SHRI. VADAGUR NARAYANAPPA PREMACHANDRA,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, INTERNATIONAL TAXATION, CIRCLE-2(1), BANGALORE

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

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K.

275/- as against the long term capital gains computed by the assessee at Rs. 1,55,72,725/-. The assessee at the time of assessment, had submitted that as per the settlement deed, the family members had handed Page 3 of 10 IT(IT)A No. 1032/Bang/2023 over the developer a total extent of land of 1,35,461 Sq.ft

SIMPLEX TMC PVT LTD,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1),BENGALURU, BENGALURU

In the result, the appeal of the assessee is allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2018-19

Capital Gains. The AO further held that as the assessee had not offered the amount of Rs. 5,00,000/- as income, the undisclosed income is covered by provision of clause(b) Simplex TMC Pvt. Ltd., Bangalore Page 4 of 17 of Section 271AAB(1A) of the Act and accordingly a penalty

IBM GLOBAL SERVICES INDIA PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), BANGALORE

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

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2000-2001

275/-. Page 2 of 19 2. The case was selected for scrutiny and notice u/s. 143(2) was issued, based on which the details as called for in notice u/s. 142(1) were furnished by the assessee. The assessment was thereafter passed on 31.03.2003, u/s. 143(3) r.w.s. 144A of the Act. One of the disallowance made in the assessment

SRI. PADMANABHA MANGALORE CHOWTA,MANGALORE vs. JOINT COMMISSIONER OF INCOME-TAX, RANGE-1, MANGALORE

In the result, the appeal of the assessee is allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2017 – 18

capital gains in the return of income voluntarily filed for the year under appeal under the facts and in the circumstances of the appellant's case. 4. The levy of penalty u/s 271-D of the Act is bad in law in as much as the appellant has not committed any default u/s.269SS actionable

RAHUL AGARWAL ,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, INTERNATIONAL TAXATION, CIRCLE-1(1) , BENGALURU

In the result, the appeal of the assessee is allowed as above

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahu

275 forward the short term capital loss under section 111A of Rs. 13,84,865. 8. The addition of Rs. 1,36,96,832 ought to be deleted as the 52,19,475 DRP/ AO relied exclusively on the survey report of another entity, a copy of which was not furnished to the Appellant in violation of the principles

RAAJRATNA ENERGY HOLDINGS PRIVATE LIMITED,HYDERABAD vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), BANGALORE

section 56(2)(viib) of the\nAct for the Assessment Year 2017-18. Further for the Assessment Year 2018-\n19, AO has disallowed short term capital loss of Rs.5,10,000/- as per his Order\nat para No.5 on sale of investment in Venu Hydro Powers Ltd., and observed\nthat the assessee has claimed excess long term capital loss

RAAJRATNA ENERGY HOLDINGS PRIVATE LIMITED,HYDERABAD vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2(2), BENGALURU

Accordingly, this\nground is allowed for statistical purposes

section 56(2)(viib) of the\nAct for the Assessment Year 2017-18. Further for the Assessment Year 2018-\n19, AO has disallowed short term capital loss of Rs.5,10,000/- as per his Order\nat para No.5 on sale of investment in Venu Hydro Powers Ltd., and observed\nthat the assessee has claimed excess long term capital loss

TRIFECTA PROJECTS PRIVATE LIMITED ,BENGALURU vs. DCIT, CENTRAL CIRCLE-2(2), BANGALORE

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

Bench: Shri Prashant Maharishi, Vice – & Shri Soundararajan K.Assessment Year : 2020-21

275/- made u/s. 37[1] of the Act Page 2 of 7 in the assessment proceedings cannot be considered as undisclosed income found at the time of search in order to impose penalty u/s. 271AAB of the Act under the facts and in the circumstances of the appellant's case. 3. Without prejudice to the above, the penalty sustained

GLOBE TELESERVICES LIMITED,HONG KONG vs. THE DEPUTY COMMISSIONER OF INCOME-TAX (INTERNATIONAL TAXATION), CIRCLE-2(1), BANGALORE, BANGALORE

In the result, both the appeals filed by the assessee for both\nthe years under consideration stands partly allowed

275.\nThe Ld.DRP thus upheld that the receipt by the non-resident\nassessee from the Indian customer in lieu of bandwidth services\nprovided, were to be treated as royalty within the meaning of\nclause (iii) to Explanation 2 to section 9(1)(vi) of the Act. Identical\nview was taken by the DRP in both the assessment years under\nconsideration

GLOBE TELESERVICES LIMITED,HONG KONG vs. THE DEPUTY COMMISSIONER OF INCOME-TAX (INTERNATIONAL TAXATION), CIRCLE-2(1), BANGALORE, BANGALORE

In the result, both the appeals filed by the assessee for both\nthe years under consideration stands partly allowed

275.\nThe Ld.DRP thus upheld that the receipt by the non-resident\nassessee from the Indian customer in lieu of bandwidth services\nprovided, were to be treated as royalty within the meaning of\nclause (iii) to Explanation 2 to section 9(1)(vi) of the Act. Identical\nview was taken by the DRP in both the assessment years under\nconsideration

JADAGADDER PAKKERAPPA, LEGAL HEIR SAROJAMMA,SHIKARIPURA vs. INCOME TAX OFFICER, WARD-1 & TPS,, SHIMOGA

In the result, appeal filed by the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year : 2016-17

capital gain and added the same to the income of the assessee. The AO completed the assessment proceedings on a total assessed income of Rs.60,00,000 u/s 147 r.w.s. 144 r.w.s. 144B of the Act. 4. Aggrieved by the order of AO passed u/s 147 r.w.s. 144 of the Act dated 12.1.2024, the legal heir of the assessee

CHITRADURGA ZILLA REDDY JANA SANGH(R),CHITRADURGA vs. INCOME TAX OFFICER, WARD-1 EXEMPTION, HUBLI

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

Bench: Shri Prashant Maharishi & Shri Keshav Dubeyassessment Year : 2017-18

capital account. Therefore, the disallowance of exemption u/s 11 of the Act should be restricted to the shortfall of 85% of total income from actual amount applied. Hence, the shortfall of Rs. 50,23,822/- (1,47,63,150 – 97,39,328) should be brought to tax instead of Rs.76,29,084/- as done in intimation and accordingly granted relief

INCOME TAX OFFICER, W-1, VIJAYANAGAR vs. RAMACHANDRA SETTY AND SONS, HASSAN

In the result, appeal of the assessee in ITA

Bench: Shri Chandra Poojari & Shri Keshav Dubey

275 (Bombay) wherein it was held as under: -"A bare reading of Section 132(4) of the Act indicates that an authorized officer is entitled to examine a person on oath during the course of search and any statement made during such examination by the such person (the person being examined on oath) would have evidentiary value under Section

INCOME TAX OFFICER, W-1, HASSAN vs. RAMACHANDRA SETTY & SONS, HASSAN

In the result, appeal of the assessee in ITA

Bench: Shri Chandra Poojari & Shri Keshav Dubey

275 (Bombay) wherein it was held as under: -"A bare reading of Section 132(4) of the Act indicates that an authorized officer is entitled to examine a person on oath during the course of search and any statement made during such examination by the such person (the person being examined on oath) would have evidentiary value under Section

INCOME TAX OFFICER W 1, HASSAN vs. RAMACHANDRA SETTY AND SONS, HASSAN

In the result, appeal of the assessee in ITA

Bench: Shri Chandra Poojari & Shri Keshav Dubey

275 (Bombay) wherein it was held as under: -"A bare reading of Section 132(4) of the Act indicates that an authorized officer is entitled to examine a person on oath during the course of search and any statement made during such examination by the such person (the person being examined on oath) would have evidentiary value under Section

M/S. S. RAMASHANDRA SETTY & SONS,HASSAN vs. INCOME TAX OFFICER, WARD-1 , HASSAN

In the result, appeal of the assessee in ITA

Bench: Shri Chandra Poojari & Shri Keshav Dubey

275 (Bombay) wherein it was held as under: -"A bare reading of Section 132(4) of the Act indicates that an authorized officer is entitled to examine a person on oath during the course of search and any statement made during such examination by the such person (the person being examined on oath) would have evidentiary value under Section

INCOME TAX OFFICER WARD-1 HASSAN, HASSAN vs. RAMACHANDRA SETTY AND SONGS, HASSAN

In the result, appeal of the assessee in ITA

Bench: Shri Chandra Poojari & Shri Keshav Dubey

275 (Bombay) wherein it was held as under: -"A bare reading of Section 132(4) of the Act indicates that an authorized officer is entitled to examine a person on oath during the course of search and any statement made during such examination by the such person (the person being examined on oath) would have evidentiary value under Section

BHARATH CREDIT CO-OPERATIVE SOCIETY LIMITED ,BANGALORE vs. PR. CIT, BANGALORE -1, BANGALORE

In the result the appeal filed by the assessee is allowed

Bench: Ms. Padmavathy S. & Shri Keshav Dubeyassessmentyear:2020-21

275 TAXMAN 408 which has held as under- “6. Thus, from close scrutiny of Section 263 it is evident that twin conditions are required to be satisfied for exercise of revisional jurisdiction under Section 263 of the Act firstly, the order of the Assessing Officer is erroneous and secondly, that it is prejudicial to the interest of the revenue