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.

capital gains on dissolution under section 45(4) of the Income-tax Act, 1961, and not the partner. Section 45

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.

capital gains on dissolution under section 45(4) of the Income-tax Act, 1961, and not the partner. Section 45

ACIT, BANGALORE vs. SHRI. PRASHANTH PRAKASH, BANGALORE

In the result, the appeal by the Revenue is dismissed, while the Cross Objection by assessee is treated as allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Abraham P. Georgeassessment Year : 2009-10

4), where, in the case of an assessee being an individual or a Hindu undivided family, the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereafter in this section referred to as the original asset), and the assessee has, within a period of one year before or two years after

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

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

4) in section 45 of the Act, with effect from 1-4-1988, which reads as follows: "The profits or gains arising from the transfer of a capital

M/S ACCIONA WIND ENERGY PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATION TAXATION) CIRCLE-1(1), BANGALORE

In the result, the appeal of the assessee in ITA No

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

capital gains to tax under the Act. 4. The learned CIT(A) has erred in law by concluding that section 47 of the Act is limited in its application only to section 45

M/S ACCIONA WIND ENERGY PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATION TAXATION) CIRCLE-1(1), BANGALORE

In the result, the appeal of the assessee in ITA No

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

capital gains to tax under the Act. 4. The learned CIT(A) has erred in law by concluding that section 47 of the Act is limited in its application only to section 45

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

4 of 1982)" 57. The importance of the word "transfer" is due to the reason that under the charging section, viz. section 45, the capital gain

SMT.ANUPAMA NAGESH,BANGALORE vs. INCOME TAX OFFICER, BANGALORE

In the result, the assessee's appeal is allowed

Bench: Shri Vijay Pal Rao

4) of Section 54F if the amount deposited in capital gain account is not utilized wholly or partly for purchase or construction of new asset within the period specified in sub-section (1) then the amount of capital gain shall be charged under Section 45

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

capital assets, the amount has not been offered for tax.” Page 4 of 45 5. The figures as given in the agreements and the figures given in the notes referred to above varies. But this is due to some other adjustments between the parties to the agreement. The variation is not very material for the present case. The variation

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

45 to 55A. Section 48 with the heading "Mode of computation" provides that the income chargeable under the head "Capital gains" shall be computed by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset, the expenditure incurred wholly and exclusively in connection with such transfer and the cost

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

45 of the Act provides that any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income tax under the head "Capital gains". Capital Gains is of two types. Short-term capital gains and long term capital gains. Depending upon the nature of capital gains the liability

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 conversion of investment, into stock in trade but postpones the charge of tax to the time, such stock in trade is sold or transferred. Once converted into stock in trade, the asset will continue to be treated as stock in trade, as mentioned in the section itself. Application of provisions of Section 45(2) will not reconvert

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

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

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

gains in view of section 2(14) read with sections 45 and 48 of the Act?" 7.3.5. After taking into account the submissions of the either of the party and also the perusal of the orders of the authorities below, the Hon'ble Court had held as under: "5. We find from the record that the Appellate Commissioner as well

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

45, Part SF 646 PT, 647 PT, 648 PT 650 PT, SIPCOT Complex 1, Hosur- 635126 from State Industries Promotion Corporation of Tamil Nadu Ltd Page 4 of 13 (SIPCOT) on lease for a period of 99 Years for the purpose of setting up a unit for designing, importing, exporting, dealing in and manufacture of wrist watch straps. The assessee

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:

capital gain of slump sale was computed by the assessee. 4. The assessee, in reply, submitted that Clause No.3.1.2. of the BTA it has been provided that out of the total enterprise value of Rs.110,00,000/- the Initial Business Transfer Consideration shall be only Rs.100,00,00,000/- (One Hundred Crore Only) and the remaining Rs.10