DEV KUMAR ROY ,BANGALORE vs. INCOME TAX OFFICER WARD-3(1)(1), BANGALORE

In the result, appeal of the assessee is partly allowed

Bench: Shri N.V. Vasudevan & Shri Jason P Boazassessment Year : 2012-13

House Property". Denial of long-term capital loss of Rs 2,725,693 on sale of a painting 19. The learned CIT(A) has erred, in law and on facts, by denying the claim of long-term capital loss on sale of a painting of Rs 2,725,693 without appreciating the submissions furnished by Appellant in support

M/S KARNATAKA EMTA COAL MINES LIMITED ,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), BANGALORE

In the result, assessee’s appeals are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Housing Board would be denied the benefit of section 32 because in spite of its being the legal owner it was not using the building for its business or profession. We do not think such a benefit-to-none situation could have been intended by the Legislature.” 6.20 In light of the above decision, the Ld. A.R. submitted that

M/S KARNATAKA EMTA COAL MINES LIMITED ,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), BANGALORE

In the result, assessee’s appeals are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Housing Board would be denied the benefit of section 32 because in spite of its being the legal owner it was not using the building for its business or profession. We do not think such a benefit-to-none situation could have been intended by the Legislature.” 6.20 In light of the above decision, the Ld. A.R. submitted that

M/S KARNATAKA EMTA COAL MINES LIMITED ,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), BANGALORE

In the result, assessee’s appeals are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Housing Board would be denied the benefit of section 32 because in spite of its being the legal owner it was not using the building for its business or profession. We do not think such a benefit-to-none situation could have been intended by the Legislature.” 6.20 In light of the above decision, the Ld. A.R. submitted that

M/S KARNATAKA EMTA COAL MINES LIMITED ,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), BANGALORE

In the result, assessee’s appeals are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Housing Board would be denied the benefit of section 32 because in spite of its being the legal owner it was not using the building for its business or profession. We do not think such a benefit-to-none situation could have been intended by the Legislature.” 6.20 In light of the above decision, the Ld. A.R. submitted that

M/S KARNATAKA EMTA COAL MINES LIMITED ,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), BANGALORE

In the result, assessee’s appeals are partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Housing Board would be denied the benefit of section 32 because in spite of its being the legal owner it was not using the building for its business or profession. We do not think such a benefit-to-none situation could have been intended by the Legislature.” 6.20 In light of the above decision, the Ld. A.R. submitted that

GOBINDRAM CHANDRAMANI VIVEK,BANGALORE vs. INCOME TAX OFFICER - WARD 1(1), BANGALORE, BANGALORE

In the result, the appeal of the assessee is allowed for statistical purposes, in the manner indicated in this order

Bench: Mrs. Beena Pillai & Shri Ramit Kochar

property held under trust wholly for charitable purposes in the case of charitable organizations and for determining accumulation of income required thereof keeping in view provisions of Section 11 , and secondly while computing the income in commercial parlance by taking into effect depreciation expenses on such capital assets under Section 32 of the 1961 Act. Section 11 falls within Chapter

BINDUMALYAM PANDURANGA ALLANHARINARAYAN ,BANGALORE vs. INCOME TAX OFFICER, WARD-5(2)(1), BENGALURU

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

32,716 3.3 In absence of any submissions made by the assessee in respect of fair rental value/municipal rental value of the property for determining the annual value of the house property as per the provisions of section

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

32 M/s.Prestige Estates Projects Limited. warrant a deduction. The purpose of section 194IA under such an interpretation would easily be frustrated. 3.63 Thus, the learned AR submits that in view of the above it could be stated that the provisions of section 194IA is attracted if a person is making payment as consideration to secure transfer of an immovable property

M/S MANTRI DEVELOPERS PVT LTD ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-4(1)(2), BANGALORE

In the result, this appeal of the assessee is allowed in the terms indicated above

Bench: Shri A. K. Garodia & Smt. Beena Pillaiassessment Year : 2014 – 15 M/S Mantri Developers Private Limited, #41, Mantri House, Dcit Circle – 4 (1) (2), Vittal Malya Road, Vs. Bengaluru Bangalore – 560001 Pan : Aaacg4009N Appellant Respondent Assessee By : Shree V. Srinivasan, Advocate Revenue By : Shree Muzaffar Hussain, Cit Dr Date Of Hearing : 09.09.2020 Date Of Pronouncement : 27.10.2020 O R D E R Per Arun Kumar Garodia, A. M.: This Appeal Is Filed By The Assessee & The Same Is Directed Against The Order Of Learned Cit (A) – 4 Bengaluru Dated 30.11.2017. 2. The Grounds Raised By The Assessee Are As Under:-

section (1) as if such house or houses had been let. (5) Where the property consisting of any building or land appurtenant thereto is held as stock-in-trade and the property or any part of the property is not let during the Page 12 of 15 whole or any part of the previous year, the annual value of such

SHAMBALA PROPERTIES PVT LTD,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLR-12(3), BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2008-09 M/S. Shambala Properties Pvt. Ltd., Acit, No.7, Rest House Road, Circle – 12(3) Vs. Bangalore – 560 001. (Presently – Dcit – 7(1)(2)), Pan No : Aahcs 1313 C Bangalore. Appellant Respondent Appellant By : Shri. B. K. Manjunath, Ca Respondent By : Shri. Elamurusu G, Jcit (Dr)(Itat) Date Of Hearing : 02.12.2020 Date Of Pronouncement : 03.12.2020

32,95,186/- which was also offered under the head Other Sources. It had also installed Generator For providing uninterrupted back up power and depending on the consumption, charges were collected from the tenants in providing the above services, the expenditure incurred were claimed and the net result being loss of Rs.5,95,288/- was shown under the head Income

S.M. CHANDRASHEKAR,BANGALORE vs. ITO, BANGALORE

In the result, the appeal of the assessee is allowed

Bench: Shri Vijay Pal Rao

house property as provided in section 23(1)(c) of the Act. We, therefore, set aside the order of the learned CIT(A) and the grounds of appeal Nos.5, 6 & 7 raised by the assessee are allowed.” In the present case, the facts involved are similar to that of Smt. Indu Chandra (supra). So, respectfully following the order

M/S. EMBASSY KNOWLEDGE INFRASTRUCTURE PROJECTS PRIVATE LIMITED,BANGALORE vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 2(1)(2), BANGALORE

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

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am

section 27(iiib) of the Act. On the other hand, under certain circumstances, where the income may have been derived from letting out of the premises, it can still be treated as business income if letting out of the premises itself is the business of the assessee. What is the test which has to be applied to determine whether

M/S K.BABU (HUF) ,BANGALORE vs. THE INCOME TAX OFFICER WARD-7(2)(3), BANGALORE

In the result, appeal of the assessee is partly allowed

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year : 2010-11 Shri. K. Babu (Huf), Vs. The Income Tax Officer, No.57/2, Dollars Colony, Ward – 7(2)(3), 1St Cross, 2Nd Main, 4Th Phase, Bengaluru. J P Nagar, Bengaluru – 560 078. Pan: Aaggk 0809 G Appellant Respondent Appellant By : Shri. V. Narendra Sharma, Advocate Respondent By : Shri. Kannan Narayanan, Jt.Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 19.11.2020 Date Of Pronouncement : 19.11.2020 O R D E R Per N.V. Vasudevan

32 guntas in Bilakahalli Village, Begur Hobli, Bangalore South Taluk, Bangalore (hereinafter referred to as ‘the ‘property’. The assessee and the other 2 co-owners entered into a Joint Development Agreement (JDA) dated 21.01.2020 with M/s. S. N. Raj Builders and Developers. As per the development agreement, the assessee and the other 2 co-owners agreed to convey 54.40% undivided

M/S ESTEEM MALL,BENGALURU vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE - 6(3((1), BENGALURU

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

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year:

32-34, 3rd Floor, SNS Chambers, of Income Tax, No.239, Sankey Road, Circle 6(3)(1), Sadashivanagar, Bengaluru. Bengaluru – 560 080. PAN: AABFE 9318A APPELLANT RESPONDENT Appellant by : Shri Narendra Sharma, Advocate Respondent by : Shri Priyadarshi Mishra, Jt.CIT(DR)(ITAT), Bengaluru. Date of hearing : 27.10.2021 Date of Pronouncement : 27.10.2021 O R D E R Per Chandra Poojari, Accountant Member This

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 1(2)(2), BANGALORE vs. M/S. NITESH INFRASTRUCTURE & CONSTRUCTIONS, BANGALORE

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

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2012-13

section 24(a) of the Act. However, if the fund has been used for the purpose of business, the assessee has to establish that the additional loan of Rs.8 crores was actually used for repayment of the liability which has been used for the purpose of acquiring new assets for the purpose of business. Further, if the additional loan

NAVJYOTI SHARMA,BANGALORE vs. DCIT ASMNT, BANGALORE

In the result appeal filed by the assessee is allowed

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

section 54 of the Act, the assessee is not eligible to claim deduction u/s. 54 of the Act. 7. We have heard the rival submission and perused the material available on record. It is an undisputed fact that the assessee had sold his house property at Delhi on 07/09/2015 for a total consideration of Rs. 70,00,000/- which

SHARADA MOHAN SHETTY,KARWAR vs. ITO, WARD-2, KARWAR

In the result, appeal of the assessee is partly allowed

Bench: Or During The Courses Of Appeal Hearing.” 2. The Brief Facts Of The Case Are That The Assessee Filed Return Of Income On 30/09/2015 For The Assessment Year 2015-16 Declaring Page 2 Of 16

property. In the special facts and circumstances of the present case, therefore, it is necessary to hold that the amount utilised by the assessee to purchase the land was in fact utilised for acquiring/constructing a residential house. Without purchasing land the house cannot be constructed. The first step Page 9 of 16 should be the purchase of land. That