ITAT Hyderabad

ITAT deletes addition made for non-production of audited books

ITO Vs Richmond Vivek Laboratories P Ltd (ITAT Hyderabad)

ITO Vs Richmond Vivek Laboratories P Ltd (ITAT Hyderabad) Learned CIT (DR) vehemently contended during the course of hearing that the CIT (A) has erred in law and on facts in deleting the impugned misc. expenditure disallowance of Rs.1,92,38,312/- despite the fact that the assessee had failed to prove the same by way of filing […]...

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CIT can invoke Revisional Jurisdiction only if Assessment is erroneous & causing prejudice to interest of revenue

Shri Subbaraya Annamalai Siva Kumar Vs ITO (ITAT Hyderbad)

Shri Subbaraya Annamalai Siva Kumar Vs ITO (ITAT Hyderbad) Ld.DR fails to dispute the clinching fact that the Pr. CIT’s impugned order has nowhere held the assessment in question dated 06.01.2015 as an erroneous one so far as it causes prejudice to the interest of Revenue as per Sec.263 of the Act. Ld.Pr.CIT has rather […]...

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ITAT accepts 50% of Marriage Gifts as Source of Cash Deposit

Venkatesh Soutoor Tirupati Vs ITO (ITAT Hyderabad)

Venkatesh Soutoor Tirupati Vs ITO (ITAT Hyderabad) As regards the cash withdrawals and the marriage gifts from others and gift from his brother as sources for the balance of cash deposit is concerned, I find that the Assessing Officer has held the ATM withdrawals and also 2/3rd of the gifts at the time of marriage […]...

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ITAT Judgment on TDS on surrogacy payments

Kiran Infertility Central Private Limited Vs ITO (ITAT Hyderabad)

We first of all advert to the impugned Section 40(a)(ia) r.w.s.194C and 194J issue of surrogacy payments in case of Shri S.Sesha Sai since the other recipient has never appeared to support the impugned claims till date. The CIT(A)’s identical lower appellate discussion affirming the Assessing Officer’s action disallowing assessee’s...

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Section 80P deduction eligible on Interest Income on Saving Bank Account

Vanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad)

Vanam Mahila Sangam Limited Vs ITO (ITAT Hyderabad) Only issue before the Tribunal is whether the interest income  earned  by  the assessee firm from the deposits in the Savings Bank is eligible for deduction u/s 80P(2) of the I.T. Act. The AO and the CIT (A) have relied upon the decision of the Hon’ble Supreme […]...

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Error by CA not changes Income from Capital Gain to Business Profit

Karpaga Vinayagar Enterprises Pvt Ltd Vs ITO (ITAT Hyderabad)

Error committed by the Chartered Accountant in his audit report will not alter the intention of the assessee for holding the equity shares purchased by it as investment which is evident from the statement of accounts/Balance Sheet of the assessee....

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AO to communicate if case falls under Limited or Complete Scrutiny

P. Venkata Ramana Reddy Vs ACIT (ITAT Hyderabad)

P. Venkata Ramana Reddy Vs ACIT (ITAT Hyderabad) CBDT Circular mentions that the concerned assessees should be intimated that their cases fall either in ‘Limited Scrutiny’ or ‘Complete Scrutiny’ through notices issued u/s 143(2) of the Act and the procedure prescribed is that in Limited Scrutiny cases, the reasons/issues shall be ...

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Tax on Agricultural land transferred under JDA

Medravathi Agro Farms Pvt. Ltd. Vs ACIT (ITAT Hyderabad)

Medravathi Agro Farms Pvt. Ltd. Vs ACIT (ITAT Hyderabad) It is observed that the assessee company as well as other thirteen land owning companies were incorporated with their main object to carry on the agricultural activities and there is no dispute about the same. In order to pursue this main objects, these companies purchased agricultu...

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‘Hundi receipts’ in cash towards Corpus of Trust is Capital Receipt

Boyakonda Gangamma Devasthanam Vs ITO (ITAT Hyderabad)

The clinching fact that emerges here is that assessee’s ‘hundi’ receipts in cash from donors are not revenue items but capital receipts only. The relevant provisions of the ‘Endowment Act’ duly makes it clear that they are corpus donations which nowhere go against the provisions of tax law....

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PF & ESI contribution allowable if Paid before Tax return due date

Shishir Kumar Das Vs DCIT (ITAT Hyderabad)

Shishir Kumar Das Vs DCIT (ITAT Hyderabad) Decision of the Hon’ble Supreme Court in the case of CIT vs. Alom Extrusions Ltd is applicable to both the employer as well as employee’s contribution to Provident Fund and ESI and if the assessee has not remitted the amount collected from the employees before the due date […]...

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