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

price to be natural and based on market forces, and, in view of order of SEBI finding that company these alleged companies, were involved in providing bogus long term capital gains, claim of exemption of long term capital gains earned by assessee was denied. 3. On appeal before Ld.CIT(A), observations and findings by Ld.AO were upheld. 4. Aggrieved

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

price to be natural and based on market forces, and, in view of order of SEBI finding that company these alleged companies, were involved in providing bogus long term capital gains, claim of exemption of long term capital gains earned by assessee was denied. 3. On appeal before Ld.CIT(A), observations and findings by Ld.AO were upheld. 4. Aggrieved

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

price to be natural and based on market forces, and, in view of order of SEBI finding that company these alleged companies, were involved in providing bogus long term capital gains, claim of exemption of long term capital gains earned by assessee was denied. 3. On appeal before Ld.CIT(A), observations and findings by Ld.AO were upheld. 4. Aggrieved

M/S. MEDI ASSIST INSURANCE TPA PVT LTD,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-12(1), BANGALORE

In the result, the appeal filed by assessee stands dismissed

Bench: Shri B R Baskaran & Smt. Beena Pillaiassessment Year : 2011-12 M/S. Medi Assist Insurance Tpa Pvt. Ltd., The Dy. Commissioner Of Tower ‘D’, 4Th Floor, Ibc Income-Tax, Knowledge Park, 4/1 Bannerghatta Vs. Circle - 4(1)(2), Main Road, Bengaluru. Bengaluru-560 029. Pan –Aaccm 8044 P Appellant Respondent Assessee By : Shri Sudhir Prabhu, C.A Revenue By : Shri Sumeer Singh Meena, Cit(Dr) Date Of Hearing : 10.01.2022 Date Of Pronouncement : 15.02.2022 O R D E R Per Beena Pillaithis Appeal By The Assessee Is Directed Against The Order Of The Cit(A)- 4, Bangalore Dated 22/3/2018 For The Asst. Year 2011-12 For Computing The Short Term Capital Gain At Rs.7,80,38,353/-. 2. The Assessee Raised The Following Grounds Before Us “(I) On The Facts & Circumstances Of The Case & In Law The Learned Dcit & Cit(A) Erred In Computing The Short Term Capital Gain At Rs.7,80,38,353/- By Adding The Negative Net-Worth Instead Of Restricting The Same To Nil As Deeded Cost, Since Cost Cannot Be A Negative Value Page 2 Of 19

long term capital gain as provided u/s 112 to the undertaking as a whole notwithstanding the fact that there may be several assets held by the assessee for a period of not more than 36 months, the legislature thought it to curtail the benefit of indexation to the cost of acquisition and cost of improvement. 14.4 On an overview

DR. DEVIKA GUNASHEELA,BANGALORE vs. JCIT, BANGALORE

Bench: Shri N.V. Vasudevan & Shri A.K. Garodiaassessment Year: 2012-13

price. This also leads to a higher income tax. The cost inflation index is applied to the long- term capital assets, due to which purchase cost increases, resulting in lesser profits and lesser taxes to benefit taxpayers. The intention of the legislature is to tax the real gain on transfer

M/S HIRSCH BRACELET INDIA PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3(1)(2), BANGALORE

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

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranassessment Year : 2015-16

price, where a gain from one of capital assets was a short-term capital gain while from other it was a long term capital gain, then the assessee is entitled to bifurcate the same and benefit to assessee could not be denied in respect of gain arising from sale of an asset which could be considered as long-term capital

ACIT, BANGALORE vs. SHRI. PRASHANTH PRAKASH, BANGALORE

In the result, the appeal by the Revenue is dismissed, while the Cross Objection by assessee is treated as allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Abraham P. Georgeassessment Year : 2009-10

price, the assessee is entitled to bifurcate the same and the capital gain arising from the sale of the land had to be treated as long-term capital gains. We are in agreement with the view expressed by the Rajasthan High Court in the above case. We are of the view that the land can be regarded as capital asset

M/S. ABB LTD.,,BANGALORE vs. THE ADDL. CIT, BANGALORE

In the result appeal by the Assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz Assessment Year : 1997-98

term ‘slump sale’) and Section 50B, which lays down a special computing mechanism for computing the gains therefrom. Gain from slump sale has been held by judicial decisions to be not taxable neither as business income u/s. 41 (2) nor as Capital gains u/s. 45 of the Act. To attract section 41 (2), the subject matter should be depreciable assets

PRASHANTH PRAKASH,BANGALORE vs. ADDL.C.I,.T., BANGALORE

In the result, the appeal by the assessee is allowed

Bench: Shri N.V. Vasudevan & Shri Jason P. Boazassessment Year : 2009-10

transfer; (ii) the cost of acquisition of the capital asset and the cost of any improvement thereto". Sec. 80T of the Act grants deduction in respect of the long-term capital gains in the case of an assessee other than companies where the gross total income of an assessee not being a company includes any income chargeable under the head

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 (LTCG) which is exempt from tax. The modus operandi adopted by the operators was to make the beneficiary buy some shares of a pre-determined Penny stock company controlled by them. These shares are transferred to the beneficiary at a very nominal price

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 (LTCG) which is exempt from tax. The modus operandi adopted by the operators was to make the beneficiary buy some shares of a pre-determined Penny stock company controlled by them. These shares are transferred to the beneficiary at a very nominal price

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 (LTCG) which is exempt from tax. The modus operandi adopted by the operators was to make the beneficiary buy some shares of a pre-determined Penny stock company controlled by them. These shares are transferred to the beneficiary at a very nominal price

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 (LTCG) which is exempt from tax. The modus operandi adopted by the operators was to make the beneficiary buy some shares of a pre-determined Penny stock company controlled by them. These shares are transferred to the beneficiary at a very nominal price

M/S JUPITER CAPITAL PVT LTD ,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-11(5), BANGALORE

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

Bench: Shri Sunil Kumar Yadav & Shri Arun Kumar Garodiaassessment Year : 2014-15

Long Term Capital Loss is accordingly upheld. The Assessee's grounds of appeal in this regard are therefore disallowed.” 5. We find that in Para 7.2 of the order of CIT(A), it is noted by CIT(A) that distinguishing factors for which the judgment of Hon’ble Apex Court rendered in the case of Kartikeya V. Sarabhai

M/S. ETA STAR INFOPARK,BENGALURU vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, BENGALURU

Bench: Shri Chandra Poojari & Smt. Beena Pillai

long-term capital gains by the learned AO instead of “income from business” is incorrect ITA No.415/Bang/2020 & M/s. ETA Star Infopark, Bangalore Page 32 of 73 and untenable and the land is always held as a capital asset right from inception. 5.2 The appellant had received the Land at Binny pet (not purchased) from a Partner as capital contribution

M/S. ETA STAR INFOPARK,BENGALURU vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX, BENGALURU-1, BENGALURU

Bench: Shri Chandra Poojari & Smt. Beena Pillai

long-term capital gains by the learned AO instead of “income from business” is incorrect ITA No.415/Bang/2020 & M/s. ETA Star Infopark, Bangalore Page 32 of 73 and untenable and the land is always held as a capital asset right from inception. 5.2 The appellant had received the Land at Binny pet (not purchased) from a Partner as capital contribution

SHRI. SRIRAM RUPANAGUNTA,BANGALORE vs. ASISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-5(3)(2), BANGALORE

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

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2015-16 Shri Sriram Rupanagunta, The Assistant 34 Purva Park Ridge, Commissioner Of Goshala Road, Income Tax, Garudachar Palya, Circle – 5(3)(2), Bangalore – 560 048. Vs. Banglore. Pan: Ahlpr7578N Appellant Respondent Assessee By : Shri Kodhanda Pani, Ca : Shri Kiran .D, Addl. Cit Revenue By (Dr) Date Of Hearing : 13-04-2023 Date Of Pronouncement : 18-05-2023 Order Per Beena Pillaipresent Appeal Is Filed By Assessee Against Order Dated 24.11.2022 Passed By Nfac For Assessment Year 2015-16 On Following Grounds Of Appeal: “1. The Ld.Assessing Officer Erred In Passing The Assessment Order In The Manner In Which It Is Done On The Basis Of Presumptions, Assumptions & Surmises & Inferences, Conjecture & Hypothetical, Than On The Basis Of The Facts.

long term capital gains and taxed at 10 percent (Short term capital gains Page 7 of 18 rate would be 15 percent) on gains over ]1 lakh (shares acquired after February 1, 2018). Assuming Mr. X held the shares for more than 12 months and then sells at the price of 220. Then LTCG would arise and the gain here

JAYANTILAL BHAGWANCHAND,BENGALURU vs. INCOME TAX OFFICER, WARD-5(2)(4), BANGALORE

In the result, the appeal of the assessee is allowed

Bench: Shri George George K & Shri Waseem Ahmedassessment Year : 2011-12

gain shown by the assessee. Here, we feel pertinent to refer the order of the co-ordinate bench of Mumbai Tribunal in case of ITO vs. Indravadan Jain HUF in ITA No. 4861/Mum/2014. In the said case the assessee Indravadan Jain HUF . Page 10 of 19 purchased share of M/s Ramakrishna Fincap Ltd in the year

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 1(1), MYSURU vs. M/S. BHORUKA ALUMINIUM LIMITED, MYSURU

In the result, appeal of the Revenue is allowed

Bench: Shri N. V. Vasudevan & Shri Laxmi Prasad Sahuassessment Year : 2014-15 Acit, Vs. M/S. Bhoruka Aluminium Ltd., No.427E, 2Nd Floor, Hebbal Industrial Circle – 1(1), Mysuru. Area, Metagalli, Mysuru – 570 016. Pan : Aaacb 8073 D Appellant Respondent Assessee By : Shri. S. Ramasubramanian, Ca Revenue By : Dr. Manjunath Karkihalli, Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 08.08.2022 Date Of Pronouncement : 16.08.2022 O R D E R Per N. V. Vasudevan:

Long term capital gain on 53,48,36,538 slump sale Page 7 of 18 6. On appeal by the assessee, the CIT(A) agreed with the contention of the Assessee that because of clause 3.1.2 of the BTA, the remaining sum of Rs.10 crores had to be taxed only in the year of it’s receipt. He referred