ACIT Vs Sri Meka Srinivas (ITAT Hyderbad) This Revenue’s appeal for Asst. Year 2008-09 arises from the Commissioner of Income Tax (Appeals)-12, Hyderabad order dt.29.09.2016 passed in case No. 0132/2015-16 in proceedings under Section 143(3) r.w.s. 153A of Income Tax Act, 1961 (‘the Act’). Heard both the parties. Case file perused. 2. Coming to the […]
Ogene Systems India Limited Vs ITO (ITAT Hyderabad) Impugned encashment of bank guarantee is outcome of failure to perform its contractual obligation only without involving any offence or penal component u/s.37(1) of the Act. we find that a catena of case law holds that such an encashment of bank guarantee is incurred in the normal […]
Ocimum Bio Solutions India Ltd. Vs DCIT (ITAT Hyderabad) On perusal of the financial statements submitted by the assessee, we find that there is no doubt that the assessee has increased share capital. On perusal of the provisions of section 35D, we find substance in the written synopsis submitted by the ld. AR of the […]
Sudeep Chandra Vs ITO (ITAT Hyderabad) Cost of acquisition is the price paid by the assessee for the purchase of the house and also the expenditure towards the repairs made by him to make the house habitable and no other expenditure is to be allowed u/s 54 of the Act. As regards the details of […]
Singareni Colleries Company Ltd Vs ACIT (ITAT Hyderabad) AR of the assessee submitted that the amount of electricity provided to the employees is not a Fringe Benefit as this is a contractual obligation to the employees working in coal mines which is as per the National Coal Workers Agreement ( NCWA) and this benefit is […]
Ranjit Kumar Vuppu Vs ITO (ITAT Hyderabad) FULL TEXT OF THE ORDER OF ITAT HYDERABAD This is assessee’s appeal for the A.Y 2014-15 against the order of the CIT (A)-10, Hyderabad, dated 14.07.2020. 2. Brief facts of the case are that the assessee, a Non-resident individual, filed his return of income for the A.Y 2014-15 […]
Sri Vamsee Krishna Kundurthi Vs ITO (International Taxation) (ITAT Hyderabad) As the assessee has spent less than 60 days in India during the FY 2013-14, he qualifies as a Non resident under section 6(1) of the Act. Therefore, the foreign allowance of Rs.19,79,072/- was not offered to tax in India in the return of income […]
ACIT Vs Late D. Mahendran (ITAT Hyderabad) The AO disallowed hire charges for non-deduction of tax u/s 40(a)(ia) of the I.T.Act, with an observation that the appellant has not brought on record any supporting evidence that he had hired lorries and trucks in the manner the public hire an auto or a taxi on the […]
Raghuram Garikapati Vs DCIT (ITAT Hyderabad) The assessee’s sole substantive grievance raised in the instant appeal challenges correctness of both the lower authorities’ action imposing Section 271(1)(c) penalty of Rs.10,46,957/- pertaining to quantum addition arising from treatment of rental income (as to whether it came under the head ‘income from house property’ or ‘income from […]
Additions made on the basis of statement of assessee u/s 132(4) in the hands of assessee ignoring the fact that the seized material belongs to company was not justified as the same were not attributable to the Managing Director for undisclosed and unaccounted income of the Company.
