M/S NANDI STEELS LIMITED vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

In the result, the findings

Bench: ALOK ARADHE,R. NATARAJ

capital gains income was in fact business income. It is also pointed out that the subject matter in question in EXPRESS NEWSPAPERS supra was Section 26(2) of the Income 10 Tax Act, 1922 and not Section 24

THE PR.COMMISSIONER OF INCOME TAX,CIT (A) vs. SHRI J KRISHNA PALEMAR

Appeal is allowed;

Bench: P.S.DINESH KUMAR,RAMACHANDRA D. HUDDAR

24, 2018 in ITA No.712/Bang/2014 for the A.Y. 2011-12 has been admitted to consider the following question of law; “Whether on the facts and in the circumstances of the case, the Tribunal is right in law in setting aside the disallowance of claim made under section 54F of the Act by holding that out of five properties held

THE DIRECTOR OF INCOME-TAX vs. M/S. INTEL CAPITAL (CAYMAN) CORPORATION

In the result, the appeal fails and is hereby

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

gains arising from their transfer. 115AC (1) Where the total income of an assessee, being a nonresident, includes - (a) income by way of interest on bonds of an Indian company issued in accordance with such scheme as the Central Government may, by notification in the Official Gazette* specify in this behalf or on 13 bonds of a public sector company

COMMISSIONER OF INCOME-TAX vs. M.R.PATTABHIRAM

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

gains. 7. Opposing the appeals, Shri. A. Shankar, learned Senior Advocate submitted that: • though the lands were converted in 2004, assessees have not diverted the use of land but continued their agricultural operation. 4 Bangalore International Area Plan Approval Authority I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 14 They have offered huge sums of income as 'agricultural income

COMMISSIONER OF INCOME TAX vs. M.R.KODANDARAM

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

gains. 7. Opposing the appeals, Shri. A. Shankar, learned Senior Advocate submitted that: • though the lands were converted in 2004, assessees have not diverted the use of land but continued their agricultural operation. 4 Bangalore International Area Plan Approval Authority I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 14 They have offered huge sums of income as 'agricultural income

COMMISSIONER OF INCOME vs. SHRI. M.R. SEETHARAM

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

gains. 7. Opposing the appeals, Shri. A. Shankar, learned Senior Advocate submitted that: • though the lands were converted in 2004, assessees have not diverted the use of land but continued their agricultural operation. 4 Bangalore International Area Plan Approval Authority I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 14 They have offered huge sums of income as 'agricultural income

THE COMMISSIONER OF INCOME-TAX vs. M.R.ANANDARAM

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

gains. 7. Opposing the appeals, Shri. A. Shankar, learned Senior Advocate submitted that: • though the lands were converted in 2004, assessees have not diverted the use of land but continued their agricultural operation. 4 Bangalore International Area Plan Approval Authority I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 14 They have offered huge sums of income as 'agricultural income

COMMISSIONER OF INCOME-TAX vs. M.R.PRABHAVATHY

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

gains. 7. Opposing the appeals, Shri. A. Shankar, learned Senior Advocate submitted that: • though the lands were converted in 2004, assessees have not diverted the use of land but continued their agricultural operation. 4 Bangalore International Area Plan Approval Authority I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 14 They have offered huge sums of income as 'agricultural income

COMMISSIONER OF INCOME vs. M.R.PADMAVATHY TRUST

Appeals are dismissed

Bench: P.S.DINESH KUMAR,C.M. POONACHA

gains. 7. Opposing the appeals, Shri. A. Shankar, learned Senior Advocate submitted that: • though the lands were converted in 2004, assessees have not diverted the use of land but continued their agricultural operation. 4 Bangalore International Area Plan Approval Authority I.T.A Nos.176/2015, 520/2014, 175/2015, 177/2015, 178/2015, 179/2015, 298/2015 14 They have offered huge sums of income as 'agricultural income

M/S. EVERGREEN HARDWARE STORES vs. THE ASSISTANT COMMISSIONER OF

Appeal is allowed

Bench: P.S.DINESH KUMAR,UMESH M ADIGA

Section 45(4) of the IT Act as long term Capital gains, is not sustainable. 13. It was argued by Shri. Shankar that by applying the same logic, the Assessing Officer has 4 (1984)17 Taxmann. 330 KAR (para 4) I.T.A No.201/2017 12 added short-term Capital gains at 30% on the building which was constructed on the plot owned

COMMISSIONER OF INCOME TAX-III vs. M/S SYNDICATE BANK

The appeals are disposed of

Bench: ALOK ARADHE,RAVI V HOSMANI

capital gains. Notices under Section 143(2) / 142(1) of the Act were issued to the Assessee an order under Section 143(3) of the Act was passed on 28.02.2005 disallowing an amount of Rs.192,53,21,426/- on reversal of interest pertaining to earlier years as deduction out of current years income and added back to interest on zero

M/S EMBASSY BRINDAVAN DEVELOPERS vs. THE COMMISSIONER OF INCOME TAX

Appeal is allowed

Bench: P.S.DINESH KUMAR,UMESH M ADIGA

Section 263 of the Act and thereby affirming that the original assessment order passed by the AO was erroneous insofar as it is prejudicial to the interests of the Revenue? (ii) the Tribunal was right in holding that no enquiry was made by the AO during the original assessment proceedings as to whether the income arising from sale

FABSUN ENGINEERING vs. THE INCOME TAX OFFICER

Appeal is allowed

Bench: P.S.DINESH KUMAR,UMESH M ADIGA

Capital Gains were applicable. Assessee's challenge to the Assessment Order dated 25.08.1996 before CIT(A) in Appeal No.113/ITO-11(2)/A-I/12-13 failed. On further appeal in ITA No.948/Bang/2006, the ITAT remanded the matter to the Assessment Officer vide order dated 26.10.2007. 4. After remand, the Assessing Officer by order dated 31.12.2008, reiterated the earlier stand. The CIT(A) vide order

PR COMMISSIONER OF INCOME TAX-4 vs. M/S JEANS KNIT PVT LTD

In the result, we do not find any

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

capital gain earned. It is urged that since, the tribunal has failed to determine the core issue with regard to colorable devise adopted by the 15 assessee, to evade tax, therefore, the matter be remitted to the tribunal for decision afresh in accordance with law. In support of aforesaid submissions, the reliance is placed on decision of Supreme Court

DR SYED ANWAR vs. THE DEPUTY COMMISSIONER OF INCOME-TAX

Appeal is allowed

Bench: P.S.DINESH KUMAR,T.G. SHIVASHANKARE GOWDA

capital gains tax. 15. Sri.Shankar has also produced assessment orders in respect of Syed Khaleelulla, Syed Amanulla and Syed Shafiulla, the purchasers of the lands in question. All assessment orders are dated December 24, 2009 passed under Section

PR. COMMISSIONER OF INCOME TAX vs. SMT. G. LAKSHMI ARUNA

Bench: K.SOMASHEKAR,UMESH M ADIGA

capital gains earned thereon had not been declared for tax. Accordingly, a sum of Rs.5,25,000/- was brought to tax. 15. Further at paragraph 8 of the order relating to bogus transportation expenses claimed for the assessment years 2009- 10 and 2010-11, the assessing officer has brought on record that the appellant has claimed transportation expenses

THE PR COMMISSIONER OF INCOME TAX vs. M/S ATRIA WIND (KADAMBUR) PVT LTD

Bench: CHIEF JUSTICE,C M JOSHI

capital gains, was not available. 3. The assessee controverted the said contention and had asserted that all conditions as specified in Section 47 (xiii) of the Act were duly complied with. And, appealed the re-assessment order. However, the CIT(A) had rejected the assessee's appeal. This led the assessee to file an appeal before the learned ITAT

SRI A NARAYANASWAMY vs. THE DEPUTY COMMISSIONER OF INCOME-TAX

Bench: P.S.DINESH KUMAR,T.G. SHIVASHANKARE GOWDA

capital gains were computed based on the said agreement? 2. Heard Smt. H. Vani, learned Advocate for the Assessee and Shri. K.V. Aravind, learned Senior Standing Counsel for the Revenue. 3. Brief facts of the case are, a search under Section 132 of the Income Tax Act, 19612 was conducted on 02.11.2001 and thereafter, a Notice dated 06.03.2002 under Section