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

94,60,000.00 Area or 1,83,500 sq. ft whichever is higher at the rate of 760 per sq. ft Less: COA for 61.5% of undivided share of land 1,67,28,000.00 Capital Gains 12,27,32,000.00 Share of assessee- 15% 1,84,09,800.00 3.2 After the completion of the JDA, the assessee was handed over

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

94,368\nTotal in Sq.\nFt\n77,627\n2,08,998\n2,86,625\nLandowners and Developers share in the Constructed Area in\nthe Project as Per JDA\nParticulars\nShare in\nCommercial\nPortion\n2,33,818\nShare in\nResidential\nPortion\n33,443\nTotal Share\n2,67,261\nLandowner\nDeveloper\nTotal

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

94,368\n2,86,625\nLandowners and Developers share in the Constructed Area in\nthe Project as Per JDA\nParticulars\nShare in\nCommercial\nPortion\nShare in\nResidential\nPortion\nTotal Share\nLandowner\n2,33,818\n33,443\n2,67,261\nDeveloper\n5,11,492\n5,11,492\nTotal\n2,33,818\n5,44,935\n7,78,753\n3.1 There

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

94,368\nTotal in Sq.\nFt\n77,627\n2,08,998\n2,86,625\nLandowners and Developers share in the Constructed Area in\nthe Project as Per JDA\nParticulars\nShare in\nCommercial\nPortion\n2,33,818\nShare in\nResidential\nPortion\n33,443\nTotal Share\n2,67,261\nLandowner\nDeveloper\nTotal

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

In the result appeal of the assessee is allowed

7(1)(1),\nBangalore.\nDivya Dinesh,\nNo.467, 36th Cross, 19th Main,\n4th T Block, Jayanagar,\nBangalore - 560 041.\nAPPELLANT\nRESPONDENT\nPAN - ALGPD 2314 R\nAssessee by\nShri Sudheendra B.R, Advocate\nRevenue by\nShri Balusamy N, JCIT\nDate of hearing\n04.02.2026\nDate of Pronouncement\n.02.2026\nORDER\nPER WASEEM AHMED, ACCOUNTANT MEMBER:\nThis set of 2 appeal, filed at the instance

M/S PARAMANAND AND SONS,BENGALURU vs. INCOME TAX OFFICER, WARD 5(2)(1), BENGALURU

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Years : 2020-21

94,378/- returned the taxable income at 'nil' with carry forward business loss of Rs. 2,91,52,776/-. However, the lower authorities have adjusted the current year capital gains against the current year business loss and accordingly computed the income of the assessee. 4. Before us, ld. Counsel for the assessee has relied upon the provisions of section

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

7 of 19 to them in clauses (a), (e) and (l) of sub-section (1) of section 2 of the Depositories Act, 1996. (3)The profits or gains arising from the transfer of a capital asset by a person to a firm or other association of persons or body of individuals (not being a company or a co-operative society

POONAM GUPTA ,BENGALURU vs. DCIT, CIRCLE-5(1)(1), BANGALORE

In the result appeal filed by the assessee is allowed

Bench: Shri Prashant Maharishi & Shri Soundararajan K.Assessment Year: 2017-18

94,500 and sold the shares for a value of Rs.2,21,87,216 and earned a short-term capital gain of ₹ 8,792,715. According to the AO such a gain is unreasonable. It fails to withstand the test of human probabilities and therefore it is a non-genuine transaction. Accordingly, the LD.AO made an addition

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

94,692 2007-08 27.10.2007 9,52,480 3. A search u/s. 132 of the Income-tax Act, 1961 [the Act] was carried out in the case of Shri M. Krishna & Others, Bangalore on 26.8.2008. The business premises of Ms. Ind Sing Developers Pvt. Ltd. of which Shri M. Krishna is the director was also covered u/s. 132 search

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

94,692 2007-08 27.10.2007 9,52,480 3. A search u/s. 132 of the Income-tax Act, 1961 [the Act] was carried out in the case of Shri M. Krishna & Others, Bangalore on 26.8.2008. The business premises of Ms. Ind Sing Developers Pvt. Ltd. of which Shri M. Krishna is the director was also covered u/s. 132 search

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

94,692 2007-08 27.10.2007 9,52,480 3. A search u/s. 132 of the Income-tax Act, 1961 [the Act] was carried out in the case of Shri M. Krishna & Others, Bangalore on 26.8.2008. The business premises of Ms. Ind Sing Developers Pvt. Ltd. of which Shri M. Krishna is the director was also covered u/s. 132 search

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

94,692 2007-08 27.10.2007 9,52,480 3. A search u/s. 132 of the Income-tax Act, 1961 [the Act] was carried out in the case of Shri M. Krishna & Others, Bangalore on 26.8.2008. The business premises of Ms. Ind Sing Developers Pvt. Ltd. of which Shri M. Krishna is the director was also covered u/s. 132 search

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

94,692 2007-08 27.10.2007 9,52,480 3. A search u/s. 132 of the Income-tax Act, 1961 [the Act] was carried out in the case of Shri M. Krishna & Others, Bangalore on 26.8.2008. The business premises of Ms. Ind Sing Developers Pvt. Ltd. of which Shri M. Krishna is the director was also covered u/s. 132 search

DASA SHETTY KANTHA,BANGALORE vs. ACIT CIRCLE 6(3)(1), BANGALORE, BANGALORE

In the result, the appeal of the assessee is partly allowed

94 clarified that for a transaction to fall under section\n2(47)(v) of the Act, the conditions laid down under section 53A of the\nTransfer of Property Act must be fulfilled. The transferee must be in\npossession in part performance of the contract and must have\nperformed or be willing to perform their part of the contract.\n16.7

DASA SHETTY KANTHA,BANGALORE vs. ACIT CIRCLE 3(2)(1), BANGALORE, BANGALORE

In the result, the appeal of the assessee is partly allowed

94 clarified that for a transaction to fall under section\n2(47)(v) of the Act, the conditions laid down under section 53A of the\nTransfer of Property Act must be fulfilled. The transferee must be in\npossession in part performance of the contract and must have\nperformed or be willing to perform their part of the contract.\n\n16.7

SHRI. ANANTULA VIJAY MOHAN ,HYDERABAD vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-6(1)(1), BANGALORE

Bench: Shri Laxmi Prasad Sahu\Nand\Nshri Keshav Dubey\Nita Nos.2059 & 2060/Bang/2024\N Assessment Years: 2016-17 & 2017-18\Nanantula Vijay Mohan\N9, Banjara Avenue Road\Nno.1, Banjara Hills\Nhyderabad 500 034\Npan No: Aelpm6515K\Nappellant\Nvs.\Nvs.\Ndcit\Ncircle-6(1)(1)\Nbangalore\Nrespondent\Nsp No.67/Bang/2024\N(Arising Out Of Ita No.2060/Bang/2024)\N Assessment Year: 2017-18\Nanantula Vijay Mohan\N9, Banjara Avenue Road\Nno.1, Banjara Hills\Nhyderabad 500 034\Npan No: Aelpm6515K\Nappellant\Ndcit\Ncircle-6(1)(1)\Nbangalore\Nrespondent\Nappellant By\Nrespondent By\Nsri Padma Khincha, A.R.\Nsri Sridhar E., D.R.\Ndate Of Hearing\N: 18.02.2025\Ndate Of Pronouncement: 07.05.2025\Norder\Nper Laxmi Prasad Sahu:\Nthese Appeals At The Instance Of The Assessee Are Directed\Nagainst The Orders Of Ld. Cit(A)/Nfac, Delhi Both Dated 23.09.2024\Nvide Din & Order No. Itba/Nfac/S/250/2024-25/1068988279(1)\Nfor The Assessment Year 2016-17 & Vide Din & Order\Nno.Itba/Nfac/S/250/2024-25/1068999127(1) For The Assessment\Nyear 2017-18 Passed U/S 250 Of The Income Tax Act, 1961 (In Short\N'The Act'). Since Both These Appeals & The Stay Petition Are Of The\Nsame Assessee For The Different Assessment Years, These Are Clubbed\Ntogether, Heard Together & Disposed Of By This Common Order For\Nthe Sake Of Convenience & Brevity.\Nita No.2059/Bang/2024 (Ay 2016-17):\N2. First, We Take Up Ita No.2059/Bang/2024 For The Ay 2016-\N17 Wherein The Assessee Has Raised The Following Grounds Of Appeal:\N1. General\N1.

capital gain ('LTCG') of Rs.\n22,55,37,300/- arising from sale of bonus shares. The Assessee\nwas issued a notice under section 148 of the Act by the learned\nDeputy Commissioner of Income Tax, Circle 6(1)(1) (“AO”) on\n31.03.2021 to reassess the income for AY 2017-18. The notice\nrequired the Assessee to file a return

ANANTULA VIJAY MOHAN ,HYDERABAD vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-6(1)(1), BANGALORE

In the result, appeals filed by the assessee are allowed

Bench: Shri Laxmi Prasad Sahu\Nand\Nshri Keshav Dubey\Nita Nos.2059 & 2060/Bang/2024\N Assessment Years : 2016-17 & 2017-18\Nanantula Vijay Mohan\N9, Banjara Avenue Road\Nno.1, Banjara Hills\Nhyderabad 500 034\Npan No:Aelpm6515K\Nappellant\Nvs.\Ndcit\Ncircle-6(1)(1)\Nbangalore\Nrespondent\Nsp No.67/Bang/2024\N(Arising Out Of Ita No.2060/Bang/2024)\N Assessment Year: 2017-18\Nanantula Vijay Mohan\N9, Banjara Avenue Road\Nno.1, Banjara Hills\Nhyderabad 500 034\Npan No: Aelpm6515K\Nappellant\Nvs.\Ndcit\Ncircle-6(1)(1)\Nbangalore\Nrespondent\Nappellant By\Nrespondent By\N: Sri Padma Khincha, A.R.\N: Sri Sridhar E., D.R.\Ndate Of Hearing\Ndate Of Pronouncement:\N: 18.02.2025\N: 07.05.2025\Norder\Nper Laxmi Prasad Sahu:\Nthese Appeals At The Instance Of The Assessee Are Directed\Nagainst The Orders Of Ld. Cit(A)/Nfac, Delhi Both Dated 23.09.2024\Nvide Din & Order No. Itba/Nfac/S/250/2024-25/1068988279(1)\Nfor The Assessment Year 2016-17 & Vide Din & Order\Nno.Itba/Nfac/S/250/2024-25/1068999127(1) For The Assessment\Nyear 2017-18 Passed U/S 250 Of The Income Tax Act, 1961 (In Short\N\"The Act\"). Since Both These Appeals & The Stay Petition Are Of The\Nsame Assessee For The Different Assessment Years, These Are Clubbed\Ntogether, Heard Together & Disposed Of By This Common Order For\Nthe Sake Of Convenience & Brevity.\Nita No.2059/Bang/2024 (Ay 2016-17):\N2. First, We Take Up Ita No.2059/Bang/2024 For The Ay 2016-\N17 Wherein The Assessee Has Raised The Following Grounds Of Appeal:\N1. General\N1.

capital gain ('LTCG') of Rs.\n22,55,37,300/- arising from sale of bonus shares. The Assessee\nwas issued a notice under section 148 of the Act by the learned\nDeputy Commissioner of Income Tax, Circle 6(1)(1) (“AO”) on\n31.03.2021 to reassess the income for AY 2017-18. The notice\nrequired the Assessee to file a return

VINOD PRASAD INJETI ,BANGALORE vs. INCOME TAX OFFICER, WARD-2(3)(3), BANGALORE

In the result, we reverse the orders of the ld

Bench: Shri Prashant Maharishi & Shri Keshav Dubeyassessment Year : 2014-15

94,975 only. The sale consideration was also reduced to Rs.80 lakhs and net long term capital gain of Rs.23,05,025 was considered, assessing revised total income of Rs.25,29,443. Page 6 of 10 9. The assessee aggrieved with the same preferred an appeal before the ld. CIT(A) challenging that there is no mistake apparent from