MR K. P. MANJUNATHA REDDY,BANGALORE vs. THE INCOME TAX OFFICER, WARD 4(3)(2), BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2014-15

gains arising from the sale of the lands in question in accordance with the provisions contained in the Income Tax Act, 1961. If Revenue expects this Tribunal to decide the question framed in the above cited reason, then such expectation is either borne out of ignorance or mischievous in nature. If mischievous, then Revenue would be well advised to avoid

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) If a depositor in respect of whose deposit account a nomination is in force, dies, the nominee, if he desires to close the account or accounts and obtain the payment of the balance standing to the credit in the account of the deceased depositor, shall make an application to the deposit office in Form H or as near thereto

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

41,31,065/-\n2. 1. The learned CIT(A) erred in directing the Assessing Officer to pass a speaking\norder on the issue considering the judgment of Hon'ble Supreme Court of India\nin the case of South Indian Bank Ltd and other judicial pronouncements pointed\nout by the appellant.\n2. 2. The CIT(A) failed to appreciate the fact

M/S PRESTIGE ESTATES PROJECTS LIMITED ,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-18(1), BANGALORE

In the result, the appeal of the assessee is allowed

Bench: Shri N.V.Vasudevan, Vp & Shri Chandra Poojari, Am

41. Their Lordships of Hon'ble Bombay High Court were examining the scope and import of section 2(47)(v) which was introduced with effect from 1-4-1988. This provision, which covers one of the modes of deemed 'transfer', lays down that the scope of expression 'transfer' includes 'any transaction involving the allowing of the possession of any immovable

GOBINDRAM CHANDRAMANI VIVEK,BANGALORE vs. INCOME TAX OFFICER - WARD 1(1), BANGALORE, BANGALORE

In the result, the appeal of the assessee is allowed for statistical purposes, in the manner indicated in this order

Bench: Mrs. Beena Pillai & Shri Ramit Kochar

capital gains are fulfilled. 6. It should have been appreciated that only the unutilized amount has to be invested in a special account u/s 54(2) and when there is such utilization before the date of filing u/s 139, which includes 139(4), the requirement of deposit in special account does not arise. 7. The NFAC ought to have appreciated

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

41 (2) nor as Capital gains u/s. 45 of the Act. To attract section 41 (2), the subject matter should

SHRI BINDIGANAVALE RAVI ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-5(2)(1), BANGALORE

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

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

2,01,24,000 vide sale deed dated 23.06.2014 and computed the long term capital gain at Rs. 41,08,845 and offered the same for taxation. The property sold was an apartment constructed by Brigade Enterprises Pvt Ltd. in pursuance of the agreement executed on 29.06.2006 Subsequently a sale deed was executed on 17.05.2010 In Accordance with the agreement

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

41. The AO, after a detailed analysis of the aforesaid agreements came to the conclusion that the transfer was effective in the current Assessment year in terms of section 2(47) of the Act and therefore the impugned transaction was exigible to LTCG. The AO accordingly proceeded to assess capital gains

M/S JUPITER CAPITAL PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-11(5), BANGALORE

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

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodiaassessment Year : 2014-15

section 2(47) and hence the amount received on such reduction was taxable as capital gain. However, with due regard, the facts of the case are contrary to this case as there was no reduction in the face value of the shares. Page 5 of 19 11. The AR also referred to the case of DCIT v BPL Sanyo Finance

LATE SMT.K.LEELAVATHY BY L/R SHRI M.THIMMEGOWDA ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(3), BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

section 2(14)(iii) is sufficient evidence to hold that the transferred lands are agricultural lands and income arising therefrom is tax exempt. Reliance is also placed on the following rulings in relation to the proposition that where land sold by assessee was entered as agricultural land in revenue records, the same cannot be brought to capital gains

LATE SMT.K.LEELAVATHY, BY L/R SHRI M.THIMMEGOWDA ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(3), BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

section 2(14)(iii) is sufficient evidence to hold that the transferred lands are agricultural lands and income arising therefrom is tax exempt. Reliance is also placed on the following rulings in relation to the proposition that where land sold by assessee was entered as agricultural land in revenue records, the same cannot be brought to capital gains

LATE SMT.K.LEELAVATHY BY L/R SHRI M.THIMMEGOWDA ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(3), BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

section 2(14)(iii) is sufficient evidence to hold that the transferred lands are agricultural lands and income arising therefrom is tax exempt. Reliance is also placed on the following rulings in relation to the proposition that where land sold by assessee was entered as agricultural land in revenue records, the same cannot be brought to capital gains

LATE SMT.K>LEELAVATHY BY L/R SHRI.M.THIMMEGOWDA ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(3), BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

section 2(14)(iii) is sufficient evidence to hold that the transferred lands are agricultural lands and income arising therefrom is tax exempt. Reliance is also placed on the following rulings in relation to the proposition that where land sold by assessee was entered as agricultural land in revenue records, the same cannot be brought to capital gains

M/S FUTURISTIC DIAGNOSTIC IMAGING CENTRE PRIVATE LIMITED ,BANGALORE vs. THE INCOME TAX OFFICER WARD-2(3)(4), BANGALORE

In the result the appeal filed by assessee stands dismissed

capital gains as returned by the Appellant. They failed to prove their contention with material evidence to that effect. Hence the addition of Page 2 of 15 Rs.12,54,98,299 made as revenue profits deserves to be deleted. 3. The Learned Authorities Below have erred in restricting the credit to be given to TDS at Rs.39

SHRI D.DASAPPA,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

41 of 82 2. Whether the appellate authorities were correct in holding that though the land is converted into non- agricultural, in view of the cultivation of the land till the date of sale, the land should be treated as agricultural land and the same is exempt from capital gains in view of section

SHRI D.DASAPPA,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

41 of 82 2. Whether the appellate authorities were correct in holding that though the land is converted into non- agricultural, in view of the cultivation of the land till the date of sale, the land should be treated as agricultural land and the same is exempt from capital gains in view of section

K S HANUMANTHA RAO,BANGALORE vs. PRINCIPAL COMMISSIONER OF INCOME TAX, BENGALURU-2, BANGALORE

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

Bench: Shri George George K

41 ) had clarified this position by holding that when an assessee purchases a flat to be constructed by Delhi Development Authority ("DDA" for short) for which allotment letter is issued, the date of such allotment would be relevant date for the purpose of capital gain tax as a date of acquisition. It was noted that such allotment is final unless

SRI MAHENDRASINGH RAMSINGH JADAV,BENGALURU vs. INCOME TAX OFFICER, WARD-5(3)(5), BENGALURU

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

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

41 ) had clarified this position by holding that when an assessee purchases a flat to be constructed by Delhi Development Authority ("DDA" for short) for which allotment letter is issued, the date of such allotment would be relevant date for the purpose of capital gain tax as a date of acquisition. It was noted that such allotment is final unless

M/S HIRSCH BRACELET INDIA PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3(1)(2), BANGALORE

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

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranassessment Year : 2015-16

section 71 of the Act), returned a total taxable Income of Rs. 2,59,15,640. 10. In the assessment proceedings, the assessee claimed that the sale of the leasehold rights over the land that was sold gave rise to long term capital gain (LTCG). That the sale of building was taxable as short term capital gain (STCG