ITAT Visakhapatnam

Addition U/s. 68 for Alleged unaccounted stock merely based on value of closing stock declared to banks is not sustainable

ACIT Vs Thatavarthi Ramesh Babu Kanuru (ITAT Visakhapatnam)

ACIT Vs Thatavarthi Ramesh Babu Kanuru (ITAT Visakhapatnam) It is no doubt true that the initial burden is upon the assessee to prove the correct value of the stock held by the assessee and he has to prove that the value reflected in the books of accounts is correct but the fact remains that the […]...

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TDS not deductible on Reimbursement of conversion expenses without profit element

ACIT Vs Veera Associates (ITAT Visakhapatnam)

Assessee filed return of income declaring total income of 3,90,370/- on 3.10.2007. The assessment was completed u/s 143(3) of the Income Tax Act, 1961 (hereinafter called as the Act) on 31.12.2009 determining the total income at 6,90,370/-. Subsequently, the case was reopened u/s 147 of the Act by issue of notice u/s 148 of the Act for n...

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Deduction U/s. 54F for Property purchased in name of individual co-parcener by HUF

Grandhi Nageswara Rao (HUF) Vs ACIT (ITAT Visakhapatnam)

In this case, the assessee filed the return of income admitting total income of 98,820/-. A search u/s 132 of the Income Tax Act, 1961 (hereinafter called as the Act) was carried out in the case of M/s. A.S. Steel Traders on 11.10.2012 and in the course of search, the document No.5019 of 2011 of SRO...

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Re-Assessment Invalid if order sheet recording reason for reopening is unsigned

Sri Pinnamaraju Venkatapathi Raju Visakhapatnam Vs JCIT (ITAT Visakhapatnam)

Sri Pinnamaraju Venkatapathi Raju Visakhapatnam Vs JCIT (ITAT Visakhapatnam) In the instant case, on verification of the assessment record, it is noticed that the A.O. typed the reasons but not signed the order sheet, thus there are no reasons recorded for reopening of assessment as required u/s 148 of the Act. The A.O. neither complied [...

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Subscription to chit funds cannot be regarded as investment U/s. 13(1)(d) RW 11(5)

Sri Sivani Educational Society Vs. ITO (ITAT Visakhapatnam)

Sri Sivani Educational Society Vs. ITO (ITAT Visakhapatnam) Chit fund business is governed by the principles of mutuality and contribution to a chit fund is contribution to oneself on the principle of mutuality and hence, it is not an investment as contemplated by section 13(1)(d) read with section 11(5) of Income Tax Act, 1961. As [&hell...

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Reopening of assessment cannot be permitted merely on the ground of Survey

Dy. CIT Vs. Dr. M.J. Naidu (ITAT Visakhapatnam)

Where AO reopened the assessment, based on statements recorded and material impounded during survey, however, without establishing any whisper from the reasons recorded regarding the escapement of any income, such reassessment based on suspicion and surmises was set aside....

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Addition U/s. 69 justified if assessee cannot furnish any explanation regarding source of receipt of money

K.L. Prasada Rao Vs. ITO (ITAT Visakhapatnam)

Where assessee could not furnish any explanation regarding source of receipt of money, except saying that it was loan borrowed from parties, the addition made by the AO under section 69 was justified....

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Assessee is entitled to deduction for payment of gratuity to LIC

The District Co-operative Central Bank Vs. ITO (ITAT Visakhapatnam)

In the instant case the assessee has made the payments to the LIC towards group gratuity scheme directly in approved schemes. The assessee has also obtained the policy in favor of the bank. The assessee has no control over the funds contributed to LIC towards the gratuity. ...

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Wealth Tax: Non striking irrelevant column in notice issued u/s 18(1)(c) renders notice invalid

T.S.Kalyana Chakravarthy Vs Dy.Director of Wealth Tax (ITAT Visakhapatnam)

The Ld.CWT(A) should have struck off the irrelevant column and made known the assessee by mentioning for which reason the penalty was initiated. Penalty u/s 18(1)(c) of WT Act are parimateria to Income Tax Act 271(1)(c). As per settled case laws non striking the irrelevant column in the notice issued u/s 18(1)(c) renders the notice invali...

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Mere Material found during survey not gives any authorization to AO to make assessment U/s. 153C & 153A unless the same evidences Income understatement

Supraja’s Sandy Lane Bar & Restaurant Vs. ACIT (ITAT Visakhapatnam)

Supraja’s Sandy Lane Bar & Restaurant Vs. ACIT (ITAT Visakhapatnam) As per 153C of Income Tax Act for invoking jurisdiction, there must be incriminating material found and seized during the course of search in form of money, bullion, jewellery or the evidences indicating the inflation of e expenditure or undisclosed investments or s...

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