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 Act by A.O. 5.1 He submitted that incidentally in one of the group companies M/s.Jaico Realtors (P) Ltd there was an investment of 'Rs.4,06,98,779/- ($ 9,99,970) for the A.Y.2008-09 and similar issue was considered by Tribunal in ITA No.1444/Bang/2018 dated 8.5.2019 and deleted addition made by AO u/s 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 Act by A.O. 5.1 He submitted that incidentally in one of the group companies M/s.Jaico Realtors (P) Ltd there was an investment of 'Rs.4,06,98,779/- ($ 9,99,970) for the A.Y.2008-09 and similar issue was considered by Tribunal in ITA No.1444/Bang/2018 dated 8.5.2019 and deleted addition made by AO u/s 68

AMBICAA SALES CORPORATION ,BENGALURU vs. PRINCIPAL COMMISSIONER OF INCOME TAX BENGALURU - 5, BENGALURU

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

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2014-15

Section 43 of the Act talks of an eligible deduction in respect of trading in derivatives. Upon the details submitted by you, it is not clear as to whether the transactions done by you are in derivatives or they are in the nature of daily transactions squired off without taking any delivery. The Assessing Officer was supposed to enquire

SHRI. SHANTHISAGAR CO OP CREDIT SOCIETY LIMITED,HUBLI vs. INCOME TAX OFFICER, WARD-2(1), HUBLI

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

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

section 68 of the Act which was not verified by the AO earlier. The relevant finding of the tribunal reads as under: 11. Considering the rival submissions, we noted that the assessee is a credit co-operative society dealing with members only. During the demonetisation period, the members of the assessee deposited cash in SBNs in their accounts maintained

SRI. GIRISH MALLESH,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-6(2)(1), BANGALORE

In the result, appeal of the assessee in ITA No

Bench: Shri Chandra Poojari & Smt. Madhumita Roy

section 68 of the Act. 7. We have heard the rival submissions and perused the materials available on record. In the present case, the addition has been made on account of deposit of SBN notes to following bank accounts during the demonetization as below: Name of the bank Cash deposit in Other Non Total Cash and Account

SRI. GIRISH MALLESH,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-6(2)(1), BANGALORE

In the result, appeal of the assessee in ITA No

Bench: Shri Chandra Poojari & Smt. Madhumita Roy

section 68 of the Act. 7. We have heard the rival submissions and perused the materials available on record. In the present case, the addition has been made on account of deposit of SBN notes to following bank accounts during the demonetization as below: Name of the bank Cash deposit in Other Non Total Cash and Account

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 4(1)(1), BANGALORE vs. M/S. LIFESTYLE INTERNATIONAL PRIVATE LIMITED, BANGALORE

In the result, the assessee’s appeal stands allowed and revenue’s appeal stands dismissed

Bench: Smt Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2013-14 M/S. Lifestyle International Pvt. Ltd., 77, Town Centre, The Deputy Building No. 3, Commissioner Of West Wing, Income Tax, Off Hal Airport Road, Circle – 4(1)(1), Yamlur, Vs. Bengaluru. Bengaluru – 560 037. Pan: Aaacl2937J Appellant Respondent & Assessment Year : 2013-14 (By Revenue)

43(5) of Assessee read with section 73 of the Act Rejection of claim made by the Assessee during the course of Allowed in favour 2 18,44,375 assessment proceedings in respect of Assessee of ESOP expenses Short credit of brought forward Allowed in favour 3 losses of Assessee Allowed in favour 4 Arithmetical errors of Assessee Computation

M/S DAVALAGIRI PROPERTY DEVELOPERS PRIVATE LIMITED ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-2(1)(2), BANGALORE

In the result, the appeal by the assessee is allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2009-10

section 68, an income-tax officer was not precluded from making an inquiry as to true nature and source of sum found credited in books even if same was credited as receipt of share application money. Further, the Calcutta High Court in the case of Subhlakshmi Vanijya P. Ltd. v. CIT, 43

MR. P. NARASIMHA RAO,MANGALURU vs. THE DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-1(1) & TPS, MANGALURU

In the result, the assessee’s appeal is partly allowed

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2012 – 13

section 68. The addition could not be made.” Mr. P. Narasimha Rao, Mangaluru Page 25 of 29 21.2 In view of this, we delete the above addition made by the AO. 22. Next ground of the assessee’s appeal is reproduced below: “5. The learned CIT(A), National Faceless Appeal Centre (NFAC) is not justified in law in upholding

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

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

43,94,500\n6,73,53,000\nTOTAL\n12,49,500 61,12,000 3,34,25,000 3,53,73,930 19,29,48,500 25,90,09,400\n15,64,02,965\n68,45,21,295\nWe have also gone through the statements recorded during the course of\nsearch under section

M/S. CRYSTAL GRANITE AND MARBLE PRIVATE LIMITED,RAMANAGARAM vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-2(1)(1), BANGALORE

In the result, the appeal of the assessee is allowed for statistical purposes and Stay Petition is dismissed as infructuous

Bench: Shri George George K & Shri Laxmi Prasad Sahus.P No.29/Bang/2023 Assessment Year: 2017-18

43 of 1961) (hereinafter referred to as the Income-tax Act) and, — (a) the completion of any action, referred to in clause (a) of sub-section (1) of section 3 of the said Act, relates to passing of any order for assessment or reassessment under the Income-tax Act, and the time limit for completion of such action

M/S. KHODAY INDIA LIMITED,BANGALORE vs. INCOME TAX OFFICER, WARD- 4(1)(2), BANGALORE

In the result appeal filed by assessee stands allowed

Bench: Smt. Beena Pillai & Shri. Laxmi Prasad Sahuassessment Year : 2015-16 M/S. Khoday India Ltd., The Income-Tax 7Th Mile, Brewery House, Officer, Kanakapura Road, Ward 4 (1)(2), Bangalore – 560 062. Bangalore. Pan: Aaack6734C Vs. Appellant Respondent Assessee By : Shri V. Sridhar, Ca : Shri Ramesh B.R., Addl. Cit Revenue By (Dr) Date Of Hearing : 09-06-2022 Date Of Pronouncement : 30-06-2022 Order Per Beena Pillaipresent Appeal Is Filed By The Assessee Against Order Dated 09/12/2021 Passed By The Ld.Cit(A)-11, Bangalore For Assessment Year 2015-16 On Following Grounds Of Appeal: “1. The Order Of The Learned Commissioner Of Income-Tax (Appeals), Bengaluru-11, Bengaluru In Ita No.Cit(A)- 11/Bng/Tr.10036/2018-19 (Din: Itba /Apl /M/ 250 /2021-22/ 1037634908(1) Dated:09.12.2021 Is Opposed To Law, Weight Of Evidence, Probabilities & Facts & Circumstances Of The Case. 2. The Learned Commissioner Of Income-Tax (Appeals) Erred In Confirming The Order Of The Assessing Officer Passed U/S.154 Of The Income Tax Act, 1961 Dated:14.02.2018. 3. The Learned Commissioner Of Income-Tax (Appeals) Erred In Not Directing The Assessing Officer To Set Off The Entire

68,26,316/- towards sales promotion expenditure. The Ld.AO, following the decision of this Tribunal, restricted the disallowance to 25% of the said expenditure, and added back ₹ 17,606,579/- as disallowed under section 37 of the Act. 2.6 The Ld.AO also made disallowance of expenditure under section 14A, read with rule 8D (2) (i) to (iii) amounting

BHARATH HI-TECH BUILDERS PVT. LTD.,BANGALORE vs. ACIT, CIRCLE-1(1)(2), BANGALORE, BANGALORE

In the result, appeal of the assessee is allowed

section 68, it\nis applicable for share capital, share premium.\n\n7.\nHe submitted as per the above table, the repayment\nof the loan trough bank has been made in subsequent\nyears. He relied on the following judgments:-\n\nPage 19 of 29\nITA No.1035/Bang/2023\n1) CIT Vs. Empire Buildtech Pvt. Ltd., [2014] 43

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

43,94,500 /- instead of net income as the Appellant has claimed expenditure being Interest expenses in the Return of Income . Hence only net income should have been added. 10. On the facts and circumstances of the case, learned CIT (A) has erred in both on facts and in law in confirming in not considering the Interest on loan paid

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

In the result, appeals filed by the assessee are partly allowed in above\nterms

43,94,500\n6,73,53,000\nTOTAL\n12,49,500\n61,12,000\n3,34,25,000\n3,53,73,930\n19,29,48,500\n25,90,09,400\n15,64,02,965\n68,45,21,295\n\nWe have also gone through the statements recorded during the course of\nsearch under section

M/S.LIFESTYLE INTERNATIONAL PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, BANGALORE

In the results appeal filed by assessee for assessment year

Bench: Shri Chandra Poojari & Smt Beena Pillai

68,66,897/- to be excessive under section 40A(2) of the Act. The Ld.AO observed that assessee capatalised payment made to Home Center LLC and consequent depreciation amounting to Rs.17,11,500/- was claimed. He also observed that professional fees of Rs.40,79,397/- was paid to RNA. The Ld.AO thus disallowed total of Rs.57

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), BANGALORE vs. M/S LIFESTYLE INTERNATIONAL PVT LTD , BANGALORE

In the results appeal filed by assessee for assessment year

Bench: Shri Chandra Poojari & Smt Beena Pillai

68,66,897/- to be excessive under section 40A(2) of the Act. The Ld.AO observed that assessee capatalised payment made to Home Center LLC and consequent depreciation amounting to Rs.17,11,500/- was claimed. He also observed that professional fees of Rs.40,79,397/- was paid to RNA. The Ld.AO thus disallowed total of Rs.57

M/S LIFESTYLE INTERNATIONAL PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-4(1)(1), BANGALORE

In the results appeal filed by assessee for assessment year

Bench: Shri Chandra Poojari & Smt Beena Pillai

68,66,897/- to be excessive under section 40A(2) of the Act. The Ld.AO observed that assessee capatalised payment made to Home Center LLC and consequent depreciation amounting to Rs.17,11,500/- was claimed. He also observed that professional fees of Rs.40,79,397/- was paid to RNA. The Ld.AO thus disallowed total of Rs.57