ITAT Hyderabad

Section 292BB cannot cure jurisdictional error; Time-barred Notice cannot be deemed as valid

Dr. N. Madhava Reddy Vs. Asst. Commissioner of Income-tax (ITAT Hyderabad)

A reassessment order cannot be passed without compliance with the mandatory requirement of notice u/s 143(2) being issued as the requirement of issuance of such notice is a jurisdictional one and section 292BB cannot cure jurisdictional error....

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Compounding fee for permissible deviation of building plan is allowable

Keerthi Estates (P) Ltd. Vs. Dy. CIT (ITAT Hyderabad)

Keerthi Estates (P) Ltd. Vs. DCIT (ITAT Hyderabad) The assessee has paid compounding fine to regularize the building plan. The payment of such compounding fine is penalty in the nature of an offence or which is prohibited by law. We have noticed that the decision on this count is divided among the various courts. The […]...

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Rental Income inextricably linked with setting up of project is capital receipt

M/s. DSL Vs ITO (ITAT Hyderabad)

M/s. DSL Vs ITO (ITAT Hyderabad)  In the present case, the rents are received on a property purchased for setting up of the project and is inextricably linked to the completion of the project. Considering the fact that the assessee had taken steps to evict tenants and also paid compensation to them while getting vacant […]...

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Re-Assessment merely on direction from Superiors is Invalid

Asst. Commissioner of Income- tax Vs. M/s Gayatri Agro Industrial Power Ltd. (ITAT Hyderabad)

Hyderabad bench of Income Tax Appellate Tribunal held that if the AO was satisfied with the original assessment then the re-assessment order under section 147/ 148 of the Income Tax Act passed only on the direction of the superior officers is invalid....

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No penalty for failure to get books audited for Bonafide belief of non-applicability of Audit

P.D. Usha Rani Vs. The Income Tax Officer (ITAT Hyderabad)

Penalty u/s. 271B is attracted for failure to get accounts audited u/s. 44AB. Even though the law prescribes the levy of penalty, in case of default, the same is not automatic as provisions of Section 273B gives relief, when there is a reasonable cause....

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Sec 50C not applies to distress Sale of Land to Govt Company

Income-tax Officer Vs. Southern Steel Ltd. (ITAT Hyderabad)

ITO Vs. Southern Steel Ltd. (ITAT Hyderabad) The moot point in this case is whether Sec. 5OC can be invoked when the purchaser is a government undertaking i.e, Andhra Pradesh Industrial Infrastructure Corporation Limited (APIIC). In the real estate business it is prevalent that the substantial part of the consideration is unaccounted. In ...

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Section 194H: TDS not applicable on Bank guarantee commission

DCIT Vs. Delta Constructions Ltd. (ITAT Hyderabad)

DCIT Vs. Delta Constructions Ltd. (ITAT Hyderabad) Assessee contends that in order to invoke the provisions of section 40(a)(ia) it has to be shown that the payment made by the assessee is attracted by the provisions of section 194H of the Act i.e., there is liability to deduct tax at source on the bank guarantee […]...

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Even if a residential house consists of several independent units- Deduction U/s. 54 / 54F can be claimed

V.V.V. Satyanarayana Vs. Income Tax Officer (ITAT Hyderabad)

It was held that exemption under Section 54 only requires that the property should be of residential nature and the fact that the residential house consists of several independent units cannot be an impediment to grant relief under Section 54 even if such independent units were on different floors....

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Letting of Marriage / Cultural Hall by Trust is not a ‘Commercial Activity’ if main object is Charity

Income Tax Officer Vs. Kalinga Cultural Trust (ITAT Hyderabad)

The Hyderabad bench of Income Tax Appellate Tribunal (ITAT), while allowing tax exemption under section 11 of the Income Tax Act to Kalinga Cultural Trust, held that the activity of letting out of marriage hall by the assessee- trust would not constitute commercial activity for the purpose of denying tax relief to them....

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Shares acquired from overseas investors are also foreign exchange assets u/s 115E

Sri Shashi Parvatha Reddy Vs Dy. Commissioner of Income Tax (ITAT Hyderbad)

Sri Shashi Parvatha Reddy Vs DCIT (ITAT Hyderbad) Coming to the second category of shares i.e. the original and the bonus shares transferred to the assessee by the overseas investors without any cost attached to them, we find that the original shares were initially purchased or acquired by the overseas investors by way of inward […...

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