M/S KARLE INTERNATIOAL PRIVATE LTD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

In the result, the order of the income tax appellate tribunal

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Section 70(1) Save as otherwise provided in this act, where the net result for any assessment year in respect of any source falling under any 12 head of income, other than “Capital gains

COMMISSIONER OF INCOME TAX vs. SHRI. VIKRAM REDDY

In the result, the fifth substantial question of

Bench: ALOK ARADHE,R. NATARAJ

gains have been returned and tax for Assessment Year 2006- 07 under Section45(3) of the Act and accepted in a proceeding under Section 143(3) of the Act. The resolution was forwarded on the same date i.e., 24.03.2006 to the company secretary of NCCPL with signature of the partners showing different status in which they were partners including their

M/S KEMFIN SERVICES PVT LTD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX

In the result, the appeal is allowed

Bench: ALOK ARADHE,HEMANT CHANDANGOUDAR

70 OF 2011 ITA NO.149/2011 BETWEEN: M/S KEMFIN SERVICES PVT. LTD. KEMWELL HOUSE, 11, TUMKUR ROAD BANGALORE – 560 022. ... APPELLANT (BY SRI.CHYTHANYA K.K., ADV.,) AND: THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE – 11 (5) BANGALORE ... RESPONDENT (By Sri.K.V.ARAVIND, ADV.) - - - THIS ITA IS FILED UNDER SECTION 260-A OF THE I.T.ACT, 1961 ARISING OUT OF ORDER DATED 30.03.2011 PASSED

THE COMMISSIONER OF INCOME TAX vs. M/S HMA DATA SYSTEMS P LTD.,

Bench: ARAVIND KUMAR,MOHAN M. SHANTANAGOUDAR

70,66,590/-. The assessing officer after issuing notice under section 143(2) after selecting the return for 7 scrutiny has proceeded to frame the assessment order under Section 143(3) by order dated 22.12.2006, whereunder disallowances to the tune of `2,67,85,610/- was made. During the previous year relevant to the assessment year, assessee sold

M/S HMA DATA SYSTEM P LTD., vs. THE DEPUTY COMMISSIONER OF INCOME TAX

Bench: ARAVIND KUMAR,MOHAN M. SHANTANAGOUDAR

70,66,590/-. The assessing officer after issuing notice under section 143(2) after selecting the return for 7 scrutiny has proceeded to frame the assessment order under Section 143(3) by order dated 22.12.2006, whereunder disallowances to the tune of `2,67,85,610/- was made. During the previous year relevant to the assessment year, assessee sold

THE COMMISSIONER OF INCOME TAX vs. M/S. KUMERGODE INVESTMENTS LTD

Appeal is Dismissed

Bench: B.VEERAPPA,N.KUMAR

Section 263 of the Income Tax Act, 1961, restoring the order of the Assessing Authority. 2. The Assessee Company is in the business of financial investments. During the year 2003-04, the assessee company earned capital gain of Rs.1,23,70

SMT JOSHNA RAJENDRA vs. THE INCOME TAX OFFICER

Accordingly, it stands dismissed

Bench: ARAVIND KUMAR,SURAJ GOVINDARAJ

70,17,500/-, it attracted capital gains tax as per the provisions of Section 50C of the Act. The basis

THE COMMISSIONER OF INCOME TAX vs. M/S KHIVRAJ MOTORS

Appeal is hereby dismissed;

Bench: ARAVIND KUMAR,VINEET SARAN

Section 263 of the Act with a direction to the Assessing Officer to redo the same and consequently the appeal before the Tribunal has become infructuous? b) Whether the Appellate Authorities were correct in holding that the addition of Rs.53,26,567/- made by the Assessing Officer on the basis of the 18% of the project cost of Rs.19.43 crores

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

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

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-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-III vs. M/S SYNDICATE BANK

The appeals are disposed of

Bench: ALOK ARADHE,RAVI V HOSMANI

Section 70(3) of the Act. An order was passed withdrawing an amount of Rs.51,06,737/- from long term capital loss and same has been taxed as short term capital gains

M/S FIDELITY BUSINESS SERVICES INDIA PVT LTD vs. ASSISTANT COMMISSIONER OF INCOME TAX

Bench: S.SUJATHA,VINEET KOTHARI

gains arising to such shareholder or the holder of other specified securities, as the case may be, in the year in which such shares or other specified securities were purchased by the company. Explanation: For the purposes of this section, “specified securities” shall have the meaning assigned to it in Explanation to section 77A of the Companies

THE COMMISSIONER OF INCOME TAX vs. SRI BERNARD MATHIAS PRABHU

Bench: N.KUMAR,RATHNAKALA

capital gains” instead of “income from business” includes adventure in the nature of trade vide Section 2(13) of the Income Tax Act?” 3 2. The assessee acquired a plot of land with an old house in it measuring 43.5 cents in Anegundi, Bijai, Mangalore on 19.12.1996 for a consideration of Rs.39,17,517/-. On the very same

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

Appeal is allowed

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

gains tax. Adverting to Explanation 2(a) of Section 263 of the Act, he contended that jurisdiction under Section 263 could be invoked only in such cases where the order is passed without making inquiries or verification. In support of his contention, he placed reliance on CIT Vs. Gabriel India Ltd.1, CIT and another Vs. M/s. Cyber Park Development