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

reassessment proceedings and sought for the material relied on to reopen the assessment proceedings. Disregarding the assessee's request, the AO issued a notice dt.16.11.2018 proposing to make addition of Long term capital gains earned from sale of M/s. Blue Circle Services Ltd of Rs.2,94,77,114/- as Cash credit u/s 68 of the Act. The" AO disposed

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

reassessment proceedings and sought for the material relied on to reopen the assessment proceedings. Disregarding the assessee's request, the AO issued a notice dt.16.11.2018 proposing to make addition of Long term capital gains earned from sale of M/s. Blue Circle Services Ltd of Rs.2,94,77,114/- as Cash credit u/s 68 of the Act. The" AO disposed

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

long term capital gains arising out of investment in M/s. Blue Circle Services Ltd of Rs.16,22,06,666/- and 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

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

long term capital gains arising out of investment in M/s. Blue Circle Services Ltd of Rs.16,22,06,666/- and 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

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

long term capital gains arising out of investment in M/s. Blue Circle Services Ltd of Rs.16,22,06,666/- and 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

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

long term capital gains arising out of investment in M/s. Blue Circle Services Ltd of Rs.16,22,06,666/- and 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

POONAM GUPTA ,BENGALURU vs. DCIT, CIRCLE-5(1)(1), BANGALORE

In the result appeal filed by the assessee is allowed

Bench: Shri Prashant Maharishi & Shri Soundararajan K.Assessment Year: 2017-18

147 r.w.s. 144 was issued by the assessing officer on 30th May 2023. 4. Case of the assessee was reopened on the basis of information that assessee has earned long term capital gain in the sale of shares of sun star Realty Limited as per Report of Investigation wing. 5. Assessee categorically submitted that she has not claimed any benefit

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

long term capital 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

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

long term capital 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

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

long term capital 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

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

long term capital 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

SMT. K.R.YASHODHA,BANGALORE vs. INCOME-TAX OFFICER, BANGALORE

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

Bench: Shri Sunil Kumar Yadav & Shri Jason P Boazassessment Year : 2007-08

long term capital gains computed by the learned A.O. at Rs.55,08,127/- based on the cost of construction of the built up area incurred by the Developer is unjustified and unwarranted as the same cannot be regarded as the full value of consideration received on transfer and hence, the Capital Gains so assessed requires to be reduced substantially

CHINNAPPA ANTHONAPPA,BANGALORE vs. ACIT, BANGALORE

In the result, the appeal by the assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boazassessment Year : 2010-11

147 of the Act. However, the assessment order mentions the fact that assessment was being reopened by issue of notice u/s. 148 of the Act as it was found that assessee did not reinvest the sale proceeds received on transfer of agricultural land which was deposited in the capital gain scheme account within the stipulated time. In the reassessment proceedings

K.G. KRISHNA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Long term capital gain as offered by the appellant is to be accepted. The appellant denies the liability to pay interest u/s 234A 8. and 234B of the Act. The interest levied being wholly erroneous is to be deleted. 9. In view of the above and on other grounds to be adduced at the time of hearing it is requested

K.G. KRISHNA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Long term capital gain as offered by the appellant is to be accepted. The appellant denies the liability to pay interest u/s 234A 8. and 234B of the Act. The interest levied being wholly erroneous is to be deleted. 9. In view of the above and on other grounds to be adduced at the time of hearing it is requested

K.G. KRISHNA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Long term capital gain as offered by the appellant is to be accepted. The appellant denies the liability to pay interest u/s 234A 8. and 234B of the Act. The interest levied being wholly erroneous is to be deleted. 9. In view of the above and on other grounds to be adduced at the time of hearing it is requested

K.G. KRISHNA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Long term capital gain as offered by the appellant is to be accepted. The appellant denies the liability to pay interest u/s 234A 8. and 234B of the Act. The interest levied being wholly erroneous is to be deleted. 9. In view of the above and on other grounds to be adduced at the time of hearing it is requested

K.G. KRISHNA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(4), BANGALORE

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Long term capital gain as offered by the appellant is to be accepted. The appellant denies the liability to pay interest u/s 234A 8. and 234B of the Act. The interest levied being wholly erroneous is to be deleted. 9. In view of the above and on other grounds to be adduced at the time of hearing it is requested