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

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

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

SREENIVASULU SAGALETI,BENGALURU vs. INCOME TAX OFFICER, WARD-2(2)(2), BENGALURU

In the result, appeal filed by the assessee is allowed

Bench: Shri. Laxmi Prasad Sahuandshri.Keshav Dubeyassessment Year :2018-19

2 of 16 of Rs.28,81,917/-. In this regard, assessee was asked to substantiate the claim of deduction under section 54F of the Act. Assessee furnished reply dated 10.10.2019 as under: ‘…….The entire sale proceedings is being invested in the construction of residential property of my spouse Smt. N. Mahalakshmi (PAN No. ASYPM9342F) who is not assessed the Income

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

Bench: SHRI WASEEM AHMED, ACCOUNTANT MEMBER\nAND\nSHRI KESHAV DUBEY, JUDICIAL MEMBER\nITA No.210/Bang/2024\nAssessment Year: 2017-18\nM/s Canara Bank\nFM wing, Head Office,\n112, J.C. Road\nBangalore 560002\nVs.\nDCIT\nCircle-2(1)(1)\nBangalore\nPAN NO : AAACC6106G\nAPPELLANT\nRESPONDENT\nITA No.222/Bang/2024\nAssessment Year: 2017-18\nDCIT\nCircle-2(1)(1)\nBangalore\nVs.\nM/s Canara Bank\nFM wing, Head Office,\n112, J.C. Road\nBangalore 560 002\nAPPELLANT\nRESPONDENT\nITA No.1154/Bang/2023\nAsses

capital gain tax can be levied.\" Concluded at page 12\npara no. 31 as under.-\n\"53. In the result, we hold that sub-section 115JB as stood prior to its\namendment by virtue of Finance Act, 2012, would not be applicable to a\nbanking company. We answer the question No. 2 in favour of the\nassessee and against

M/S SYNDICATE BANK,MANIPAL vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 1, UDUPI

In the result, appeal of the revenue in ITA No

Bench: Shri Chandra Poojari & Shri Keshav Dubeyassessment Year: 2015-16

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

DIVYA DINESH ,BENGALURU vs. DCIT, CIRCLE-7(1)(1), BANGALORE

In the result appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

36 SOT 22, wherein it was held that short term capital loss arising from STT-paid transactions is allowable to be set off against other capital gains, even if taxed at different rates. 6.5 The assessee therefore argued that it was legally entitled to set off the short-term capital loss of Rs. 16,28,978 against long term capital

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

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\npersons are as under :-\nITA Nos.775 & 954/Bang/2024\nSri Alagappa Muthiah (HUF), Bangalore\nITA Nos.776 & 955/Bang/2024\nSri Alagappa Annamalai (HUF), Bangalore\nPage 3 of 34\nLandowners and Developers share in the Land in the Project as\nPer JDA\nParticulars\nCommercial\nResidential\nTotal Area\nLand Share\n(Sq. Ft)\n77,627\n14,630\n92,257\nDevelopers\nShare

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\npersons are as under :-\nLandowners and Developers share in the Land in the Project as\nPer JDA\nParticulars\nLand Share\n(Sq. Ft)\nDevelopers\nShare (Sq. Ft)\nTotal in Sq.\nFt\nCommercial\n77,627\n77,627\nResidential\n14,630\n1,94,368\n2,08,998\nTotal Area\n92,257\n1,94,368\n2,86,625\nLandowners and Developers share

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

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 of paying capital gain tax, the fair market value of the assets

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

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 of paying capital gain tax, the fair market value of the assets

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\npersons are as under :-\nLandowners and Developers share in the Land in the Project as\nPer JDA\nParticulars\nCommercial\nResidential\nTotal Area\nLand Share\n(Sq. Ft)\n77,627\n14,630\n92,257\nDevelopers\nShare (Sq. Ft)\n77,627\n1,94,368\n1,94,368\nTotal in Sq.\nFt\n77,627\n2,08,998\n2,86,625\nLandowners

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

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

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

36, as sub-section (1) of section 139] [***], the case may be, shall not apply in relation to furnishes to the [Assessing] Officer a any such allowance or deduction; declaration in writing that the provisions of (ii) no loss referred to in sub-section (1) of this section may not be made applicable to section 72 or sub-section

DIVYA DINESH ,BENGALURU vs. DCIT, CIRCLE-7(1)(1), BANGALORE

In the result appeal of the assessee is allowed

36 SOT 22, wherein it was held that short\nterm capital loss arising from STT-paid transactions is allowable to be set\noff against other capital gains, even if taxed at different rates.\n6.5 The assessee therefore argued that it was legally entitled to set\noff the short-term capital loss of Rs. 16,28,978 against long term capital

THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE vs. M/S OLIVIYA APPARELS PRIVATE LIMITED, BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

section 36(2) of the Act. 5. Accordingly, no appeals may henceforth be filed on this ground and appeals already filed, if any, on this issue before various Courts/Tribunals may be withdrawn/not pressed upon.” 21. From the above, it becomes clear that claim for any debt or part thereof shall be admissible u/s. 36

THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE vs. M/S OLIVIYA APPARELS PRIVATE LIMITED, BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

section 36(2) of the Act. 5. Accordingly, no appeals may henceforth be filed on this ground and appeals already filed, if any, on this issue before various Courts/Tribunals may be withdrawn/not pressed upon.” 21. From the above, it becomes clear that claim for any debt or part thereof shall be admissible u/s. 36