M/S MHM HOLDINGS PVT LTD ,BANGALORE vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX RANGE-12 , BANGALORE

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

Bench: Smt. Beena Pillai & Ms. Padmavathy S.M/S. Mhm Holding Pvt. Ltd. Vs Acit, Range - 12 Bengaluru No. 52, Bassappa Road Shantinagar Bengaluru 560027 Pan – Aabcm6614L (Appellant) (Respondent) Assessee By: Shri Parthasarathi, Adv. Revenue By: Shri K.R. Narayana, Addl Cit-Dr Date Of Hearing: 23/11/2022 Date Of Pronouncement: 25/11/2022 O R D E R Per: Padmavathy, A.M.

section 50B r.w.s.43(6)(c) the value of depreciable assets has to be restricted to the closing WDV of the block of assets computed for the financial year immediately before the financial year in which transaction has taken place. The AO concluded the assessment by making certain other disallowances

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)

section 50B of the Act for the purpose of computing WDV for slump sale. 1.10. The learned CIT(A) and the learned AO has erred in not relying on the net-worth certificate issued by Chartered Accountant in Form 3CEA. 1.11. The learned CIT(A) and the learned AO has erred in not appreciating the fact that the Act does

TYCO FIRE AND SECURITY INDIA PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE

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

Bench: Shri N. V. Vasudevan & Shri Chandra Poojariit(Tp)A No.270/Bang/2021 Assessment Year : 2016-17 Acit, M/S. Tyco Fire & Security India Private Limited, Vs. D-601, Rmz Centennial, Circle - 7(1)(1), Kundalahalli Main Road, Bengaluru. Bengaluru – 560 048. Pan : Aabct 0087 C Appellant Respondent Assessee By : Shri. Rajan Vora, Ca Revenue By : Shri. Sumer Singh Meena, Cit(Dr)(Itat), Bengaluru Date Of Hearing : 27/11.09.2022 Date Of Pronouncement : 28.11.2022 O R D E R Per N V Vasudevan

Disallowance of short term capital loss of INR 550,0891891 on transfer of investment and erroneous computation of the same at INR 146,900,010 17.erred in questioning the business rationale behind hiving off the sprinkler business by TFSIPL as opposed to shutting it down completely and transfer of CCDs to Aigua Sprinkler at nominal value by TFSIP

M/S MANGALORE CHEMICALS AND FERTILIZERS LIMITED ,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-4(1)(2), BANGALORE

In the result, both the appeals of the Assessee are dismissed

Bench: Shri N.V. Vasudevan, Vice Preseident & Ms. Padmavathy S

disallowed the claim of the assessee for the following reasons:- (i) That during the FY 2012-13 it is only the 3 captive power generating plants the expense of which were capitalized. (ii) During the FY 2012-13 there was no commencement of any new plant for specified business but only continuation of old business already in existence. (iii) Commencement

M/S MANGALORE CHEMICALS AND FERTILIZERS LIMITED ,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-4(1)(2), BANGALORE

In the result, both the appeals of the Assessee are dismissed

Bench: Shri N.V. Vasudevan, Vice Preseident & Ms. Padmavathy S

disallowed the claim of the assessee for the following reasons:- (i) That during the FY 2012-13 it is only the 3 captive power generating plants the expense of which were capitalized. (ii) During the FY 2012-13 there was no commencement of any new plant for specified business but only continuation of old business already in existence. (iii) Commencement

M/S TE CONNECTIVITY INDIA PVT LTD,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, LTU,CIRCLE-1, , BENGALURU

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

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy S

disallowance, the Learned AO/ learned DRP has disregarded Form 3CEA obtained by the Assessee from a Chartered Accountant which certifies that the capital loss on account of slump sale has been computed correctly in accordance with the provisions of section 50B

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BENGALURU, BENGALURU vs. DECCAN CHARTERS PVT LTD, BANGALORE

In the result, the appeal filed by the revenue stands partly allowed for statistical purposes

Bench: Smt. Beena Pillai & Shri Waseem Ahmedassessment Year : 2019-20 M/S. Deccan Charters Pvt. Ltd., The Deputy Jakkur Aerodrome, Commissioner Of Bellary Road, Income Tax, Jakkur B.O., Circle – 2(1)(1), Bangalore North, Bangalore. Vs. Bangalore – 560 064. Pan: Aaccd9105G Appellant Respondent

50B of the Act. 2. The Addl. CIT/JCIT(A) has ignored the methodology for determining net worth provided in Explanation 1 read with Explanation 2 of section 50 B.” 2. Brief facts of the case are as under: 2.1 The assessee e-filed his return of income for A.Y. 2019-20 on 26.10.2019, declaring nil income after

M/S TALLY SOLUTIONS PVT. LTD.,,BANGALORE vs. ACIT, BANGALORE

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

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

disallowed by the Assessing Officer. The Hon'ble Supreme Court has allowed the claim as business loss sustained by the assessee as a result of misappropriation by the employee which is incidental to carrying on his business. The learned Authorised Representative thus submitted that the assessee has disclosed in the notes to the accounts for the year ended 31.3.2006 that

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

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

section 50B is a self-contained code which provides for a deduction of net worth of the undertaking and not sales tax paid. 4. Payments to clubs for membership and subscription expenses 4.1 The learned CIT(A) has erred in law and on facts in disallowing

M/S PADMINI PRODUCTS PVT LTD ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-5(1)(2), BANGALORE

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

Bench: Shri Arun Kumar Garodia & Shri Laliet Kumarassessment Year : 2015-16

disallowance of depreciation on intangible assets to the extent of Rs.1,64,95,840/-. 1. The Learned Commissioner (Appeals) is not justified in upholding the action of the Learned Assessing Officer in denying depreciation of Rs.1,64,95,840/-(Rs.84,56,239/-+Rs.80,39,601/-) on intangibles being brand names and trademarks valued at Rs.65

ASSISTANT COMMISSIONER OF INCOME TAX, BANGALORE vs. M/S.PADMINI PRODUCTS PVT LTD.,, BANGALORE

In the result, the appeals filed by the assessee for all the assessment years are dismissed

Bench: Shri Sunil Kumar Yadav & Shri S. Jayaramanassessment Year : 2013-14

disallowance of depreciation on intangible assets to the extent of Rs.29248420/- 1. The Learned Commissioner (Appeals) is not justified in upholding the action of the Learned Assessing Officer in denying depreciation of Rs 1,42,92,623/- on intangibles being brand names and trademarks valued at s.65.26.40,150/-. 2. The lower authorities have failed to appreciate that revaluation

M/S.PADMINI PRODUCTS PVT. LTD.,,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, BANGALORE

In the result, the appeals filed by the assessee for all the assessment years are dismissed

Bench: Shri Sunil Kumar Yadav & Shri S. Jayaramanassessment Year : 2013-14

disallowance of depreciation on intangible assets to the extent of Rs.29248420/- 1. The Learned Commissioner (Appeals) is not justified in upholding the action of the Learned Assessing Officer in denying depreciation of Rs 1,42,92,623/- on intangibles being brand names and trademarks valued at s.65.26.40,150/-. 2. The lower authorities have failed to appreciate that revaluation