M/S. BHARAT BEEDI WORKS PRIVATE LIMITED,MANGALURU vs. DEPUTY COMMISIONER OF INCOME TAX, CENTRAL CIRCLE - 2, MANGALURU

In the result, the appeals filed by the assessee for all the four A

Bench: SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER\nAND\nSHRI SOUNDARARAJAN K. (Judicial Member)

40A(3) and insufficiency of\nvouchers – Rs.17,92,25,000/-\nd) Addition made based on the declaration given by the Director – Rs.20\nLakhs\ne) Labelling Expenses – Rs.23,60,587/-\nf) Addition based on the seizure of cash – Rs.63 Lakhs\ng) Disallowance u/s.14A – Rs.70,79,282/-\n7.\nThe AO made the additions based on the results of the search and\nalso

M/S. BHARAT BEEDI WORKS PRIVATE LIMITED,MANGALURU vs. DEPUTY COMMISIONER OF INCOME TAX, CENTRAL CIRCLE - 2, MANGALURU

In the result, all the appeals filed by the assessee are allowed

40A(3) and insufficiency of\nvouchers – Rs.17,92,25,000/-\n\nd) Addition made based on the declaration given by the Director – Rs.20\nLakhs\n\ne) Labelling Expenses – Rs.23,60,587/-\n\nf) Addition based on the seizure of cash – Rs.63 Lakhs\n\ng) Disallowance u/s.14A – Rs.70,79,282/-\n\n7.\nThe AO made the additions based on the results

KARNATAKA INDUSTRIAL AREAS DEVELOPMENT BOARD,BANGALORE vs. DEPUTY COMMISSIONER INCOME TAX, EXEMPTIONS, CIRCLE-1, , BANGALORE

In the result, the grounds raised by the assessee in both the appeals\nare allowed except the limitation ground

40A(3)/(3A) in computing application of income\nfrom AY 2019-20 onwards. Hence, section 43B does not\napply.\n3.3 Without prejudice, the learned CIT(A) erred in\nconfirming the addition / disallowance under section 43B\nin respect of slum improvement cess of Rs. 20,04,651 not\npaid within the due date under section 139(1).\n3.4 On facts

KARNATAKA INDUSTRIAL AREAS DEVELOPMENT BOARD,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, EXEMPTIONS, CIRCLE-1, BANGALORE

In the result, the grounds raised by the assessee in both the appeals\nare allowed except the limitation ground

40A(3)/(3A) in computing application of income\nfrom AY 2019-20 onwards. Hence, section 43B does not\napply.\n3.3 Without prejudice, the learned CIT(A) erred in\nconfirming the addition / disallowance under section 43B\nin respect of slum improvement cess of Rs. 20,04,651 not\npaid within the due date under section 139(1).\n3.4 On facts

M/S. UNITED BREWERIES LIMITED,BANGALORE vs. JOINT COMMISSIONER OF INCOME TAX, SPECIAL RANGE-7, BANGALORE

In the result, the assessee’s appeal is partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Depreciation on goodwill 1,57,73,310 IT(TP)A No.2532/Bang/2019 United Brewries Ltd., Bangalore Page 3 of 70 2.2 The AO accordingly proposed to assess the income of the assessee at Rs.429,75,39,850/- against the income of Rs.349,75,85,670/- declared by the assessee in its returned income. The assessee being aggrieved by the additions proposed

M/S LIFESTYLE INTERNATIONAL PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), BANGALORE

In the results appeal filed by assessee for assessment year

Bench: Shri Chandra Poojari & Smt Beena Pillai

depreciation amounting to Rs.17,11,500/- was claimed. He also observed that professional fees of Rs.40,79,397/- was paid to RNA. The Ld.AO thus disallowed total of Rs.57,90,897/- by invoking provisions of section 40A(2)/37 of the Act. 4.5 The Ld.AO further observed that assessee debited Rs.16,47,303/- as premium on forward contract

M/S.LIFESTYLE INTERNATIONAL PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, BANGALORE

In the results appeal filed by assessee for assessment year

Bench: Shri Chandra Poojari & Smt Beena Pillai

depreciation amounting to Rs.17,11,500/- was claimed. He also observed that professional fees of Rs.40,79,397/- was paid to RNA. The Ld.AO thus disallowed total of Rs.57,90,897/- by invoking provisions of section 40A(2)/37 of the Act. 4.5 The Ld.AO further observed that assessee debited Rs.16,47,303/- as premium on forward contract

M/S.LIFESTYLE INTERNATIONAL PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, BANGALORE

In the results appeal filed by assessee for assessment year

Bench: Shri Chandra Poojari & Smt Beena Pillai

depreciation amounting to Rs.17,11,500/- was claimed. He also observed that professional fees of Rs.40,79,397/- was paid to RNA. The Ld.AO thus disallowed total of Rs.57,90,897/- by invoking provisions of section 40A(2)/37 of the Act. 4.5 The Ld.AO further observed that assessee debited Rs.16,47,303/- as premium on forward contract

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), BANGALORE vs. M/S LIFESTYLE INTERNATIONAL PVT LTD , BANGALORE

In the results appeal filed by assessee for assessment year

Bench: Shri Chandra Poojari & Smt Beena Pillai

depreciation amounting to Rs.17,11,500/- was claimed. He also observed that professional fees of Rs.40,79,397/- was paid to RNA. The Ld.AO thus disallowed total of Rs.57,90,897/- by invoking provisions of section 40A(2)/37 of the Act. 4.5 The Ld.AO further observed that assessee debited Rs.16,47,303/- as premium on forward contract

ASSISTANT COMMISSIONER OF INCOME-TAX, BANGALORE vs. M/S. LIFESTYLE INTERNATIONAL (P) LTD.,, BANGALORE

In the results appeal filed by assessee for assessment year

Bench: Shri Chandra Poojari & Smt Beena Pillai

depreciation amounting to Rs.17,11,500/- was claimed. He also observed that professional fees of Rs.40,79,397/- was paid to RNA. The Ld.AO thus disallowed total of Rs.57,90,897/- by invoking provisions of section 40A(2)/37 of the Act. 4.5 The Ld.AO further observed that assessee debited Rs.16,47,303/- as premium on forward contract

SRI. PAVAN KANDKUR,HUBBALLI vs. PRINCIPAL COMMISSIONER OF INCOME TAX, HUBBALLI

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

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S.Shri Pavan Kandkur Vs Principle Commissioner Of Cts No. 3046, Hirepeth Nagar Income Tax Near Akkikonda Aayakar Bhavan Hubballi 580020 Navanagar Pan – Anipk4256B Hubballi 580025 (Appellant) (Respondent) Assessee By: Shri Balram R. Rao, Adv. Revenue By: Ms. Neera Malmotra, Cit-Dr Date Of Hearing: 15/11/2022 Date Of Pronouncement: 17/11/2022 O R D E R Per: Padmavathy, A.M. This Is An Appeal Filed By The Assessee Against The Order Of The Learned Cit, Hubali Passed Under Section 263 Of The Income Tax Act, 1961 (The Act) Dated 23.03.2022 For Ay 2017-18. 2. The Assessee Raised The Following Grounds Of Appeal: - On The Facts & In The Circumstances Of The Case, The Conditions 1. Precedent Being Absent The Proceedings-Initiated U/S.263 Of The Act Was Opposed To Law & The Order Passed U/S.263 Is Liable To Be Cancelled. On The Facts There Being No Error Much Less An Error Prejudicial To The 2. Interest Of Revenue, The Learned Commissioner Of Income-Tax Ought To Have Refrained From Invoking The Provisions Of Sec.263 Of The Act. The Learned Commissioner Ought To Have Considered The Submissions 3. Made By The Appellant & Ought Not To Have Invoked The Proceedings U/S.263 Of The Act.

40A(3). However, this has not been disallowed by the Assessing Officer.” 5. The PCIT issued show cause notice in response to which the assessee made submissions wherein it was stated that he has applied for the Direct Tax Vivad Se Viswas (DTVSV) scheme and has filed a letter before the CIT(A) for withdrawal of his appeal filed against

M/S. BHARAT BEEDI WORKS PRIVATE LIMITED,MANGALURU vs. DEPUTY COMMISIONER OF INCOME TAX, CENTRAL CIRCLE - 2, MANGALURU

40A(3) and insufficiency of\nvouchers – Rs. 17,92,25,000/-\nd) Addition made based on the declaration given by the Director – Rs. 20\nLakhs\ne) Labelling Expenses – Rs. 23,60,587/-\nf) Addition based on the seizure of cash – Rs. 63 Lakhs\ng) Disallowance u/s. 14A – Rs. 70,79,282/-\n7.\nThe AO made the additions based

M/S. BHUWALKA STEEL INDUSTRIES LIMITED,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 1(1)(2), BANGALORE

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

Bench: Shri George George K & Shri Laxmi Prasad Sahu

3. This issue was raised before the ld. DRP but they did not accept the objection of the assessee. Before deciding this issue, first we refer to the Memorandum of the Finance Bill 2012 in this regard which is as under:- TRANSFER PRICING REGULATIONS TO APPLY TO CERTAIN DOMESTIC TRANSACTIONS Section 40A of the Act empowers the Assessing Officer

M/S BHUWALKA STEEL INDUSTRIES LIMITED ,BANGALORE vs. INCOME TAX OFFICER WARD-1(1)(4), BANGALORE

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

Bench: Shri George George K & Shri Laxmi Prasad Sahu

3. This issue was raised before the ld. DRP but they did not accept the objection of the assessee. Before deciding this issue, first we refer to the Memorandum of the Finance Bill 2012 in this regard which is as under:- TRANSFER PRICING REGULATIONS TO APPLY TO CERTAIN DOMESTIC TRANSACTIONS Section 40A of the Act empowers the Assessing Officer

M/S MYSORE RACE CLUB LIMITED ,MYSURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1(2), MYSURU

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

Bench: Shri. B.R. Baskaran & Smt. Beena Pillaiassessment Year : 2011-12 M/S. Mysore Race Club The Deputy Ltd., Commissioner Of Income Post Box No. 11, Tax, Race Course Road, Vs. Circle – 1 [2], Mysuru – 570 010. Mysuru. Pan: Aabcm5167G Appellant Respondent Assessee By : Shri S.V. Ravishankar, Advocate Revenue By : Shri Janardhan, Addl. Cit (Dr) Date Of Hearing : 04-03-2022 Date Of Pronouncement : 14-03-2022 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against The Order Dated 28/10/2016 Passed By Ld.Cit(A), Mysore For Assessment Year 2011- 12 On Following Grounds Of Appeal: “1. The Order Of The Learned Commissioner Of Income-Tax [Appeals] In So Far As They Are Against The Appellant Is Opposed To Law, Equity & Weight Of Evidence, Probabilities, Facts & Circumstance Of The Case. 2. The Appellant Denies Itself Liable To Be Assessed Over & Above The Returned Income By It On The Facts & Circumstances Of The Case. 3. The Learned Commissioner Of Income-Tax [Appeals] Failed To Appreciate That The Amount Collected From Punters For Disbursement As Dividend To Punters Stands Diverted At Source By Virtue Of Overriding Title On The Facts & Circumstances Of The Case. [I]. The Learned Commissioner Of Income-Tax [Appeals] Failed To Appreciate That The Totalizator Collection From The Punters Stands Diverted At Source For Disbursement To Dividend To Punters On The Facts & Circumstances Of The Case. [Ii]. The Learned Commissioner Of Income-Tax [Appeals] Failed To Appreciate That Method Of Accounting Adopted By The Appellant Were Accepted By The Revenue From Past

section 40A(3) of the Act. The Ld.CIT(A) also allowed the claim Page 5 of 14 ITA No. 1480/Bang/2017 pertaining to expenditure disallowed in earlier years for which provision was made and was also not considered by assessing officer in the assessment order. The Ld.CIT(A) also had directed the lower deal to consider the claim of brought forward

UNITED BREWERIES LIMITED,BANGALORE vs. JOINT COMMISSIONER OF INCOME TAX, SPECIAL RANGE- 7, BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

3) of the Act. 15. The Supreme Court, in the case of Steel City Beverages Ltd., considered the issue of whether the bottles and crates can be construed the definition of "Plant" and held bottles those could not be considered as stock in trade. However, the issue that arose before the Supreme Court under the Bihar Sales Tax Supplementary (Deferment

M/S. UNITED BREWERIES LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 7(1)(1), BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

3) of the Act. 15. The Supreme Court, in the case of Steel City Beverages Ltd., considered the issue of whether the bottles and crates can be construed the definition of "Plant" and held bottles those could not be considered as stock in trade. However, the issue that arose before the Supreme Court under the Bihar Sales Tax Supplementary (Deferment

ASSISTANT COMMISSIONER OF INCOME-TAX, BANGALORE vs. M/S. LIFESTYLE INTERNATIONAL (P) LTD.,, BANGALORE

In the result, the appeals filed by the Revenue and the cross objections filed by the assessee are dismissed

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

40A(2) and alternatively u/s 37 of the I T Act holding that the TPO while determining the ALP has not disputed the genuineness of the payment and has accepted the ALP declared by the assessee. 3. On the facts of the case, whether the ld.CIT(A) was justified in deleting the above addition made without appreciating the fact that