DCIT, BANGALORE vs. M/S EPSILON ADVISORS PVT. LTD.,, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

section 143(3) of the Act, in the Assessment Year 2003-2004. 8. The CIT has allowed the average cost worked out by the assessing officer for the assessment year 2003 - 04 in the case of M/s Vectra Holdings P Limited, an associate company fo the appellant. ITA Nos.1569, 1600, 1607 & 1608/Bang/2014 Page 3 of 26 9

EPSILON ADVISORS P. LTD.,,BANGALORE vs. CIT, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

section 143(3) of the Act, in the Assessment Year 2003-2004. 8. The CIT has allowed the average cost worked out by the assessing officer for the assessment year 2003 - 04 in the case of M/s Vectra Holdings P Limited, an associate company fo the appellant. ITA Nos.1569, 1600, 1607 & 1608/Bang/2014 Page 3 of 26 9

GOPAL S. PANDITH vs. DCIT,

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

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

9 - 1 0 . 11. The Learned CIT(A) erred in upholding the disallowance made under Section 40A(3) of the Act without considering the contention that provisions of section 40A(3) of the Act without considering the contention that provisions of section 40A(3) of the Act without considering the contention that provisions of section 40A(3) are not applicable

R. SRINIVAS RAJU,BANGALORE vs. ACIT, BANGALORE

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

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

9 acres 10 guntas at Huttanahalli village for a consideration of Rs.4, 50,00, 000/-. Further, during the course of deposition the assessee has admitted short term capital gain of Rs.2.3 crores arisen from the said transaction. A notice under section 153A was issued on 19/12/2007 for the assessment years 2001-02 to 2006-07 (block period). A statement under

M/S STERLING URBAN DEVELOPMENT PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-6(1)(2), BANGALORE

In the result, the grounds of appeal are decided as follows: Ground

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariit(Tp)A No.3282/Bang/2018 Assessment Year : 2014-15 M/S. Sterling Urban Development Pvt. Ltd., Vs. The Deputy Commissioner Of Income Tax, No.8, Level-5, Prestige Nebula, Circle -6(1)(2), Cubbon Road, Bengaluru. Opp. To Income Tax Office Building, Bengaluru – 560 001. Pan : Aaacf 9183 C Appellant Respondent Appellant By : Shri. Ramasubramaniyan, Ca Respondent By : Shri. Muzaffar Hussain, Cit(Dr)(Itat), Bengaluru Date Of Hearing : 12.10.2021 Date Of Pronouncement : 22.11.2021 O R D E R Per Chandra Poojari: This Is An Appeal By The Assessee Against The Final Order Of Assessment Dated 12.10.2018 Passed By The Dcit, Circle-6(1)(2), Bengaluru, Passed U/S. 144C R.W.S. 143(3) Of The Income-Tax Act, 1961 [The Act] Relating To Assessment Year 2014-15. 2. The Assessee Is A Company Incorporated Under The Companies Act, 1956 On 12Th June 2002 Under The Name & Style “Foundation Habitats (India) Private Limited”. The Company Has Been Converted As A Spv In The Year 2006. The Assessee Is Engaged In The Activities Relating To Real Estate

9) of Section 10B. In the matter IT(TP)A No.3282/Bang/2018 Page 19 of 26 of GENERAL FINANCE CO. vs. ACIT, which judgment has also been taken note of by the tribunal while repelling the contention raised by revenue with regard to retrospectivity of Section 92BA(i) of the Act. Thus, when clause (i) of Section 92BA having been omitted

SHRI. K. MUNIRAJU,BANGALORE vs. PRINCIPAL COMMISSIONER INCOME TAX, CENTRAL, BANGALORE

In the result appeals filed by assessee for asst

Bench: Shri A.K Garodia & Smt. Beena Pillai

9. Consequentially, notice under section 153A of the Act was issued to assessee requiring him to file return of income within 30 days of receipt, in response to notice under section 153A. It has been submitted that, assessment order for all years under consideration was passed making addition under the head capital gains being sale proceeds from land sold during

SRI. KRISHNA DIAMONDS,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), BANGALORE

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

Bench: Shri George George K & Shri Laxmi Prasad Sahu

Gains of Business or Profession" do not refer to or include the amounts computed under Chapter X and therefore addition made under Chapter X is bad in law. GROUNDS RELATED TP ADJUSTMENT 4. The lower income tax authorities have erred in: i. Not appreciating that the CUP Method is the most appropriate method in the facts and circumstances

ACIT vs. M/S COASTAL ROAWAYS,

In the result, appeal by the Revenue is dismissed and the CO is partly allowed

Bench: Shri N.V.Vasudevan & Shri Inturi Rama Raoasst. Commissioner Of Income-Tax, Circle 1(1), Mangalore. … Appellant Vs. M/S. Coastal Roadways, D.No.4-64/11, Bantwal Chambers, Balikampady, Mangalore. … Respondent Pan:Aaffc 5977 M Cross Objn.No.35/Bang/2013 (In Ita No.1139/Bang/2013) (Assessment Year: 2008-09) (By The Assessee) ****** Revenue By: Dr. P.K.Srihari, Addl.Cit. Assessee By: Shri R.E.Balasubramaniyan, Ca. Date Of Hearing : 05/01/2016 Date Of Pronouncement: 08/01/2016 O R D E R Per N.V.Vasudevan, Jm:

gains of business or profession under the proposed sub-section (3A) of section 40A, as the case may be. To illustrate with an example, let us assume a taxpayer has incurred an expenditure of Rs 40,000/-. The taxpayer makes separate payments of Rs 15,000/-, Rs 16,000/- and Rs 9,000/- all by cash, to the person concerned

M/S HARMAN CONNECTED SERVICES CORPORATION INDIA PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(2), BANGALORE

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

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

9,98,10,412/- pertains to realised foreign exchange gains, i.e. the gain arising on account of differences in the foreign exchange rates as on the date of realization of money into the EEFC account and the rate as on the date of withdrawal of the balances from such account or transfer of the same into current account. The remaining

M/S HARMAN CONNECTED SERVICES CORPORATION INDIA PRIVATE LIMITED ,BANGALORE vs. ADDITIONAL COMMISSIONER OF INCOME TAX RANGE-12 , BANGALORE

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

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

9,98,10,412/- pertains to realised foreign exchange gains, i.e. the gain arising on account of differences in the foreign exchange rates as on the date of realization of money into the EEFC account and the rate as on the date of withdrawal of the balances from such account or transfer of the same into current account. The remaining

M/S HARMAN CONNECTED SERVICES CORPORATION INDIA PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(2), BANGALORE

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

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1980 To 1982/Bang/2018 Assessment Years: 2009-10, 2010-11 & 2012-13

9,98,10,412/- pertains to realised foreign exchange gains, i.e. the gain arising on account of differences in the foreign exchange rates as on the date of realization of money into the EEFC account and the rate as on the date of withdrawal of the balances from such account or transfer of the same into current account. The remaining

M/S. UNITED BREWERIES LIMITED,BANGALORE vs. JOINT COMMISSIONER OF INCOME TAX, SPECIAL RANGE-7, BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

40A(2) of the Act:  Kirloskar Oil Engines Vs JCIT, ITA Nos. 61 & 406/PUN/2015 (Pune ITAT)  The Bombay Samachar Pvt. Ltd., ITA no. 7171/Mum./2010 and others (Bombay ITAT) 28.1 The ld. D.R. submitted that there was no evidence to show that the Executive Chairman Mr. Vijay Mallya rendered any services to the assessee so as to give commission

WIPRO LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE

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

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahu

Gain". The assessee did not receive the sum in question for giving up any source of income as the assessee was free to exploit independently owned IPR as well as Foreground information and therefore the argument that the sum received is capital receipt for losing a source of income and therefore not chargeable to tax, is devoid of any merits

M/S. ORIGAMI CELLULO PRIVATE LIMITED,BENGALURU vs. PRINCIPAL COMMISSIONER OF INCOME TAX - 5, BENGALURU

In the result, the appeal of the assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year : 2015-16

40A(2)(b) reported in audit report and ITR. From a reading of these reasons, we are of the view that no prudent business person properly instructed in law would have inferred the TP risk parameter as a reason for scrutiny so as to mandatorily make reference u/s. 92C of the Act in terms of CBDT Instruction No.3/16 and failure

M/S JINDAL ALUMINIUM LTD.,,BANGALORE vs. DCIT, BANGALORE

In the result, the appeal of the assessee stands dismissed

Bench: Shri Sunil Kumar Yadav & Shri Jason P. Boazassessment Year : 2005-06

Capital Gains", and shall be deemed to be the income of the previous year in which the transfer took place. Considering the facts of the case, the assessee was bound to disclose the transactions of transfer and the profits arising from such transfers in AY 2005-06, as the transfers had taken place in FY 2004-05. But the assessee

M/S. WIPRO LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(2), BANGALORE

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

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranit(Tp)A No.2556/Bang/2019 Assessment Year : 2015-16

9 raised by the assessee.” We have noticed that the assessee has voluntarily disallowed the loss arising on restatement of foreign hedge transactions and hedging on ECB loans, since both the items are relating to capital account transactions. We also notice that the AO has allowed the loss arising on restatement of trade debtors, trade creditors and other monetary assets

UNITED BREWERIES LTD,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX , CIRCLE-7(1)(1), BENGALURU

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy S

capital at risk (or) take any other strategic decisions. Accordingly, no single promoter group has "control/influence" over decisions of the board. Based on the above facts, our tax auditors have also not considered Force India as an associated enterprise of UBL. Consequently, we request your good self not to consider Force India as an Associated Enterprise of United breweries Limited

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-7(1)(1), BANGALORE vs. M/S TECNOTREE CONVERGENCE LTD , GURGAON

In the result, Revenue’s appeal for Assessment Year 2011-12 is dismissed

Bench: Shri N. V. Vasudevan & Shri Jason P Boaz

capital loss under section 94(7) of the Act ITA Nos. 1447 and 1448/Bang/2017 ITA Nos. 1519 and 1520/Bang/2017 Page 3 of 45 2.2 On appeal, the CIT(A)-15, Delhi, disposed off the same; vide order dated 23.03.2017, allowing the assessee partial relief. 3. Both Revenue and the assessee, being aggrieved by the order of CIT(A)-15, Bangalore