ACIT, CIRCLE-2(2)(1), BANGALORE vs. VASTIMAL BHIM RAJ SANCHETI, BANGALORE

In the result, the appeals of the Revenue are dismissed

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K

section 68 of the IT Act, 1961. 8. In the assessment order passed, the assessing officer has discussed total disallowance of Rs 6,13,95,000/- u/s 68 of the IT Act, 1961, but inadvertently in the computation, addition for Rs 5,87,25,000/- was considered. Thus, the issues in regard to addition

MR. MOHAMMED HANIF MOHAMMED YUSUF DHARWADKAR,HUBLI vs. INCOME-TAX OFFICER, WARD-1(1), HUBLI

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

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2017-18

Section 68 of the Act. Accordingly, he added Rs. 1,25,89,399/- to the income of the assessee and completed the assessment. Against this assessee went in appeal before ld. CIT(A). 8. The ld. CIT(A) observed that the assessee had opportunity before three forums - ITO(Inv.), AO and these proceedings — to furnish requisite material to establish

M/S. ANAND DIAGNOSTIC LABORATORY,BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(4), BENGALURU

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

Bench: Shri Prashant Maharishi & Shri Soundararajan K.

section 45(4) of the Act. In that case also the assessee received a share of goodwill. The Hon’ble High Court held that receipt of share value of goodwill cannot be subjected to capital gains tax as there was no transfer of goodwill to the firm. The Hon’ble High Court dealt the whole issue as under

M/S. ANAND DIAGNOSTIC LABORATORY,BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(4), BENGALURU

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

Bench: Shri Prashant Maharishi & Shri Soundararajan K.

section 45(4) of the Act. In that case also the assessee received a share of goodwill. The Hon’ble High Court held that receipt of share value of goodwill cannot be subjected to capital gains tax as there was no transfer of goodwill to the firm. The Hon’ble High Court dealt the whole issue as under

M/S. MUKKA PROTEINS LIMITED (FORMERLY KNOW AS MUKKA SEA FOOD INDUSTRIES LTD., ),MANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, , MANGALURU

In the result, appeals of the assessee in ITA Nos

Bench: Shri Chandra Poojari & Shri Keshav Dubey

68 of the Income Tax Act, 1961, on account of the statements made by the assessee’s Directors in the course of search under Section 132 of the Act were not justified?” (a) In the case, the learned CIT-(A) held that evidence does not mean only documentary evidence and the statement under section 132(4

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(2)(1), BANGALORE vs. AURA JEWELS, BANGALORE

In the result, the cross objection filed by the assessee is dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Years : 2017-18

4. On the facts and circumstances of the case, the learned CIT(A) erred in deleting the above mentioned addition as section 68

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1-(4), BENGALURU vs. M/S KANSUR DEVELOPERS INDIA PVT. LTD., BENGALURU

In the result, the revenue appeals in ITA Nos

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

section 68 of the Income-tax Act,1961 ['the Act' for short]. On appeal the Ld. C1T(A) in his order in ITA No. 355/Deputy Commissioner of Income-tax/CC- 1(4

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 1(4), BENGALURU vs. M/S KANSUR DEVELOPERS INDIA PVT. LTD. , BENGALURU

In the result, the revenue appeals in ITA Nos

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

section 68 of the Income-tax Act,1961 ['the Act' for short]. On appeal the Ld. C1T(A) in his order in ITA No. 355/Deputy Commissioner of Income-tax/CC- 1(4

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE - 1(4), BENGALURU vs. M/S SNOWSHINE REALTORS PVT.LTD. , BENGALURU

In the result, the revenue appeals in ITA Nos

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariita Nos.1441 & 1442/Bang/2018 Assessment Year: 2009-10 & 2012-13 Acit Central Circle- M/S. Kansur Developers India Pvt. Ltd. 1(4) No.2650, Ground Floor Bengaluru Vs. 37Th B Cross, 28Th Main, 9Th Block Jayanagar Bangalore 560 009 Pan No : Aacck9866F Appellant Respondent C.O. Nos.103&104/Bang/2018 (Arising Out Of Ita Nos.1441 & 1442/Bang/2018) Assessment Years: 2009-10 & 2012-13

section 68 of the Income-tax Act,1961 ['the Act' for short]. On appeal the Ld. C1T(A) in his order in ITA No. 355/Deputy Commissioner of Income-tax/CC- 1(4

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), HUBBALLI vs. M/S. KARNATAKA VIKAS GRAMEEN BANK LIMITED, DHARWAD

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

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2016-17

section, each clause, each phrase and each word is meant and designed to say as to fit into the scheme of the entire Act. No part of a statute and no word of a statute can be construed in isolation. Statutes have to be construed so that every word has a place and everything is in its place

M/S KARNATAKA VIKAS GRAMEENA BANK,DHARWAD vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1), HUBBALLI

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

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2016-17

section, each clause, each phrase and each word is meant and designed to say as to fit into the scheme of the entire Act. No part of a statute and no word of a statute can be construed in isolation. Statutes have to be construed so that every word has a place and everything is in its place

BHUWALKA SALES CORPORATION,BANGALORE vs. ACIT, BANGALORE

In the result, the assessee's appeal for Assessment Year 2009-10 is treated as allowed for statistical purposes

Bench: Smt. P. Madhavi Devi & Shri Jason P. Boazi.T. A. No.1436/Bang/2013 (Assessment Year : 2009-10) M/S. Bhuwalka Sales Corporation, No.5, Walker Lane, Bhuwalka Landmark, Langford Road, Richmond Town, Bangalore-560 025 …. Appellant. Pan Aaifb 0063G Vs. Asst. Commissioner Of Income Tax, Circle 1(1), Bangalore. ….. Respondent. Appellant By : Shri K. Seshadri, C.A. Respondent By : Shri P. Dhivahar, Jcit (D.R). Date Of Hearing : 2.2.2015. Date Of Pronouncement : 1.4.2015. O R D E R Per Shri Jason P. Boaz, A.M. : This Appeal By The Assessee Is Directed Against The Order Of The Commissioner Of Income Tax (Appeals)-I, Bangalore Dt.12.8.2013 For Assessment Year 2009-10. 2. The Facts Of The Case, Briefly, Are As Under :- 2.1 The Assessee, In The Business Of Trading In Rolled Products, Filed The Return Of Income For Assessment Year 2009-10 On 26.9.2009 Declaring Income Of Rs.49,25,026. The Return Was Processed Under Section 143(1) Of The Income Tax Act, 1961 (In Short 'The Act') & The Case Was Taken Up For Scrutiny. The Assessment Was Completed Under Section 143(3) Of The Act Vide

4. SECTION 68 Vs. Section 2(22)(e). Learned CIT (Appeals) having deleted the addition of Rs.;1.25 Crores

LATE SHRI MAHABIR PRASAD(LEGAL HEIR MS. PARUL KANSARIA),BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BENGALURU

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

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

68. We have carefully considered the rival contention and the orders of the learned lower authorities. Based on the statement recorded under section 132 (4

LATE SHRI MAHABIR PRASAD(LEGAL HEIR MS. PARUL KANSARIA),BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3) , BENGALURU

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

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

68. We have carefully considered the rival contention and the orders of the learned lower authorities. Based on the statement recorded under section 132 (4

DCIT, CENTRAL CIRCLE-1(3), BAENGALURU vs. LATE SHRI MAHABIR PRASAD(LEGAL HEIR MS. PARUL KANSARIA), BENGALURU

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

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

68. We have carefully considered the rival contention and the orders of the learned lower authorities. Based on the statement recorded under section 132 (4

LATE SHRI MAHABIR PRASAD(LEGAL HEIR MS. PARUL KANSARIA),BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(3) , BENGALURU

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

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

68. We have carefully considered the rival contention and the orders of the learned lower authorities. Based on the statement recorded under section 132 (4

VEERENDRA KUMAR PATIL,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME, CENTRAL CIRCLE-1(2), BANGALORE

In the result, the appeal of the assessee for AY 2013-14 is partly allowed

Bench: Shri. Laxmi Prasad Sahu & Shri. Soundararajan K

section 68 of the Act as under: “68. Cash credits. - Where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the [Assessing Officer] [ Substituted by Act 4

M/S. KESAR MARBLE AND GRANITES LTD.,,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BANGALORE

Bench: Shri Chandra Poojari & Shri Prakash Chand Yadav

4) of the Act and material seized from the search conducted on Jain group of companies. The assessment order was also passed under Section 143(3) read with Section 153C of the Act making additions under Section 68