M/S ATRIA POWER CORPROATION LTD.,,BANGALORE vs. ITO, BANGALORE

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

Bench: Shri Sunil Kumar Yadav & Shri A.K. Garodiaassessment Year : 2010-11

gains attributable to revaluation of the asset is not subject to MAT liability. It is, therefore, proposed to amend section 115JB to provide that the book profit for the purpose of section 115JB shall be increased by the amount standing in the revaluation reserve relating to the revalued asset which has been retired or disposed, if the same

INCOME TAX OFFICER WARD-1(1)(2), BANGALORE vs. M/S ATRIA HYDEL POWER LIMITED , BANGALORE

In the result, ITA Nos.534 to 556/Bang/2018 and CO Nos

Bench: Shri N. V. Vasudevan & Shri Jason P. Boazassessment Years : 2010-11 Income-Tax Officer, Vs. M/S. Atria Hydel Power Ltd., Ward - 1(1)(2), #1, Palace Road, Bengaluru. Bangalore-560 001. Pan : Aacca 3754 E Appellant Respondent

gains attributable to revaluation of the asset is not subject to MAT liability. It is, therefore, proposed to amend section 115JB to provide that the book profit for the purpose of section 115JB shall be increased by the amount standing in the revaluation reserve relating to the revalued asset which has been retired or disposed, if the same

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 was assessable at all from this angle of the matter as well. 10.2 Thirdly and without prejudice to the above, the learned

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

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

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

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, HUBBALLI, HUBBALLI vs. SMT. SHEELA PRASANNAKUMAR , CHITRADURGA

In the result, the appeals of the Revenue are dismissed

capital gain. The deeming provision under Section 50\nC (1) of the Act is rebuttable. It is well known that an immovable\nproperty may have various attributes, charges. encumbrances,\nlimitations and conditions. The Stamp Valuation Authority does not\ntake into consideration the attributes of the property for determining\nthe fair market value in the condition, the property is offered

SHRI M. THIMMEGOWDA,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(3), BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

capital gains. ITA Nos.1035 & 1036/Bang/2019 Page 3 of 78 9. The appellant craves for leave to add to, delete from or amend the grounds of appeal. 2.1 Similar are the grounds for A.Y. 2006-07. Only Change in figures. 3. The assessee has also raised the following common grounds in these appeals:- “1. The order of the Learned Assessing Office

SHRI M. THIMMEGOWDA,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(3), BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

capital gains. ITA Nos.1035 & 1036/Bang/2019 Page 3 of 78 9. The appellant craves for leave to add to, delete from or amend the grounds of appeal. 2.1 Similar are the grounds for A.Y. 2006-07. Only Change in figures. 3. The assessee has also raised the following common grounds in these appeals:- “1. The order of the Learned Assessing Office

SMT. A.P. LAKSHMI GOWRI,BANGALORE vs. ITO, BANGALORE

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

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,— (i) ………….. < >" 15 ITA No. 956 & 957(Bang)2016 The emphasis in the above provisions is on purchase or construction of a residential house and not on the reference made to 'new asset'. The wording new asset has been put in place

SRI. A.R. PRASAD,BANGALORE vs. ITO, BANGALORE

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

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,— (i) ………….. < >" 15 ITA No. 956 & 957(Bang)2016 The emphasis in the above provisions is on purchase or construction of a residential house and not on the reference made to 'new asset'. The wording new asset has been put in place

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BENGALURU, BENGALURU vs. CANARA BANK, BENGALURU

In the result, appeal of the revenue in ITA No

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessmentyear: 2017-18

capital gain tax can be levied. " 53. Concluded at page 12 para 21 as under: "27. In the result, we hold that sub-section 115JB as it stood prior to its amendment by virtue of Finance Act, 2012, would not be applicable to a banking company. We answer the question No. 2 in favour of the assessee and against

ASST.C.I.T., MANGALORE vs. DR. YUSUF KUMBLE, MANGALORE

In the result, the appeals filed by the revenue are dismissed

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

capital gains on account of conversion of a firm into a company under the provisions of Schedule IX of the Companies Act, 1956. Now the law is quite settled that an assessment u/s. 153A can be made only based on the incriminating material found as a result of action u/s. 132 of the Act. In the present cases, the alleged

ASST.C.I.T., MANGALORE vs. DR. ALI KUMBLE, MANGALORE

In the result, the appeals filed by the revenue are dismissed

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

capital gains on account of conversion of a firm into a company under the provisions of Schedule IX of the Companies Act, 1956. Now the law is quite settled that an assessment u/s. 153A can be made only based on the incriminating material found as a result of action u/s. 132 of the Act. In the present cases, the alleged

ASST.C.I.T., MANGALORE vs. DR. YUSUF KUMBLE, MANGALORE

In the result, the appeals filed by the revenue are dismissed

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

capital gains on account of conversion of a firm into a company under the provisions of Schedule IX of the Companies Act, 1956. Now the law is quite settled that an assessment u/s. 153A can be made only based on the incriminating material found as a result of action u/s. 132 of the Act. In the present cases, the alleged

ASST.C.I.T., MANGALORE vs. DR. ALI KUMBLE, MANGALORE

In the result, the appeals filed by the revenue are dismissed

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

capital gains on account of conversion of a firm into a company under the provisions of Schedule IX of the Companies Act, 1956. Now the law is quite settled that an assessment u/s. 153A can be made only based on the incriminating material found as a result of action u/s. 132 of the Act. In the present cases, the alleged

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCEL-2(1), BANGALORE vs. SRI MATHIKERE RAMAIAH SEETHARAM, BANGALORE

In the result, the appeals filed by the revenue are dismissed and the COs filed by the assessee are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

capital gain or as business income, ITA Nos.542 to 544/Bang/2021 & CO Nos.17 to 19/Bang/2021 Sri Mathikere Ramaiah Seetharam, Bangalore Page 49 of 96 which issue not required to be answered at this stage as the income is not accrued in these assessment years. The quantum of applicability of Accounting Standard-9 with regard to revenue recognition is not required

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCEL-2(1), BANGALORE vs. SRI MATHIKERE RAMAIAH SEETHARAM, BANGALORE

In the result, the appeals filed by the revenue are dismissed and the COs filed by the assessee are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

capital gain or as business income, ITA Nos.542 to 544/Bang/2021 & CO Nos.17 to 19/Bang/2021 Sri Mathikere Ramaiah Seetharam, Bangalore Page 49 of 96 which issue not required to be answered at this stage as the income is not accrued in these assessment years. The quantum of applicability of Accounting Standard-9 with regard to revenue recognition is not required

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCEL-2(1), BANGALORE vs. SRI MATHIKERE RAMAIAH SEETHARAM, BANGALORE

In the result, the appeals filed by the revenue are dismissed and the COs filed by the assessee are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

capital gain or as business income, ITA Nos.542 to 544/Bang/2021 & CO Nos.17 to 19/Bang/2021 Sri Mathikere Ramaiah Seetharam, Bangalore Page 49 of 96 which issue not required to be answered at this stage as the income is not accrued in these assessment years. The quantum of applicability of Accounting Standard-9 with regard to revenue recognition is not required

SHRI PRABHUKUMAR AIYAPPA KULLATIRA ,BANGALORE vs. INCOME TAX OFFICER WARD-4(3)(4), BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2015-16

2,48,23,211 as exempt Shri Prabhukumar Aiyappa Kullatira, Bangalore Page 5 of 12 from taxation by virtue of DTAA between India and UAE. The AO declined to accept the claim of the assessee on the ground that the assessee though provided proof for incorporation of the company in Dubai, he was admittedly a resident of India during