M/S PRESTIGE ESTATES PROJECTS LIMITED ,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-18(1), BANGALORE

In the result, the appeal of the assessee is allowed

Bench: Shri N.V.Vasudevan, Vp & Shri Chandra Poojari, Am

house property, profits and gains of business, capital gains and income from other sources. The scheme of the TDS provisions applies not only to the amount paid, which bears the character of "income" such as salaries, dividends, interest on securities etc. but the said provisions also apply to gross sums, the whole of which may not be income or profits

YASH VARDHAN ARYA,BANGALORE vs. THE INCOME TAX OFFICER, (INTERNATIONAL TAXATION) WARD-1(1), BANGALORE

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

Bench: Shri George George K

section 23(1)(a) of the I.T.Act. To the proposed enhancement notice, the assessee filed objection vide its reply dated 22.02.2022. However, the objection of the assessee was rejected and the CIT(A) enhanced the addition made by the A.O. at Rs.5,23,320 to Rs.28,78,260 by working out the income from house property

LATE JAGJIT SINGH BAJWA LEAGAL HEIR HARLEEN BAJWA ,BANGALORE vs. INCOME TAX OFFICER, WARD-4(2)(3), BANGALORE

In the result, appeal of the assessee is allowed

260/- because of positive addition to\nthe income. However, while calculating the Tax on the above\nincome Ld. ITO took the returned Income of Rs. 13,26,600/- (in\npage No. 9) and arrived the correct taxation.\n3.5 Factually, on the ownership of the 3 properties, as on the\ndate of investment the assessee is not the owner

V.ANANTHA KUMAR ,BANGALORE vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX RANGE-2(2), BANGALORE

In the result, the appeal in ITA No

Bench: Shri N.V. Vasudevan & Shri Jason P Boaz

section 14A of the Act. The assessee explained before the AO that the investments which are likely to earn tax free income were made by the assessee out of his own funds and therefore there was no interest expenditure which can be attributed to earning of exempt income. The assessee took a stand that the assessee had sufficient capital

V.ANANTHA KUMAR ,BANGALORE vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX RANGE-2(2), BANGALORE

In the result, the appeal in ITA No

Bench: Shri N.V. Vasudevan & Shri Jason P Boaz

section 14A of the Act. The assessee explained before the AO that the investments which are likely to earn tax free income were made by the assessee out of his own funds and therefore there was no interest expenditure which can be attributed to earning of exempt income. The assessee took a stand that the assessee had sufficient capital

SMT. A.P. LAKSHMI GOWRI,BANGALORE vs. ITO, BANGALORE

In the result, both the appeals of the assessee are partly allowed

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

house property, income from partnership firms in which they were partners and also income from other sources. They filed their return of income for the subject AY declaring a total income of Nil and Rs 2,68,920/- respectively vide their returns of income filed on 9th March 2010. The said returns of income were processed under section

SRI. A.R. PRASAD,BANGALORE vs. ITO, BANGALORE

In the result, both the appeals of the assessee are partly allowed

Bench: Shri A. K. Garodia & Shri Pavan Kumar Gadale

house property, income from partnership firms in which they were partners and also income from other sources. They filed their return of income for the subject AY declaring a total income of Nil and Rs 2,68,920/- respectively vide their returns of income filed on 9th March 2010. The said returns of income were processed under section

SMT. S.M.SHOBA,BENGALURU vs. INCOME TAX OFFICER, WARD - 7(2)(1), BANGALORE

In the result, the appeal filed by assessee stands allowed

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2016-17 Smt. S.M. Shoba, No. 1489, First Floor, The Income Tax 40Th Cross, 4Th T Block, Officer, Jayanagar, Ward 7 (2)(1), Bangalore – 560 041. Bangalore. Vs. Pan: Cxkps1454H Appellant Respondent Assessee By : Shri Ramasubramanian, Ca : Shri Priyadarshi Mishra, Addl. Revenue By Cit (Dr) Date Of Hearing : 09-02-2022 Date Of Pronouncement : 30-03-2022 Order Per Beena Pillaipresent Appeal Has Been Filed By Assessee Against The Order Dated 05.07.2019 Passed By The Ld.Cit(A)-7, Bangalore For Assessment Year 2016-17 On Following Grounds Of Appeal. “1. That The Order Of The Learned Commissioner Of Income- Tax (Appeals) In So Far It Is Prejudicial To The Interests Of The Appellant Is Bad & Erroneous In Law & Against The Facts & Circumstances Of The Case. 2. That The Learned Commissioner Of Income-Tax (Appeals) Erred In Law & On Facts In Denying The Cost Of The Land For Claiming Exemption U/S. 54F Of The Act On The Ground That Such Land Was Purchased Four Years Prior To The Date Of Sale Of Original Asset. 3. That The Learned Commissioner Of Income Tax (Appeals) Erred In Law & On Facts In Making An Enhancing The Assessment By Making A Of Disallowance From Rs.

section 54 F was claimed was acquired on 10/02/2011, i.e., 4 years prior to the transfer of original asset and that the assessee constructed the residential house on the same property which is valued at Rs.3,12,13,249/-, the Capital gain was restricted to Rs.14,90,260

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCEL-2(1), BANGALORE vs. SRI MATHIKERE RAMAIAH SEETHARAM, BANGALORE

In the result, the appeals filed by the revenue are dismissed and the COs filed by the assessee are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

260 ITR 491), considered this issue and it is necessary to first appreciate what this judgment lays down, and perhaps even more important that, what it does not lay down. 7.10 Their Lordships of Hon’ble Bombay High Court were examining the scope and import of Section 2(47)(v) which was introduced w.e.f. 1st April, 1988. This provision, which

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCEL-2(1), BANGALORE vs. SRI MATHIKERE RAMAIAH SEETHARAM, BANGALORE

In the result, the appeals filed by the revenue are dismissed and the COs filed by the assessee are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

260 ITR 491), considered this issue and it is necessary to first appreciate what this judgment lays down, and perhaps even more important that, what it does not lay down. 7.10 Their Lordships of Hon’ble Bombay High Court were examining the scope and import of Section 2(47)(v) which was introduced w.e.f. 1st April, 1988. This provision, which

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCEL-2(1), BANGALORE vs. SRI MATHIKERE RAMAIAH SEETHARAM, BANGALORE

In the result, the appeals filed by the revenue are dismissed and the COs filed by the assessee are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

260 ITR 491), considered this issue and it is necessary to first appreciate what this judgment lays down, and perhaps even more important that, what it does not lay down. 7.10 Their Lordships of Hon’ble Bombay High Court were examining the scope and import of Section 2(47)(v) which was introduced w.e.f. 1st April, 1988. This provision, which

SMT. PREETHI PRASAD,BANGALORE vs. CIT, BANGALORE

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

Bench: Shri Vijaypal Rao & Shri Jason P Boazsmt. Preethi Prasad, 423, 19Th Cross, 1St & 3Rd Block (East), Jayanagar, Bangalore. . Appellant Vs. The Commissioner Of Income-Tax, Bangalore-Ii, Bangalore. . Respondent Appellant By : Shri Narendra Sharma, Advocate Respondent By : Shri Gr Reddy, Cit Date Of Hearing : 09-9-2015 Date Of Pronouncement : 16-9-2015 O R D E R

section 263 of the IT Act, 1961. Reliance placed in the case of Malabar Industrial Co. Ltd., (2000_ 243 ITR 83 (SC) d. When the AO made proper enquiry and examined accounts, it could not be said that there was non application of mind by him. Hence, the action u/s 263 was held invalid. Held in the following cases

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 4(2)(1), BANGALORE vs. M/S. N G BALU REDDY HUF, BANGALORE

In the result, the appeal of the Revenue is allowed

Bench: Shri Chandra Poojari & Shri George George Kassessment Year : 2009-10

section 147, of the LT Act, on 08.03.20 13 in the case of HUF for the assessment year 2009-10 on the basis of submission furnished by G.Anitha (Individual) during the re-opened assessment proceedings for the assessment year 2005-06 on 17.0 1.2013 stating that the property in question is HUF property of N.G.Balu Reddy". 2. On the facts

SRI. RAMAKRISHNA NISHTALA,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 7(1)(2), BANGALORE

In the result appeal filed by assessee stands partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2016-17

260/-. The case was selected 1st is limited scrutiny and notice under section 143(2) was issued along with notice under section 142 (1) of the Act. From the details filed by assessee, the Ld.AO observed that assessee is a director and shareholder in the company M/s Vistaar Financial Services Pvt.Ltd., and was allotted 29,97,433 shares under ESOP

NALAPAD PROPERTIES ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOMER TAX, CENTRAL CIRCLE-2(3) , BANGALORE

260 ITR 491 dealt with an issue as to\nwhether the transfer of an immovable property took place on the\ndate of execution of the JDA or in the year in which substantial\ncompliances were carried by the developer as per the JDA. In the\npresent case, the assessee entered into a JDA with a developer on\n18 August

M/S. S P R DEVELOPERS PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE

In the result, all the appeals filed by the assessee are allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

section 145 of the Income- tax Act, 1961 ('ITA') it is the choice of the taxpayer to follow any of the two recognized method of accounting and once the choice is made by the taxpayer of a system that is recognized by ICAI or by taxpayer of same class, taxpayer cannot be taken away from that class just

M/S. S P R DEVELOPERS PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE

In the result, all the appeals filed by the assessee are allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

section 145 of the Income- tax Act, 1961 ('ITA') it is the choice of the taxpayer to follow any of the two recognized method of accounting and once the choice is made by the taxpayer of a system that is recognized by ICAI or by taxpayer of same class, taxpayer cannot be taken away from that class just

M/S. S P R DEVELOPERS PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(3), BANGALORE

In the result, all the appeals filed by the assessee are allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

section 145 of the Income- tax Act, 1961 ('ITA') it is the choice of the taxpayer to follow any of the two recognized method of accounting and once the choice is made by the taxpayer of a system that is recognized by ICAI or by taxpayer of same class, taxpayer cannot be taken away from that class just