2 ITAT Hyderabad

ITAT Hyderabad

Document related to to expenses/EBIDTA details, etc. can’t be said incriminating material to initiate proceedings u/s 153A

Vivimed Labs Limited Vs ACIT (ITAT Hyderabad)

Vivimed Labs Limited Vs ACIT (ITAT Hyderabad) hon’ble apex court’s landmark decision in CIT Vs. Sinhaghad Technical Educational Society (2017) 84 com 290 (SC) that no such proceedings initiated u/s 153A of the Act sustainable in law for want of incriminating material found or seized during the course of search. We make it clear that [...

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Refund of TDS credit cannot be denied irrespective of year of appearance in form 26AS

GSR Ventures Private Limited Vs DCIT (ITAT Hyderabad)

GSR Ventures Private Limited Vs DCIT (ITAT Hyderabad) Once any TDS is effected in accordance with the provisions of the Act and paid to the Central Government, such an amount shall be treated as a payment of tax on behalf of the person from whose income the deduction was made, and, therefore, a credit of […]...

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Assessment order erroneous as AO failed to conduct minimum enquiry

Dr. Kalpana Alexander Vs. ACIT (ITAT Hyderabad)

Dr. Kalpana Alexander Vs. ACIT (ITAT Hyderabad) There is nothing to contradict the opinion of the learned PCIT that there is failure on the part of the learned Assessing Officer to make the minimum enquiry, let alone sufficient enquiry on this aspect. Assessment order held erroneous. Facts- The assessee is an individual, and a medical [&h...

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56(2)(viib) applies to company, issuing shares at premium, where public are not substantially interested

DCIT Vs Sembcorp Energy India Limited (ITAT Hyderabad)

Dy.CIT Vs Sembcorp Energy India Limited (ITAT Hyderabad) Applicability of section 56(2)(viib) is only in a case where the shares are issued at a premium by a company in which public are not substantially interested. Facts- During the course of assessment proceedings, it was craved before AO that price at which the shares were issued [&hel...

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Income accrues only when services are rendered

DCIT Vs Hyderabad Educational Institutions Pvt. Ltd (ITAT Hyderabad)

DCIT Vs Hyderabad Educational Institutions Pvt. Ltd (ITAT Hyderabad) The tuition fee is received in the last quarter of a financial year, however, the corresponding service is rendered by the assessee in the next quarter which falls in a different financial year. Accordingly, held that income accrues only when the right accrued by renderi...

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Section 12A registration cannot be denied for receipt of fund From Foreign Entity

Share India Vs CIT (ITAT Hyderabad)

Share India Vs CIT (ITAT Hyderabad) A careful examination of clause (1)(b)(ii) of section 12AA, cited above, clearly indicates that the Ld. CIT(E) shall refuse registration only if he is not satisfied about the objects and the genuineness of the activities of the institution. A perusal of the order passed by the Ld. CIT(E) demonstrates [&...

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TDS not deductible on auto roaming charges paid

Vodafone Idea Ltd. Vs Dy. Commissioner of Income-tax (ITAT Hyderabad)

Whether payment made by assessee to another mobile service provider company for utilization of roaming mobile data and connectivity could not be termed as technical service as roaming process between participating entities was fully automatic and did not require any human intervention and, therefore, no TDS was deductible - Held, yes...

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Section 68 additions justified if firm fails to establish genuineness of cash introduced by partners

ACIT Vs Durga Granites (ITAT Hyderabad)

ACIT Vs Durga Granites (ITAT Hyderabad) ITAT held that if the partners of the assessee-firm had introduced the cash in their respective books and thereafter transferred the same to the books of the assessee firm then probably the onus may be on the partners of the assessee firm to establish the source of the cash […]...

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Section 54F exemption against sale of jewellery, acquisition of which was unproved- ITAT upheld additions

Kiran Bala Gupta Vs DCIT (ITAT Hyderabad)

Kiran Bala Gupta Vs DCIT (ITAT Hyderabad) During the course of scrutiny assessment proceedings, it was observed by the learned AO that the assessee has declared long term capital gains of Rs.31,29,215/- towards sale of jewellery and claimed deduction u/s 54F of the Act against investment made in construction of house. Assessee was asked t...

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Issuance of Section 143(2) notice mandatory in Section 153A proceedings

ACIT Vs Dr. P. S. Prasad (ITAT Hyderabad)

ACIT Vs Dr. P. S. Prasad (ITAT Hyderabad) Learned CIT-DR vehemently reiterated the Revenue’s foregoing pleadings that the issuance of Section 143(2) notice is nowhere mandatory in Section 153A proceedings initiated in furtherance to a search in light of the various case law cited therein. We find no merit in the Revenue’s instant grie...

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