VENKATA RATNA KUMAR YARLAGADDA,HYDERABAD vs. DCIT, CIRCLE - 2(1), VIJAYAWADA

ITA 303/VIZ/2026Status: DisposedITAT Visakhapatnam19 August 2026AY 2023-248 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that the Assessing Officer passed an ex-parte order without considering sufficient bank credits and that the CIT(A) sustained additions without proper examination. The matter was remitted back to the CIT(A) for fresh adjudication.

What were the facts?

The assessee, Managing Director of a startup, declared income and filed a return. The case was selected for scrutiny due to substantial loans given to his company. The Assessing Officer made additions as the assessee did not respond to notices.

What were the issues?

Whether the assessment proceedings were valid given the alleged invalidity of the notice u/s.143(2) and whether the additions made by the AO were justified considering the bank credits and loan transactions.

Which sections of the Income-tax Act were involved?

Section 143(1),Section 143(2),Section 142(1),Section 143(3),Section 144B,Section 69A,Section 115BBE

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, VISAKHAPATNAM DB BENCH VISAKHAPATNAM

Before: SHRI VIJAY PAL RAO & SHRI MANJUNATHA G.

Hearing: 13.08.2026Pronounced: 19.08.2026

PER MANJUNATHA G. A.M. : This appeal by the assessee is directed against the Order dated 31.01.2026 of the learned CIT(A)-National Faceless

2 ITA.No.303/Viz./2026 Appeal Centre [in short “NFAC”], Delhi, for the assessment year 2023-2024. 2. Briefly stated facts of the case are that, the assessee is an individual and Managing Director of Y Screens Entertainment (India) Limited a Start-up Company incorporated with an objective of business of construction, running and maintenance of mini-plexes in tier-II cities. The assessee filed his return of income on 01.11.2023 declaring total income of R

The order continues below.

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