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

In the result appeal of the assessee is allowed

70(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

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

Section 48(2) of the Act, according to the assessee. Accordingly, the capital gains for transfer of property to M/s. Gopalan Enterprises is required to be computed by giving a reasonable expenditure towards fencing and also by reducing Rs.3,30,29,479 from capital gains as computed by the AO. 21. The ld. DR submitted that the original agreement dated

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

section 50C of the Act the assessee is entitled to the take actual sales consideration wherein the guidance value is within the range of 110% of the sales consideration of the property. The ld.AO had alsoerred in considering the value towards garden while arriving at sale consideration. Further with regard to difference in investment claimed and having proved with

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

section 50C of the Act the assessee is entitled to the take actual sales consideration wherein the guidance value is within the range of 110% of the sales consideration of the property. The ld.AO had alsoerred in considering the value towards garden while arriving at sale consideration. Further with regard to difference in investment claimed and having proved with

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

In the result, the assessee's appeal is allowed

Bench: Shri Vijay Pal Rao

70,690 including registration charges and stamp duty. The assessee deposited the net consideration out of Rs.1 Crore in capital gain account scheme with the Indian Oveseas Bank and claimed exemption under Section

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

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

section 55." 31. Thus the only way to bring to tax sale consideration received on transfer of “Technical know-how” is to call it “goodwill” and that is probably Page 27 of 45 the reason why the AO preferred to call transfer of Technical know-how as transfer of goodwill. We are of the view that “Technical know

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 gain on purchase by company of its own shares or other specified securities. In this regard, he submitted that section 46A is not a charging section and charging section is section 45 and therefore section 47(iv) is applicable in the present case. He placed reliance on the judgment of Hon’ble Bombay High Court rendered in the case

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 gain on purchase by company of its own shares or other specified securities. In this regard, he submitted that section 46A is not a charging section and charging section is section 45 and therefore section 47(iv) is applicable in the present case. He placed reliance on the judgment of Hon’ble Bombay High Court rendered in the case

DR. DEVIKA GUNASHEELA,BANGALORE vs. JCIT, BANGALORE

Bench: Shri N.V. Vasudevan & Shri A.K. Garodiaassessment Year: 2012-13

section 54 of the Act. Deduction u/s 54F of the Act is available on sale of any capital asset other than residential house. The assessee’s request for allowing claim of exemption u/s 54F of the Act was denied by the A.O. for the reason that the assessee owned more than one residential house other than the new asset

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

70,00,000 Less: Cost of Acquisition 99,990 99,990 Short Term Capital Gain/(Loss) (89,991) 14,69,00,010 Sale of CCDs of Aigua Sprinkler to unrelated third party Sale Consideration 100 55,00,00,000 Less: Cost of Acquisition 55,00,00,000 55,00,00,000 Short Term Capital Gain/(Loss

DR. SHEELA PUTTABUDDI,BANGALORE vs. INCOME TAX OFFICER, WARD- 3(3)(5), BANGALORE

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

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am

capital gains made by him for the purpose of purchasing and/or acquiring the aforesaid assets. We find therefore that on this ground also, the assessee is liable to 13 ITA No.293/Bang/2020. Dr.Sheela Puttabuddi. succeed. The appeals are, accordingly, allowed and the judgment of the High Court is set aside.” 14. In the peculiar facts of the present case, the assessee

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

Capital Year cost/year expenses cost of gain improv- ement Sale of 5325000 199695 0 0 5125305 0 agricultural (20/01/2009) (6/8/1993) land Total 5325000 199695 0 0 5125305 0 Sale of Agricultural land – Cost : 83721*(582/244) = 199695 Exempt U/S : 5325000 10.2 Later the AO issued a Questionnaire on 8.1.2014 seeking details of property sold during the FY 2008-09 as follows

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

Capital Year cost/year expenses cost of gain improv- ement Sale of 5325000 199695 0 0 5125305 0 agricultural (20/01/2009) (6/8/1993) land Total 5325000 199695 0 0 5125305 0 Sale of Agricultural land – Cost : 83721*(582/244) = 199695 Exempt U/S : 5325000 10.2 Later the AO issued a Questionnaire on 8.1.2014 seeking details of property sold during the FY 2008-09 as follows

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

Capital Year cost/year expenses cost of gain improv- ement Sale of 5325000 199695 0 0 5125305 0 agricultural (20/01/2009) (6/8/1993) land Total 5325000 199695 0 0 5125305 0 Sale of Agricultural land – Cost : 83721*(582/244) = 199695 Exempt U/S : 5325000 10.2 Later the AO issued a Questionnaire on 8.1.2014 seeking details of property sold during the FY 2008-09 as follows

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

Capital Year cost/year expenses cost of gain improv- ement Sale of 5325000 199695 0 0 5125305 0 agricultural (20/01/2009) (6/8/1993) land Total 5325000 199695 0 0 5125305 0 Sale of Agricultural land – Cost : 83721*(582/244) = 199695 Exempt U/S : 5325000 10.2 Later the AO issued a Questionnaire on 8.1.2014 seeking details of property sold during the FY 2008-09 as follows

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

gain tax are as under:- (a) The lands transferred were non-agricultural lands because from the description of schedule of properties that the lands are converted from agricultural to non-agricultural for residential purpose. Therefore, the nature of the lands is non- agricultural when the transfer took place. (b) In view of section 80 of Karnataka Land Reforms

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

gain tax are as under:- (a) The lands transferred were non-agricultural lands because from the description of schedule of properties that the lands are converted from agricultural to non-agricultural for residential purpose. Therefore, the nature of the lands is non- agricultural when the transfer took place. (b) In view of section 80 of Karnataka Land Reforms