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, otherwise it would lead to double deduction of the same expenses viz. interest on housing loan on acquisition of capital asset, which is not permissible. The assessee reliance on judgment and orders of Rajasthan and Gujarati Charitable Foundation(supra) , in our humble considered view is not correct, as it was in context of computing firstly, application of income

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

capital gain on its transfer and by considering the building being a depreciable asset as liable to capital gain in accordance

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

depreciable assets and therefore, the same cannot be taxed u/s. 41 (2). Taxing gain on slump sale as capital gain

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:

gains arising from the transfer of short-term capital assets. (2) In relation to capital assets being an undertaking or division transferred by way of such sale, the "net worth" of the undertaking or the division, as the case may be, shall be deemed to be the cost of acquisition and the cost of improvement for the purposes of sections

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

Capital gains arising on slump sale are calculated as the difference between sale consideration and the net worth of the undertaking. Net worth is defined in Explanation 1 to section 50B as the difference between ‘the aggregate value of total assets of the undertaking or division’ and ‘the value of its liabilities as appearing in books of account’. The ‘aggregate

ASST.C.I.T., MANGALORE vs. DR. YUSUF KUMBLE, MANGALORE

In the result, the appeals filed by the revenue are dismissed

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

capital gains tax. 'Similarly, carry forward of losses and that of unabsorbed depreciation are not available to successor business entities

ASST.C.I.T., MANGALORE vs. DR. YUSUF KUMBLE, MANGALORE

In the result, the appeals filed by the revenue are dismissed

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

capital gains tax. 'Similarly, carry forward of losses and that of unabsorbed depreciation are not available to successor business entities

ASST.C.I.T., MANGALORE vs. DR. ALI KUMBLE, MANGALORE

In the result, the appeals filed by the revenue are dismissed

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

capital gains tax. 'Similarly, carry forward of losses and that of unabsorbed depreciation are not available to successor business entities

ASST.C.I.T., MANGALORE vs. DR. ALI KUMBLE, MANGALORE

In the result, the appeals filed by the revenue are dismissed

Bench: Shri Inturi Rama Rao & Shri Sudanshu Srivastava

capital gains tax. 'Similarly, carry forward of losses and that of unabsorbed depreciation are not available to successor business entities

M/S MHM HOLDINGS PVT LTD ,BANGALORE vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX RANGE-12 , BANGALORE

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

Bench: Smt. Beena Pillai & Ms. Padmavathy S.M/S. Mhm Holding Pvt. Ltd. Vs Acit, Range - 12 Bengaluru No. 52, Bassappa Road Shantinagar Bengaluru 560027 Pan – Aabcm6614L (Appellant) (Respondent) Assessee By: Shri Parthasarathi, Adv. Revenue By: Shri K.R. Narayana, Addl Cit-Dr Date Of Hearing: 23/11/2022 Date Of Pronouncement: 25/11/2022 O R D E R Per: Padmavathy, A.M.

capital gains. 7. The learned Commissioner (A) erred in upholding the disallowance of Rs. 51,00.881/- on account of recomputation by the assessing authority of the net worth of the depreciable

HANCHIPURA CHANNAIAH NANDAKISHORE,MAHALKSHMIPURAM vs. INCOME TAX OFFICER WARD INTL, TAXATION 1(2) BANGALORE, BANGALORE

In the result appeal filed by the assessee is allowed

Bench: Shri Prashant Maharishi & Shri Keshav Dubeyit(It)A No.258/Bang/2025 Assessment Year : 2018-19 Hanchipura Channaiah Nandakishore 87, 2Nd Stage & Phase Mahalakshmipuram 2Nd Stage, 14Th Main, West Of Chord Ito Road Vs. Ward International Taxation 1(2) Mahalakshmipuram Bangalore Bangalore 560 086 Pan No :Blrpn0428A Appellant Respondent Appellant By : Sri Siddesh N Gaddi, A.R. Respondent By : Dr. Divya K.J., D.R. Date Of Hearing : 07.08.2025 Date Of Pronouncement : 04.11.2025

capital gains in construction of residential house would suffice to claim the benefit of Section 54 of the Act.” 7.3 Further, it is worthwhile here to mention that the Hon’ble Supreme Court of India in the case of Commissioner of Income-tax v. T.N. Aravinda Reddy reported in (1979) 120 ITR 46hasheld that the ordinary meaning of word “purchase

EPSILON ADVISORS P. LTD.,,BANGALORE vs. CIT, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

Depreciation allowable u/s. 3,750 32(1) (As per statement enclosed) Profit on sale of investments 122,09,92,716 122,09,96,466 3,46,23,009 Taxable Income from Business 3,46,23,009 Capital Gain

DCIT, BANGALORE vs. M/S EPSILON ADVISORS PVT. LTD.,, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

Depreciation allowable u/s. 3,750 32(1) (As per statement enclosed) Profit on sale of investments 122,09,92,716 122,09,96,466 3,46,23,009 Taxable Income from Business 3,46,23,009 Capital Gain

EPSILON ADVISORS P. LTD.,,BANGALORE vs. CIT, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

Depreciation allowable u/s. 3,750 32(1) (As per statement enclosed) Profit on sale of investments 122,09,92,716 122,09,96,466 3,46,23,009 Taxable Income from Business 3,46,23,009 Capital Gain

DCIT, BANGALORE vs. M/S EPSILON ADVISORS PVT. LTD.,, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

Depreciation allowable u/s. 3,750 32(1) (As per statement enclosed) Profit on sale of investments 122,09,92,716 122,09,96,466 3,46,23,009 Taxable Income from Business 3,46,23,009 Capital Gain

ITO, DAVANGERE vs. M/S MAGANAHALLI STEEL CORPORATION, DAVANGERE

Bench: Shri N.V. Vasudevan & Shri Abraham P. Georgeassessment Year : 1989-90

gain separately for Land & building. It is stated in remand report that since depreciation was allowed in block of assets for A.Y.1989-90 further, depreciation is not allowed since sold during previous year. However, AO is directed to compute capital

SMT. PADMINI RAMACHANDRAN,BANGALORE vs. ITO, BANGALORE

In the result, appeal of the assessee is partly allowed for statistical purposes and the stay petition filed by the assessee is dismissed as infructuous

Bench: Shri. N. V. Vasudevan & Shri. Abraham P. George

capital gains in excess of Rs.8,80,000/-, assessee would be free to raise the grounds relating to its investments u/s.54F of the Act, done in the property. Grounds 1 to 7 of the assessee is treated as partly allowed. 13. Vide ground 8, grievance of the assessee is that depreciation

NAVJYOTI SHARMA,BANGALORE vs. DCIT ASMNT, BANGALORE

In the result appeal filed by the assessee is allowed

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

capital gains in construction of residential house would suffice to claim the benefit of Section 54 of the Act.” 7.3 Further, it is worthwhile here to mention that the Hon’ble Supreme Court of India in the case of Commissioner of Income-tax IT(IT)A No.235/Bang/2025 Navjyoti Sharma, Bangalore Page 11 of 14 v. T.N. Aravinda Reddy reported

K.G. KRISHNA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Depreciation) debited to that profit and loss account on the ground that the appellant did not justify the expenditure claimed. The conclusion of authorities below being wholly erroneous, without any basis and purely adhoc is to be rejected and the disallowance as made/sustained is to be deleted. ITA Nos.307 to 312/Bang/2020 Shri K.G. Krishna, Bangalore Page