ITAT Hyderabad

Sec. 40A(3) applies only to revenue expenditure debited to P&L account

Kalyan Constructions Vs Income-tax Officer (ITAT Hyderabad)

Kalyan Constructions Vs ITO (ITAT Hyderabad) Provisions of Section 40A(3) mention that where an assessee incurs any expenditure in respect of which payments were made to a person otherwise than by way of crossed cheque or account payee cheque, no deduction shall be allowed in respect of such expenditure. It is humbly submitted that when ...

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No deduction U/s. 54F for amount not invested in CGAS within period U/s. 139(1) or 139(4)

Bolishetty Venkatesh Vs ITO (ITAT Hyderabad)

Where assessee failed to deposit the unutilized sales consideration under Capital Gain Account Scheme within the period specified under section 139(1) or 139(4), AO was justified in restricting the claim of deduction to the expenditure incurred upto the due date of filing return of income....

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Cash Discount cannot be disallowed for mere non-mention of same on Invoice

M/s. Sai Krishna Agencies Medak Vs Asstt. (ITAT Hyderabad)

M/s. Sai Krishna Agencies Medak Vs Asstt. (ITAT Hyderabad) We find that the AO had made some enquiries from the customers to find out if they received any discounts from the assessee, but the assessee has not been confronted with the findings of such an ex-parte enquiry report. This is in clear violation of principles of […]...

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Jurisdiction U/s. 263 cannot be assumed for non-communication of Form 3CL by DSIR to DIT (E)

Century Seeds Private Limited Vs Deputy Commissioner of Income Tax (ITAT Hyderabad)

Century Seeds Private Limited Vs DCIT (ITAT Hyderabad) With reference to the finding of the Ld. CIT that the Form 3CM and 3CL are not filed which are mandatory, it was the submission that assessee has filed Form 3CM in letter format issued by DSIR granting renewal of recognition up to 3 1.03.2015 by the […]...

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S. 271D / 271E Penalty not leviable on genuine Cash transaction of convenience

Shri Tej Narayan Agarwal Vs Addl. CIT (ITAT Hyderabad)

Shri Tej Narayan Agarwal Vs Addl. CIT (ITAT Hyderabad) Amount received and repaid by the assessee subsequently is not a loan. This is a transaction done on behalf of his children to accommodate tham in obtaining DD’s without charges and cannot be considered as taking of loan or repayment of loan in cash. Facts of […]...

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Mushrooms are fungus and Income from production & sale of Mushrooms is ‘agricultural income’

DCIT Vs M/s. Inventaa Industries Private Limited (ITAT Hyderabad)

DCIT  Vs. Inventaa Industries Private Limited (ITAT Hyderabad Special Bench) Mushrooms are fungus which are produced from spawn and not plants or crops and hence not agriculture. They are grown in trays of prepared soil in climate controlled rooms for commercial. We cannot restrict the word “product” to ‘plants’, ‘fruits’, ...

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Exemption cannot be denied merely because Assessee has not claimed the same

Manohar Reddy Basani Vs Income Tax Officer (ITAT Hyderabad)

Manohar Reddy Basani Vs ITO (ITAT Hyderabad) Assessing Officer having concluded that the assessee having neither disclosed the capital gains in the return of income nor claimed any deduction u/s 54F of the Act, the assessee is not entitled to get any deduction u/s 54F, in the same way he should not have added the […]...

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Apportionment of expense on R&D and ESOP having no nexus with products manufactured in exempted units not justified

Dr. Reddy’s Laboratories Limited Vs DCIT (ITAT Hyderabad)

Dr. Reddy’s Laboratories Limited Vs DCIT (ITAT Hyderabad) The case of the assessee, all through, was that R & D expenditure was incurred by the assessee in a separate unit known as ‘IPDO’, which is meant for carrying on R & D. It is also not in dispute that formulations / products arising out of […]...

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Weighted deduction u/s 35(2AB) on expenditure outside the R & D unit

DCIT  Vs  Aurobindo Pharma Limited (ITAT Hyderabad)

DCIT  Vs  Aurobindo Pharma Limited (ITAT Hyderabad) We have considered the rival contentions and perused the case law placed on record. In the decision of Concept Pharmaceuticals Ltd (supra) the Coordinate Bench did not allow the expenditure spent outside the R & D unit but the Bench has not considered the explanation introduced ...

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Exemption U/s. 11 cannot be denied for Mere collection of fees for water Testing

Institute of Health Systems Vs Income Tax Officer (ITAT Hyderabad)

Institute of Health Systems Vs ITO (ITAT Hyderabad) Assessee’s activity comes within the purview of exceptions provided sub-section (15) of sub-clause (i) for the reason that the activity of the assessee is testing of the water quality, which monitors quality in reservoirs and slum areas, for that, assessee has charged some fee and almo...

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