DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-6(2)(1), BANGALORE vs. SRI C GANGADHARA MURTHY , BANGALORE

In the result, the appeal filed by the Revenue is allowed for statistical purpose

Bench: Shri N.V. Vasudevan & Shri Laxmi Prasad Sahuthe Dy. Commissioner Of Vs Shri C. Gangadhara Murthy Income-Tax, No. 322, 3Rd A Corss, 2Nd Block Circle - 6(2)(1) 3Rd Stage, Basaveshwaranagar Bangalore . Bangalore 560079. Pan – Agipg 2668 N (Appellant) (Respondent)

House property Rs.3,48,933 Income from Business Rs.3,12,000 Add: Income from Other sources Rs.5,35,221 Add: Unexplained cash credits in bank accounts Rs.1,12,02,680 Add: Unexplained capital accretion Rs.2,50,00,000 Rs.3,67,37,901 Rs.3,73,98,834 Gross total income 4. Aggrieved by the order of the AO the assessee filed

CANARA BANK,BANGALORE vs. JCIT, BANGALORE

In the result, appeal by the revenue is partly allowed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

House property 14,08,481 Total Income 664,29,10,657 7.5% of total income (A) 49,82,18,299 10% of average advances to rural branches (B) 448,69,51,809 Eligible deduction (A+B) = 498,51,70,108 ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 7 of 42 It is the contention of the assessee-bank that

JCIT, BANGALORE vs. M/S CANARA BANK, BANGALORE

In the result, appeal by the revenue is partly allowed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

House property 14,08,481 Total Income 664,29,10,657 7.5% of total income (A) 49,82,18,299 10% of average advances to rural branches (B) 448,69,51,809 Eligible deduction (A+B) = 498,51,70,108 ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 7 of 42 It is the contention of the assessee-bank that

ADDL.CI.T., BANGALORE vs. M/S CANARA BANK, BANGALORE

In the result, appeal by the revenue is partly allowed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

House property 14,08,481 Total Income 664,29,10,657 7.5% of total income (A) 49,82,18,299 10% of average advances to rural branches (B) 448,69,51,809 Eligible deduction (A+B) = 498,51,70,108 ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 7 of 42 It is the contention of the assessee-bank that

M/S. CANARA BANK,BANGALORE vs. ACIT, BANGALORE

In the result, appeal by the revenue is partly allowed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

House property 14,08,481 Total Income 664,29,10,657 7.5% of total income (A) 49,82,18,299 10% of average advances to rural branches (B) 448,69,51,809 Eligible deduction (A+B) = 498,51,70,108 ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 7 of 42 It is the contention of the assessee-bank that

JCIT, BANGALORE vs. M/S CANARA BANK, BANGALORE

In the result, appeal by the revenue is partly allowed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

House property 14,08,481 Total Income 664,29,10,657 7.5% of total income (A) 49,82,18,299 10% of average advances to rural branches (B) 448,69,51,809 Eligible deduction (A+B) = 498,51,70,108 ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 7 of 42 It is the contention of the assessee-bank that

ADDL.CIT, BANGALORE vs. M/S CANARA BANK, BANGALORE

In the result, appeal by the revenue is partly allowed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

House property 14,08,481 Total Income 664,29,10,657 7.5% of total income (A) 49,82,18,299 10% of average advances to rural branches (B) 448,69,51,809 Eligible deduction (A+B) = 498,51,70,108 ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 7 of 42 It is the contention of the assessee-bank that

CANARA BANK,BANGALORE vs. ADDL.C.I.T., BANGALORE

In the result, appeal by the revenue is partly allowed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

House property 14,08,481 Total Income 664,29,10,657 7.5% of total income (A) 49,82,18,299 10% of average advances to rural branches (B) 448,69,51,809 Eligible deduction (A+B) = 498,51,70,108 ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 7 of 42 It is the contention of the assessee-bank that

CANARA BANK,BANGALORE vs. ADDL. C.I.T., BANGALORE

In the result, appeal by the revenue is partly allowed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

House property 14,08,481 Total Income 664,29,10,657 7.5% of total income (A) 49,82,18,299 10% of average advances to rural branches (B) 448,69,51,809 Eligible deduction (A+B) = 498,51,70,108 ITA Nos.479 & 530/09, ……693 & 684/B/12 Page 7 of 42 It is the contention of the assessee-bank that

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

In the result, the appeals of the Revenue are partly allowed

Bench: S/Shri Chandra Poojari, Am & Smt. Beena Pillai, Jm Ita Nos. 3040 & 3041/Bang/2018 Assessment Years: 2013-14 & 2014-15 The Deputy Commissioner Of Vs. M/S. Coffee Day Global Limited, Income-Tax, Central Circle-1(3), No.23/2, Coffeeday Square, 3Rd Floor, C.R. Building, Vittal Mallya Road, Queen’S Road, Bengaluru-560 001. Bengaluru-560 001. [Pan: Aabca 5291P]

Properties India (P) Ltd. 1,00,00,000 1,00,00,000 Total 6,94,24,909 6,94,24,909 4.1.1 The Assessing Officer noticed that all the investments above were in group companies/concerns and had been made in the interest of the business activity of 3 I.T.A. Nos.3040 & 3041/Bang/2018 the assessee. Further, majority of the investments above were

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

In the result, the appeals of the Revenue are partly allowed

Bench: S/Shri Chandra Poojari, Am & Smt. Beena Pillai, Jm Ita Nos. 3040 & 3041/Bang/2018 Assessment Years: 2013-14 & 2014-15 The Deputy Commissioner Of Vs. M/S. Coffee Day Global Limited, Income-Tax, Central Circle-1(3), No.23/2, Coffeeday Square, 3Rd Floor, C.R. Building, Vittal Mallya Road, Queen’S Road, Bengaluru-560 001. Bengaluru-560 001. [Pan: Aabca 5291P]

Properties India (P) Ltd. 1,00,00,000 1,00,00,000 Total 6,94,24,909 6,94,24,909 4.1.1 The Assessing Officer noticed that all the investments above were in group companies/concerns and had been made in the interest of the business activity of 3 I.T.A. Nos.3040 & 3041/Bang/2018 the assessee. Further, majority of the investments above were

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

Housing Society (2000) 3 Mah LJ 131]. It is precisely for this reason that the legislature has introduced section 2(47)(v) read with section 45 which indicates that capital gains is taxable in the year in which such transactions are entered into even if the transfer of immovable property is not effective or complete under the general law.”(emphasis

TATA ELXSI LIMITED ,BANGALORE vs. DEPUTY COMMISIONER INCOMER TAX, CIRCLE-7(1)(1), BANGALORE

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

Bench: Shri Narender Kumar Choudhry & Shri Laxmi Prasad Sahuassessment Year : 2018-19 M/S. Tata Elxsi Ltd., The Deputy 126, Itpb Road, Commissioner Hoody, Of Income Tax, Whitefield, Circle – 7(1)(1), Bangalore – 560 048. Bangalore. Vs. Pan: Aaact7872Q Appellant Respondent

viii) Further the scenario is also completely changed after insertion of section 80AB w.e.f 1/4/1981, and, therefore also the appellant's argument is not acceptable. As regards section 80 AB, it is also worthwhile to note that the decision in the cases of Distributors Baroda, Motilal Pesticides and Vijay Industries, the assessment years involved were

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

In the result, all the appeals of the assessee are partly allowed for statistical purposes

Bench: Shri George George K. & Shri Chandra Poojari

viii) Further the scenario is also completely changed after insertion of section 80AB w.e.f 1/4/1981, and, therefore also the appellant's argument is not acceptable. As regards section 80 AB, it is also worthwhile to note that the decision in the cases of Distributors Baroda, Motilal Pesticides and Vijay Industries, the assessment years involved were

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

Bench: Shri George George K. & Shri Chandra Poojari

36. In our opinion, the above question is no longer res-integra. The Apex Court in the case of M/s.Liberty India Vs. Commissioner of Income tax reported in 2009 (12) SCALE 51, held as under :- "13. Before analyzing Section 80-B, as a prefatory note, it needs to be mentioned that the 1961 Act broadly provides for two types

SHRI JITENDRA VIRWANI,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(3), BANGALORE

In the result, the appeals by the assessee in ITA Nos

Bench: Shri Chandra Poojari & Shri George George K.

viii) Minutes of the Meeting of the Board of Directors of Romulus Assets Limited dated 19.1.2010, authorizing to pay US $ 10 Lakhs to Mrs. Barkha Mahtani. Out of this, she advanced Rs.50 Lakhs to Embassy Property Development Private Limited and Rs.4 Crores to Pet Properties and Constructions Private Limited. According to the AO, this established the link between Romulus Assets

SHRI JITENDRA VIRWANI,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(3), BANGALORE

In the result, the appeals by the assessee in ITA Nos

Bench: Shri Chandra Poojari & Shri George George K.

viii) Minutes of the Meeting of the Board of Directors of Romulus Assets Limited dated 19.1.2010, authorizing to pay US $ 10 Lakhs to Mrs. Barkha Mahtani. Out of this, she advanced Rs.50 Lakhs to Embassy Property Development Private Limited and Rs.4 Crores to Pet Properties and Constructions Private Limited. According to the AO, this established the link between Romulus Assets

SHRI JITENDRA VIRWANI,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(3), BANGALORE

In the result, the appeals by the assessee in ITA Nos

Bench: Shri Chandra Poojari & Shri George George K.

viii) Minutes of the Meeting of the Board of Directors of Romulus Assets Limited dated 19.1.2010, authorizing to pay US $ 10 Lakhs to Mrs. Barkha Mahtani. Out of this, she advanced Rs.50 Lakhs to Embassy Property Development Private Limited and Rs.4 Crores to Pet Properties and Constructions Private Limited. According to the AO, this established the link between Romulus Assets