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

45; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction, as the case may be, the cost shall be reduced by the amount of the capital gain: [Provided that where the amount of the capital gain does not exceed

NALAPAD PROPERTIES ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOMER TAX, CENTRAL CIRCLE-2(3) , BANGALORE

Capital asset being\nStock-in-Trade is also chargeable to tax as Business Income\nin the year of such transfer as defined u/s 45(2) of the Act\nwhich is reproduced as under.\n“45(2) Notwithstanding anything contained in sub-section\n(1), the profits or gains

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

45, the amount\nchargeable to income-tax as income of such\nspecified entity under that sub-section which\nis attributable to the capital asset being\ntransferred by the specified entity, calculated\nin the prescribed manner:\nProvided............”\n12. On combined reading of these provisions,\nany profits or gains arising from the transfer of a capital\nasset with the exception as saved

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

45, the amount\nchargeable to income-tax as income of such\nspecified entity under that sub-section which\nis attributable to the capital asset being\ntransferred by the specified entity, calculated\nin the prescribed manner:\nProvided.................................\"\n12. On combined reading of these provisions,\nany profits or gains arising from the transfer of a capital\nasset with the exception as saved

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

45, the amount\nchargeable to income-tax as income of such\nspecified entity under that sub-section which\nis attributable to the capital asset being\ntransferred by the specified entity, calculated\nin the prescribed manner:\nProvided.. \"\n12. On combined reading of these provisions,\nany profits or gains arising from the transfer of a capital\nasset with the exception

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

2) of the Act clearly provides that where the result of computation under the head “Capital gains” in respect of any short-term capital asset is a loss, such loss may be set off against income, if any, under the head “Capital gains” in respect of any other capital asset. The language of the section does not draw any distinction

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), BENGALURU vs. HIREHAL JAIRAJ BALRAM, BENGALURU

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

gain which arises from the alleged transfer of capital\nasset could be brought to tax under section 45 r.w.s.48 of\nthe Act. We hold so. The grounds of appeal raised by\nassessee are thus, allowed.\n27. This brings us to another aspect of the matter as to whether\nthe provisions of Section 2

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

capital gain to be taxed @ 20% is the sole issue in the set aside appellate proceedings. The ld. CIT(A) held that thebasic ingredients required for attracting section 45(4) of the Act are: - 1. Theres should be dissolution of the firm or other wise and 2

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

capital gain to be taxed @ 20% is the sole issue in the set aside appellate proceedings. The ld. CIT(A) held that thebasic ingredients required for attracting section 45(4) of the Act are: - 1. Theres should be dissolution of the firm or other wise and 2

M/S. ATRIA WIND (KADAMBUR) PRIVATE LIMITED,BENGALUAU vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(4), BENGALURU

In the result, appeal filed by the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Soundararajan K.Assessment Year: 2017-18

2(47) of the Act defines the transfer in relation to a capital asset. Section 45 of the Act deals with the profits or gains

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

In the result appeal of the assessee is allowed

2) of the Act clearly provides that where the result of\ncomputation under the head “Capital gains" in respect of any short-term\ncapital asset is a loss, such loss may be set off against income, if any,\nunder the head “Capital gains” in respect of any other capital asset. The\nlanguage of the section does not draw any distinction

M/S. ANAND DIAGNOSTIC LABORATORY,BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(4), BENGALURU

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

Bench: Shri Prashant Maharishi & Shri Soundararajan K.

Sections 47(2) and 45(4) of the Act, at paragraph No.23, held as under, viz., : "23. In the light of the above decisions, which are binding on us, we hold that the Income-tax Appellate Tribunal was not correct in confirming the orders passed by the Commissioner of Income-tax (Appeals) and the respondent. When the appellant was paid

M/S. ANAND DIAGNOSTIC LABORATORY,BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(4), BENGALURU

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

Bench: Shri Prashant Maharishi & Shri Soundararajan K.

Sections 47(2) and 45(4) of the Act, at paragraph No.23, held as under, viz., : "23. In the light of the above decisions, which are binding on us, we hold that the Income-tax Appellate Tribunal was not correct in confirming the orders passed by the Commissioner of Income-tax (Appeals) and the respondent. When the appellant was paid

SHARADA MOHAN SHETTY,KARWAR vs. ITO, WARD-2, KARWAR

In the result, appeal of the assessee is partly allowed

Bench: Or During The Courses Of Appeal Hearing.” 2. The Brief Facts Of The Case Are That The Assessee Filed Return Of Income On 30/09/2015 For The Assessment Year 2015-16 Declaring Page 2 Of 16

section 45; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction, as the case may be, the cost shall be reduced by the amount of the capital gain. (2

VAIDYA SRIKANTAPPA SADASHIVAIAH SRIKANTH,BANGALORE vs. PRINCIPAL COMMISSIONER OF INCOME TAX, BANGALORE- 1, , BANGALORE

sections": [ "Sec 263 of the Income Tax Act, 1961", "Sec 143(3) of the Income Tax Act, 1961", "Sec 144B of the Income Tax Act, 1961", "Sec 54 of the Income Tax Act, 1961", "Sec 45(5) of the Income Tax Act, 1961", "Sec 24(2) of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement

SHANTHA ALIAS SHANTHAMMA,BANGALORE vs. DCIT, CENTRAL CIRCLE-2(4), BANGALORE

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

gains, sale proceeds, and refundable deposits were also found to be unsustainable.", "result": "Allowed", "sections": [ "153C", "143(2)", "132", "131", "45(5A)", "139(1)", "143(1)" ], "issues": "Whether the assessment proceedings initiated under Section 153C were valid in absence of incriminating material, proper satisfaction note, and notice u/s 143(2). Also, whether the additions made on account of capital

INCOME-TAX OFFICER, WARD-7(2)(1), BENGALURU, BENGALURU vs. M/S. BANGALORE CREDIT CO-OPERATIVE SOCIETY LIMITED, BENGALURU

In the result both the appeals of the Revenue as well as\nCos of the Assessee for the Asst

45 at\npage 47 has held that provisions of section 80P(4) of the Act is to be\nread as a proviso to section 80P(2)(a)(i) of the Act which specifically\nallows deduction to Co-operative Societies engaged in the business\nof providing credit facilities to its members and not Co-operative\nBanks. The relevant portion

MR. RAMESH KUMAR,MANGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1), MANGALURU

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

gains tax under Section 45 of the Act could not be levied for this Assessment Year.", "result": "Allowed", "sections": [ "2(47)(v)", "53A", "45", "234A", "234B", "234C", "133A", "142(1)", "143(2)", "251(2)" ], "issues": "Whether an unregistered agreement for sale or Power of Attorney constitutes a transfer for capital