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

5) The payment made by the deposit office to the depositor or the nominee or the legal heir in accordance with the provisions of this paragraph shall constitute a full discharge to the deposit office of its liability in respect of the deposit. (6) Nothing contained in this paragraph or in paragraph 11 shall affect the right or claim which

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

5. The heads of income is enumerated u/s 14. There are five heads of income, namely income from Salaries, Income from House Property , Profits and Gains of A.Y. 2011-12 Shri. Gobindram Chandramani Vivek Business of Profession, Capital Gains, and lastly Income from other sources. Thus, the income is to be brought to income-tax under these five heads

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

43,35,800. In addition the Appellant had to pay towards VAT Service Tax and also for all other charges payable. Thus the totaI cost incurred was Rs. 7,72,4934 besides stamp duty charges and registration charges totaling to Rs.8034964. The consideration was paid between 31st January 2006 and 5" May 2010. The cost of improvement

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

43. Therefore in the assessee’s case, the Tax incidence on capital gains will arise only when the possession of the built up area is handed over together with occupancy certificate by the developer. Reliance was placed on the following judgments of the Hon'ble Madras High Court:- - CIT v. Jeelani Basha, 256 ITR 282 - R. Vijayakshme v. Appu Hotels

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

5 of 16 7. However, the learned CIT(A) examined the facts of the case, the intimation issued under section 143(1) of the Act, the rectification order passed under section 154 of the Act, and the submissions of the appellant. The ld. CIT(A) observed that the assessee had earned long term capital gains taxable

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

43,062\n3.8 In the assessment proceedings, the A.O. held that the liability\nto capital gains arises for the assessment year 2017-18 as\noccupancy certificate was received on 01/02/2017 for commercial\nportion and 17/03/2017 for residential portion. On the other-hand\nboth these persons contended that the liability to capital gains\narose for the assessment year

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

43,062\n3.8 In the assessment proceedings, the A.O. held that the liability\nto capital gains arises for the assessment year 2017-18 as\noccupancy certificate was received on 01/02/2017 for commercial\nportion and 17/03/2017 for residential portion. On the other-hand\nboth these persons contended that the liability to capital gains\narose for the assessment year

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

43,062\n3.8 In the assessment proceedings, the A.O. held that the liability\nto capital gains arises for the assessment year 2017-18 as\noccupancy certificate was received on 01/02/2017 for commercial\nportion and 17/03/2017 for residential portion. On the other-hand\nboth these persons contended that the liability to capital gains\narose for the assessment year

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

section 47. Therefore, following this decision, this question has to be and is answered in favour of the assessee and against the Revenue.” 26. The decision in the case of Tribhuvandas G.Patel (supra) is a case where the deed of reconstitution specifically referred to release of rights of the outgoing partners in the assets of the partnership and further

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

5 of 45 between various assets. In case of a slump sale, an undertaking is transferred including depreciable and non-depreciable assets and it is not possible to allocate slump price to depreciable assets and therefore, the same cannot be taxed u/s. 41 (2). Taxing gain on slump sale as capital gain is also not possible because the Apex Court

CHINNAPPA ANTHONAPPA,BANGALORE vs. ACIT, BANGALORE

In the result, the appeal by the assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boazassessment Year : 2010-11

43,400/- Rs.5,24,56,600/- ” Net capital gain chargeable to tax 10. Accordingly, capital gain in question was brought to tax by the AO. 11. Before the CIT(Appeals), the assessee challenged the initiation of reassessment proceedings on the ground that reasons recorded was not provided to the assessee and that there was no belief regarding escapement of income

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

In the result appeal of the assessee is allowed

5,00,461)\nD. Interest Income\nRs. 1,16,275/-\nTotal (A+B+C+D)\nRs. 68,81,000/-\n4.2 Further, the assessee against the taxable income at normal slab\nrate of Rs. 68,81,000/- claimed deduction under section 80G of the Act\nfor Rs. 68,81,000/- only. Hence, the assessee declared total income

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 1(1), MYSURU vs. M/S. BHORUKA ALUMINIUM LIMITED, MYSURU

In the result, appeal of the Revenue is allowed

Bench: Shri N. V. Vasudevan & Shri Laxmi Prasad Sahuassessment Year : 2014-15 Acit, Vs. M/S. Bhoruka Aluminium Ltd., No.427E, 2Nd Floor, Hebbal Industrial Circle – 1(1), Mysuru. Area, Metagalli, Mysuru – 570 016. Pan : Aaacb 8073 D Appellant Respondent Assessee By : Shri. S. Ramasubramanian, Ca Revenue By : Dr. Manjunath Karkihalli, Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 08.08.2022 Date Of Pronouncement : 16.08.2022 O R D E R Per N. V. Vasudevan:

Section 50B(1) of the Income-tax Act also clearly states that any profits or gains arising from the slump sale effected in the previous year shall be chargeable to income-tax as capital gains arising from the transfer of long-term capital assets and shall be deemed to be the income of the previous year in which the transfer

SRI KAMANAHALLI PILLA REDDY NAGESH,BANGALORE vs. INCOME TAX OFFICER, WARD- 4(3)(5), BANGALORE

Accordingly, this ground of the assessee is allowed

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2014-15 Shri Kamanahalli Pilla Reddy Nagesh, Kamanahalli Village, Kagur The Income Tax Post, Officer, Sarjapura Road, Ward – 4 [3] [5], Anekal Taluk, Bangalore. Vs. Bangalore – 562 125. Pan: Adfpn8365H Appellant Respondent Assessee By : Shri Guruswamy, Itp : Shri V.S. Chakrapani, Cit- Revenue By Dr Date Of Hearing : 01-06-2022 Date Of Pronouncement : 21-06-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against Order Dated 28.03.2019 Passed By Ld.Cit(A)-9, Bangalore For A.Y. 2014-15 On The Following Grounds Of Appeal: “1. The Orders Of The Authorities Below In So Far As They Are Against The Appellant, Are Opposed To Law, Equity, Weight Of Evidence, Probabilities, Facts & Circumstances Of The Case. 2. The Learned Cit[A] Is Not Justified In Upholding The Assessment Order Passed U/S. 143[3] Of The Act Despite The Fact That No Valid Notice U/S.143[2] Of The Act Was Served

capital asset within the meaning of section 2(14) of the IT Act. The simple reply of the assessee’s representative was that though the lands were converted, agricultural activities were going on. 7. The Assessing Officer held though the assessee’s representative was harping that the agricultural activities were carried on till the date of the sale, even after

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 4(1)(1), BANGALORE vs. M/S. LIFESTYLE INTERNATIONAL PRIVATE LIMITED, BANGALORE

In the result, the assessee’s appeal stands allowed and revenue’s appeal stands dismissed

Bench: Smt Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2013-14 M/S. Lifestyle International Pvt. Ltd., 77, Town Centre, The Deputy Building No. 3, Commissioner Of West Wing, Income Tax, Off Hal Airport Road, Circle – 4(1)(1), Yamlur, Vs. Bengaluru. Bengaluru – 560 037. Pan: Aaacl2937J Appellant Respondent & Assessment Year : 2013-14 (By Revenue)

capital gains has to be computed in accordance with section 45 to 50 of the Act. Accordingly, we allow this ground raised by assessee. Accordingly, these grounds raised by assessee stands allowed. 5. Ground no. 2 (2.1 to 2.5 ) is in respect of the disallowance of hedging losses u/s. 37 of the Act by holding it to be notional

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

capital gains tax. These points were considered by the various decisions of the Apex court and High Courts and he, particularly relied on the following decisions : i) CIT v. Gemini Pictures P. Ltd., (1996) 220 ITR 43 (SC); ii) Mahaveer Enterprises v. Union of India (2000) 224 ITR 789 (Raj); iii) CWT v. Officer-in-charge (Court of Wards) Paigah

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 4(2)(1), BANGALORE vs. M/S. N G BALU REDDY HUF, BANGALORE

In the result, the appeal of the Revenue is allowed

Bench: Shri Chandra Poojari & Shri George George Kassessment Year : 2009-10

5 of 35 gains of Rs.3,34,56,000/- as worked out above. At the time of filing the return of income the assessee did not raise any objection for issue of notice and admitted the capital gains as per his own calculations and filed the return of income. 6. The assessee challenged the reopening of the assessment before

TYCO FIRE AND SECURITY INDIA PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE

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

Bench: Shri N. V. Vasudevan & Shri Chandra Poojariit(Tp)A No.270/Bang/2021 Assessment Year : 2016-17 Acit, M/S. Tyco Fire & Security India Private Limited, Vs. D-601, Rmz Centennial, Circle - 7(1)(1), Kundalahalli Main Road, Bengaluru. Bengaluru – 560 048. Pan : Aabct 0087 C Appellant Respondent Assessee By : Shri. Rajan Vora, Ca Revenue By : Shri. Sumer Singh Meena, Cit(Dr)(Itat), Bengaluru Date Of Hearing : 27/11.09.2022 Date Of Pronouncement : 28.11.2022 O R D E R Per N V Vasudevan

43. It was submitted that the short-term capital loss of INR 55,00,89,891 arising on transfer of investment in Aigua Sprinkler has not been claimed as business loss. It was submitted that the short-term capital loss has been set off with the long-term capital gain of INR 2,00,17,830 arising on the slump

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

43, Devarakagganahalli, Maralwadi Hobli, Kanakapura Taluk, sold to Maruthi Education Trust (Regd.) vide Sale Deed dated 2.5.2008. 10.9 Accordingly, the AO brought the capital gain emanating from the above two transactions as long term capital gain in these two assessment years. 10.10 Now the contention of the ld. AR is that proceedings initiated by the AO u/s. 153C