M/S. MUKKA PROTENIS LIMITED,MANGALURU vs. PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL, BANGALORE

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

Transfer Pricing Officer" shall have the same meaning as assigned to it in the Explanation to section 92CA. Page 13 (2) No order shall be made under sub-section (1) after the expiry of two years from the end of the financial year in which the order sought to be revised was passed. (3) Notwithstanding anything contained in sub-section

SMT. MALAPUR MOUNIKA,CHITRADURGA vs. INCOME-TAX OFFICER, WARD-1, CHITRADURGA

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

Bench: Shri George George Kassessment Year : 2017-18 Smt. Malapur Mounika, Vs. Ito, Prop : M/S. Kaligal Poultry Services, Ward – 1, M H Road, Chitradurga. Chitradurga – 577 501. Pan : Bhypm 5247 F Appellant Respondent Assessee By : Ms. Sunaina Bhatia, Ca Revenue By : Shri. Ganesh R Ghale, Advocate, Standing Counsel For Revenue. Date Of Hearing : 27.10.2023 Date Of Pronouncement : 30.10.2023

transferring or receiving SBNs is only after the ‘appointed day’ which is 31.12.2016. In view of the above, there is no violation by the assessee of any law in accepting SBNs for the purpose of cash sales and considering it to be a due discharge of debt. Furthermore, even the CBDT had issued various Standard Operating Procedures (SOPs) instructing

ASSISTANT COMMISSIONER OF INCOME TAX (E) CIRCLE-1 , BANGALORE vs. KARNATAKA INDUSTRIAL AREA DEVELOPMENT BOARD , BANGALORE

In the result appeal filed by assessee stands allowed as indicated hereinabove

Bench: Shri. B. R. Baskaran & Smt. Beena Pillaiassessment Year : 2012 – 13

69A without proper appreciation of the explanation offered by the appellant is bad in law and should be deleted. 10. The Hon'ble Commissioner of Income tax (Appeals) - 14, Bangalore has erred in confirming the levy of interest under section 234A, 234B and 234D of the Act. On facts and circumstances of the case and law applicable, interest under section

M/S. MAHAVEERA MINORITY CREDIT CO-OPERATIVE SOCIETY LIMITED,VIJAYANAGAR vs. INCOME TAX OFFICER, WARD-1 & TPS , HOSPET

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

price in SBNs as a part of such activity,\nif accepted, would defeat the provisions of such section of RBI, 1934 and it\nleads to public policy. Therefore, the activity of society with regard to this,\nis ab-initio void as per the relevant provisions. Hence the society for having\ndeposited such SBNs in banks during such period, represents

KAMAL KOTHARI ,CHANNAPATNA vs. INCOME TAX OFFICER, WARD-1, , RAMNAGAR

In the result, appeal filed by the assessee is allowed

Bench: Shri George George Kassessment Year : 2017-18 Shri. Kamal Kothari, Vs. Ito, Prop: M/S. B. L. Bankers, Ward – 1, M. G. Road, Ramnagar. Channapatna – 562 160. Pan : Bcgpk 1898 B Appellant Respondent Assessee By : Smt. Suman Lunkar, Ca Revenue By : Shri. Ganesh R Ghale, Advocate, Standing Counsel For Revenue. Date Of Hearing : 21.11.2023 Date Of Pronouncement : 23.11.2023

transfer, as he had done by depositing cash of Rs.20,000/-. This again goes on to prove that the assessee had no such cash on hand. f) Lastly, If the assessee had cash on hand on the day of demonetization day le.. 8.11.2016 and from 9.11.2016. one would have exchanged the old notes only through bank deposits

SRI. B.V. RAVIKUMAR,BENGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-6(3)(1), BENGALURU

Bench: Smt. Beena Pillai & Ms. Padmavathy S

prices dip, materials could be ITA Nos.137 & 138/B/2022 Page 5 of 31 immediately bought and also to give advances to vendors. When the vendors short supply and refund the money the cash was re-deposited into the bank account. The assessee further submitted that certain money was withdrawn towards purchase of agricultural land and when the transaction

SMT. K.R. GEETHA,BENGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 6(3)(1), BENGALURU

Bench: Smt. Beena Pillai & Ms. Padmavathy S

prices dip, materials could be ITA Nos.137 & 138/B/2022 Page 5 of 31 immediately bought and also to give advances to vendors. When the vendors short supply and refund the money the cash was re-deposited into the bank account. The assessee further submitted that certain money was withdrawn towards purchase of agricultural land and when the transaction

SRI. B.V. RAVIKUMAR,BENGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-6(3)(1), BANGALORE

Bench: Smt. Beena Pillai & Ms. Padmavathy S

prices dip, materials could be ITA Nos.137 & 138/B/2022 Page 5 of 31 immediately bought and also to give advances to vendors. When the vendors short supply and refund the money the cash was re-deposited into the bank account. The assessee further submitted that certain money was withdrawn towards purchase of agricultural land and when the transaction

SMT. K.R. GEETHA,BENGALURU vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 6(3)(1), BENGALURU

Bench: Smt. Beena Pillai & Ms. Padmavathy S

prices dip, materials could be ITA Nos.137 & 138/B/2022 Page 5 of 31 immediately bought and also to give advances to vendors. When the vendors short supply and refund the money the cash was re-deposited into the bank account. The assessee further submitted that certain money was withdrawn towards purchase of agricultural land and when the transaction

SRI RATHAN BABULAL LATH,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), BANGALORE

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

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

69A, apart from ownership of the asset/valuable article, which is deemed to be the income of the assessee for that financial year; it is also a pre-requisite that such asset/valuable article 'is not recorded in the books of accounts' maintained by the assessee (if any). In the instant case, even if the department's factual allegations were assumed

SHREE HANUMAN CREDIT SOUHARD SAHAKARI LIMITED,CHIKODI vs. PR. COMMISSIONER OF INCOME-TAX, HUBLI

In the result, the appeal of the assessee is allowed

Bench: Smt. Beena Pillai & Ms. Padmavathy Sassessment Year : 2017-18

69A read with section 115BBE. 3. When the case was selected for scrutiny specifically for examining high value receipt of cash shown from third parties in response data and cash deposited during the demonetization period, apart from other issues, it was necessary for the Assessing Officer to examine the source of cash and SBNs deposited and carry out necessary investigation

MR. ISHAAN HEGDE L/R OF LATE SRI. V G SIDDHARTHA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOMER TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

price of the same was for ₹3 crores only. This fact was duly explained by late Shri V G Siddhartha in the subsequent statement recorded under section 131 of the Act while explaining the excel sheet found from one Shri Sadananda Pujary. Thus, the sale consideration for this land was ₹3 crores, was accounted for in the books

DCIT, CENTRAL CIRCLE-1(3), BENGALURU, BENGALURU vs. LATE SHRI V G SIDDHARTHA, REPRESENTED BY LEGAL HEIR MS. MALVIKA HEGDE, BENGALURU

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

price of the same was for ₹3 crores only. This fact was duly explained by late Shri V G Siddhartha in the subsequent statement recorded under section 131 of the Act while explaining the excel sheet found from one Shri Sadananda Pujary. Thus, the sale consideration for this land was ₹3 crores, was accounted for in the books

MR. ISHAAN HEGDE L/R OF LATE SRI. V G SIDDHARTHA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOMER TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

price of the same was for ₹3 crores only. This fact was duly explained by late Shri V G Siddhartha in the subsequent statement recorded under section 131 of the Act while explaining the excel sheet found from one Shri Sadananda Pujary. Thus, the sale consideration for this land was ₹3 crores, was accounted for in the books

MRS. MALAVIKA HEGDE L/R OF LATE SRI. V G SIDDHARTHA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

price of the same was for ₹3 crores only. This fact was duly explained by late Shri V G Siddhartha in the subsequent statement recorded under section 131 of the Act while explaining the excel sheet found from one Shri Sadananda Pujary. Thus, the sale consideration for this land was ₹3 crores, was accounted for in the books

DCIT, CENTRAL CIRCLE-1(3), BENGALURU, BENGALURU vs. LATE SHRI V G SIDDHARTHA, REPRESENTED BY LEGAL HEIR MS. MALVIKA HEGDE, BENGALURU

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

price of the same was for ₹3 crores only. This fact was duly explained by late Shri V G Siddhartha in the subsequent statement recorded under section 131 of the Act while explaining the excel sheet found from one Shri Sadananda Pujary. Thus, the sale consideration for this land was ₹3 crores, was accounted for in the books

MRS. MALAVIKA HEGDE L/R OF LATE SRI. V G SIDDHARTHA,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

price of the same was for ₹3 crores only. This fact was duly explained by late Shri V G Siddhartha in the subsequent statement recorded under section 131 of the Act while explaining the excel sheet found from one Shri Sadananda Pujary. Thus, the sale consideration for this land was ₹3 crores, was accounted for in the books

MR. AMARTHYA SIDDHARTHA L/R OF LATE SRI. V G . SIDDHARTHA ,BANGALORE vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(3), BANGALORE

In the result the appeal filed by the revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

price of the same was for ₹3 crores only. This fact was duly explained by late Shri V G Siddhartha in the subsequent statement recorded under section 131 of the Act while explaining the excel sheet found from one Shri Sadananda Pujary. Thus, the sale consideration for this land was ₹3 crores, was accounted for in the books