ITAT Hyderabad

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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MAT Provisions U/s. Section 115JB not applicable to sick company

B.V. Reddy Transports Pvt. Ltd. Vs Asst. (ITAT Hyderabad)

The facts in brief qua the issue raised in the grounds are that assessee filed its return of income electronically for the AY. 2009-10 on 23-09-2009, declaring NIL income. This return was processed u/s. 143(1) of the Act and the total income was determined at Rs. 69,19,580/- u/s. ...

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No addition for Gift from daughter if Assessee proves identity, genuineness & creditworthiness

Padmalatha Tama Vs Income-tax Officer (ITAT Hyderabad)

Briefly the facts of the case are, assessee who derives income from house property and income from other sources, filed her return of income for the AY 2010-11 on 27/07/2010 declaring an income of Rs. 17,75,810/-. Subsequently, the case was selected for scrutiny under CASS and accordingly notice u/s 143(2) dated 25/08/2011 was issued and ...

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TP: Provision for bad & doubtful debt & bad debts written off are operating expenses

Hyundai Motor India Engg. Pvt. Vs Dy. Commissioner of Income tax (ITAT Hyderabad)

Hyundai Motor India appeal: Including bad debts and provision for bad and doubtful debts as operating expenses is necessary for the purpose of computing profit and loss of comparable companies, the margins of comparable companies ...

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Mere Provision not eligible for Adjustment against Book Profit it must be Ascertained Liability

M/s. Southern Power Distribution Company of Andhra Pradesh Ltd. Vs DCIT (ITAT Hyderabad)

In accordance with the view expressed by the third member, Hon'ble Vice-President, Hyderabad, the ground of appeal No.4 is partly allowed and the AO is directed to allow the deduction from the book profit of sum of Rs.22.89 crores while computing the taxable income u/s 115GB of the I.T. Act. The ground of appeal No.4 is therefore, treated...

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Section 54F deduction not allowable if Purchase of new property not concluded

Mahesh Malneedi Vs ITO (ITAT Hyderabad)

Mahesh Malneedi Vs ITO (ITAT Hyderabad) As far as the assessee is concerned, he was aware of the bank loan and also the default committed by the vendor in repaying the loan. Thus, the property was not without an encumbrance as on the date of filing of the return and there was no certainty of […]...

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Loan waiver cannot be taxed under Section 28(iv)

Income-tax Officer Vs Tini Pharma Ltd. (ITAT Hyderabad)

The alternative submission that the amount of loan written off would be taxable under Section 28(iv) of the Act also came up for consideration before this Court in the matter of Mahindra & Mahindra Ltd. ( supra) and it was held therein that Section 28(iv) of the Act would apply only when a benefit or perquisite is received in kind and has...

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TDS on execution of orders by one of the constituents of JV

KCL Amrcl joint Venture Vs ITO (ITAT Hyderabad)

In the given case, memebrs of JV decided to form a JV only to secure the orders and execution of the orders was to be done by one of the constituents of the JV. JV was formed for the benefit of the individual members and a business was carried on for the benefit of the businessman. There was no sub-contract relationship existed between JV...

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No addition U/s. 69 if Source of Funds was referable to Monies Pooled from Customers in the Form of Advances and Sales in Business

Smt. Dyapa Rajini Vs Income Tax Officer (ITAT Hyderabad)

The assessee is engaged in the business of purchase and sale of matching material for women clothing and she was also running a tailoring centre. For the year under consideration she declared total income of Rs. 1,33,900/- and net agricultural income of Rs. 52,450/-....

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Deduction U/s. 80-IA allowable on amount disallowed U/s. 43B

Dy. CIT Vs TA Infra Projects Ltd. (ITAT Hyderabad)

As amount disallowed under section 43B would become profits of business in the computation of income under the head "Profits and gains of business or profession". Consequently, if the amounts disallowed were pertaining to the projects on which the claim under section 80-IA was made, the same had to be allowed as profits get increased to t...

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