ITAT Visakhapatnam

Section 147: AO must act based on ‘reasons to believe’ & not on ‘reasons to suspect’

Kasapu Ramesh Babu Vs ITO (ITAT Visakhapatnam)

Kasapu Ramesh Babu Vs ITO (ITAT Visakhapatnam) Assessing Officer has to act on the basis of “reasons to believe” and not on “reasons to suspect”. In the instant case, the initiation of proceedings u/s 147 of the Act are based upon no evidence and/or un-corroborative material. The Assessing Officer further failed to establish the n...

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Section 68 Addition justified for un-reconciled credit balance

Jupudi Venkateswara Rao Vs ITO (ITAT Visakhapatnam)

Jupudi Venkateswara Rao Vs ITO (ITAT Visakhapatnam) Ld.CIT(A) has given a clear finding that the assessee failed to produce the purchases book, stock register etc to verify the purchases or the unaccounted sales, the assessee has taken a different stand before the ITAT and argued that the difference was not related to purchase and sales [...

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No addition for under invoicing merely based on Section 132(4) statement

DCIT Vs Bharathi Consumer Care Products Pvt. Ltd. (ITAT Visakhapatnam)

DCIT Vs Bharathi Consumer Care Products Pvt. Ltd. (ITAT Visakhapatnam) In the instant case there was no evidence found in the premises of the assessee to show that the assessee is under invoicing the sales. No other material was found and seized from the premises of the assessee with regard to receipt of cash from […]...

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Section 56(2)(vii)(b) Not Applicable if It Is Not Enacted as on Date of Agreement

ACIT Vs Sri Anala Anjibabu (ITAT Visakhapatnam)

The issue under consideration is whether provisions of section 56(2)(vii)(b)(ii) are applicable on difference between consideration paid for purchase of property and SRO value as on date of agreement?...

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Income-Tax Payment made by Assessee is Application of Income & it is Eligible for Deduction u/s 11

DCIT (Exemptions) Vs Cargo Handling Pvt. Workers Pool Trust (ITAT Visakhapatnam)

The issue under consideration is whether the Income-tax payment made by assessee is an application of income and will be eligible for deduction u/s 11?...

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Section 68 Addition not Justified for Unexplained Deposit in Bank Account

Dirisala Bala Murali Vs ITO ( ITAT Visakhapatnam)

The issue under consideration is whether the AO is justified in making addition u/s 68 towards alleged unexplained deposit in the bank account in as much as a bank account is not a book of account maintained by the appellant?...

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No section 271E penalty if payments were genuine & duly accounted

Sudha Agro Oil & Chemical Industries Limited Vs Add. CIT (ITAT Visakhapatnam)

Penalty under section 271E for violation of provision of section 269T could not be levied as assessee-company repaid loans advances otherwise than by crossed cheque, however, it substantiated with relevant documents that all the payments made by it were genuine and all the creditors accounted the loans as well as the repayments in their b...

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Addition based on mere Whatsapp messages is not sustainable

ACIT Vs Shri Manchukonda Shyam (ITAT Visakhapatnam)

Addition was made merely on the basis of whatsapp messages and the statement recorded from section 132(4) from Shri Lanka Anil Kumar which was subsequently retracted. Therefore we are of the view that the addition made by the AO is unsustainable....

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No penalty on additional income admitted though there was no evidence

ACIT Vs Deccan Jewellers Pvt. Ltd. (ITAT Visakhapatnam)

ACIT Vs Deccan Jewellers Pvt. Ltd. (ITAT Visakhapatnam) We find from the orders of the lower authorities that the basis for additional income was only estimation but not supported by any evidence. Even the department failed to substantiate the industry average of purification loss with authenticated documentary evidences. The assessee sub...

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Capital Gain payable on Transfer of Property to Builder through Sale Agreement alongwith POA

Shri. Tirumalasetti Srinivasa Rao Vs. DCIT (ITAT Visakhapatnam)

Once the assessee had entered into agreement of sale coupled with power of attorney and handed over the possession of the property to the vendee, the transfer is complete as provided u/s 47 of the Act....

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