ACIT., CENTRAL CIRCLE-2(2), HYDERABAD vs. VARALA JANGA REDDY, HYDERABAD

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ITA 585/HYD/2024Status: DisposedITAT Hyderabad30 September 2025AY 2018-1928 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to restrict the addition to 10% of the cash receipts, considering the assessee's role as a facilitator and the principle of consistency with other similar cases.

What were the facts?

The Assessing Officer treated cash receipts of Rs. 2,78,57,500/- as undisclosed income of the assessee, a land aggregator, for AY 2018-19. The assessee claimed the cash was for onward payments to farmers on behalf of Spectra Group.

What were the issues?

Whether the entire cash receipts should be treated as undisclosed income or only a reasonable profit element as a land aggregator.

Which sections of the Income-tax Act were involved?

Section 132,Section 153C,Section 153C r.w.s 144

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Income Tax Appellate Tribunal, Hyderabad ‘B’ Bench, Hyderabad

आदेशकी �ितिलिप अ�ेिषत/ Copy of the order forwarded to:- 1. िनधा�रती/The : Shri Varala Janga Reddy, Room No.616, Aayakar Bhavan, Assessee Basheerbaug, Hyderabad 2. राज�/ The Revenue : The ACIT, Central Circle-2(2), Room No.616, Aayakar Bhavan, Basheerbaug, Hyderabad 3. The Principal Commissioner of Income Tax, Central Circle, Hyderabad 4. िवभागीय �ितिनिध, आयकर अपीलीय अिधकरण, हैदराबाद / DR, ITAT, Hyderabad 5. गाड�फ़ाईल / Guard file

आदेशानुसार / BY ORDER

Sr. Private Secretary ITAT, Hyderabad

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