ITAT Hyderabad

TDS not deductible on Advance Received towards Professional Fee which is returned back

Shri A. Naga Srinivas Vs DCIT ( ITAT Hyderabad)

Advance received by the assessee towards his professional fee, when it is returned, is not covered by any of the provisions of Chapter XVIIB requiring TDS. ...

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Principle of mutuality cannot be denied simply because there are two categories of members as per bye-laws of society

M/s. Sri Sai Datta Mutual Aided Co-operative Credit Society Vs Asst. (ITAT Hyderabad)

M/s. Sri Sai Datta Mutual Aided Co-operative Credit Society Vs Asst. (ITAT Hyderabad) The AO and CIT(A) have considered the ordinary members and nominal members are different class of members. AO accepts that ordinary members are having mutuality but he denies the same with reference to nominal members. The principle of mutuality cannot b...

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Addition on the basis of bounced cheques- ITAT Slams Revenue officials

Dy. Commissioner of Income Tax Vs Smt. Shashikala Ramkumar (ITAT Hyderabad)

CIT Vs Smt. Shashikala Ramkumar (ITAT Hyderabad) First of all it is not understandable how an AO can make addition on the bounced cheques. It is a general banking practice that once cheques are presented for clearance, bank credits out of its own funds, subject to clearance and when cheques are not cleared, the amounts […]...

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No addition separately for bank deposits when Income been assessed on estimated basis

Sri Manne Baswa Reddy Vs Income Tax Officer (ITAT Hyderabad)

Sri Manne Baswa Reddy Vs Income Tax Officer (ITAT Hyderabad) The deposits in the bank account pertain to assessee. Assessee had substantial income during the year and that too he is doing retail business in IMFL. There is no allegation that these amounts also pertain to the business by the AO. Since the deposits are […]...

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No disallowance for purchase of old Gold from customer against sale of new ornaments

Dy. Commissioner (ITAT Hyderabad) Vs Kalanikethan Silks Private Limited

DCIT  Vs Kalanikethan Silks Private Limited (ITAT Hyderabad) As regards, the purchase of old gold, the assessee had filed the copies of the vouchers which are properly bound and preserved and it is submitted that is the normal practice of the customers to bring old gold and buy new ornaments and in that process, the […]...

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No addition separately for Scrap Sales when Income been assessed on estimated basis

Dy. Commissioner of Income ( ITAT Hyderabad) Vs JVK Infra Pvt. Ltd

Income from scrap sale should be treated as additional income over and above estimation of income, we notice that for sub-contract, normally estimated at 5%, but, in the given case, assessee has already offered 6%, which includes scrap sales. Generally, scraps are generated in the normal course of business and it should be treated as part...

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In absence of information to treat a Transaction as bogus same are to be accepted as Genuine Transactions

Smt. Sarita Devi Vs Income Tax Officer (ITAT Hyderabad)

These two appeals are by the assessees against the respective orders of the CIT(A)-6, Hyderabad dated 29.07.2016. Even though many issues are contested, mainly the issue pertain to whether the income offered by the assessee has to be assessed under capital gains or under ‘other sources....

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Remuneration to members of HUF for services rendered in business is allowable U/s. 37(1)

Asst. Commissioner of Income Tax Vs Sri B. Sreeramulu (HUF) (ITAT Hyderabad)

The remuneration to the members of the HUF were paid for the services rendered in the business which is allowable U/s. 37(1) and invoking the provisions of Section 184 and Section 40(b) does not arise on the facts of the case at all....

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Cash deposit cannot be assessed U/s. 68 when cheque deposits were accepted as business turnover

Income Tax Officer Vs Sri Shaik Zameer (ITAT Hyderabad)

This is an appeal by Revenue against the order of the Commissioner of Income Tax (Appeals)-Tirupati, dated 31-03-2017, treating the deposits made in the bank account as business turnover, whereas AO was of the opinion that these are unexplained income U/s. 68 of the Act....

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Gain from Transfer of Agricultural Land cannot be taxed despite absence of agricultural operations on such land

Shri Kallepu Sharath Chander Vs ACIT (ITAT Hyderabad)

Where the land is shown in revenue record as agricultural land and no permission was taken for conversion of land, it is immaterial whether any agricultural income is shown in the return or not, the gains from sale are exempt from taxation....

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