ADDL/JOINT COMMISSIONER OF INCOME TAX (LTU) , BANGALORE vs. M/S VIJAYA BANK , BANGALORE

Accordingly the grounds raised by the revenue is allowed for statistical purposes

Bench: Shri George George K. & Shri Laxmi Prasad Sahum/S. Bank Of Baroda Vs. Addl. Cit, Ltu, (Erstwhile Vijaya Bank) Bmtc Building 7Th Floor, Central Accounts 6Th Block, Koramangala Bengaluru 560095 Dept., 41/2, M.G. Road Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Acit, Circle - 2(1)(1) Vs. M/S. Bank Of Baroda Room No. 561, 5Th Floor (Erstwhile Vijaya Bank) Aayakar Bhavan 7Th Floor, Central Accounts M.K. Road Dept., 41/2, M.G. Road Mumbai 400020 Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Assessee By: Shri Ananthan, Ca& Smt. Lalitha Rameswaran, Ca Revenue By: Shri G. Manoj Kumar, Cit-Dr Date Of Hearing: 29.03.2023 Date Of Pronouncement: 25.04.2023 M/S. Bank Of Baroda

gainfully refer to the “MEMORANDUM EXPLAINING FINANCE BILL 2013”, which brings out the intention of the Parliament in inserting Explanation-2 in sec. 36(1)(vii) of the Act. It is extracted below:- “Clarification for amount to be eligible for deduction as bad debts in case of banks:- Under the existing provisions of section 36(1)(viia) of the Income

M/S VIJAYA BANK ,BANGALORE vs. ADDITIONAL COMMISSIONER OF INCOME TAX LTU , BANGALORE

Accordingly the grounds raised by the revenue is allowed for statistical purposes

Bench: Shri George George K. & Shri Laxmi Prasad Sahum/S. Bank Of Baroda Vs. Addl. Cit, Ltu, (Erstwhile Vijaya Bank) Bmtc Building 7Th Floor, Central Accounts 6Th Block, Koramangala Bengaluru 560095 Dept., 41/2, M.G. Road Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Acit, Circle - 2(1)(1) Vs. M/S. Bank Of Baroda Room No. 561, 5Th Floor (Erstwhile Vijaya Bank) Aayakar Bhavan 7Th Floor, Central Accounts M.K. Road Dept., 41/2, M.G. Road Mumbai 400020 Bengaluru 560001 Pan – Aaacvo3787 (Appellant) (Respondent) Assessee By: Shri Ananthan, Ca& Smt. Lalitha Rameswaran, Ca Revenue By: Shri G. Manoj Kumar, Cit-Dr Date Of Hearing: 29.03.2023 Date Of Pronouncement: 25.04.2023 M/S. Bank Of Baroda

gainfully refer to the “MEMORANDUM EXPLAINING FINANCE BILL 2013”, which brings out the intention of the Parliament in inserting Explanation-2 in sec. 36(1)(vii) of the Act. It is extracted below:- “Clarification for amount to be eligible for deduction as bad debts in case of banks:- Under the existing provisions of section 36(1)(viia) of the Income

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

92,416 sq. ft, the cost of acquisition works out to Rs.45.91 per Sq.ft. The computation as adopted in the above-mentioned assessment order for the AY 2007-08 are given below for ease of reference and convenience- Particulars Amount (In Rs.) Sale Consideration for 38.5% of Super Built up 13,94,60,000.00 Area or 1

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

92,416 sq. ft, the cost of acquisition works out to Rs.45.91 per Sq.ft. The computation as adopted in the above-mentioned assessment order for the AY 2007-08 are given below for ease of reference and convenience- Particulars Amount (In Rs.) Sale Consideration for 38.5% of Super Built up 13,94,60,000.00 Area or 1

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

92,691\nTotal Long Term Capital Gains\n1/2 Share of assessee in Total Long\nTerm Capital Gains\n[D]\n29,21,90,606 [D]\n14,60,95,303\n54,28,86,124\n27,14,43,062\n3.8 In the assessment proceedings, the A.O. held that the liability\nto capital gains arises for the assessment year 2017-18 as\noccupancy certificate

NABHIRAJ RATNA BALRAJ BY LEGAL HEIR B.R.RAKESH,BANGALORE vs. INCOME-TAX OFFICER, WARD-7(2)(1), BANGALORE

In the result the appeal of the assessee is allowed

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2016-17

capital gains under this anti-avoidance provision. It is a case of a curative amendment to take care of unintended consequences of the scheme of section 50C. xi. Parliament has introduced third proviso in section 50C(1) of the Act, as per which the difference in stamp duty valuation and actual consideration should be ignored, if it is less than

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

92,691\nTotal Long Term Capital Gains\n1/2 Share of assessee in Total Long\nTerm Capital Gains\n[D]\n29,21,90,606 | [D] | 54,28,86,124\n14,60,95,303\n27,14,43,062\n3.8 In the assessment proceedings, the A.O. held that the liability\nto capital gains arises for the assessment year 2017-18 as\noccupancy certificate

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

92,691\nTotal Long Term Capital Gains\n1/2 Share of assessee in Total Long\nTerm Capital Gains\n[D]\n29,21,90,606 [D]\n14,60,95,303\n54,28,86,124\n27,14,43,062\n3.8 In the assessment proceedings, the A.O. held that the liability\nto capital gains arises for the assessment year 2017-18 as\noccupancy certificate

M/S SYNDICATE BANK,MANIPAL vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 1, UDUPI

In the result, appeal of the revenue in ITA No

Bench: Shri Chandra Poojari & Shri Keshav Dubeyassessment Year: 2015-16

92,286/- u/s 36(1)(vii) of the Act being the Non-Rural Write off by the bank. 3. Facts of the issue are that the learned Assessing Officer relying on the decision of Hon'ble Supreme Court in the case of Southern Technologies vs CIT [2010] 352 ITR 577 (SC) disallowed the claim holding that the assessee bank

NAGAMMA,RAICHUR vs. INCOME TAX OFFICE-WARD 1, RAICHUR

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

92,131/- and deduction under section 54B of the Act was\nallowed of Rs.16,01,435/-. Accordingly, long term capital gain was calculated\nat Rs.26,06,434/-. Assessee filed detailed written submissions which was\nconsidered and not accepted and AO made addition under the LTCG of\nRs.26,06,434/-.\n3. Aggrieved from the above Order, assessee filed appeal before

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

1). Disallowance U/s 14A\nRs.37,82,496\n2). Net Capital Gain earned from\nSale of Land and from Sale\nOf shares as discussed para 4\nOf the assessment order i.e.,\nAmount credited to Capital\nReserve (12,11,12,036-45,05,000) -\nRs.11,66,07,036\nRs.12,03,89,532\nDeemed Income as per Section 115JB\nRs.12,66,92

SRI SRINIVASA EDUCATIONAL & CHARITABLE TRUST,BANGALORE vs. DCIT, CENTRAL CIRCLE-2(3), BANGALORE

section 132A. 50.3 Applicability-These\namendments will take effect from the 1st day of June, 2007.\"\n\n6.2 From the perusal of the section 153D of the Act read with the CBDT\nCircular No. 3 of 2008, dated 12-3-2008, the legislative intent can be gathered\nso far as that the legislature in its highest wisdom made it compulsory

SRI SRINIVASA EDUCATIONAL & CHARITABLE TRUST,BANGALORE vs. DCIT, CENTRAL CIRCLE-2(3), BENGALURU

Section\n153D. It is not an exercise dealing with a immaterial matter which\ncould be corrected by taking recourse to Section 292B of the Act.\n16. We are not inclined to interdict the order of the Tribunal.\n17. Accordingly, the appeal is closed.\n6.5 The above view taken by the Hon’ble Delhi High Court in the case of PCIT

M/S. CENTURY SILICON CITY,BANGALORE vs. DCIT, CIRCLE-1(2)(1, BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

92,085/- Total 15,06,05,455/- (ii) Century Silicon City, Bangalore: Sl.No. Assessment Declared income Claim of year (Loss) (Rs.) payment of interest (Rs.) 1. 2013-14 (-) 19,59,61,563/- 9,13,90,665/- 2. 2014-15 (-) 21,94,64,054/- 11,47,14,845/- 3. 2015-16 (-) 24,58,17,366/- 12,85,55,078/- Total

CENTURY SHELTORS,BANGALORE vs. ACIT, CIRCLE-2(2), BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

92,085/- Total 15,06,05,455/- (ii) Century Silicon City, Bangalore: Sl.No. Assessment Declared income Claim of year (Loss) (Rs.) payment of interest (Rs.) 1. 2013-14 (-) 19,59,61,563/- 9,13,90,665/- 2. 2014-15 (-) 21,94,64,054/- 11,47,14,845/- 3. 2015-16 (-) 24,58,17,366/- 12,85,55,078/- Total

CENTURY SHELTORS,BANGALORE vs. ACIT, CIRCLE-2(2), BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

92,085/- Total 15,06,05,455/- (ii) Century Silicon City, Bangalore: Sl.No. Assessment Declared income Claim of year (Loss) (Rs.) payment of interest (Rs.) 1. 2013-14 (-) 19,59,61,563/- 9,13,90,665/- 2. 2014-15 (-) 21,94,64,054/- 11,47,14,845/- 3. 2015-16 (-) 24,58,17,366/- 12,85,55,078/- Total

CENTURY SHELTORS,BANGALORE vs. ACIT, CIRCLE-2(2), BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

92,085/- Total 15,06,05,455/- (ii) Century Silicon City, Bangalore: Sl.No. Assessment Declared income Claim of year (Loss) (Rs.) payment of interest (Rs.) 1. 2013-14 (-) 19,59,61,563/- 9,13,90,665/- 2. 2014-15 (-) 21,94,64,054/- 11,47,14,845/- 3. 2015-16 (-) 24,58,17,366/- 12,85,55,078/- Total

M/S. CENTURY SILICON CITY,BANGALORE vs. DCIT, CIRCLE-1(2)(1, BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

92,085/- Total 15,06,05,455/- (ii) Century Silicon City, Bangalore: Sl.No. Assessment Declared income Claim of year (Loss) (Rs.) payment of interest (Rs.) 1. 2013-14 (-) 19,59,61,563/- 9,13,90,665/- 2. 2014-15 (-) 21,94,64,054/- 11,47,14,845/- 3. 2015-16 (-) 24,58,17,366/- 12,85,55,078/- Total

M/S. CENTURY SILICON CITY,BANGALORE vs. DCIT, CIRCLE-1(2)(1, BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

92,085/- Total 15,06,05,455/- (ii) Century Silicon City, Bangalore: Sl.No. Assessment Declared income Claim of year (Loss) (Rs.) payment of interest (Rs.) 1. 2013-14 (-) 19,59,61,563/- 9,13,90,665/- 2. 2014-15 (-) 21,94,64,054/- 11,47,14,845/- 3. 2015-16 (-) 24,58,17,366/- 12,85,55,078/- Total