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ITAT Hyderabad

Latest Posts in ITAT Hyderabad

High sales during demonetization cannot be reason to assume that sales were fictitious

May 12, 2025 198 Views 0 comment Print

The case of the assessee was selected for complete scrutiny under CASS for the reasons i.e., abnormal increase in cash deposits during demonetization period as compared to pre-demonetization period.

Denial of Opportunity to File Objections & Factual Error: ITAT Quashes Reassessment 

May 10, 2025 498 Views 0 comment Print

Hyderabad ITAT invalidates reassessment citing AO’s factual error and delayed reasons, denying assessee objection right. Follows SC, HC precedents.

Reopening u/s. 147 based on invalid reasons recorded by AO cannot be sustained: ITAT Hyderabad

May 7, 2025 393 Views 0 comment Print

ITAT Hyderabad held that reopening of assessment under section 147 of the Income Tax Act on the basis of invalid reasons recorded by AO cannot be sustained in law. Accordingly, notice issued u/s. 148 and final assessment order is quashed.

Non-Enquiry by AO on Property Purchase Justifies Section 263 Revision: Hyderabad ITAT

May 5, 2025 294 Views 0 comment Print

ITAT upholds PCIT’s revision of an assessment order. The AO failed to probe cash payment for a second property purchase, rendering the initial order erroneous and prejudicial.

ITAT Hyderabad Upholds Rs 1.33 Crore TP Adjustment on Hammond Power Over Service Fees

May 5, 2025 150 Views 0 comment Print

ITAT Hyderabad upholds Rs 1.33 cr TP adjustment against Hammond Power Solutions for technical/stewardship services, citing insufficient evidence of service delivery.

ITAT remands Rs 4.73 Crore Capital Gains Disallowance Appeal to CIT(A)

May 4, 2025 105 Views 0 comment Print

Hyderabad ITAT sends Thirupathi Rao Naineni’s appeal against Rs 4.73 crore capital gains disallowance back to CIT(A) for fresh hearing.

ITAT Restores Demonetisation Cash Deposit Issue for Fresh Hearing on Evidence

May 4, 2025 66 Views 0 comment Print

ITAT Hyderabad sets aside CIT(A) order, granting Aryavysya Seva Sangham another opportunity to present evidence on unexplained cash deposits.

ITAT Upholds Partial Addition for Unexplained Cash Deposits Lacking Source Proof

May 4, 2025 102 Views 0 comment Print

ITAT Hyderabad partially upholds AO’s addition for unexplained cash deposit by Shri Balineni Kishore Babu, confirming ₹48,000 due to lack of source proof.

Profit estimation by AO cannot be arbitrary or without any basis

May 2, 2025 534 Views 0 comment Print

ITAT Hyderabad held that profit estimation cannot be arbitrary or without any basis. Accordingly, estimation of profit @6% on total contract receipts is reduced to 4%. Accordingly, appeal of the assessee allowed.

Interest on loan taken to acquire shares eligible for deduction u/s. 36(1)(iii): ITAT Hyderabad

April 22, 2025 177 Views 0 comment Print

ITAT Hyderabad held that interest on loan taken to acquire shares of any company for taking controlling interest is eligible as deduction under section 36(1)(iii) of the Income Tax Act. Accordingly, appeal of revenue dismissed.

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