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

disallowance of interest paid on borrowings to acquire the subject property which was sold. 3. The NFAC failed to appreciate that the deduction claimed u/s 24(b) in computing income from House Property is different and the deduction of interest claimed in computing capital gains

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

capital gains and the tax payable. That is precisely what has been held by the Bombay High Court in the aforesaid Judgment which in our view is the correct legal decision.” 11. Accordingly we direct the AO to recompute the cost of acquisition in the light of above discussion. 12. The next ground is with regard to disallowance

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

gain. The methodology of reducing the exemption of STCG of Rs.2,50,000/- as calculated by the assessee is not correct as in our view it will not reduce the actual cost of the acquisition incurred for the property. 9.1 Further, with regard toadoption of the guidance value over the actual sale consideration in respect of villa no.13

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

gain. The methodology of reducing the exemption of STCG of Rs.2,50,000/- as calculated by the assessee is not correct as in our view it will not reduce the actual cost of the acquisition incurred for the property. 9.1 Further, with regard toadoption of the guidance value over the actual sale consideration in respect of villa no.13

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

capital gain accounts scheme, accordingly deduction claimed by the assessee of Rs.28,81,917/- was disallowed and added back to the total

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

capital gains as computed and upheld is liable to be deleted. Page 4 of 40 16. On the facts the learned Commissioner (A)ought to have accepted the explanation and submissions made by the appellant and refrained from upholding the impugned additions. 17. Without prejudice, the learned Commissioner (A)erred in not giving any finding with regard to levy

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 in accordance with law. After such set off, tax was computed and deductions under Chapter VI-A were claimed correctly. 6.3 However, while processing the return, the CPC disallowed

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

In the result appeal of the assessee is allowed

capital loss against the\ncapital gains in accordance with law. After such set off, tax was\ncomputed and deductions under Chapter VI-A were claimed correctly.\n6.3 However, while processing the return, the CPC disallowed

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

Disallowance of short term capital loss of INR 550,0891891 on transfer of investment and erroneous computation of the same at INR 146,900,010 17.erred in questioning the business rationale behind hiving off the sprinkler business by TFSIPL as opposed to shutting it down completely and transfer of CCDs to Aigua Sprinkler at nominal value by TFSIP

SMT. S.M.SHOBA,BENGALURU vs. INCOME TAX OFFICER, WARD - 7(2)(1), BANGALORE

In the result, the appeal filed by assessee stands allowed

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2016-17 Smt. S.M. Shoba, No. 1489, First Floor, The Income Tax 40Th Cross, 4Th T Block, Officer, Jayanagar, Ward 7 (2)(1), Bangalore – 560 041. Bangalore. Vs. Pan: Cxkps1454H Appellant Respondent Assessee By : Shri Ramasubramanian, Ca : Shri Priyadarshi Mishra, Addl. Revenue By Cit (Dr) Date Of Hearing : 09-02-2022 Date Of Pronouncement : 30-03-2022 Order Per Beena Pillaipresent Appeal Has Been Filed By Assessee Against The Order Dated 05.07.2019 Passed By The Ld.Cit(A)-7, Bangalore For Assessment Year 2016-17 On Following Grounds Of Appeal. “1. That The Order Of The Learned Commissioner Of Income- Tax (Appeals) In So Far It Is Prejudicial To The Interests Of The Appellant Is Bad & Erroneous In Law & Against The Facts & Circumstances Of The Case. 2. That The Learned Commissioner Of Income-Tax (Appeals) Erred In Law & On Facts In Denying The Cost Of The Land For Claiming Exemption U/S. 54F Of The Act On The Ground That Such Land Was Purchased Four Years Prior To The Date Of Sale Of Original Asset. 3. That The Learned Commissioner Of Income Tax (Appeals) Erred In Law & On Facts In Making An Enhancing The Assessment By Making A Of Disallowance From Rs.

capital gain was Rs.3,27,03,509/-. The deed of sale was executed by the assessee, her father, her sister and her brother on 22.08.2015. The assessee had claimed the benefits under Section 54F of the Income tax Act, in view the acquisition of the residential house property and re-construction of the residential house property. It is submitted before

SHARADA MOHAN SHETTY,KARWAR vs. ITO, WARD-2, KARWAR

In the result, appeal of the assessee is partly allowed

Bench: Or During The Courses Of Appeal Hearing.” 2. The Brief Facts Of The Case Are That The Assessee Filed Return Of Income On 30/09/2015 For The Assessment Year 2015-16 Declaring Page 2 Of 16

disallowed and the Long Term Capital Gain arising on sale of capital asset of Rs.1,86,63,291/- has been

SHRI. KOLA VENKAT RAMA NAIDU,BANGALORE vs. THE COMMISSIONER OF INCOME TAX (APPEALS) - 6, BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2010-11

capital gain and to grant benefit of indexation of cost of acquisition. Regarding the addition on account of disallowance of 25% of development

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.

disallowance of Rs.92,76,060/- being the sundry debtors not collectible while computing the capital gains as declared by the appellant

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

capital gains. Bad debts written off ITA Nos.1211 to 1212 & 1251 to 1253/Bang/2013 Page 6 of 23 14. On perusal of the return filed in response to notice u/s. 153C, the AO noticed that the assessee has claimed a sum of Rs.30,34,124 as bad debts written off. The AO disallowed

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

capital gains. Bad debts written off ITA Nos.1211 to 1212 & 1251 to 1253/Bang/2013 Page 6 of 23 14. On perusal of the return filed in response to notice u/s. 153C, the AO noticed that the assessee has claimed a sum of Rs.30,34,124 as bad debts written off. The AO disallowed

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

capital gains. Bad debts written off ITA Nos.1211 to 1212 & 1251 to 1253/Bang/2013 Page 6 of 23 14. On perusal of the return filed in response to notice u/s. 153C, the AO noticed that the assessee has claimed a sum of Rs.30,34,124 as bad debts written off. The AO disallowed

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

capital gains. Bad debts written off ITA Nos.1211 to 1212 & 1251 to 1253/Bang/2013 Page 6 of 23 14. On perusal of the return filed in response to notice u/s. 153C, the AO noticed that the assessee has claimed a sum of Rs.30,34,124 as bad debts written off. The AO disallowed

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

capital gains. Bad debts written off ITA Nos.1211 to 1212 & 1251 to 1253/Bang/2013 Page 6 of 23 14. On perusal of the return filed in response to notice u/s. 153C, the AO noticed that the assessee has claimed a sum of Rs.30,34,124 as bad debts written off. The AO disallowed

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

disallowed and the long term\ncapital gain on sale of land is reworked as below :\nSale Consideration\nLess : Cost of Acquisition\nLong term Capital