ITAT Hyderabad

No registration to Hospital as charitable organisation if charging commercial rates from patients

Fernandez Foundation Vs CIT (ITAT Hyderabad)

Assessee hospital was not entitled for registration under section 12A as it was  charging on the basis of commercial rates from the patients and it had failed to demonstrate that the charges / fee charged by it were on a reasonable markup on the cost....

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Order denying Registration u/s12AA without proper due diligence is not permissible: ITAT

Society for Economic Development Vs CIT (ITAT Hyderabad)

The ITAT allowed appeal of the assesse wherein the LD. CIT(E) have rejected registration under 12A of the I.T. Act, 1961, by observing that various allegations made by the ld.CIT(E) while denying registration u/s. 12A of the I.T.Act requires verification and proper appreciation of facts by the ld. CIT(E). In addition, it was also observed...

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Order passed without any enquiry/ question is erroneous and prejudicial to interest of revenue

Madhu Velayudhan Vs ITO (ITAT Hyderabad)

ITAT Hyderabad held that AO has neither made any enquiry nor asked any questions to the assessee nor any information was called for. Therefore, the order passed by AO was erroneous and prejudicial to the interest of revenue within the meaning of section 263 of the Income Tax Act....

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CIT(A) deciding the ground based on additional evidence without giving opportunity to AO is untenable

ACIT Vs Ascend Telcom Infrastructure (P) Ltd (ITAT Hyderabad)

ITAT Hyderabad held that deciding any ground based on any additional evidence before CIT(A), without calling for a remand report from the Assessing Officer, is untenable in law. CIT(A) needs to mandatorily given an opportunity to AO to examine the additional evidence....

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Mere taking land on lease doesn’t cover research operations as contract farming

Profarm Seed India Private Limited Vs ITO (ITAT Hyderabad)

ITAT Hyderabad held that merely because the assessee took the land on lease for conducting their research operations to produce the foundation seeds of the hybrid varieties, such a lease cannot ipso facto make the operations of the assessee as contract farming....

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Appeal filing delay cannot be condoned without ‘Reasonable Cause’

Polyvet Pharmaceuticals Vs ITO (TDS) (ITAT Hyderabad)

ITAT held that As reasons given by assessee is not convincing and therefore the delay of 2886 days in filing the above appeal cannot be condoned. ...

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Addition towards unexplained investment sustained in absence of explaining source of investment

Shri Pujala Mahesh Babu Vs ACIT (ITAT Hyderabad)

ITAT Hyderabad held that addition towards unexplained investment sustained as assessee couldnt explain the source of investment. Onus is on the assessee to explain the source of investment....

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FCCDs are debt till it is converted into equity- ITAT allows Benchmarking by applying LIBOR plus 200 points

Watermarke Residency Limited Vs DCIT (ITAT Hyderabad)

Watermarke Residency Limited Vs DCIT (ITAT Hyderabad) In the present case, the TPO had benchmarked the transaction after treating the FCCDs as debt. This finding of TPO was based on Terms of issuance of FCCD and balance-sheets/ financials of the assessee as well as of it’s A.E, where both had mentioned FCCD as debt. We […]...

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Non-verificaiton of other business results into improper adjudication

ITO Vs Sadhanakari Khaja Rahmathulla (ITAT Hyderabad)

ITAT Hyderabad held that other than being an agriculturist, the assessee was license holder of retail sale of IMFL. However, the said fact was not verified by CIT(A). Accordingly, held that case has not been properly adjudicated by CIT(A)....

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Companies with similar functionality can be compared while valuing international transaction

Facebook India Online Services Private Limited Vs DCIT (ITAT Hyderabad)

ITAT Hyderabad held that for comparability of company with that of the assessee, in case of international transactions, the criteria of functionally comparability needs to be considered....

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February 2023