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

transfer of capital asset. The cost of a property, as per dictionary meaning, means the price paid by a buyer to the seller. Therefore, it must be a positive figure. That is why the legislature has provided for deduction of cost from sale consideration. d. Similarly, the word "worth, as per dictionary meaning, also means value of goods or asset

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:

Section 50B(1) of the Income-tax Act also clearly states that any profits or gains arising from the slump sale effected in the previous year shall be chargeable to income-tax as capital gains arising from the transfer of long-term capital assets and shall be deemed to be the income of the previous year in which the transfer

M/S MHM HOLDINGS PVT LTD ,BANGALORE vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX RANGE-12 , BANGALORE

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

Bench: Smt. Beena Pillai & Ms. Padmavathy S.M/S. Mhm Holding Pvt. Ltd. Vs Acit, Range - 12 Bengaluru No. 52, Bassappa Road Shantinagar Bengaluru 560027 Pan – Aabcm6614L (Appellant) (Respondent) Assessee By: Shri Parthasarathi, Adv. Revenue By: Shri K.R. Narayana, Addl Cit-Dr Date Of Hearing: 23/11/2022 Date Of Pronouncement: 25/11/2022 O R D E R Per: Padmavathy, A.M.

Section 50B of the Act as per the detailed computation given below: - Provisional purchase price in respect of capacitors 116,00,00,000 division Less Adjustment in purchase price as given in Pg. 1,74,16,651 No. 15 of the agreement Final purchase price in respect of capacitors division 114,25,83,349 Add Purchase price in respect

M/S TE CONNECTIVITY INDIA PVT LTD,BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, LTU,CIRCLE-1, , BENGALURU

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

Bench: Shri N.V. Vasudevan, Vice Preseident & Shri Padmavathy S

transfer pricing adjustment should be restricted only to the international transactions with the AE. This ground is allowed in favour of the assessee. Corporate tax issues 53. The assessee has raised ground Nos.11 to 18 regarding depreciation and additional depreciation as follows:- “11. That on the facts and circumstances of the case, the learned AO/ learned Dispute Resolution Panel (learned

M/S TALLY SOLUTIONS PVT. LTD.,,BANGALORE vs. ACIT, BANGALORE

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

Bench: Shri A.K. Garodia & Shri Vijay Pal Rao

price charged by the assessee from AE. Though extra period allowed for realization of sale proceeds from the AE is an international transaction, however, for the purpose of determining the ALP, the same has to be clubbed or aggregated with the sale transactions with the AE. Even by considering it as an independent transaction the same has to be compared

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

price cannot be attributed to individual assets or liabilities. The concept of Slump Sale got its recognition in the Act by the Finance Act, 1999 by insertion of Section 2 (42C) (which defines the 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

M/S MANGALORE CHEMICALS AND FERTILIZERS LIMITED ,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-4(1)(2), BANGALORE

In the result, both the appeals of the Assessee are dismissed

Bench: Shri N.V. Vasudevan, Vice Preseident & Ms. Padmavathy S

price (IPP) or their own rate. Units not able to tie up fast will have to explore alternative feedstock like coal bed methane (CBM) and coal gas. ITA Nos.2921 & 2922/Bang/2018 Page 6 of 24 8. According to the Assessee, non-compliance with the aforementioned notification would have rendered non-availability of subsidy to the Assessee, thus, making the running

M/S MANGALORE CHEMICALS AND FERTILIZERS LIMITED ,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-4(1)(2), BANGALORE

In the result, both the appeals of the Assessee are dismissed

Bench: Shri N.V. Vasudevan, Vice Preseident & Ms. Padmavathy S

price (IPP) or their own rate. Units not able to tie up fast will have to explore alternative feedstock like coal bed methane (CBM) and coal gas. ITA Nos.2921 & 2922/Bang/2018 Page 6 of 24 8. According to the Assessee, non-compliance with the aforementioned notification would have rendered non-availability of subsidy to the Assessee, thus, making the running

IBM INDIA PRIVATE LIMITED,BENGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 3(1)(1), BENGALURU

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

50B is a self-contained code which provides for a deduction of net worth of the undertaking and not sales tax paid. 4. Payments to clubs for membership and subscription expenses 4.1 The learned CIT(A) has erred in law and on facts in disallowing club membership and subscription expenses as being capital in nature without giving cognizance