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

section\n132(4) of the Act. We have also gone through the statement recorded under\nsection 131 of the Act. During the course of survey, question and answer No.40\nis as under:\n40.It is seen from the table submitted by you in the above answer, that the cash\ndeposited in to different accoun is totalling to Rs.68

MR. BHASKAR JOSEPH,BANGALORE vs. INCOME TAX OFFICER, WARD- 6(2)(2), BANGALORE

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

Bench: Shri Chandra Poojariassessment Year: 2015-16

section 68 of the Act cannot be applied. Asking the assessee to prove to the satisfaction of the Assessing Officer, the expenditure to the extent of 92

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

section\n132(4) of the Act. We have also gone through the statement recorded under\nsection 131 of the Act. During the course of survey, question and answer No.40\nis as under:\n\n40.It is seen from the table submitted by you in the above answer, that the cash\ndeposited in to different accoun is totalling to Rs.68

M/S CONTINENTAL AUTOMOTIVE COMPONENTS INDIA PRIVATE LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-2(1)(1), BANGALORE

In the result, the appeal is partly allowed

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranassessment Year :2014-15 M/S. Continental Automotive Vs. Dcit, Components India Pvt. Ltd., Circle – 2(1)(1), Plot No.53B, Bommasandra Industrial Bengaluru. Area, Hosur Road, Attibele Hobli, Anekal Taluk, Bengaluru–560 099. Pan : Aakcs 9578 C Appellant Respondent Assessee By : Shri. T. Suryanarayana, Senior Advocate Revenue By : Shri. Mudavathu Harish Chandra Naik, Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 21.03.2022 Date Of Pronouncement : 29.03.2022 O R D E R

92(l) of the Act provides that any income arising from an "international transaction" shall be computed having regard to the arms length price. The Explanation to the said section provides that allowance for any expense or interest arising from an international transaction hall also be determined having regard to the arm' s length price. • The term "international transaction

MR.GIRISH V YALAKKISHETTAR ,DHARWAD vs. THE INCOME TAX OFFICER WARD-2(3), BANGALORE

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

Bench: Shri Chandra Poojari

section 68 of the Act cannot be applied. Asking the assessee to prove to the satisfaction of the Assessing Officer, the expenditure to the extent of 92

MR. GIRISH V YALAKKISHETTAR,DAHRWAD vs. INCOME TAX OFFICER WARD-2(3), HUBLI

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

Bench: Shri Chandra Poojari

section 68 of the Act cannot be applied. Asking the assessee to prove to the satisfaction of the Assessing Officer, the expenditure to the extent of 92

KOGOD BASAVARAJU JAYACHANDRA ,HASSAN vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), BANGALORE

In the result the ITA No

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

92,58,000/- 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. 6. The CIT (A) has erred in not appreciating the fact that the AO himself has stated that the cash deposits made by DS Nandish, however he has not declared

M/S. TOYOTA TAUSHO INDIA PRIVATE LIMITED,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE -3(1)(1), BENGALURU

Accordingly, this ground is allowed for statistical purposes

Bench: Shri N.V Vasudevan & Shri Laxmi Prasad Sahu

92 of the Act can be applied only in respect of international transactions i.e., transactions with AE. 56. In view of the above transfer pricing provisions and various judicial precedents, we hold that the transfer pricing adjustment should be restricted only to the AE related transactions of the assessee.” 11.3 Respectfully following the above judgment of coordinate bench

M/S. THE HIMALAYA DRUG COMPANY,BANGALORE vs. ASST. COMMISSIONER OF INCOME TAX, BANGALORE

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

Bench: Shri B. R. Baskaran & Smt. Beena Pillai

92 (CA) r/w 143 (3) it does not indicate that the demand and penalty made in the Assessment Order has been withdrawn. Hence, the submission of the Revenue that the Assessment Order passed under section 143(3) read with the corrigendum issued shall be treated as Draft Assessment Order cannot be countenanced. It is not the case

TOTGARS CO-OPERATIVE SALE SOCIETY LTD ,SIRSI vs. PR. COMMISSIONER OF INCOME TAX , HUBBALLI

In the result, the appeal by the assessee is allowed

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2017-18

section 68 would not attract to the cash deposited during the demonetisation period which is at page 187-198 of the paper book. 12. The ld. AR further submitted that the cash deposits in SBNs were made by the trade debtors in the bank accounts of the assessee. It was not accepted by the assessee directly. As per Notification

JOHN D SILVA,MANGALORE vs. INCOME TAX OFFICER, WARD-2(1), MANGALORE

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

Bench: Shri Waseem Ahmed & Shri Soundararajan K.Assessment Year : 2017-18

section on the facts and circumstances of the case. 16. The Appellant craves leave to add, alter, amend, substitute or delete any or all of the grounds of appeal urged above. 17. For the above and other grounds to be urged during the course of hearing of the appeal the Appellant prays that the appeal be allowed

M/S. KOKKARNE PRABHAKAR,HUBBALLI vs. INCOME TAX OFFICER, WARD - 3(2), HUBBALLI

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

Bench: Shri Chandra Poojari, Am Assessment Year: 2013-14 Shri Kokkarne Prabhakara, Vs. Income Tax Officer, 103, Indira Prasta Apartment, Ward 3(2), Hubballi. Vivekanand Colony, Keshwapur, Hubli-580 023 Pan Acipp 8430H

section 68 of the Act cannot be applied. Asking the assessee to prove to the satisfaction of the Assessing Officer, the expenditure to the extent of 92

SYED MAQSOODULLA ,BANGALORE vs. INCOME TAX OFFICER WARD-3(2)(1), BANGALORE

In the result, the appeal of the assessee is allowed

Bench: Shri Chandra Poojari, Am Assessment Year: 2015-16 Syed Maqsoodulla, Vs. The Income Tax Officer, No.14, 7Th “A’ Cross Ward-3(2)(1), Bangalore. ‘D’ Block, Magadi Road Bangalore-560023. [Pan:Cycps 3116F]

section 68 of the Act cannot be applied. Asking the assessee to prove to the satisfaction of the Assessing Officer, the expenditure to the extent of 92

M/S IKA INDIA PVT LTD ,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE

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

Bench: Shri N.V. Vasudevan & Shri Inturi Rama Rao

68,71,417 Reimbursement of expenses to AE 4. In view of the provisions of section 92 of the Income

LEELARAM CHOUDHARY ,BANGALORE vs. INCOME TAX OFFICER, WARD-5(2)(5), BANGALORE

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

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

section 68 of the Act is ruled out. Therefore, in view of the above judgments, we observe that it is a settled law that opening balance o unsecured loans coming from previous financial years cannot be added u/s. 68 of the Act to th income of the assessee. We further observe that even the PAN numbers as well

WIPRO LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE

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

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahu

section 14A as computed under Rule 8D(2)(iii) cannot be more than the actual expenditure which can be relatable for earning the exempt income and debited to the Profit and Loss account. In the case on hand the disallowance made by the assessee on its own is not the total expenditure debited to the profit and loss account

M/S. WIPRO LIMITED ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(2), BANGALORE

In the result, the appeal filed by the assessee is treated as partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranit(Tp)A No.2556/Bang/2019 Assessment Year : 2015-16

92 of the Act in respect of Specified domestic transaction. (d) Hence the total income has increased from Rs.1,25,000/- (prior to ALP adjustment) to Rs.1,50,000/- after ALP adjustment. The net effect is the addition of SDT adjustment of Rs.25,000/-. 39.22 We notice that the TPO has not carried out these exercises. Hence, in our view

KOGOD BASAVARAJU JAYACHANDRA ,HASSAN vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), BANGALORE

In the result the ITA No

92,58,000/- instead of net income as the\nAppellant has claimed expenditure being Interest expenses in the\nReturn of Income . Hence only net income should have been added.\n\n6.\nThe CIT (A) has erred in not appreciating the fact that the AO himself\nhas stated that the cash deposits made by DS Nandish, however he has\nnot declared

M/S. CONTINENTAL AUTOMOTIVE COMPONENTS INDIA PRIVATE LIMITED,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BANGALORE

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

Bench: Shri George George K. & Ms. Padmavathy S

68,84,336 Sales 91,47,45,212 517,71,01,220 Raw material cost/Sales 37% 76% It was also pleaded that TVS fails the RPT filter of 15% consistently applied by the Tribunal. Therefore, the said company cannot be considered as a comparable and ought to be excluded from the final list of comparables. 60. The learned DR relied