ITAT Visakhapatnam

No expenditure against exempt income to be disallowed in absence of exempt income

GVK Power & Infrastructure Ltd. Vs  ACIT (ITAT Visakhapatnam)

Where there was no dividend income earned during the relevant assessment year, there was no case for disallowing the expenditure relatable to dividend income....

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Notice u/s 148 to a dead person instead of legal heir was not valid

Sri Aemala Venkateswara Rao Vs ITO (ITAT Visakhapatnam)

ssessment made by AO in the name of the legal heir without issuing notice u/ 148 was not valid as the notice under section 148 was required to be issued to a correct person and not to a dead person and the same was not a merely a procedural requirement but was a condition precedent to the impugned notice being valid in law....

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Assessment u/s 153C on non-recording of reasons & unsigned order sheet invalid

Sri Sesha Sai Township P. Ltd. Vs ACIT (ITAT Visakhapatnam)

Where AO of searched person had not recorded the reasons and order sheet of  AO of assessee though reasons were typed but remained unsigned, notice issued u/s 153C and the assessment order passed by AO was not valid as AO did not comply with the statutory requirement for issue of notice u/s 153C....

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Addition cannot be made for Share Capital as undisclosed Income merely on surmises

ACIT Vs Gowthami Chemicals & Pesticides (P) Ltd. (ITAT Visakhapatnam)

ACIT Vs Gowthami Chemicals & Pesticides (P) Ltd. (ITAT Visakhapatnam)  In this case, the assessee has furnished the confirmation letters explaining the identity of the shareholder, address and sources of income of the contributor to the share capital along with the evidence for land holdings and copies of IT returns in 4 cases before...

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Unsigned reason cannot be treated as reasons recorded

Pinnamaraju Venkatapathi Raju Vs  JCIT (ITAT Vishakhapatnam)

Where AO typed the reasons but not signed the order sheet, there were no reasons recorded for re-opening assessment as required under section 148, therefore, notice issued under section 148 was bad in law, consequently reassessment order was to be annulled....

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Court/Tribunal can dismiss appeal for non-prosecution

Satyanarayana & Ors. Vs CIT (ITAT Visakhapatnam)

Where AO allowed interest on capital and remuneration paid to the partners from the estimated income on the basis of partnership deed, assessment made by AO on estimation of income could not be treated as erroneous or prejudicial to the interest of Revenue for invoking the jurisdiction under section 263....

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Assessee in default if Not deducted TDS from payment made to non-residents on purchases of immovable property

Sri Teki Venkata Ramana Rao Vs ITO (ITAT Visakhapatnam)

Where assessee failed to deduct tax at source under section 195 from payment made to non-residents on purchases of immovable property from them and also assessee failed to obtain certificate for non-deduction of TDS, assessee was, therefore, rightly treated by AO as assessee-in-default under section 201(1)....

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Sec 54 requires construction completion within 3 years irrespective of purchase date

Gandraju Prabhavathi Vs Pr. CIT (ITAT Visakhapatnam)

Benefit u/s 54 can be availed even if plot was purchased prior to sale of property provided construction of the house property is completed within the time frame provided in Section 54. ...

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Rice mill Lease rentals taxable as Income from other sources

Kanyaka Parameswari Rice Mill Vs ITO (ITAT Visakhapatnam)

In this case Since the rice mill owned by the assessee was let out to another rice mill and the rental income was received without carrying on any business activity or rendering any services incidental to carrying on the rice mill, therefore, the AO rightly assessed the income under the head ‘Income from other sources’....

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Addition for Bogus share capital not sustainable without proving that shareholders did not have credit worthiness

ACIT Vs Gowthami Chemicals & Pesticides (P) Ltd. (ITAT Visakhapatnam)

ACIT Vs Gowthami Chemicals & Pesticides (P) Ltd. (ITAT Visakhapatnam) In this case, the assessee has furnished the confirmation letters explaining the identity of the shareholder, address and sources of income of the contributor to the share capital along with the evidence for land holdings and copies of IT returns in 4 cases before t...

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