EPSILON ADVISORS P. LTD.,,BANGALORE vs. CIT, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

gains arising on sale of shares of M/ s. BPL Communication Pvt. Ltd owned by the assessee. This incorrect, bogus and manufactured capital losses cannot be allowed as a deduction and needs to be disallowed. On account of this, the entire short term capital losses claimed of Rs. 117,76,40,000/ - needs to be disallowed and added

DCIT, BANGALORE vs. M/S EPSILON ADVISORS PVT. LTD.,, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

gains arising on sale of shares of M/ s. BPL Communication Pvt. Ltd owned by the assessee. This incorrect, bogus and manufactured capital losses cannot be allowed as a deduction and needs to be disallowed. On account of this, the entire short term capital losses claimed of Rs. 117,76,40,000/ - needs to be disallowed and added

DCIT, BANGALORE vs. M/S EPSILON ADVISORS PVT. LTD.,, BANGALORE

In the result, penalty appeal of the assessee is allowed and penalty appeal of the revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodia

gains arising on sale of shares of M/ s. BPL Communication Pvt. Ltd owned by the assessee. This incorrect, bogus and manufactured capital losses cannot be allowed as a deduction and needs to be disallowed. On account of this, the entire short term capital losses claimed of Rs. 117,76,40,000/ - needs to be disallowed and added

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, BELLARY, CENTRAL CIRCLE, BELLARY vs. M/S VIRGO PROPERTIES PRIVATE LIMITED, CHENNAI

Bench: Shri.Laxmi Prasad Sahu & Shri. Keshav Dubey

short term capital gain. 3. Aggrieved from the above Order, assessee filed appeal before learned CIT(A). The learned CIT(A), relying on the judgment in the case of CIT Vs. Kovai Maruthi Paper and Board P. Ltd., (294 ITR 0057), allowed appeal of the assessee observing that reopening issue was on the same materials which were available with

SARITA DUDHERIA,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 1(1)(2), BANGALORE

In the result, all the three appeals filed by assessee stands partly allowed for statistical purposes for all the years under consideration

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

Short term capital gains of Rs.5,32,549/- and Income from Other sources of Rs.33,990/-. The assessee also earned exempt . Long term capital gains of Rs.2,93,54,121/- and dividend of Rs.13,47,615/-. A notice u/s Page 7 of 18 ITA Nos. 380 to 382/Bang/2020 148 of the Act dt.31.03.2018 was issued to the appellant. The assessee

SARITA DUDHERIA,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX , CIRCLE- 1(2), BANGALORE

In the result, all the three appeals filed by assessee stands partly allowed for statistical purposes for all the years under consideration

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

Short term capital gains of Rs.5,32,549/- and Income from Other sources of Rs.33,990/-. The assessee also earned exempt . Long term capital gains of Rs.2,93,54,121/- and dividend of Rs.13,47,615/-. A notice u/s Page 7 of 18 ITA Nos. 380 to 382/Bang/2020 148 of the Act dt.31.03.2018 was issued to the appellant. The assessee

SARITA DUDHERIA,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX , CIRCLE- 1(2), BANGALORE

In the result, all the three appeals filed by assessee stands partly allowed for statistical purposes for all the years under consideration

Bench: Shri. Chandra Poojari & Smt. Beena Pillai

Short term capital gains of Rs.5,32,549/- and Income from Other sources of Rs.33,990/-. The assessee also earned exempt . Long term capital gains of Rs.2,93,54,121/- and dividend of Rs.13,47,615/-. A notice u/s Page 7 of 18 ITA Nos. 380 to 382/Bang/2020 148 of the Act dt.31.03.2018 was issued to the appellant. The assessee

LAXMIPAT DUDHERIA ,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-7(1)(2), BANGALORE

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

Bench: Shri Arun Kumar Garodia & Shri Pavan Kumar Gadale

Short term Capital gains arising out of investment in M/s. Fact Enterprises Ltd of Rs.5,109/- as Cash credit u/s 68 of the Act and also to add 3% of the total LTCG claim u/s 69C of the Act (copy of the notice is reproduced in Para 6 of the assessment order). The AO in support of the allegations made

LAXMIPAT DUDHERIA ,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-7(1)(2), BANGALORE

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

Bench: Shri Arun Kumar Garodia & Shri Pavan Kumar Gadale

Short term Capital gains arising out of investment in M/s. Fact Enterprises Ltd of Rs.5,109/- as Cash credit u/s 68 of the Act and also to add 3% of the total LTCG claim u/s 69C of the Act (copy of the notice is reproduced in Para 6 of the assessment order). The AO in support of the allegations made

LAXMIPAT DUDHERIA ,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-7(1)(2), BANGALORE

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

Bench: Shri Arun Kumar Garodia & Shri Pavan Kumar Gadale

Short term Capital gains arising out of investment in M/s. Fact Enterprises Ltd of Rs.5,109/- as Cash credit u/s 68 of the Act and also to add 3% of the total LTCG claim u/s 69C of the Act (copy of the notice is reproduced in Para 6 of the assessment order). The AO in support of the allegations made

LAXMIPAT DUDHERIA,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-7(1)(2), BANGALORE

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

Bench: Shri Arun Kumar Garodia & Shri Pavan Kumar Gadale

Short term Capital gains arising out of investment in M/s. Fact Enterprises Ltd of Rs.5,109/- as Cash credit u/s 68 of the Act and also to add 3% of the total LTCG claim u/s 69C of the Act (copy of the notice is reproduced in Para 6 of the assessment order). The AO in support of the allegations made

INCOME-TAX OFFICER, WARD 1-(1), BANGALORE vs. SATYANARAYAN VIVEK KUMAR(HUF), BANGALORE

In the result, the appeal by the Revenue is dismissed and the cross objection of the Assessee is also dismissed as not requiring adjudication

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz Assessment Year : 2006-07

reassessment proceedings were initiated for disallowing the claim for exemption u/s.10(38) of the Act viz., on the long term capital gain on sale of shares of BFSL. 5. The facts with regard to capital gain on sale of shares of BSFL are as follows: The assessee during the year had sold 22,100 shares of M/s. BFSL

SMT. USHA BEN NAHAR,BANGALORE vs. INCOME TAX OFFICER, BANGALORE

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

Bench: Shri Vijay Pal Raoassessment Year : 2006-07

short term capital gain, long term capital gain on account of commodity trading, share application money etc. Accordingly, the investigation wing of the IT department gave information to the AO that during the financial year 2006-07, the assessee purchases M/s. Talent Infoway Limited shares through the broker M/s. Goldstar Finvest Pvt. Ltd. The assessment was reopened

SHRI.VIJAY NAHAR(HUF),BANGALORE vs. INCOME TAX OFFICER, BANGALORE

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

Bench: Shri Vijay Pal Raoassessment Year : 2007-08

short term capital gain, long term capital gain on account of commodity trading, share application money etc. Accordingly, the investigation wing of the IT department gave information to the AO that during the financial year 2006-07, the assessee purchases M/s. Talent Infoway Limited shares through the broker M/s. Goldstar Finvest Pvt. Ltd. The assessment was reopened

SMT.H.V.PINKY,BANGALORE vs. INCOME TAX OFFICER, BANGALORE

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

Bench: Shri Vijay Pal Raoassessment Year: 2007-08

short term capital gain, long term capital gain on account of commodity trading, share application money etc. Accordingly, the investigation wing of the IT department gave information to the AO that during the financial year 2006-07, the assessee purchases M/s. Talent Infoway Limited shares through the broker M/s. Goldstar Finvest Pvt. Ltd. The assessment was reopened

SHRI.VIJAY HAHAR,BANGALORE vs. INCOME TAX OFFICER, BANGALORE

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

Bench: Shri Vijay Pal Raoassessment Year: 2007-08

short term capital gain, long term capital gain on account of commodity trading, share application money etc. Accordingly, the investigation wing of the IT department gave information to the AO that during the financial year 2006-07, the assessee purchases M/s. Talent Infoway Limited shares through the broker M/s. Goldstar Finvest Pvt. Ltd. The assessment was reopened

SMT.ASHA NAHAR,BANGALORE vs. INCOME TAX OFFICER, BANGALORE

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

Bench: Shri Vijay Pal Raoassessment Year: 2007-08

short term capital gain, long term capital gain on account of commodity trading, share application money etc. Accordingly, the investigation wing of the IT department gave information to the AO that during the financial year 2006-07, the assessee purchases M/s. Talent Infoway Limited shares through the broker M/s. Goldstar Finvest Pvt. Ltd. The assessment was reopened

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

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

Bench: Shri Chandra Poojari & Smt. Beena Pillai

short term capital gains. ITA Nos.1035 & 1036/Bang/2019 Page 3 of 78 9. The appellant craves for leave to add to, delete from or amend the grounds of appeal. 2.1 Similar are the grounds for A.Y. 2006-07. Only Change in figures. 3. The assessee has also raised the following common grounds in these appeals:- “1. The order of the Learned