ITAT Hyderabad held that for the invocation of section 92BA of the Income Tax Act, there is no necessity for the assessee for opting/ claiming the deduction U/s. 80IA of the Income Tax Act. Accordingly, appeal of the assessee dismissed.
During the course of assessement proceedings, AO noted that the assessee has earned interest income on fixed deposits made with banks which has been included in the business income while computing deduction u/s 10AA of the Act.
The case of the assessee was selected for complete scrutiny under CASS for the reasons i.e., abnormal increase in cash deposits during demonetization period as compared to pre-demonetization period.
Hyderabad ITAT invalidates reassessment citing AO’s factual error and delayed reasons, denying assessee objection right. Follows SC, HC precedents.
ITAT Hyderabad held that reopening of assessment under section 147 of the Income Tax Act on the basis of invalid reasons recorded by AO cannot be sustained in law. Accordingly, notice issued u/s. 148 and final assessment order is quashed.
ITAT upholds PCIT’s revision of an assessment order. The AO failed to probe cash payment for a second property purchase, rendering the initial order erroneous and prejudicial.
ITAT Hyderabad upholds Rs 1.33 cr TP adjustment against Hammond Power Solutions for technical/stewardship services, citing insufficient evidence of service delivery.
Hyderabad ITAT sends Thirupathi Rao Naineni’s appeal against Rs 4.73 crore capital gains disallowance back to CIT(A) for fresh hearing.
ITAT Hyderabad sets aside CIT(A) order, granting Aryavysya Seva Sangham another opportunity to present evidence on unexplained cash deposits.
ITAT Hyderabad partially upholds AO’s addition for unexplained cash deposit by Shri Balineni Kishore Babu, confirming ₹48,000 due to lack of source proof.
