ITAT Hyderabad

Gift not unexplained merely because donor holds Low Economic class Ration Card

Lokadri Naidu Vs ITO (ITAT Hyderabad)

The issue under consideration is whether the Ration Card can be considered as a source of determining financial status of assessee and whether gift from person holding Ration Card of Low Economic class can betreated as unexplained Credit under section 68 of Income Tax Act, 1961 ?...

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Section 50C not applies if Market Value of Property reduced due to Defect in Property Title

Aruna Kommuri Vs ACIT (ITAT Hyderabad)

The issue under consideration is whether the provisions of section 50C of the Act can be applied in cases where the market value of the property is reduced due to the defect in the title of the property?...

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No taxable gain on Land Purchased & Sold as Agricultural land

J.K. Bros Constrafin Ltd Vs ITO (ITAT Hyderabad)

The issue under consideration is whether the land purchased by the assessee as agricultural land & whether the income from such sale is business income or capital gains?...

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Depreciation on Wheel loaders & Graders as Motor Vehicles

DCIT Vs Quippo Construction Equipment Ltd. (ITAT Hyderabad)

The issue under consideration is whether the CIT(A) is correct in charging depreciation at the rate of 30% on wheel loaders and graders?...

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Depreciation should be considered for evaluating operating results of comparables

AMD Research & Development Centre India Pvt. Ltd. Vs DCIT (ITAT Hyderabad)

AMD Research & Development Centre India Pvt. Ltd. Vs DCIT (ITAT Hyderabad) The method of depreciation adopted by the various comparable companies has an impact on the operating result of the respective comparable companies, which is highlighted in the above charts. The assessee company’s percentage of depreciation to total expenditu...

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Capital Gain tax payable on sale consideration receipt despite Release Deed at a later date

Shri I. Seshagiri Rao Vs ITO (ITAT Hyderabad)

Shri I. Seshagiri Rao Vs ITO (ITAT Hyderabad) The issue under consideration is whether the capital gains will be applicable where assessee signed a release deed waiving all his rights, title and interests in the property? During the assessment, the A.O. found that the assessee had entered into a release deed and also a supplementary [&hel...

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Section 54F Exemption allowable despite Non-Claim in Income Tax Return

Srinivas Bejgam Vs ACIT (ITAT Hyderabad)

Since S.54F of the Act is a beneficial provision and the Hon’ble Courts have held that the beneficial provision should be construed liberally, I deem it fit and proper to admit assessee’s claim of deduction u/s 54F of the Act and remand the issue to the file of the AO with a direction to consider the eligibility of the assessee for de...

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Tax on Sale of Property cannot be levied from GPA Holder

Sama Om Reddy Vs ITO (ITAT Hyderabad)

Sama Om Reddy Vs ITO (ITAT Hyderabad) Ld.Counsel for the assessee had reiterated the submissions made by the assessee before the AO and has submitted that by virtue of the Agreement of Sale cum GPA and handing over of the possession, the assessee had transferred the property in favour of the Vendee/GPA-holder, Shri A.Manikyam. It [&hellip...

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No transfer on acquisition of own property by assessees in the names of their childrens

Smt. R.Mangala Devi Vs ITO (ITAT Hyderabad)

Thus, it is seen that there is actually no sale of property by the assessees before us and the Sale Deed has been executed by the original owners through GPA holders to the children of assessees. Therefore, in my opinion, there is no transfer of property by the assessees in fact it is acquisition of property by the assessees in the names ...

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No Penalty for Loan in cash for sisters marriage which was repaid through RTGS

Shri Venkat Narayana Raju Pasuparthy Vs Addl. CCIT (ITAT Hyderabad)

: Where there existed reasonable cause for the assessee in accepting the loans in cash and particularly as the loans were repaid by way of RTGS, i.e., via banking channels, penalty levied by AO under section 271D was deleted....

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