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

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1, MANGALORE vs. L JAVERCHAND JEWELLERS PRIVATE LIMITED, MUMBAI

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2019-20 L. Javerchand Jewellers Pvt. Ltd. No.1, 2Nd Floor & 3Rd Floor, Choksi Chamber Dcit 1Stagyari Lane Vs. Central Circle-1 Zaveri Bazar Mangaluru Mumbai 400 002

2) of section 270A is satisfied, has also not specifically mentioned the exact limb of misreporting as per section 270A(9) of the Act. L. Javerchand Jewellers Pvt. Ltd., Mumbai Page 15 of 17 10.6 By respectfully following the judgment of Hon’ble High court of Delhi in the case of Schneider Electric South East Asia

M/S. THE BHAVASARA KSHATRIYA CO-OPERATIVE SOCIETY LIMITED,MYSURU vs. INCOME TAX OFFICER, WARD-2(1), MYSURU

disallowed the deduction under Section\n80P(2)(a)(i) holding that the appellant/assessee is neither a primary\nagricultural credit society nor a primary co-operative agricultural and\nrural development bank. The Ld.AO therein held that the appellant/assessee\nis a \"co-operative bank\" and thus, was hit by the provisions of Section\n80(P)(4) and was not entitled

IIFL SAMASTA FINANCE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-6(1)(1), BANGALORE

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

disallowance of employees\ncontribution u/s 36(1)(va) of the Act treating as under reported\nunder sub section (2) of Section 270A

CHIGURUVADA DILEEPKUMAR,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-3(3)(1), BENGALURU

In the result, the appeal filed by assessee in ITA No

Bench: Smt Beena Pillai & Shri Laxmi Prasad Sahu

2) of section 249, grant immunity from imposition of penalty under section 270Aand initiation of proceedings under section 276C or section 276CC, where the proceedings for penalty under section 270A has not been initiated under the circumstances referred to in sub-section (9) of the said section 270A.” Also as per CBDT Notification No 3/2022, dated 16.07.22, filing of Form

CHIGURUVADA DILEEP KUMAR ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3(3)(1) , BANGALORE

In the result, the appeal filed by assessee in ITA No

Bench: Smt Beena Pillai & Shri Laxmi Prasad Sahu

2) of section 249, grant immunity from imposition of penalty under section 270Aand initiation of proceedings under section 276C or section 276CC, where the proceedings for penalty under section 270A has not been initiated under the circumstances referred to in sub-section (9) of the said section 270A.” Also as per CBDT Notification No 3/2022, dated 16.07.22, filing of Form

THE BBR & RDCC BANK EMPLOYEES CO-OP SOCIETY LIMITED,BANGALORE vs. ITO, WARD-5(2)(1), BENGALURU

In the result, all the four appeals are allowed for statistical purposes

disallowance.", "held": "The Tribunal held that the assessee is not eligible for deductions under Section 80P(2)(a)(i) and 80P(2)(d) for interest income earned from banks. However, the assessee is eligible for claiming expenses (cost of funds) as per Section 57(iii) for earning interest income. The case is remitted to the AO to decide the issue

SEKHON JAGTAR SINGH,BANGALORE vs. INCOME TAX OFFICER, WARD-5(3)(5), BANGALORE

In the result, the appeal of the assessee is allowed

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

disallowance of ₹ 74,951/-under section 24 of the Act representing the excessive interest claimed by the assessee. As per the AO, the income assessed under section 147 r.w.s. 144 of the Act represents the underreporting of income in pursuance to the provisions of section 270A(2

THE BBR & RDCC BANK EMPLOYEES CO-OP SOCIETY,BANGALORE vs. INCOME TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, all the four appeals are allowed for statistical purposes

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubey

disallowing the entire deduction claimed under section 80P of the Act under section 143(3)r.w.s. 254 of the Act the interest received of Rs.18,07,490/-. This is second round of proceeding before us. In the first round of proceeding in ITA No.17/Bang/2023 vide Order dated 06.02.2023, the Co-ordinate Bench held as under: “7. The Tribunal

THE BBR & RDCC BANK EMPLOYEES CO-OP SOCIETY ,BANGALORE vs. INCOME TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, all the four appeals are allowed for statistical purposes

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubey

disallowing the entire deduction claimed under section 80P of the Act under section 143(3)r.w.s. 254 of the Act the interest received of Rs.18,07,490/-. This is second round of proceeding before us. In the first round of proceeding in ITA No.17/Bang/2023 vide Order dated 06.02.2023, the Co-ordinate Bench held as under: “7. The Tribunal

THE BBR & RDCC BANK EMPLOYEES CO-OP SOCIETY LIMITED ,BANGALORE vs. INCOME TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, all the four appeals are allowed for statistical purposes

Bench: Shri. Laxmi Prasad Sahu & Shri. Keshav Dubey

disallowing the entire deduction claimed under section 80P of the Act under section 143(3)r.w.s. 254 of the Act the interest received of Rs.18,07,490/-. This is second round of proceeding before us. In the first round of proceeding in ITA No.17/Bang/2023 vide Order dated 06.02.2023, the Co-ordinate Bench held as under: “7. The Tribunal

DEPUTY COMMISSIONER OF INCOME TAX, (EXEMPTIONS), CIRCLE-1, BENGALURU vs. RASHTROTTHANA PARISHAT, BENGALURU

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

Bench: Shri Prashant Maharishi & Shri Keshav Dubeyassessment Year: 2017=18

2) of section 270A which defines under reporting and accordingly prayed to condone the bonafide error on their part & drop the penalty proceedings initiated under section 270A of the Act. 3.9 The AO after considering the above reply of the assessee trust held that the assessee contention is not found to be acceptable. The AO was of the opinion that

M/S. WINDSOR GARDENS PRIVATE LIMITED,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 7(1)(2), BANGALORE

In the result, appeal of the assessee is allowed

Bench: George George K. & Shri Laxmi Prasad Sahuassessment Year : 2017-18

disallowances under section 14A of the Act. This by no stretch of imagination can be held to be 'misreporting'. 8. This Court also finds that there is not even a whisper as to which limb of section 270A of the Act is attracted and how the ingredient of sub-section (9) of section 270A is satisfied. In the absence

M/S. VISTAAR FINANCIAL SERVICES PVT LTD., ,BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE -7(1)(1), BENGALURU

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

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2020-21

270A{2) for underreporting and section 270(9) for misreporting. 15. Without prejudice to the above, the lower authorities have failed to appreciate that mere addition/ disallowance

NORTHERN OPERATING SERVICES PRIVATE LIMITED,ARGON SOUTH TOWER vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 5 (1)(1), BANGALORE

In the result, appeal filed by the assessee is allowed

Bench: Shri George George K & Shri Laxmi Prasad Sahuassessment Year : 2020-21 M/S. Northern Operating Services Pvt. Ltd., Vs. Dcit, 2Nd Floor Rmz Ecopace, Circle – 5(1)(1), Campus 1C, Bengaluru. Sarjapur Outer Ring Road, Bellandur, Bengaluru – 560 103. Pan : Aaccn 1652 J Appellant Respondent Assessee By : Ms. Divya Motwani, Ca. Revenue By : Shri. D. K. Mishra, Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 26.09.2024 Date Of Pronouncement : 27.09.2024

270A were also proposed to be initiated on this issue for under reporting of income which is in consequence of misreporting thereof.” 10. Disallowance under section 37 of the Act operates under Chapter IV-D of the Act while computing income under head “Profits and Gains from Business / Profession”. Expenses prescribed under sections

IBM INDIA PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3(1)(1), BANGALORE

In the result, appeal by the assessee stands allowed as indicated hereinabove

Bench: Shri. B.R. Baskaran & Smt. Beena Pillaiit(Tp)A No. 289/Bang/2021 Assessment Year : 2015-16 M/S. Ibm India Pvt. Ltd., The Deputy No. 12, Subramanya Commissioner Of Arcade, Income-Tax, Bannerghatta Road, Circle 3 (1)(1), Bangalore – 560 029. Vs. Bangalore. Pan: Aaaci4403L Appellant Respondent Assessee By : Shri Ajay Roti, Ca Revenue By : Shri Pradeep Kumar, Cit Dr Date Of Hearing : 12-01-2022 Date Of Pronouncement : 14-02-2022 Order Per Beena Pillaipresent Appeal By The Assessee Has Been Filed By Assessee Against The Final Assessment Order Dated 30.04.2021 U/S. 143(3) R.W.S. 144C(13) R.W.S. 144B Of The Act Passed By The National Faceless Assessment Centre, Delhi Relating To Assessment Year 2015-16 On Following Grounds Of Appeal: “The Grounds Stated Hereunder Are Independent Of & Without Prejudice To One Another. The Appellant Submits As Under: 1. Assessment Order Bad In Law 1.1. At The Outset, M/S Ibm India Private Limited (Hereinafter Referred To As 'The Appellant' Or 'The Company') Prays That The Order Dated April 30. 2021

disallowing the said expense without giving cognizance to the facts of the Appellant and the various judicial precedents relied on by the Appellant. 7.4. The Hon'ble DRP has erred on facts and in law in holding that ESOP/ Employee Share Based Plan (`ESBP') expense does not satisfy conditions of section

SAUNSHI URBAN CO-OP CREDIT SOCIETY LIMITED ,SANUSHI vs. INCOME TAX OFFICER, WARD-1(1), HUBLI

Bench: Shri Waseem Ahmed & Shri Rahul Chaudharysaunshi Urban Co-Op Credit Society Ltd. 01 Saunshi Urban Co-Op Credit Society Ltd. Market Road Saunshi Saunshi 581 117 ………. Appellant [Pan: Aaaas5548Q]

270A(2) of the Act are contrary to law on the facts and circumstances of the case 3. The relevant facts in brief are that Assessee is a society registered under Karnataka State Co-operative Societies Act, 1959. The main object of the society is providing credit facilities to the members of 2 Assessment Year 2018-2019 the society