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

9. An analysis of the provisions of section 54F of the Act in the light of the grounds raised by the Revenue in the appeal would show that there is no merit in the grounds raised by the Revenue in its appeal. Section 54F(1) lays down that any capital gain

SREENIVASULU SAGALETI,BENGALURU vs. INCOME TAX OFFICER, WARD-2(2)(2), BENGALURU

In the result, appeal filed by the assessee is allowed

Bench: Shri. Laxmi Prasad Sahuandshri.Keshav Dubeyassessment Year :2018-19

9 of 16 Capital Gains. It provides for Computation of Capital gains and also for exemption available thereunder. Section 54F of the Act introduced

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

gains chargeable to tax so far as such interest on housing loan on acquisition of capital asset is not claimed as deduction u/s 24(b) by the assessee, and that is what the assessee is also now contending, albeit without prejudice. Thus, the AO is required to verify whether or not interest on housing loan on the acquisition of capital

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

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 Page 9

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

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 gains taxable at a different rate. He further argued that the CPC is empowered under section 143(1) to correct computational errors apparent from the return and that the restriction of deduction under section 80G was only consequential. He prayed that the order of the CIT(A) be upheld. 9

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

9 of 33 considered at the time of offering capital gains on JDA to tax. In the instant case, the cost which was allowed to be claimed by the assessee as per assessment order dated 10/02/20215was Rs.1,67,28,000/- for an area of 3,64,336 sq. ft. thus cost per sq ft. being Rs.45.91 sq. ft. The assessee

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

9 of 33 considered at the time of offering capital gains on JDA to tax. In the instant case, the cost which was allowed to be claimed by the assessee as per assessment order dated 10/02/20215was Rs.1,67,28,000/- for an area of 3,64,336 sq. ft. thus cost per sq ft. being Rs.45.91 sq. ft. The assessee

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

9. Sec.2(29B) of the Act defines Long term capital gain as follows:- "long-term capital gain" means capital gain arising from the transfer of a long-term capital asset; Sec.2(29A) of the Act defines Long term Capital asset as follows:- "long-term capital asset" means a capital asset which is not a short-term capital asset ; Sec.2

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

Section 45[5A] of the Act, has been\ninserted that the date of occupancy certificate is relevant for\ndetermining the taxation of capital gains. The appellant has relied\nupon the decision of the Hon'ble ITAT in the case of N.A. Harris in\nITA No.988/Bang/2018 dated 15/02/2021 specifically para [33] on\npage 200 to 202. Appellant also relies upon

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

9 of 23 date of such transfer shall be deemed to be the full value of the consideration received or accruing as a result of the transfer." 17. Before the introduction of sub-section (4) to section 45, there was clause (ii) of section 47 which read as under: “Transactions not regarded as transfer. 47. Nothing contained in section

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

In the result, the assessee's appeal is allowed

Bench: Shri Vijay Pal Rao

capital gain as per the provision of section 54/54F of the Act. 7. In the result, the assessee's appeal is allowed. Order pronounced in the open court on 31st Mar., 2017. (VIJAY PAL RAO) JUDICIAL MEMBER Bangalore, Dt.31.03.2017. *Reddy gp 9

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

gain\nshall be computed after making certain\ndeductions from the \"full value of the\nconsideration for which the sale, exchange or\ntransfer of the capital asset is made\". In case\nof a sale, the full value of the consideration is\nthe full sale price actually paid. The\nlegislature had to use the words \"full value of\nthe consideration\" because

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

9. In the return of income filed for A.Y. 2015-16 on 30/11/2005, the assessee returned Capital Gains on transfer of leasehold rights in land and buildings put up on it by the assessee as Short Term Capital Gains at Rs. Page 5 of 13 3,67,67,836 and after adjusting current years business expenses

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 also. Thus, slump sale was held to be not chargeable to tax prior to insertion of Section 50B. In the present case, we are concerned with AY 97-98 prior to insertion of Sec.50-B of the Act. 7. The claim of the Assessee regarding non-taxability of consideration received on sale of transportation business /undertaking as well

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

gain\nshall be computed after making certain\ndeductions from the \"full value of the\nconsideration for which the sale, exchange or\ntransfer of the capital asset is made\". In case\nof a sale, the full value of the consideration is\nthe full sale price actually paid. The\nlegislature had to use the words \"full value of\nthe consideration\" because

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 gains is chargeable to tax in the year in which the transfer took place. This is what is stated in Section 45(1). Merely because the agreement provides for payment of the balance of consideration upon the happening of certain events, it cannot be said that the income has not accrued in the year of transfer. 9

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

capital gain since the land sold was agricultural land situated beyond 8 kms from corporation limit of Bangalore city as defined in section 2(14)(iii)(a) of the Act. This land measuring 9

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 will be charged to tax in the year in which such shares or other specified securities were purchased by the company. 9. As per the tribunal order cited by the learned DR of the revenue, section