M/S. CENTURY SILICON CITY,BANGALORE vs. DCIT, CIRCLE-1(2)(1, BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

7 of 26 revaluation of vacant land, when there was no plan, either in the near future or on long term, to sell the land or develop any residential or commercial project thereon. (iii) Shri A. Ramkrishna had contributed one of the residentially converted immovable property (bearing Survey No 107/2 and Survey No 116/2 totally measuring 1 Acre 20 Gunthas

CENTURY SHELTORS,BANGALORE vs. ACIT, CIRCLE-2(2), BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

7 of 26 revaluation of vacant land, when there was no plan, either in the near future or on long term, to sell the land or develop any residential or commercial project thereon. (iii) Shri A. Ramkrishna had contributed one of the residentially converted immovable property (bearing Survey No 107/2 and Survey No 116/2 totally measuring 1 Acre 20 Gunthas

M/S. CENTURY SILICON CITY,BANGALORE vs. DCIT, CIRCLE-1(2)(1, BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

7 of 26 revaluation of vacant land, when there was no plan, either in the near future or on long term, to sell the land or develop any residential or commercial project thereon. (iii) Shri A. Ramkrishna had contributed one of the residentially converted immovable property (bearing Survey No 107/2 and Survey No 116/2 totally measuring 1 Acre 20 Gunthas

CENTURY SHELTORS,BANGALORE vs. ACIT, CIRCLE-2(2), BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

7 of 26 revaluation of vacant land, when there was no plan, either in the near future or on long term, to sell the land or develop any residential or commercial project thereon. (iii) Shri A. Ramkrishna had contributed one of the residentially converted immovable property (bearing Survey No 107/2 and Survey No 116/2 totally measuring 1 Acre 20 Gunthas

CENTURY SHELTORS,BANGALORE vs. ACIT, CIRCLE-2(2), BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

7 of 26 revaluation of vacant land, when there was no plan, either in the near future or on long term, to sell the land or develop any residential or commercial project thereon. (iii) Shri A. Ramkrishna had contributed one of the residentially converted immovable property (bearing Survey No 107/2 and Survey No 116/2 totally measuring 1 Acre 20 Gunthas

M/S. CENTURY SILICON CITY,BANGALORE vs. DCIT, CIRCLE-1(2)(1, BANGALORE

In the result, the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Shri Anikesh Banerjee

7 of 26 revaluation of vacant land, when there was no plan, either in the near future or on long term, to sell the land or develop any residential or commercial project thereon. (iii) Shri A. Ramkrishna had contributed one of the residentially converted immovable property (bearing Survey No 107/2 and Survey No 116/2 totally measuring 1 Acre 20 Gunthas

SRI. SHAMBULAL G CHHABRA vs. ADDL.C.I.T.,

In the result, the assessee’s appeal for Assessment Year 2009-10 is allowed

Bench: Shri Jason P Boaz & Shri Pavan Kumar Gadaleassessment Year : 2009-10 Shri. Shambulal G. Chhabria, Vs. Additional Commissioner Of No.G-5, Ramanashree Chambers, Income Tax, Lady Curzon Road, Range - 8, Malleswaram, Bangalore-560 001. Bangalore. Pan : Abhps 4411 M Appellant Respondent Assessee By : Shri. V. Chandrasekhar, Advocate Revenue By : Shri. C. H. Sundar Rao, Cit Date Of Hearing : 26.03.2019 Date Of Pronouncement : 24.05.2019

disallowance of interest payment of Rs.48,66,556/- under section 40A(2)(b) of the Act, in the case on hand, is factually unsustainable and accordingly delete the same. 7

M/S. ORIGAMI CELLULO PRIVATE LIMITED,BENGALURU vs. PRINCIPAL COMMISSIONER OF INCOME TAX - 5, BENGALURU

In the result, the appeal of the assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year : 2015-16

7, the assessee has objected to Ld. Pr. CIT’s finding with reference to reasons set out in Clause 3(b) of the SCN which read as follows: “One of the reasons for selection of scrutiny was mismatch in amount paid to related persons u/s 40A (2) (b) reported in Audit report (Form 3CEB) and ITR. However, the case

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

B ” BEFORE SHRI A.K. GARODIA, ACCOUNTANT MEMBER AND SHRI VIJAY PAL RAO, JUDICIAL MEMBER I.T.A. No.162/Bang/2011 (Assessment Year : 2007-08) R Srinivas Raju, Vs. Asst. Commissioner of Income Tax, No.1 Srihari Towers, Central Circle 2(1), Bangalore. 5th A Main, Hebbal, Bangalore. PAN ACWPR 2702A Appellant Respondent. Appellant By : Shri H. Guruswamy, ITP. Respondent By : Dr.Shankar Prasad, JCIT (D.R) Date

M/S KBD SUGARS & DISTILLERIES LTD. vs. ACIT,

In the result, the appeals of the assessee for the Assessment Years 2008-

40A(2) in respect of interest free advances given to the related parties. The CIT (Appeals) deleted the said disallowance made by the Assessing Officer on the ground that the said advances made by the assessee from its own funds and not from the interest bearing fund. As regards the disallowance made by the Assessing Officer under Section

M/S STERLING URBAN DEVELOPMENT PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-6(1)(2), BANGALORE

In the result, the grounds of appeal are decided as follows: Ground

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariit(Tp)A No.3282/Bang/2018 Assessment Year : 2014-15 M/S. Sterling Urban Development Pvt. Ltd., Vs. The Deputy Commissioner Of Income Tax, No.8, Level-5, Prestige Nebula, Circle -6(1)(2), Cubbon Road, Bengaluru. Opp. To Income Tax Office Building, Bengaluru – 560 001. Pan : Aaacf 9183 C Appellant Respondent Appellant By : Shri. Ramasubramaniyan, Ca Respondent By : Shri. Muzaffar Hussain, Cit(Dr)(Itat), Bengaluru Date Of Hearing : 12.10.2021 Date Of Pronouncement : 22.11.2021 O R D E R Per Chandra Poojari: This Is An Appeal By The Assessee Against The Final Order Of Assessment Dated 12.10.2018 Passed By The Dcit, Circle-6(1)(2), Bengaluru, Passed U/S. 144C R.W.S. 143(3) Of The Income-Tax Act, 1961 [The Act] Relating To Assessment Year 2014-15. 2. The Assessee Is A Company Incorporated Under The Companies Act, 1956 On 12Th June 2002 Under The Name & Style “Foundation Habitats (India) Private Limited”. The Company Has Been Converted As A Spv In The Year 2006. The Assessee Is Engaged In The Activities Relating To Real Estate

7 of 26 “Expenses or payments not deductible in certain circumstances. 40A. (1) The provisions of this section shall have effect notwithstanding anything to the contrary contained in any other provision of this Act relating to the computation of income under the head “Profits and gains of business or profession” . (2)(a) Where the assessee incurs any expenditure in respect

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

7. The appellant craves leave to add, alter, amend and / or delete any of the grounds that may be urged.” 11. The Revenue is in appeal for assessment year 2011-12, on issues that were allowed by the Ld.CIT(A). 11.1 Ground No.2 of Revenue appeal is challenging 50% addition deleted by the Ld.CIT(A) in addition made under section

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

7. The appellant craves leave to add, alter, amend and / or delete any of the grounds that may be urged.” 11. The Revenue is in appeal for assessment year 2011-12, on issues that were allowed by the Ld.CIT(A). 11.1 Ground No.2 of Revenue appeal is challenging 50% addition deleted by the Ld.CIT(A) in addition made under section

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

7. The appellant craves leave to add, alter, amend and / or delete any of the grounds that may be urged.” 11. The Revenue is in appeal for assessment year 2011-12, on issues that were allowed by the Ld.CIT(A). 11.1 Ground No.2 of Revenue appeal is challenging 50% addition deleted by the Ld.CIT(A) in addition made under section

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

7. The appellant craves leave to add, alter, amend and / or delete any of the grounds that may be urged.” 11. The Revenue is in appeal for assessment year 2011-12, on issues that were allowed by the Ld.CIT(A). 11.1 Ground No.2 of Revenue appeal is challenging 50% addition deleted by the Ld.CIT(A) in addition made under section

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

7. The appellant craves leave to add, alter, amend and / or delete any of the grounds that may be urged.” 11. The Revenue is in appeal for assessment year 2011-12, on issues that were allowed by the Ld.CIT(A). 11.1 Ground No.2 of Revenue appeal is challenging 50% addition deleted by the Ld.CIT(A) in addition made under section

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

disallowance of expenses etc. as required under provisions of sections 40A, 80-IA, 10AA, 80A, sections where reference is made to section 80-IA, or to transactions as may be prescribed by the Board, if aggregate amount of all such domestic transactions exceeds Rupees 5 crore in a year. It is further proposed to amend the meaning of related persons

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

disallowance of expenses etc. as required under provisions of sections 40A, 80-IA, 10AA, 80A, sections where reference is made to section 80-IA, or to transactions as may be prescribed by the Board, if aggregate amount of all such domestic transactions exceeds Rupees 5 crore in a year. It is further proposed to amend the meaning of related persons

M/S BANGALORE BEVERAGES PVT LIMITED ,BANGALORE vs. THE INCOME TAX OFFICER ARD-1(1)(1), BANGALORE

In the result, the appeal filed by the assessee in ITA

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2013-14

Section 40A(2)(b) can be invoked only to disallow interest claimed in the return of income. Thus, she submitted that the reasoning of the AO to make disallowance is clearly erroneous. The appeal filed by the assessee before the CIT-A remained unsuccessful ITA Nos.438/Bang/2018 & 294/Bang/2019 M/s. Bangalore Beverages Ltd., Bangalore Page 7