IBM ISRAEL LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX , INTERNATIONAL TAXATION-CIRCLE-1(2) , BANGALORE

In the result, all the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

35 Taxmann.com 250 (Karnataka HC) - The CIT(A) has concluded that the provisions of 270A(8) need not be invoked and that the case of the Assessee is covered under section 270A(2)(a) / 270A(2)(b) of the Act. (Page 14 of the CIT(A) order) - The CIT(A) has rejected the judicial CIT(A) has distinguished the facts

IBM CORPORATION,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, INTERNATIONAL TAXATION, CIRCLE-1(2)(1) , BANGALORE

In the result, all the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

35 Taxmann.com 250 (Karnataka HC) - The CIT(A) has concluded that the provisions of 270A(8) need not be invoked and that the case of the Assessee is covered under section 270A(2)(a) / 270A(2)(b) of the Act. (Page 14 of the CIT(A) order) - The CIT(A) has rejected the judicial CIT(A) has distinguished the facts

IBM CORPORATION,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, INTERNATIONAL TAXATION-CIRCLE-1(2) , BANGALORE

In the result, all the appeals of the assessees are allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillai

35 Taxmann.com 250 (Karnataka HC) - The CIT(A) has concluded that the provisions of 270A(8) need not be invoked and that the case of the Assessee is covered under section 270A(2)(a) / 270A(2)(b) of the Act. (Page 14 of the CIT(A) order) - The CIT(A) has rejected the judicial CIT(A) has distinguished the facts

SIMPLEX TMC PVT LTD,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1(1),BENGALURU, BENGALURU

In the result, the appeal of the assessee is allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2018-19

35,000/- and the remaining amount of Rs.3,94,65,600/- was received by way of cheque. Further, he stated that out of this sale consideration received in cash, Rs. 4 Crore was kept in the locker held in Karur Vysya Bank, Koramangala Branch and the remaining cash was utilised for various expenses. The same has been reiterated and confirmed

SRI DEEPAK S HIREMATH, HUBBALI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1(1), HUBBALI

In the result, the assessee’s appeals for Assessment Years 2008-09 to 2012-13 are allowed

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

35,600/-; which included undisclosed income of Rs.12,04,140/- admittedly earned from money lending. The assessment was concluded under section 143(3) r.w.s. 153A of the Act vide order dated 29.02.2016, wherein the income returned by the assessee was accepted. Penalty proceedings were simultaneously initiated by issue of notice under section 271(1)(c) of the Act dated

SRI DEEPAK S HIREMATH ,HUBALI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1(1), HUBLI

In the result, the assessee’s appeals for Assessment Years 2008-09 to 2012-13 are allowed

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

35,600/-; which included undisclosed income of Rs.12,04,140/- admittedly earned from money lending. The assessment was concluded under section 143(3) r.w.s. 153A of the Act vide order dated 29.02.2016, wherein the income returned by the assessee was accepted. Penalty proceedings were simultaneously initiated by issue of notice under section 271(1)(c) of the Act dated

SRI DEEPAK S HIREMATH ,HUBBALI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1(1), HUBBLI

In the result, the assessee’s appeals for Assessment Years 2008-09 to 2012-13 are allowed

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

35,600/-; which included undisclosed income of Rs.12,04,140/- admittedly earned from money lending. The assessment was concluded under section 143(3) r.w.s. 153A of the Act vide order dated 29.02.2016, wherein the income returned by the assessee was accepted. Penalty proceedings were simultaneously initiated by issue of notice under section 271(1)(c) of the Act dated

SRI DEEPAK S HIREMATH ,HUBBALLI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1(1), HUBBALLI

In the result, the assessee’s appeals for Assessment Years 2008-09 to 2012-13 are allowed

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

35,600/-; which included undisclosed income of Rs.12,04,140/- admittedly earned from money lending. The assessment was concluded under section 143(3) r.w.s. 153A of the Act vide order dated 29.02.2016, wherein the income returned by the assessee was accepted. Penalty proceedings were simultaneously initiated by issue of notice under section 271(1)(c) of the Act dated

SRI DEEPAK S HIREMATH, HUBBALI vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-1(1), HUBBALI

In the result, the assessee’s appeals for Assessment Years 2008-09 to 2012-13 are allowed

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

35,600/-; which included undisclosed income of Rs.12,04,140/- admittedly earned from money lending. The assessment was concluded under section 143(3) r.w.s. 153A of the Act vide order dated 29.02.2016, wherein the income returned by the assessee was accepted. Penalty proceedings were simultaneously initiated by issue of notice under section 271(1)(c) of the Act dated

TECNOTREE CONVERGENCE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-7(1)(1), BANGALORE

In the result, the appeal of the assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year : 2009-10

271(1)(c) of the Act on this issue. 8. Further, regarding the levy of penalty for claim of short term capital loss by invoking the provisions of section 94(7) of the Act, the ld. AR submitted that the assessee company had disclosed these transactions and from the details furnished by the assessee, the AO has come

SHRI. MUNINAGA REDDY,BANGALORE vs. ACIT, BANGALORE

In the result, the assessee's appeal for A

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

35,511 under section 271(1)(c) of the Act dt.29.6.2009 for Assessment Year 2006-07, the assessee preferred an appeal before the CIT (Appeals) – III, Bangalore, who disposed off the same vide the impugned order dt.24.2.2012 confirming the levy of penalty by the Assessing Officer. It is against this order of the learned CIT (Appeals), that the assessee

INCOME TAX OFFICER, WARD-7(2)(1), BENGALURU, BANGALORE vs. M/S. BANGALORE CREDIT CO-OPERATIVE SOCIETY LIMITED , BANGALORE

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

35 wherein it was held that Where assessee a co-operative society, earned interests on deposits kept with scheduled banks only net interest income, i.e., interest income reduced by administrative expenses and other proportionate expenses to earn said income had to be brought to tax under section 56. In the instant case, the interest paid on the deposits kept

M/S. TEJAS NETWORKS LIMITED,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, LTU, CIRCLE-1, BENGALURU

In the result, the appeals filed by the revenue in IT(TP)A No

Bench: Shri Chandra Poojari & Shri George George K.It(Tp)A Nos.296/Bang/2015 Assessment Year: 2010-11 M/S. Tejas Networks Ltd. Plot No.25, 5Th Floor Jp Software Park Acit, Circle-1, Ltu Vs. Electronic City, Phase I Bangalore Bangalore 560 100

Penalty Proceedings IT(TP)A No.296, 468 & 1119/Bang/2015 IT(TP)A No.621 & 694/Bang/2016, IT(TP)A No.1674/Bang/2018 & IT(TP)A No.582/Bang/2021 Page 10 of 34 The learned AO has erred in initiating proceedings under section 271(1)(c) of the Act without having regard to the fact that the appellant has fully disclosed all the facts in the return

TEJAS NETWORKS LIMITED,BANGALORE vs. ASST.C.I.T., BANGALORE

In the result, the appeals filed by the revenue in IT(TP)A No

Bench: Shri Chandra Poojari & Shri George George K.It(Tp)A Nos.296/Bang/2015 Assessment Year: 2010-11 M/S. Tejas Networks Ltd. Plot No.25, 5Th Floor Jp Software Park Acit, Circle-1, Ltu Vs. Electronic City, Phase I Bangalore Bangalore 560 100

Penalty Proceedings IT(TP)A No.296, 468 & 1119/Bang/2015 IT(TP)A No.621 & 694/Bang/2016, IT(TP)A No.1674/Bang/2018 & IT(TP)A No.582/Bang/2021 Page 10 of 34 The learned AO has erred in initiating proceedings under section 271(1)(c) of the Act without having regard to the fact that the appellant has fully disclosed all the facts in the return

DCIT, BANGALORE vs. M/S TEJAS NETWORKS LIMITED, BANGALORE

In the result, the appeals filed by the revenue in IT(TP)A No

Bench: Shri Chandra Poojari & Shri George George K.It(Tp)A Nos.296/Bang/2015 Assessment Year: 2010-11 M/S. Tejas Networks Ltd. Plot No.25, 5Th Floor Jp Software Park Acit, Circle-1, Ltu Vs. Electronic City, Phase I Bangalore Bangalore 560 100

Penalty Proceedings IT(TP)A No.296, 468 & 1119/Bang/2015 IT(TP)A No.621 & 694/Bang/2016, IT(TP)A No.1674/Bang/2018 & IT(TP)A No.582/Bang/2021 Page 10 of 34 The learned AO has erred in initiating proceedings under section 271(1)(c) of the Act without having regard to the fact that the appellant has fully disclosed all the facts in the return

TEJAS NETWORKS LIMITED,BANGALORE vs. DCIT, BANGALORE

In the result, the appeals filed by the revenue in IT(TP)A No

Bench: Shri Chandra Poojari & Shri George George K.It(Tp)A Nos.296/Bang/2015 Assessment Year: 2010-11 M/S. Tejas Networks Ltd. Plot No.25, 5Th Floor Jp Software Park Acit, Circle-1, Ltu Vs. Electronic City, Phase I Bangalore Bangalore 560 100

Penalty Proceedings IT(TP)A No.296, 468 & 1119/Bang/2015 IT(TP)A No.621 & 694/Bang/2016, IT(TP)A No.1674/Bang/2018 & IT(TP)A No.582/Bang/2021 Page 10 of 34 The learned AO has erred in initiating proceedings under section 271(1)(c) of the Act without having regard to the fact that the appellant has fully disclosed all the facts in the return

DCIT, BANGALORE vs. M/S TEJAS NETWORKS LIMITED, BANGALORE

In the result, the appeals filed by the revenue in IT(TP)A No

Bench: Shri Chandra Poojari & Shri George George K.It(Tp)A Nos.296/Bang/2015 Assessment Year: 2010-11 M/S. Tejas Networks Ltd. Plot No.25, 5Th Floor Jp Software Park Acit, Circle-1, Ltu Vs. Electronic City, Phase I Bangalore Bangalore 560 100

Penalty Proceedings IT(TP)A No.296, 468 & 1119/Bang/2015 IT(TP)A No.621 & 694/Bang/2016, IT(TP)A No.1674/Bang/2018 & IT(TP)A No.582/Bang/2021 Page 10 of 34 The learned AO has erred in initiating proceedings under section 271(1)(c) of the Act without having regard to the fact that the appellant has fully disclosed all the facts in the return

ASST.C.I.T., BANGALORE vs. M/S TEJAS NETWORKS LIMITED, BANGALORE

In the result, the appeals filed by the revenue in IT(TP)A No

Bench: Shri Chandra Poojari & Shri George George K.It(Tp)A Nos.296/Bang/2015 Assessment Year: 2010-11 M/S. Tejas Networks Ltd. Plot No.25, 5Th Floor Jp Software Park Acit, Circle-1, Ltu Vs. Electronic City, Phase I Bangalore Bangalore 560 100

Penalty Proceedings IT(TP)A No.296, 468 & 1119/Bang/2015 IT(TP)A No.621 & 694/Bang/2016, IT(TP)A No.1674/Bang/2018 & IT(TP)A No.582/Bang/2021 Page 10 of 34 The learned AO has erred in initiating proceedings under section 271(1)(c) of the Act without having regard to the fact that the appellant has fully disclosed all the facts in the return