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

disallowed the same under section 43(5) of the Act read with 73 of the Act, by stating that it is a speculation

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

disallowed the same under section 43(5) of the Act read with 73 of the Act, by stating that it is a speculation

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

disallowed the same under section 43(5) of the Act read with 73 of the Act, by stating that it is a speculation

M/S. CANARA BANK (ERSTWHILE SYNDICATE BANK),BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BANGALORE

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

43 Others SUPREME COURT [2020] 422 ITR 3 ING Vysya Bank Limited 6 - 11 50 - 52 116 (Kar) ITA No. 740 / Del / 2020 - Punjab National Bank order dated 31- 217 - 4 (successor of Oriental Bank 10 03-2023 for 227 of Commerce) Asst Year 2016- 17 2020 (3) TMI 181 - 5 Indian Overseas Bank 897 - ITAT 29 - 30 182 CHENNAI

M/S. CANARA BANK (ERSTWHILE SYNDICATE BANK),BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BANGALORE

Bench: Shri George George K. & Shri Laxmi Prasad Sahu

43 Others SUPREME COURT [2020] 422 ITR 3 ING Vysya Bank Limited 6 - 11 50 - 52 116 (Kar) ITA No. 740 / Del / 2020 - Punjab National Bank order dated 31- 217 - 4 (successor of Oriental Bank 10 03-2023 for 227 of Commerce) Asst Year 2016- 17 2020 (3) TMI 181 - 5 Indian Overseas Bank 897 - ITAT 29 - 30 182 CHENNAI

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 4(1)(1), BANGALORE vs. M/S. LIFESTYLE INTERNATIONAL PRIVATE LIMITED, BANGALORE

In the result, the assessee’s appeal stands allowed and revenue’s appeal stands dismissed

Bench: Smt Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2013-14 M/S. Lifestyle International Pvt. Ltd., 77, Town Centre, The Deputy Building No. 3, Commissioner Of West Wing, Income Tax, Off Hal Airport Road, Circle – 4(1)(1), Yamlur, Vs. Bengaluru. Bengaluru – 560 037. Pan: Aaacl2937J Appellant Respondent & Assessment Year : 2013-14 (By Revenue)

disallowed by the Ld.AO, holding it to be speculative loss in terms of Section 43(5) of the Act. 2.6 The Ld.AO

M/S INFOSYS LIMITED,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3(1)(1), BANGALORE

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

Bench: Shri Chandra Poojaria & Smt. Beena Pillaiassessment Appeal No. Appellant Respondent Year M/S. Infosys Ltd., The Assistant Electronic City, Commissioner It(Tp)A No. Hosur Road, Of Income Tax, 2012-13 718/Bang/2017 Bangalore – 560 Circle – 100. 3(1)(1), Pan: Bangalore. Aaaci4798L : Shri Padamchand Khincha, Assessee By Ca : Shri K.V. Arvind & Shri Dilip, Revenue By Standing Counsels For Dept. Date Of Hearing : 15-09-2022 Date Of Pronouncement : 28-11-2022 Order Per Beena Pillaipresent Appeal Arises Out Of Final Assessment Order Dated 28/02/2017 Passed By The Ld.Acit, Circle – 3(1)(1), Bangalore For A.Y. 2012-13 On Following Grounds Of Appeal: General & Legal Grounds 1. The Order Passed By The Learned Assessing Officer & The Directions Of Hon’Ble Drp To The Extent Prejudicial To The Appellant Is Bad In Law & Liable To Be Quashed. Grounds On Denial Of Deduction Claimed Under Section 10Aa In Respect Of 4 Sez Units Viz., Chennai – Unit 1, Chandigarh, Mangalore - Unit 1 & Pune Unit 1 2. The Learned Assessing Officer Has Erred In Denying Deduction Claimed Under Section 10Aa In The Return Of Income Totally Amounting To Rs. 2227,82,65,630 In Respect

43 Deduction under section 80JJAA 127 taxmann.com 59 (Karnataka) Held against the assessee in assessee’s own Disallowance of Sub Contracting case by ITAT Bangalore in IT(IT)A No charges paid to Infosys Technologies 4/Bang/2014 & 1182/Bang/2014 11.4.2022 44 & 45 China Co Ltd under section 40(a)(i) for ITAT C Bench

STAR EXPORTS & IMPORTS,BANGALORE vs. ADD.C.I.T., BANGALORE

Appeal of the assessee is allowed

Bench: Shri N.V.Vasudevan & Shri Abraham P George

disallowed the loss holding it as speculative in nature and therefore covered under sub-section (5) of section 43 of the Act. In further

ASSISTANT COMMISSIONER OF INCOME-TAX, BANGALORE vs. M/S. LIFESTYLE INTERNATIONAL (P) LTD.,, BANGALORE

In the result, the appeals filed by the Revenue and the cross objections filed by the assessee are dismissed

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

Section 92C the TPO only computes the arm’s length price in relation to an international transaction and is not empowered to examine the genuineness of the said payment. 4. On facts of the case, whether the ld.CIT(A) is right in deleting the disallowance made on premium on forward cover u/s 43(5

ASSISTANT COMMISSIONER OF INCOME-TAX, BANGALORE vs. M/S. LIFESTYLE INTERNATIONAL (P) LTD.,, BANGALORE

In the result, the appeals filed by the Revenue and the cross objections filed by the assessee are dismissed

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

Section 92C the TPO only computes the arm’s length price in relation to an international transaction and is not empowered to examine the genuineness of the said payment. 4. On facts of the case, whether the ld.CIT(A) is right in deleting the disallowance made on premium on forward cover u/s 43(5

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 1(4), BENGALURU vs. M/S SNOWSHINE REALTORS PVT.LTD. , BENGALURU

In the result, the revenue appeals in ITA Nos

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

section 68 of the Act by A.O. 5.1 He submitted that incidentally in one of the group companies M/s.Jaico Realtors (P) Ltd there was an investment of 'Rs.4,06,98,779/- ($ 9,99,970) for the A.Y.2008-09 and similar issue was considered by Tribunal in ITA No.1444/Bang/2018 dated 8.5.2019 and deleted addition made

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

In the result, the revenue appeals in ITA Nos

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

section 68 of the Act by A.O. 5.1 He submitted that incidentally in one of the group companies M/s.Jaico Realtors (P) Ltd there was an investment of 'Rs.4,06,98,779/- ($ 9,99,970) for the A.Y.2008-09 and similar issue was considered by Tribunal in ITA No.1444/Bang/2018 dated 8.5.2019 and deleted addition made

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

In the result, the revenue appeals in ITA Nos

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

section 68 of the Act by A.O. 5.1 He submitted that incidentally in one of the group companies M/s.Jaico Realtors (P) Ltd there was an investment of 'Rs.4,06,98,779/- ($ 9,99,970) for the A.Y.2008-09 and similar issue was considered by Tribunal in ITA No.1444/Bang/2018 dated 8.5.2019 and deleted addition made

M/S. GOLDMAN SACHS SERVICES PRIVATE LIMITED,BANGALORE vs. JOINT COMMISSIONER OF INCOME TAX, SPECIAL RANGE-3, BANGALORE

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

Bench: Shri A.K. Garodia & Shri Pavan Kumar Gadaleit(Tp)A No.2355/Bang/2019 (Assessment Year: 2015-16) M/S. Goldman Sachs Services Pvt. Ltd., Wing A, B & C, Helios Business Park, 150, Orr, Kadubeesanahalli, Bangalore-560103 ….Appellant Pan Aaccg 2435N Vs. Joint Commissioner Of Income Tax, Special Range 3, Bangalore. ……Respondent.

Section 144C(5) of the Act on 27.09.2019.Subsequently,the final assessment order giving effect to the directions of DRP confirming the Transfer Pricing Adjustment to the extent of Rs.61,43,50,100/- and disallowance

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

5. Ground No.1 being general in nature, no adjudication is called for thereon. 6. Ground No.2 - Disallowance of Subscription charges paid to Forrester Research Inc., USA. 6.1 This ground is raised by the assessee in respect of the disallowance under Section 40(a)(i) of the Act of subscription charges amounting to 7 IT(TP)A Nos.102 & 233/Bang/2013 Infosys Limited

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

In the result, Revenue’s appeal for Assessment Year 2006-07 is partly allowed for statistical purposes

Bench: Shri Sunil Kumar Yadav & Shri Jason P Boaz

5. Ground No.1.1 being general in nature, no adjudication is called for thereon. 6. Ground Nos.2.1 to 2.4 - Disallowance of Subscription charges. 6.1 These grounds (supra) are raised in respect of the disallowance of subscription charges paid to M/s. Gartner, Forrester Research Inc., USA and Meta amounting to Rs.8,42,00,399 under Section

M/S. TATA ELXSI LTD,BANGALORE vs. DEPUTY COMMISSIONER INCOME TAX, CIRCLE-7(1)(1), , BENGALURU

5. The learned CITA) Mumbai erred in allowing the deduction in respect of export\nprofits of SEZ unit u/s 10AA of the Act with reference to the income computed under\nthe head 'profits and gains of business or profession' of the SEZ unit instead of 'gross\nprofits and gains' of SEZ unit, as interpreted by Supreme Court in the recent

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE vs. M/S INFOSYS LIMITED , BANGALORE

In the result, the appeal filed by the assessee as well as by revenue are partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariit(Tp)A No.735/Bang/2018 Assessment Year: 2013-14

43 - Deduction under section 80JJAA being disallowed. 17.1. The Ld.AR submitted that copy of the Audit report under section 80JJAA, being Form No. 10DA was submitted to the Ld.AO vide submission dated 28.5.2014. The Ld.AO thereafter called upon assessee to justify the allowability of deduction under section 80JJAA. The assessee explained in detail as to why deduction under section 80JJAA