M/S. BHARAT BEEDI WORKS PRIVATE LIMITED ,MANGALURU vs. ASSISTANT COMMISIONER OF INCOME TAX, CIRCLE - 2(1) , MANGALURU

Bench: Shri Laxmi Prasad Sahu\Nand\Nshri Soundararajan K.\Nita Nos.642 To 645/Bang/2024\N Assessment Years : 2017-18 To\N2020-21\Nm/S. Bharat Beedi Works\Nprivate Limited,\Ngolden Jubilee Building,\Nbharath Bagh,\Nkadri Road,\Nmangaluru – 575 002.\Npan: Aaacb9001B\Nappellant\Nassessee By\Nrevenue By\N: Shri Chythanya .K, Sr.\Nadvocate\N: Shri E. Shridhar, Cit-Dr\Ndate Of Hearing\Ndate Of Pronouncement\Norder\Nper Bench\Nthese Are The Appeals Filed By The Assessee Challenging The Orders Of\Nthe Ld.Cit(A) -2, Panaji Dated 30/01/2024 In Respect Of The A.Ys.2017-18,\N2018-19, 2019-20 & 2020-21. The Grounds Raised By The Assessee For\Neach Of The Assessment Years Are Extracted Hereunder For The Sack Of\Nconvenience.\Npage 2 Of 74\Nita Nos.642 To 645/Bang/2024\N Assessment Year 2017-18:\N“1. The Impugned Orders Of The Lower Authorities Are Not\Njustified In Law & On The Facts & Circumstances Of The\Ncase.\N2. The Impugned Assessment Proceedings & The\Nimpugned Assessment Order Under Section 143(3) Dated\N29.11.2021 Are Bad & Non-Est Since The Notice Under\Nsection 143(2) Dated 13.08.2018 Was Issued Without\Naffixing Any Signature Either Manually Or Digitally.\N3. Without Prejudice To The Above, Impugned Assessment\Nproceedings & The Impugned Assessment Order Under\Nsection 143(3) Dated 29.11.2021 Are Bad & Non-Est\Nbeing Based On The Notice Under Section 143(2) Dated\N13.08.2018 Which Is Vague, Without Of Application Of Mind\Nand Contrary To Section 143(2) & Applicable Board\Ncirculars & Instructions.\N4. As Regards Disallowance Under Section 14A U/S Rule\N8D(2)(Ii):\N4.

disallowance under Section 14A can be made\ntowards the interest expenditure where the Appellant's\ninterest-free funds exceed its interest-free investments.\nFor the above Grounds and for such other Grounds which\nmay be allowed by the Honourable Members to be urged\nat the time of hearing, it is prayed that the aforesaid\nappeal be allowed.”\n Assessment Year

INFOSYS LTD.,,BANGALORE vs. ADDL.C.I.T, BANGALORE

In the result, Revenue’s appeal for A

Bench: Shri Sunil Kumar Yadav & Shri Jason P Boaz

131; comprising 50% of salary of employee plus 5% of salary of Senior Vice President. The Assessing Officer, however, computed the disallowance under Section

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

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K.

disallowance under Section 14A can be made towards the interest expenditure where the Appellant's interest-free funds exceed its interest-free investments. For the above Grounds and for such other Grounds which may be allowed by the Honourable Members to be urged at the time of hearing, it is prayed that the aforesaid appeal be allowed.” Assessment Year

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

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K.

disallowance under Section 14A can be made towards the interest expenditure where the Appellant's interest-free funds exceed its interest-free investments. For the above Grounds and for such other Grounds which may be allowed by the Honourable Members to be urged at the time of hearing, it is prayed that the aforesaid appeal be allowed.” Assessment Year

R. SRINIVAS RAJU,BANGALORE vs. ACIT, BANGALORE

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

Bench: Shri A.K. Garodia & Shri Vijay Pal Rao

disallowance made under section 40A(3) of the act. The brief facts leading to the controversy, are that a search under section 132 of the Act was conducted in the case of M/s Adarsh Developers on 13/12/2006. During the course of search certain documents pertaining to Sri S. L. Natraj, one of the associate of Sri Jayaram, partner

M/S. SYNGENE INTERNATIONAL LIMITED,BANGALORE vs. JOINT COMMISSIONER OF INCOME TAX, SPECIAL RANGE- 6, BANGALORE

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

Bench: Shri Chandra Poojari & Shri George George K.Assessment Year: 2010-11

disallowance under section 14A. Section 14A concerns itself with proximate expenditure and not any other expenditure howsoever remote and distant. This proposition is affirmed by the following judicial precedents: • CIT v Socidade De Fomento Industrial Pvt Limited (2020) 429 ITR 358 (Born) [CLC-III Pg.490-501] • Canara Bank v ACIT [2014] 52 taxmann.com 162 (Karnataka) [CLC Pg.324-341] M/s. Syngene International Limited

M/S. IBM INDIA PVT. LTD.,,BENGALURU vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-4(1)(2), BENGALURU

In the result appeal filed by assessee stands partly allowed

Bench: Shri. B. R. Baskaran & Smt. Beena Pillai

Section 92CC with the caption “Advance Pricing Agreement” provides through sub-section (1): `The Board, with the approval of the Central Government, may enter into an advance pricing agreement with any person, determining the arm's length price … in relation to an international transaction …’. Sub-section (2) gives the manner of determination of the ALP referred to in sub-section

M/S. BHARAT ELECTRONICS LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, LTU, CIRCLE-1, BENGALURU

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

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahuassessment Year : 2012-13 M/S. Bharat Electronics The Assistant Ltd., Commissioner Of Registered Office, Income Tax, Outer Ring Road Ltu, Nagawara, Circle – 1, Vs. Bangalore – 560 045. Bangalore. Pan: Aaacb5985C Appellant Respondent

131 (Kol.) (Trib.)  Yashoda Health Care Services P. Ltd. v. DCIT (2017) 54 ITR 26 (Hyd.) (Trib.)  Electrosteel Castings Ltd. v. DCIT (2017) 53 ITR 5 (Kol.) (Trib.) 7. While calculating the disallowance under section

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

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K.

disallowance under Section 14A can be made towards the interest expenditure where the Appellant's interest-free funds exceed its interest-free investments. For the above Grounds and for such other Grounds which may be allowed by the Honourable Members to be urged at the time of hearing, it is prayed that the aforesaid appeal be allowed." Page

BYSANI SRINATH MAMATHA,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX, (OSD) CENTRAL CIRCLE-1(3), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

disallowances of Rs.7,66,69,033/- and Rs.15,09,89,853/- in case of M/s Aishwarya Trading Corporation (own case) and M/s Sanjana Trading Corporation (wife case) respectively for different financial years. 2.5 In the post search proceedings, the statement of the assessee was again recorded under section 131

BYSANI ADINARAYAGUPATHA SRINATH,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX (OSD), CENTRAL CIRCLE-1(3), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

disallowances of Rs.7,66,69,033/- and Rs.15,09,89,853/- in case of M/s Aishwarya Trading Corporation (own case) and M/s Sanjana Trading Corporation (wife case) respectively for different financial years. 2.5 In the post search proceedings, the statement of the assessee was again recorded under section 131

BYSANI ADINARAYAGUPTHA SRINATH,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX(OSD), CENTRAL CIRCLE 1(3), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

disallowances of Rs.7,66,69,033/- and Rs.15,09,89,853/- in case of M/s Aishwarya Trading Corporation (own case) and M/s Sanjana Trading Corporation (wife case) respectively for different financial years. 2.5 In the post search proceedings, the statement of the assessee was again recorded under section 131

BYSANI SRINATH MAMATHA,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX (OSD), CENTRAL CIRCLE-1(3), BENGALURU

In the result, the appeals of the assessee for

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

disallowances of Rs.7,66,69,033/- and Rs.15,09,89,853/- in case of M/s Aishwarya Trading Corporation (own case) and M/s Sanjana Trading Corporation (wife case) respectively for different financial years. 2.5 In the post search proceedings, the statement of the assessee was again recorded under section 131

BYSANI ADINARAYAGUPTHA SRINATH,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX(OSD), CENTRAL CIRCLE-1(3), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

disallowances of Rs.7,66,69,033/- and Rs.15,09,89,853/- in case of M/s Aishwarya Trading Corporation (own case) and M/s Sanjana Trading Corporation (wife case) respectively for different financial years. 2.5 In the post search proceedings, the statement of the assessee was again recorded under section 131

BYSANI SRINATH MAMATHA,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX(OSD), CENTRAL CIRCLE-1(3), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

disallowances of Rs.7,66,69,033/- and Rs.15,09,89,853/- in case of M/s Aishwarya Trading Corporation (own case) and M/s Sanjana Trading Corporation (wife case) respectively for different financial years. 2.5 In the post search proceedings, the statement of the assessee was again recorded under section 131

BYSANI SRINATH MAMATHA,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX (OSD), CENTRAL CIRCLE-1(3), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

disallowances of Rs.7,66,69,033/- and Rs.15,09,89,853/- in case of M/s Aishwarya Trading Corporation (own case) and M/s Sanjana Trading Corporation (wife case) respectively for different financial years. 2.5 In the post search proceedings, the statement of the assessee was again recorded under section 131

BYSANI SRINATH MAMATHA,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX (OSD) CENTRAL CIRCLE-1(3), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

disallowances of Rs.7,66,69,033/- and Rs.15,09,89,853/- in case of M/s Aishwarya Trading Corporation (own case) and M/s Sanjana Trading Corporation (wife case) respectively for different financial years. 2.5 In the post search proceedings, the statement of the assessee was again recorded under section 131

BYSANI ADINARAYAGUPTHA SRINATH,BENGALURU vs. JOINT COMMISSIONER OF INCOME TAX (OSD), CENTRAL CIRCLE-1(3), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

disallowances of Rs.7,66,69,033/- and Rs.15,09,89,853/- in case of M/s Aishwarya Trading Corporation (own case) and M/s Sanjana Trading Corporation (wife case) respectively for different financial years. 2.5 In the post search proceedings, the statement of the assessee was again recorded under section 131