Surya Prakash Kacham Vs DCIT (ITAT Hyderabad)
Background and Assessment Proceedings
The assessee, Shri Surya Prakash Kacham, filed appeals against separate orders of the Learned CIT(A)-11, Hyderabad, both dated 01.09.2025, for Assessment Years 2022-23 and 2023-24. Since the assessee and issues were identical, the ITAT Hyderabad heard both appeals together and disposed of them through a common order.
For AY 2022-23, the assessee filed his return on 30.12.2022 declaring total income of Rs.91,51,060/-. He had entered into a Joint Development Agreement-cum-Irrevocable General Power of Attorney with Vasavi Infracon on 25.05.2022. A search and seizure operation under Section 132 was conducted in the case of Vasavi Group on 17.08.2022. Subsequently, a statement of the assessee was recorded under Section 131 on 02.02.2023.
Based on seized material and the assessee’s statement, the Assessing Officer formed a belief that Rs.50,00,000/- had been received by the assessee in connection with the JDA. Proceedings under Section 147 were initiated and notice under Section 148 was issued on 12.10.2023. The assessment completed under Section 147 on 14.02.2025 included an addition of Rs.50,00,000/- under Section 56 as “Income from Other Sources”, resulting in assessed income of Rs.1,41,51,060/-. The CIT(A) confirmed the addition.
Assessee’s Submissions on Third-Party Material
