VASAVI DHRISHA REALTORS LLP,HYDERABAD vs. ACIT-CENTRAL CIRCLE-3(2), HYDERABAD

ITA 1364/HYD/2026Status: DisposedITAT Hyderabad24 June 2026AY 2022-2376 pages
AI SummaryAllowed

What were the facts?

During a search operation, incriminating materials including tally data were seized, revealing alleged cash receipts from customers not fully recorded in the books. The assessee admitted additional income to cover discrepancies.

What did the Tribunal hold?

The Tribunal held that the Assessing Officer failed to conclusively prove violations of Section 269ST and that the penalty under Section 271DA was not sustainable. The Tribunal also noted that levying a 100% penalty when the AO estimated only 16% income was unreasonable.

What were the issues?

Whether the penalty under Section 271DA was rightly levied without proper satisfaction and conclusive proof of violation of Section 269ST, and if the admitted additional income and tax payment should grant immunity from penalty.

Which sections of the Income-tax Act were involved?

Section 271DA,Section 269ST,Section 132,Section 115BFA(2)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, Hyderabad “B” Bench, Hyderabad

For Appellant: Dr. Narendra Kumar Naik, CIT-DR and Dr. Sachin Kumar, Sr. A.R

PER BENCH : The captioned appeals filed by the assessee firm i.e. “Vasavi Dhrisha Realtors LLP” are directed against the separate, but identical orders of the learned Commissioner of Income Tax (Appeals)

The order continues below.

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