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

50. In view of the express agreements entered in writing and in background of the relevant provisions of the I.T. Act and the T.P. Act, the Page 26 of 40 impugned transaction constitute valid transfer and the AO's action of charging capital gains in terms of section

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

section 80G of the Act for Rs. 16,28,978/- only. 4. The facts in brief are that the assessee, an individual, during the year under consideration derived income under the house property, business income, capital gain and other sources. In the return of income, the assessee declared Gross Total Income

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 gain in terms of section 50 and not as long-term capital gain as held by the Assessing Officer

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

50,00,000 Net Capital Gains on sale of villas for FY 20-21 4,92,69,179 As the assessee had declared a capital gains of Rs.4,74,72,475 in the ITR filed for AY 2021-22, therefore the additional capital gains ITA Nos.962 & 963/Bang/2025 K.S. Akhilesh Babu ITA No.964/Bang/2025 K.A. Sujith Chandan ITA No.965/Bang/2025 K.G. Subbarama Setty

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

50,00,000 Net Capital Gains on sale of villas for FY 20-21 4,92,69,179 As the assessee had declared a capital gains of Rs.4,74,72,475 in the ITR filed for AY 2021-22, therefore the additional capital gains ITA Nos.962 & 963/Bang/2025 K.S. Akhilesh Babu ITA No.964/Bang/2025 K.A. Sujith Chandan ITA No.965/Bang/2025 K.G. Subbarama Setty

SHRI BHATKAL RAMARAO PRAKASH ,BANGALORE vs. INCOME TAX OFFICER WARD-5(2)(3), BANGALORE

In the result, the appeal by the Assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boazassessment Year : 2015-16

Section 48, the language employed is unambiguous. The intention is very clear. When a capital asset is transferred, in order to determine the capital gain from such transfer, what is to be seen is, out of full value of the consideration received or accruing, the cost of acquisition of the asset, the cost of improvement and any expenditure wholly

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

50,000 received by the assessee as his share of the value of the goodwill or any part thereof was liable to tax as capital gain? 3. Whether, on the facts and in the circumstances of the case, the sum of Rs. 4,77,941 or any part thereof was liable to tax as capital gain by reason of section

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

In the result appeal of the assessee is allowed

section 80G of the Act for Rs. 16,28,978/- only.\n4. The facts in brief are that the assessee, an individual, during the\nyear under consideration derived income under the house property,\nbusiness income, capital gain and other sources. In the return of income,\nthe assessee declared Gross Total Income

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 ? " Page 13 of 66 10.5The Hon'ble Court after considering the averments of both parties and the orders of the authorities below held as under : • "5. We find from the record that the Appellate Commissioner as well as the Tribunal followed an earlier

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

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

section 54F of the Act, capital gain was invested in construction of residential house, but the fact that actual construction was completed beyond the period contemplated u/s. 54F of the Act was no ground to deny the benefit of deduction u/s. 54F. Applying the same analogy, the assessee pleaded that the capital gain in question should be allowed as deduction

PRADEEP KAR,BANGALORE vs. ACIT, BANGALORE

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

Bench: Shri Sunil Kumar Yadav & Shri Abraham P. Geoergeassessment Year : 2006-07

50,000. Therefore, the amount received by them for giving up the right of specific performance i.e., to give up their right in a capital asset constitutes capital gains. However, they are entitled to deductions as per s. 48, both regarding the investment made as well as the expenditure incurred and only after such deduction the amount arrived at would

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 in view of section 2(14) read with sections 45 and 48 of the Act ? " 10.5The Hon'ble Court after considering the averments of both parties and the orders of the authorities below held as under :• "5. We find from the record that the Appellate Commissioner as well as the Tribunal followed an earlier ruling of the Tribunal

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE vs. M/S. R. MUNIRAJU (HUF), BANGALORE

In the result, the appeal by the revenue and the CO by the assessee are dismissed

Bench: Shri George George K. & Ms. Padmavathy Sassessment Year : 2010-11

50 061. Income Tax, PAN: AAAHM 7410C Central Circle 1(3), Bengaluru. CROSS OBJECTOR RESPONDENT Revenue by : Dr. Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru. Assessee by : Shri Narendra Sharma, Advocate Date of hearing : 06.10.2022 Date of Pronouncement : 13.10.2022 & CO 2/Bang/2022 Page 2 of 27 O R D E R Per Padmavathy S., Accountant Member This appeal of the revenue

SMT. PADMA RAJAGOPALAN,BANGALORE vs. INCOME TAX OFFICER, WARD - 3(3)(5), BANGALORE

Bench: Shri. B. R. Baskaran & Smt. Beena Pillaiassessment Year : 2015 – 16

capital gain is not to be charged under Section 45 of the said Act." “16. From the above, it is dear that the intention of the Legislature was to either purchase before or after the date of sale and the word 'purchased or 'constructed' used in the Notes on Clauses amply makes the intention clear. In the light

SMT. S.M.SHOBA,BENGALURU vs. INCOME TAX OFFICER, WARD - 7(2)(1), BANGALORE

In the result, the appeal filed by assessee stands allowed

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2016-17 Smt. S.M. Shoba, No. 1489, First Floor, The Income Tax 40Th Cross, 4Th T Block, Officer, Jayanagar, Ward 7 (2)(1), Bangalore – 560 041. Bangalore. Vs. Pan: Cxkps1454H Appellant Respondent Assessee By : Shri Ramasubramanian, Ca : Shri Priyadarshi Mishra, Addl. Revenue By Cit (Dr) Date Of Hearing : 09-02-2022 Date Of Pronouncement : 30-03-2022 Order Per Beena Pillaipresent Appeal Has Been Filed By Assessee Against The Order Dated 05.07.2019 Passed By The Ld.Cit(A)-7, Bangalore For Assessment Year 2016-17 On Following Grounds Of Appeal. “1. That The Order Of The Learned Commissioner Of Income- Tax (Appeals) In So Far It Is Prejudicial To The Interests Of The Appellant Is Bad & Erroneous In Law & Against The Facts & Circumstances Of The Case. 2. That The Learned Commissioner Of Income-Tax (Appeals) Erred In Law & On Facts In Denying The Cost Of The Land For Claiming Exemption U/S. 54F Of The Act On The Ground That Such Land Was Purchased Four Years Prior To The Date Of Sale Of Original Asset. 3. That The Learned Commissioner Of Income Tax (Appeals) Erred In Law & On Facts In Making An Enhancing The Assessment By Making A Of Disallowance From Rs.

capital gain is not to be charged under Section 45 of the said Act." “16. From the above, it is dear that the intention of the Legislature was to either purchase before or after the date of sale and the word 'purchased or 'constructed' used in the Notes on Clauses amply makes the intention clear. In the light

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

50% being the assessee's share comes to Rs.3,34,56,000/-. The capital gains assessable in the capacity of HUF comes to Rs.3,34,56,000/-. 5. On going through the return of income filed by the assessee it is found that the assessee has not offered the above capital gains tax. As per the provisions of Sec.2

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

50. Sec.45 of the Act lays down that profits and gains arising out of transfer of capital asset effected in the previous year shall be chargeable to income tax under the head “capital gains” and shall be deemed to be the income of the previous year in which the transfer took place. Section