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

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

disallowance under Section 14A can be made\ntowards the interest expenditure where the Appellant's\ninterest-free funds exceed its interest-free investments.\n\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\nPage

INTACT DEVELOPERS PRIVATE LIMITED,BANGALORE vs. DCIT, CENTRAL CIRCLE-1(2), BANGALORE

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

2): Where a return has been furnished under section 139, or in response to a notice under section (1) of section 142, the assessing officer shall,- (i) Where he has reason to believe that nay claim of loss exemption, deduction, allowance or relief made in the return is inadmissible, serve on the assessee a notice specifying part5iculars of such claim

INTACT DEVELOPERS PRIVATE LIMITED ,BANGALORE vs. DCIT, CENTRAL CIRCLE-1(2), BANGALORE

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

2): Where a return has been furnished under section 139, or in response to a notice under section (1) of section 142, the assessing officer shall,- (i) Where he has reason to believe that nay claim of loss exemption, deduction, allowance or relief made in the return is inadmissible, serve on the assessee a notice specifying part5iculars of such claim

INTACT DEVELOPERS PRIVATE LIMITED,BANGALORE vs. DCIT, CENTRAL CIRCLE-1(2), BANGALORE

Accordingly, the appeals of the assessee for the AY 2015-16\nto AY 2017-18 are allowed

2): Where a return has been furnished under section 139, or in\nresponse to a notice under section (1) of section 142, the assessing\nofficer shall,-\n(i)\nWhere he has reason to believe that nay claim of loss\nexemption, deduction, allowance or relief made in the\nreturn is inadmissible, serve on the assessee a notice\nspecifying part5iculars of such

INCOME-TAX OFFICER, WARD-7(2)(1), BENGALURU, BENGALURU vs. M/S. BANGALORE CREDIT CO-OPERATIVE SOCIETY LIMITED, BENGALURU

In the result both the appeals of the Revenue as well as\nCos of the Assessee for the Asst

142(1) of the Act was issued to the\nassessee seeking certain information and documents. In response\nto the same, the assessee made its submissions by a letter dated\n15.02.2021. The assessee society claims that the deduction u/s\n80P(2)(d) on the interest earned from FDs with other co-operative\nsocieties/ Co-operative banks cannot be denied. Upon perusal

IBM GLOBAL SERVICES INDIA PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), BANGALORE

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

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2000-2001

2) was issued, based on which the details as called for in notice u/s. 142(1) were furnished by the assessee. The assessment was thereafter passed on 31.03.2003, u/s. 143(3) r.w.s. 144A of the Act. One of the disallowance made in the assessment order was denying exemption claimed u/s. 10A of the act on the ground that, the export

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

142(1) were also issued. In the said\nnotice, the AO was seeking the explanation that whether the payment is hit\nby the proviso to section 2(15) r.w.s. 13(8) of the Act. Similarly, the AO had\nproposed to disallow

SHRI. SHANTHISAGAR CO OP CREDIT SOCIETY LIMITED,HUBLI vs. INCOME TAX OFFICER, WARD-2(1), HUBLI

In the result, the appeal of the assessee is hereby partly allowed for statistical purposes

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2017-18

2)(a)(i) of the Act on the interest income from SUCO bank. Hence the ground of appeal of the assessee is hereby allowed. . ITA No.2081 /Bang/2025 Page 22 of 32 14. The next issue raised by the assessee through Ground Nos. 9 to 13 of the appeal pertains to the treatment of Rs. 31,03,300/- representing the deposits

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

142(1) were also issued. In the said\nnotice, the AO was seeking the explanation that whether the payment is hit\nby the proviso to section 2(15) r.w.s. 13(8) of the Act. Similarly, the AO had\nproposed to disallow

M/S. REGIONAL OILSEEDS GROWERS CO-OPERATIVE SOCIETIES UNION LIMITED,CHITRADURGA vs. JOINT COMMISSIONER OF INCOME TAX, DAVANGERE

In the result, the appeals filed by the assessee on this issue stands dismissed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

142 or under Page 21 of 23 ITA Nos. 1354 & 1355/Bang/2016 sub-section (1) of section 115WH or under section 148 for the making of the return or by the notice under the first proviso to section 115WF or under the first proviso to section 144 to show cause why the assessment should not be completed to the best

M/S. REGIONAL OILSEEDS GROWERS CO-OPERATIVE SOCIETIES UNION LIMITED,CHITRADURGA vs. JOINT COMMISSIONER OF INCOME TAX, DAVANGERE

In the result, the appeals filed by the assessee on this issue\nstands dismissed

142 or under\nsub-section (1) of section 115WH or under section 148 for\nthe making of the return or by the notice under the first\nproviso to section 115WF or under the first proviso\nto section 144 to show cause why the assessment should\nnot be completed to the best of the judgment of the\nAssessing Officer, whichever

M/S. NAVODAYA GRAMA VIKAS CHARITABLE TRUST,MANGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, BANGALORE

In the result, the appeal filed by assessee stands allowed

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2017-18 M/S. Navodaya Grama Vikas Charitable Trust, The Deputy #14-7-1005, Scdcc Commissioner Of Bank Ltd., Income Tax, Head Office Building, Central Circle – 1, Kodialbail, Vs. Mangaluru. Mangaluru – 575 003. Pan: Aaatn7594E Appellant Respondent : Shri V. Srinivasan, Advocate & Assessee By Ms. Sunaina Bhatia, Ca Revenue By : Shri D.K. Mishra, Cit Dr Date Of Hearing : 07-07-2023 Date Of Pronouncement : 31-08-2023 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against The Order Dated 07.03.2022 Passed By Ld.Cit(A)-2, Panaji For A.Y. 2017-18 On Following Grounds Of Appeal: “1. The Orders Of The Authorities Below In So Far As They Are Against The Appellant Are Opposed To Law. Equity, Weight Of Evidence. Probabilities, Facts & Circumstances Of The Case. 2. The Learned Cit [A] Is Not Justified In Upholding The Disallowance Of The Exemption Claimed U/S.11 Of The Act

disallowance of the exemption claimed u/s.11 of the Act, Page 2 on the ground that the activities of the appellant are hit by the provisions of section 13[8] rws the proviso to section 2[15] of the Act, under the facts and in the circumstances of the appellant's case. 3. The learned CIT[A] has erred in holding

MAHILANIDHI SOUHARDA LIMITED ,MANGALORE vs. INCOME TAX OFFICER, WARD-2(1), MANGALORE

In the result, the appeal by the assessee for the assessment\nyears 2018-19 and 2020-21 are allowed

disallowing the deduction u/s 80P(2)(d)\nof the Act in respect of interest earned on deposits with Co-\noperative banks.\nEach of the above grounds is without prejudice to one\nanother and the appellant craves leave\nof the Hon'ble Income Tax Appellate Tribunal, Bangalore to\nadd, delete, amend or otherwise modify one or more of the\nabove grounds

INCOME TAX OFFICER, WARD-1, UDUPI vs. KAMBADAKONE RYTARA SEVA SAHAKARI SANGHA LTD, UPPUNDA

section\n80P(2)(d) has not been amended to include co-operative\nbanks explicitly.\n6.\nThe CIT(A) erred in non appreciating/neglecting the fact that\nthe character or nature of interest income received on the\ninvestment or deposits from a scheduled bank or co-\noperative banks is the same. It is not a business income\ntaxable

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3(1)(1), BENGALURU, BENGALURU vs. INFOSYS LIMITED, BENGALURU

In the result, appeal filed by the assessee is partly allowed and the appeal filed by the revenue is dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2019-20

disallowance made under section 10AA of the Act ignoring that since no new master service agreement was made, the benefit of claim u/s 10AA from the old SEZ cannot be allowed. 5. The CIT(A) erred in remitting the matter to assessing officer on issue relating to section 80G of the Act ignoring that in instant case assessee

AKSHAY KUMAR RUNGTA,BANGALORE vs. INCOME TAX OFFICER, WARD 2(1), INTERNATIONAL TAXATION

In the result, appeal filed by the assessee is allowed as per above terms

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubeyit(It)A No.66/Bang/2024 Assessment Year :2015-16

disallowing the claim of exemption claimed under section 10(38) of the Act with respect to the capital gains on the long term equity shares and have failed to take cognizance of the DEMAT statement, contract notes, etc submitted during the course of assessment proceedings on the facts and circumstances. ii. The authorities below have erred in treating the long

MAHILANIDHI SOUHARDA LIMITED ,MANGALORE vs. INCOME TAX OFFICER, WARD-2(1), MANGALORE

In the result, the appeal by the assessee for the assessment year 2017-18 is allowed

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

disallowing the deduction u/s 80P(2)(d) of the Act in respect of interest earned on deposits with Co- operative banks. Each of the above grounds is without prejudice to one another and the appellant craves leave of the Hon'ble Income Tax Appellate Tribunal, Bangalore to add, delete, amend or otherwise modify one or more of the above grounds