SUNITA MADHOK ,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1(2)(1), , BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

section 147 of the Income-tax Act.” 69. The Hon’ble Delhi High Court in Commissioner of Income-tax v. SPL'S Siddhartha Ltd. [2012] 345 ITR 223 (DELHI) held as under:- “8. Thus, if authority is given expressly by affirmative words upon a defined condition, the expression of that condition excludes the doing of the Act authorised under other

ADDL/JOINT COMMISSIONER OF INCOME TAX (LTU) , BANGALORE vs. M/S VIJAYA BANK , BANGALORE

Accordingly the grounds raised by the revenue is allowed for statistical purposes

Bench: Shri George George K. & Shri Laxmi Prasad Sahum/S. Bank Of Baroda Vs. Addl. Cit, Ltu, (Erstwhile Vijaya Bank) Bmtc Building 7Th Floor, Central Accounts 6Th Block, Koramangala Bengaluru 560095 Dept., 41/2, M.G. Road Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Acit, Circle - 2(1)(1) Vs. M/S. Bank Of Baroda Room No. 561, 5Th Floor (Erstwhile Vijaya Bank) Aayakar Bhavan 7Th Floor, Central Accounts M.K. Road Dept., 41/2, M.G. Road Mumbai 400020 Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Assessee By: Shri Ananthan, Ca& Smt. Lalitha Rameswaran, Ca Revenue By: Shri G. Manoj Kumar, Cit-Dr Date Of Hearing: 29.03.2023 Date Of Pronouncement: 25.04.2023 M/S. Bank Of Baroda

capital reserve in the subsequent year should be considered for the purpose of allowing deduction u/s 36(1)(viii). An identical issue has been dealt with by the coordinate bench of the Tribunal in the case of Vijaya Bank Vs. JCIT (Supra), wherein it is held as under:- “8.4.1 We have heard the rival contentions, perused and carefully considered

M/S VIJAYA BANK ,BANGALORE vs. ADDITIONAL COMMISSIONER OF INCOME TAX LTU , BANGALORE

Accordingly the grounds raised by the revenue is allowed for statistical purposes

Bench: Shri George George K. & Shri Laxmi Prasad Sahum/S. Bank Of Baroda Vs. Addl. Cit, Ltu, (Erstwhile Vijaya Bank) Bmtc Building 7Th Floor, Central Accounts 6Th Block, Koramangala Bengaluru 560095 Dept., 41/2, M.G. Road Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Acit, Circle - 2(1)(1) Vs. M/S. Bank Of Baroda Room No. 561, 5Th Floor (Erstwhile Vijaya Bank) Aayakar Bhavan 7Th Floor, Central Accounts M.K. Road Dept., 41/2, M.G. Road Mumbai 400020 Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Assessee By: Shri Ananthan, Ca& Smt. Lalitha Rameswaran, Ca Revenue By: Shri G. Manoj Kumar, Cit-Dr Date Of Hearing: 29.03.2023 Date Of Pronouncement: 25.04.2023 M/S. Bank Of Baroda

capital reserve in the subsequent year should be considered for the purpose of allowing deduction u/s 36(1)(viii). An identical issue has been dealt with by the coordinate bench of the Tribunal in the case of Vijaya Bank Vs. JCIT (Supra), wherein it is held as under:- “8.4.1 We have heard the rival contentions, perused and carefully considered

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 2(1), MANGALORE vs. KARNATAKA BANK LIMITED., MANGALORE

In the result, the appeal of the assessee is partly allowed for statistical purposes and the revenue’s appeal is dismissed

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K., Judciial Member Assessment Year : 2015-16

gainfully refer to the “MEMORANDUM EXPLAINING FINANCE BILL 2013”, which brings out the intention of the Parliament in inserting Explanation-2 in sec. 36(1)(vii) of the Act. It is extracted below:- “Clarification for amount to be eligible for deduction as bad debts in case of banks:- Under the existing provisions of section 36(1)(viia) of the Income

M/S. KARNATAKA BANK LIMITED,MANGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX. CIRCLE- 2(1), MANGALURU

In the result, the appeal of the assessee is partly allowed for statistical purposes and the revenue’s appeal is dismissed

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K., Judciial Member Assessment Year : 2015-16

gainfully refer to the “MEMORANDUM EXPLAINING FINANCE BILL 2013”, which brings out the intention of the Parliament in inserting Explanation-2 in sec. 36(1)(vii) of the Act. It is extracted below:- “Clarification for amount to be eligible for deduction as bad debts in case of banks:- Under the existing provisions of section 36(1)(viia) of the Income

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

1) Any profits and gains arising from the transfer of a capital asset effected in the previous year shall ………. be chargeable to income tax under the head "capital gains ",and shall be deemed to be the income of the previous year in which the transfer took place." 48. The section 2(47) of the I.T. Act clearly express that, "Transfer

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

1. Theres should be dissolution of the firm or other wise and 2. Distribution of the assets. In the opinion of the ld. CIT(A), as per the provisions of 45(4) of the Act, when the capital asset of the firm are distributed on dissolution or otherwise, the firm needs to pay capital gain tax. For the purpose

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

1. Theres should be dissolution of the firm or other wise and 2. Distribution of the assets. In the opinion of the ld. CIT(A), as per the provisions of 45(4) of the Act, when the capital asset of the firm are distributed on dissolution or otherwise, the firm needs to pay capital gain tax. For the purpose

NABHIRAJ RATNA BALRAJ BY LEGAL HEIR B.R.RAKESH,BANGALORE vs. INCOME-TAX OFFICER, WARD-7(2)(1), BANGALORE

In the result the appeal of the assessee is allowed

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2016-17

section 50C(1) was thus relaxed, and very thoughtfully so, to take these bona fide cases of small variations between the stated sale consideration vis-à-vis stamp duty valuation, out of the scope of adjustments contemplated in the computation of capital gains under this anti-avoidance provision. In our humble Page 31

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

1-4-1988. Prior to omission of Sec.47(ii) of the Act, distribution of capital assets on dissolution of a firm, body of individuals or other Association of persons, would be regarded as transfer of a capital asset but by virtue of provisions of Sec.47(ii) of the Act, there was no charge to tax of the capital gain

M/S. ABB LTD.,,BANGALORE vs. THE ADDL. CIT, BANGALORE

In the result appeal by the Assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz Assessment Year : 1997-98

1) of section 49, shall be taken to be nil ;” 30. In Circular No.8 of 2002 dt. 27.8.2002 the CBDT has explained the above provisions of Finance Act, 2002, as below: "39. Amendment of section 55 of the Income-tax Act, 1961 39.1 Under section 45, any capital receipts arising out of transfer of any business or commercial rights

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

1) that\nthe transferor was directly or indirectly\nconnected with the transferee, and (2) that\nthe transfer was effected with the object of\navoidance or reduction of the liability of the\nassessee under section 12B. If the conditions\nof this proviso are not satisfied the main part\nITA Nos.775 & 954/Bang/2024\nSri Alagappa Muthiah (HUF), Bangalore\nITA Nos.776 & 955/Bang/2024\nSri Alagappa

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

31..01.2020 in ITA No.481/2014. Paras 8 to 10 of the said judgment dated 31.01.2020 passed in the aforesaid case, reads as under: "8. We have considered the submissions made by learned counsel for the parties and have perused the record. Before proceeding further, it is apposite to take note of Section 14A of the Act: Section 14A (1

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

gain arising out\nof the impugned property vide JDA dated 10.02.2011 to be taxed in\nthe assessment year 2018-19 only. Ordered accordingly.\n8.\nIn the result, both the appeals of the assessees in ITA\nNos.775 & 776/Bang/2024 are allowed.\n9. Now we will take up revenue's appeals in ITA Nos.954 &\n955/Bang/2024 for the AY 2017-18. The grounds which

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

gain arising out\nof the impugned property vide JDA dated 10.02.2011 to be taxed in\nthe assessment year 2018-19 only. Ordered accordingly.\n8. In the result, both the appeals of the assessees in ITA\nNos.775 & 776/Bang/2024 are allowed.\n9. Now we will take up revenue's appeals in ITA Nos.954 &\n955/Bang/2024 for the AY 2017-18. The grounds

M/S. LIFE INSURANCE CORPORATION OF INDIA ,DAVANGERE 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

31 March date of filing of quarterly return is 21/07/2011. Assessment year 2012-13: 1st quarter ended on 30th of June, date of filing of quarterly return is 26/07/2011. 2nd quarter ended on 30th September, date of filing of quarterly return is 13/10/2011. 3rd quarter ended on 31st December, date of filing of quarterly return is 12/01/2012. 4th quarter ended

M/S. LIFE INSURANCE CORPORATION OF INDIA,CHITRADURGA 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

31 March date of filing of quarterly return is 21/07/2011. Assessment year 2012-13: 1st quarter ended on 30th of June, date of filing of quarterly return is 26/07/2011. 2nd quarter ended on 30th September, date of filing of quarterly return is 13/10/2011. 3rd quarter ended on 31st December, date of filing of quarterly return is 12/01/2012. 4th quarter ended

M/S. LIFE INSURANCE CORPORATION OF INDIA,DAVANGERE 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

31 March date of filing of quarterly return is 21/07/2011. Assessment year 2012-13: 1st quarter ended on 30th of June, date of filing of quarterly return is 26/07/2011. 2nd quarter ended on 30th September, date of filing of quarterly return is 13/10/2011. 3rd quarter ended on 31st December, date of filing of quarterly return is 12/01/2012. 4th quarter ended