ITAT Visakhapatnam

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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Section 263 Inadequate inquiry by AO, cannot be considered as lack of inquiry

Fusion Voice Solutions India (P) Ltd. Vs ITO (ITAT Visakhapatnam)

Inadequate inquiry by AO with respect to compliance of TDS under section 194H could not be equated with lack of inquiry, so as take the case for revision under section 263....

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Provisions on Notional basis & not accrued liability not eligible for deduction

Kanaka Mahalakshmi Cooperative Bank Ltd. Vs ACIT (ITAT Visakhapatnam)

Recently, in the Kanaka Mahalakshmi Cooperative Bank Ltd. vs. ACIT & vice-versa [ITA Nos. 299 & 300/VIZ/2017 and ITA Nos. 326 & 327/VIZ/2017, (A.Y.: 2012-13 & 2013-14), decided on 5.9.2018], there were cross appeals by the assessee and the Revenue for the AYs 2012-13 & 2013 & 14. In ITA No. 299/VIZ/2007, one of the ground related to the a...

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Set-off of unabsorbed depreciation allowable against Addition U/s. 68

Asst. Vs Sai Bhaskar Irons Ltd. (ITAT Visakhapatnam)

Asst. Vs Sai Bhaskar Irons Ltd. Once addition under section 68 was included in gross total income, AO had to allow set off of unabsorbed depreciation loss as provided under section 71 dealing with the set off of loss from one head against income from another head. FULL TEXT OF THE ITAT JUDGMENT This appeal […]...

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Assessment U/s. 153C not valid in Absence of incriminating material

Shri Balaji Builders Kakinada Vs ACIT (ITAT Visakhapatnam)

Shri Balaji Builders Kakinada Vs ACIT (ITAT Visakhapatnam) Merely because books of account could not be traced at the time of survey/search, it could not be presumed that the books of account were not maintained unless all the efforts were made by AO. Further As per the provisions of section 153C of the Act, it […]...

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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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