ITAT Hyderabad

Assessee can claim expense on removal of encumbrance created by ancestors

Smt. Maniza Jumabhoy, Vs Asst. Commissioner Income of Tax (ITAT Hyderabad)

During the course of appellate proceedings, the representative of the assessee submitted that the expenditure towards proportionate compensation of Rs. 79,36,350/- is allowable u/s. 48(1) of the Act, as upon succession of the impugned property, the assessee had paid the compensation as per the document submitted. The representative averre...

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No penalty for delay in audit report submission due to late appointment of Auditor by Registrar of Societies

The A.P. Dairy Development Vs Dy. Commissioner of Income (ITAI Hyderabad)

Brief facts of the case are that the assessee filed the return of income on the basis of the provisional accounts audited by a Chartered Accountant but did not file the audited accounts. The AO, therefore, issued a notice u/s 271D for levy of penalty for non filing of the audit report. The assessee explained […]...

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No Penalty for mere Non enclosure of audit report to return of income

M/s. Sri Sai Prasanthi Realtors Vs Deputy Commissioner of Income Tax (ITAT Hyderabad)

In a recent ruling, the Hyderabad ITAT ruled that non- enclosure of audit report to the return of income would not attract penalty under section 271B of the Income Tax Act....

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No Penalty on Income bonafidely disclosed during Scrutiny

Kalwa Bhasker, Vs ACIT (ITAT Hyderabad)

In the present case, the assessee has disclosed all the particulars before completion of the assessment u/s 143(3), though the details were filed in the scrutiny proceeding. ...

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Section 263 Revision Order passed without issuing notice is void ab-initio

Sri Anthi Reddy Yamireddy Vs DCIT (ITAT Hyderabad)

Opportunity of being heard is little more than serving a notice on assessee. It is not an empty formality. Without giving a proper opportunity to assessee, revision proceedings u/s. 263 cannot be finalized as the provisions of Section 263 mandates that the CIT may pass such orders after giving an opportunity of being heard. Since [&hellip...

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Expense on improvement of leased building not allowable U/s. 37(1) but depreciation can be claimed on the same

MSA Motors Vs. Addl. CIT (ITAT Hyderabad)

Business of the assessee is carried on in the leased property and any expenditure is incurred on the construction of any structure by way of renovation, extension or improvement, then, section 32 will apply and accordingly, the assessee can claim depreciation on the value spent on such improvement or changes in the structure....

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Interest on FDs for pre-operative period is taxable as Income from Other Sources

DRS Warehousing (South) Vs Income Tax Officer (ITAT Hyderabad)

The Income Tax Appellate Tribunal (ITAT), Hyderabad bench, in the case of DRS Warehousing (South) Vs. ITO, held that the interest on FDs earned during the pre-operative period is taxable as ‘Income from Other Sources’ under the provisions of Income Tax Act. ...

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Interest on Fixed Deposits received by society from Bank is Taxable

The Gujarati Social Welfare Society Vs TITO (ITAT Hyderabad)

In assessee’s case, the bank is not even a member of the society. The nature of the transaction between the assessee and the bank would disqualify application of the principle of mutuality. Therefore, the transactions with the bank who is not even a member of the society cannot be considered as a transaction for which […]...

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Amount paid to village elders to help settle land disputes is allowable

Shri K.A Sai Prasad Vs Shri K.J. Rao, DR (ITAT Hyderabad)

It is not uncommon that village elders intervene and settle the land disputes to safeguard the law and order and protect the peaceful atmosphere of the village. ...

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Misappropriation of fund cannot be ground for cancellation of Trust registration

Vignana Jyothi Vs Director of Income Tax (ITAT Hyderabad)

The Hyderabad bench of Income Tax Appellate Tribunal (ITAT) held that Collection of donation by Educational Institution/ Society is not ‘Capitation Fee. ...

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