ITAT Hyderabad

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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No Section 271B Penalty if books of account not maintained

Naveen Kumar Kaparthy Vs ITO (ITAT Hyderabad)

Naveen Kumar Kaparthy Vs ITO (ITAT Hyderabad) In the instant case, when the books of account are not maintained, the AO did not initiate any proceedings for not maintaining the books of account. The AO obviously satisfied that the books of account were not maintained for good and sufficient reasons. When the AO accepted the […]...

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ITAT disallowed loss on Sales made at lower rate to reduce taxable Profit

Agarwal Global Steels Pvt. Ltd. Vs DCIT (ITAT Hyderabad)

Agarwal Global Steels Pvt. Ltd. Vs DCIT (ITAT Hyderabad) We observe that even if we consider the selling price @ 30,675.56 by M/s Gautham Rolling Mills Pvt. Ltd. and the same was purchased from the assessee @ 25,000/- per MT with tax, the difference would be Rs. 4,500/- per MT. We gave opportunity to both […]...

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Order of ITO cannot be branded as erroneous by CIT simply because order was not elaborate

Smt. K. Krishnaveni Vs I.T.O. (ITAT Hyderabad)

In the present case before us, the assessee has offered the capital gains tax in the next year and there has not been any prejudice to the revenue. Further, the assessee has explained to the query raised during the scrutiny proceedings before the Assessing Officer was answered to the satisfaction of the Assessing Officer. Hence, the Order...

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Salary cannot be disallowed for mere non furnishing copies of appointment order, attendance register

Manne Hareesh Vs ITO (ITAT Hyderabad)

Manne Hareesh Vs ITO (ITAT Hyderabad) During the course of scrutiny assessment proceedings, it was observed by the Ld. AO that the assessee has debited in his P & L Account an amount of Rs. 2,40,000 towards Accounting Charges. On query, it was explained by the assessee that the outstanding amount of Rs. 2,40,000 was […]...

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Mere discrepancy in Form 26AS & 16 not amounts to concealment

Chalapati Katiki Vs ITO (ITAT Hyderabad)

Taking into account the amount mentioned in Form 26AS it could not be said that the assessee had concealed amount or furnished inaccurate particulars of income. However, penalty was restricted to the tax sought to be evaded on the amount of commission income not disclosed by assessee....

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