.8,28,940/- and arrived at the net capita' gains of Rs.90,44,260/- as against the actual capital Page 5 of 35 gains of Rs.3,34,56,000/- as worked out above. At the time of filing the return of income

TYCO FIRE AND SECURITY INDIA PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE

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

Bench: Shri N. V. Vasudevan & Shri Chandra Poojariit(Tp)A No.270/Bang/2021 Assessment Year : 2016-17 Acit, M/S. Tyco Fire & Security India Private Limited, Vs. D-601, Rmz Centennial, Circle - 7(1)(1), Kundalahalli Main Road, Bengaluru. Bengaluru – 560 048. Pan : Aabct 0087 C Appellant Respondent Assessee By : Shri. Rajan Vora, Ca Revenue By : Shri. Sumer Singh Meena, Cit(Dr)(Itat), Bengaluru Date Of Hearing : 27/11.09.2022 Date Of Pronouncement : 28.11.2022 O R D E R Per N V Vasudevan

section 92C, the arm's length price in relation to an international transaction [or a specified domestic transaction] shall be determined by any of the following methods, being the most appropriate method, in the following manner, namely :— (a) to (d) .... (e)transactional net margin method, by which,— IT(TP) A No. 270/Bang/2021 Tyco Fire and Security India Pvt.Ltd

TREE HILL ESTATES PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-7(1)(1), BANGALORE

In the result, the appeal of the assessee is dismissed

Bench: Smt. Beena Pillai & Ms. Padmavathy Sassessment Year : 2013-14

section 47. Therefore, following this decision, this question has to be and is answered in favour of the assessee and against the Revenue." 26. The decision in the case of Tribhuvandas G. Patel (supra) is a case where the deed of reconstitution specifically referred to release of rights of the outgoing partners in the assets of the partnership and further

SRI. RAMAKRISHNA NISHTALA,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 7(1)(2), BANGALORE

In the result appeal filed by assessee stands partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2016-17

capital gains of Rs.59,73,467/- claimed under section 54F of IT Act. 3. The Learned Commissioner (Appeals) has erred in upholding disallowance of exemption under section 54F on the basis that the villa was registered on 21.02.2015 i.e. prior to transfer of original asset i.e. Page 2 of 16 13.11.2015 when section 54F does not bar construction within

SHRI. KOLA VENKAT RAMA NAIDU,BANGALORE vs. THE COMMISSIONER OF INCOME TAX (APPEALS) - 6, BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2010-11

3. Facts of the case are that the assessee is deriving income from business, house property and other sources filed return of income electronically for the assessment year 2010-11 on 13.10.2010 declaring income of Rs.54,34,810/-. A survey u/s 133A of the Income-tax Act,1961 ['the Act' for short] was conducted on 2.3.2015 at the business premises

M/S. LIFE INSURANCE CORPORATION OF INDIA,THIRTHAHALLI vs. THE INCOME TAX OFFICER (TDS) WARD, DAVANGERE

In the result, the appeals filed by the assessee stands allowed for assessment years 2011-12 to 2014-15 on the legal issue and the appeals for assessment years 2015-

Bench: Shri B.R Baskaran & Smt. Beena Pillai

200(Bang.Trib.) • CIT v. Nicholas Piramal India Ltd., reported in (2008) 169 Taxman 233 (Bom.); • CIT v. Semiconductor Complex Ltd.. reported in (2007) 160 Taxman 384 (Punj. & Har.) • CIT v. HCL Info System Ltd. (2005) 146 Taxman 227 (Delhi) • CIT v. Oil and Natural Gas Corpn. Ltd. (2002) 254 ITR 121/125 Taxman 698 Guj) • ITO v. Gujarat Narmada Valley

M/S. LIFE INSURANCE CORPORATION OF INDIA,THIRTHAHALLI vs. THE INCOME TAX OFFICER (TDS) WARD, DAVANGERE

In the result, the appeals filed by the assessee stands allowed for assessment years 2011-12 to 2014-15 on the legal issue and the appeals for assessment years 2015-

Bench: Shri B.R Baskaran & Smt. Beena Pillai

200(Bang.Trib.) • CIT v. Nicholas Piramal India Ltd., reported in (2008) 169 Taxman 233 (Bom.); • CIT v. Semiconductor Complex Ltd.. reported in (2007) 160 Taxman 384 (Punj. & Har.) • CIT v. HCL Info System Ltd. (2005) 146 Taxman 227 (Delhi) • CIT v. Oil and Natural Gas Corpn. Ltd. (2002) 254 ITR 121/125 Taxman 698 Guj) • ITO v. Gujarat Narmada Valley

M/S. LIFE INSURANCE CORPORATION OF INDIA,THIRTHAHALLI vs. THE INCOME TAX OFFICER (TDS) WARD, DAVANGERE

In the result, the appeals filed by the assessee stands allowed for assessment years 2011-12 to 2014-15 on the legal issue and the appeals for assessment years 2015-

Bench: Shri B.R Baskaran & Smt. Beena Pillai

200(Bang.Trib.) • CIT v. Nicholas Piramal India Ltd., reported in (2008) 169 Taxman 233 (Bom.); • CIT v. Semiconductor Complex Ltd.. reported in (2007) 160 Taxman 384 (Punj. & Har.) • CIT v. HCL Info System Ltd. (2005) 146 Taxman 227 (Delhi) • CIT v. Oil and Natural Gas Corpn. Ltd. (2002) 254 ITR 121/125 Taxman 698 Guj) • ITO v. Gujarat Narmada Valley

M/S. LIFE INSURANCE CORPORATION OF INDIA,THIRTHAHALLI vs. THE INCOME TAX OFFICER (TDS) WARD, DAVANGERE

In the result, the appeals filed by the assessee stands allowed for assessment years 2011-12 to 2014-15 on the legal issue and the appeals for assessment years 2015-

Bench: Shri B.R Baskaran & Smt. Beena Pillai

200(Bang.Trib.) • CIT v. Nicholas Piramal India Ltd., reported in (2008) 169 Taxman 233 (Bom.); • CIT v. Semiconductor Complex Ltd.. reported in (2007) 160 Taxman 384 (Punj. & Har.) • CIT v. HCL Info System Ltd. (2005) 146 Taxman 227 (Delhi) • CIT v. Oil and Natural Gas Corpn. Ltd. (2002) 254 ITR 121/125 Taxman 698 Guj) • ITO v. Gujarat Narmada Valley