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

capital gain taxable at normal rate Rs. 58,95,682/- (Rs. 63,96,143 minus brought forward loss of Rs. 5,00,461) D. Interest Income Rs. 1,16,275/- Total (A+B+C+D) Rs. 68,81,000/- 4.2 Further, the assessee against the taxable income at normal slab rate of Rs. 68,81,000/- claimed deduction under section

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

In the result appeal of the assessee is allowed

capital gain taxable at normal rate\nRs. 58,95,682/-\n(Rs. 63,96,143 minus brought forward loss of Rs. 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

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 4(1)(1), BANGALORE, BANGALORE vs. RAMESH NARAYANA REDDY (HUF), BANGALORE

Bench: Shri Chandra Poojari & Shri Prakash Chand Yadavdcit, Circle - 4(1)(1) Ramesh Narayana Reddy (Huf) Room No. 230, 2Nd Floor #62, Sonnenahalli Bmtc Building, Koramangala Vs. Mahadevapura Bangalore 560095 Bangalore 560048 Pan – Aamhr4231A (Appellant) (Respondent) Assessee By: Shri V. Srinivasan, Advocate Revenue By: Shri Subramanian S., Jcit-Dr Date Of Hearing: 24.07.2024 Date Of Pronouncement: 30.07.2024 O R D E R Per: Prakash Chand Yadav, J.M. The Present Appeal Of The Revenue Challenges The Din & Order No. Itba/Nfac/S/2003-24/1061428431(1) Of The National Faceless Appeal Centre, Delhi [Cit(A)] Dated 23.02.2024 Passed Under Section 250 Of The Income Tax Act, 1961 (The Act) In Respect Of Assessment Year (Ay) 2020-21. 2. Aggrieved With The Order Of The Ld. Cit(A) The Revenue Has Come Up In Appeal Before Us & Raised The Following Grounds: - “The Ld. Addl. Cit(A) Has Erred In Deleting The Addition Of Rs. 1,18,01,752 As Deemed Rental Income On The Ground That There Was No Addition Made In The Case Of Other Two Co-Owners Of The Same Property For The Same Assessment Year. The Nfac Has Not Considered That The Assessments Of Three Different Co-Owners Were Completed In Faceless Manner. There Is No Algorithm For Allocation Of Cases Of Three Different Assessees Having Common Interest In A Single Property To A Single Assessing Officer For Assessment. Hence, Omission Of Addition In Cases Of Other Two Co-Owners Of The Property Wherein Assesses Is An Owner May Be Because

81,01,752/- on account of deemed rental income from the flats owned by assessee, these flats were allotted to assessee as a result of joint development agreement. b. NAFC has erred in taxing capital gain as Long Term Capital Gain (LTCG) declared by assessee instead of Short Term Capital Gain (STCG) as assessed by AO. c. NAFC has erred

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

81,757/- as against the loss reported by the assessee by making the addition of capital gains on the conversion of partnership firm M/s. Perpetual Investments into the assessee company. The assessee challenged the above said order of assessment before the ld. CIT(A) on the ground that there was no seizure of any incriminating materials at the time

M/S OLIVIA APPARELS PRIVATE LIMITED,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

81,847 2006-07 29.7.2010 3,28,500 2007-08 29.7.2010 9,52,480 5. The AO completed the assessment by making the following additions:- Asst. year Asst. year Asst. year Addition 2005-06 2006-07 2007-08 Bad debts written off 30,34,124 26,633 – Unexplained expenses 54,17,542 – – towards property improvement Undisclosed capital

THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE vs. M/S OLIVIYA APPARELS PRIVATE LIMITED, BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

81,847 2006-07 29.7.2010 3,28,500 2007-08 29.7.2010 9,52,480 5. The AO completed the assessment by making the following additions:- Asst. year Asst. year Asst. year Addition 2005-06 2006-07 2007-08 Bad debts written off 30,34,124 26,633 – Unexplained expenses 54,17,542 – – towards property improvement Undisclosed capital

M/S. OLIVIA APPARELS PRIVATE LIMITED,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

81,847 2006-07 29.7.2010 3,28,500 2007-08 29.7.2010 9,52,480 5. The AO completed the assessment by making the following additions:- Asst. year Asst. year Asst. year Addition 2005-06 2006-07 2007-08 Bad debts written off 30,34,124 26,633 – Unexplained expenses 54,17,542 – – towards property improvement Undisclosed capital

M/S OLIVIA APPARELS PRIVATE LIMITED,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

81,847 2006-07 29.7.2010 3,28,500 2007-08 29.7.2010 9,52,480 5. The AO completed the assessment by making the following additions:- Asst. year Asst. year Asst. year Addition 2005-06 2006-07 2007-08 Bad debts written off 30,34,124 26,633 – Unexplained expenses 54,17,542 – – towards property improvement Undisclosed capital

THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), BANGALORE vs. M/S OLIVIYA APPARELS PRIVATE LIMITED, BANGALORE

In the result, all the appeals filed by the revenue and the assessee are dismissed

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

81,847 2006-07 29.7.2010 3,28,500 2007-08 29.7.2010 9,52,480 5. The AO completed the assessment by making the following additions:- Asst. year Asst. year Asst. year Addition 2005-06 2006-07 2007-08 Bad debts written off 30,34,124 26,633 – Unexplained expenses 54,17,542 – – towards property improvement Undisclosed capital

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, BELLARY, CENTRAL CIRCLE, BELLARY vs. M/S VIRGO PROPERTIES PRIVATE LIMITED, CHENNAI

In the result, appeal filed by the Revenue is dismissed

section 148 of the\nAct to disclose fully and truly all material facts necessary for assessment for\nthat Assessment Year. Therefore the case was rightly reopened by the AO.\nThe learned CIT(A) has wrongly allowed appeal of the assessee.\n6. On the other hand, learned Counsel for the assessee relied on the Order\nof learned

SHRI. SRIRAM RUPANAGUNTA,BANGALORE vs. ASISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-5(3)(2), BANGALORE

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

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2015-16 Shri Sriram Rupanagunta, The Assistant 34 Purva Park Ridge, Commissioner Of Goshala Road, Income Tax, Garudachar Palya, Circle – 5(3)(2), Bangalore – 560 048. Vs. Banglore. Pan: Ahlpr7578N Appellant Respondent Assessee By : Shri Kodhanda Pani, Ca : Shri Kiran .D, Addl. Cit Revenue By (Dr) Date Of Hearing : 13-04-2023 Date Of Pronouncement : 18-05-2023 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against Order Dated 24.11.2022 Passed By Nfac For Assessment Year 2015-16 On Following Grounds Of Appeal: “1. The Ld.Assessing Officer Erred In Passing The Assessment Order In The Manner In Which It Is Done On The Basis Of Presumptions, Assumptions & Surmises & Inferences, Conjecture & Hypothetical, Than On The Basis Of The Facts.

section 2(47) of the act in support of his contention. 4.6 The Ld.AR heavily relied on the decision of Hon’ble Supreme Court in case of Miss Dhun Dadabhoy Kapadia vs. CIT reported in (1967) 63 ITR 651 (SC) wherein the Hon’ble Court held that, in the case of acquiring a share, the date of acquisition

M/S. TATA ELXSI LIMITED., ,BANGALORE vs. DEPUTY COMMISSIONER INCOME TAX, CIRCLE-7(1)(1), BANGALORE

In the result, all the appeals of the assessee are partly allowed for statistical purposes

Bench: Shri George George K. & Shri Chandra Poojari

81. Section 80HH provides deduction from income at specified rates in respect of certain industrial undertakings which are covered by the said provision. Issue is limited, namely, while computing the deduction whether it is to be available out of 'income' as computed under the Act or out of 'profits and gains', without deducting therefrom 'depreciation' and 'investment allowance'. Language

TATA ELXSI LIMITED ,BANGALORE vs. DEPUTY COMMISIONER INCOMER TAX, CIRCLE-7(1)(1), BANGALORE

Accordingly, the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Narender Kumar Choudhry & Shri Laxmi Prasad Sahuassessment Year : 2018-19 M/S. Tata Elxsi Ltd., The Deputy 126, Itpb Road, Commissioner Hoody, Of Income Tax, Whitefield, Circle – 7(1)(1), Bangalore – 560 048. Bangalore. Vs. Pan: Aaact7872Q Appellant Respondent

81), however, the judgement in the case of Motilal Pesticides is overruled. It has been held that the language of Sec.80HH and the language of Sec.80M are not similar. It has been further held that Sec. 80AB (which pertains to all sections in chapter VI A except section 80M) is not clarificatory but prospective in nature and operative from

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BENGALURU vs. BAGALUR KRISHNAIAH SETTY VIJAY SHANKER, BENGALURU

In the result, the appeal filed by the Revenue is dismissed

81,11,799/-. The assessee\npurchased 4 tenements on a single property for a consideration of Rs.\n5,39,71,857/- and upon demolishing the tenements proceeded to construct a\nhouse by utilising the capital gain to the extent of Rs. 5,57,79,200/-. The\nassessee also deposited Rs. 1,09,00,000/- in capital gain account scheme.\nAccordingly

M/S. CONCORDE HOUSING CORPORATION PRIVATE LIMITED,BENGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), BENGALURU

In the result, appeal of the assessee in ITA No

Bench: Shri Chandra Poojari & Shri Prakash Chand Yadav

81,70,504/-, though there was no incriminating material of whatsoever nature was found either in search or scrutiny proceedings. The summary of the additional income is as under: Particulars Original ITR Remarks Revised ITR-1 Remarks Revision -2 Remarks Turnover 1,74,68,97,845 1,75,50,27,988 8130143 1,80,50,68,352 5004036 4 Profit

WIPRO LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahu

81 and by Hon’ble Kerala High Court in the case of Dhanalakshmi Bank Ltd. 344 ITR 259. The A.O. while passing the final assessment order, duly considered the above said 3 decisions and confirmed the disallowance originally made in the draft assessment order. Aggrieved, the assessee has filed this appeal before us. 22.3 We heard the parties on this

M/S. BHARAT ELECTRONICS LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, LTU, CIRCLE-1, BENGALURU

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

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahuassessment Year : 2012-13 M/S. Bharat Electronics The Assistant Ltd., Commissioner Of Registered Office, Income Tax, Outer Ring Road Ltu, Nagawara, Circle – 1, Vs. Bangalore – 560 045. Bangalore. Pan: Aaacb5985C Appellant Respondent

81 taxmann.com 285, Tata Locomotive and Engineering Co. Ltd. reported in 60 ITR 405 and Sutlej Cotton Mills Pvt. Ltd. reported in 188 ITR 255 (SC). The loss suffered by the assessee is directly linked with the purchase of fixed assets which is capital in nature. Though forex gain/ loss is arising on account of assurance for payments of capital

M/S. ZASH TRADERS,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-4(1)(1), BENGALURU

section\n55(2b) of the Act.\n3. Facts of the case are that during the relevant previous year, the\nassessee had transferred 6,12,01,078 Wipro shares. The\ncomputation of capital gains on such transfer of Wipro shares is\nsummarized hereunder:\n\nParticulars\nSection\nReference\nTotal Sale\nTotal Cost of\nacquisition\nLong term capital\ngain/(loss)\n\n180