THANNERU MASTHAN RAO,NELLORE vs. INCOME TAX OFFICER, WARD-1, NELLORE
Income Tax Appellate Tribunal, HYDERABAD BENCHES “A”, HYDERABAD
Before: SHRI VIJAY PAL RAO, HON’BLE & SHRI MADHUSUDAN SAWDIA, HON’BLE
PER MADHUSUDAN SAWDIA, A.M.:
This appeal is filed by Thanneru Masthan Rao (“the assessee") feeling aggrieved by the order passed by the Learned
Commissioner of Income Tax (Appeals), National Faceless Appeal
Centre (NFAC), Delhi (“Ld. CIT(A)”), dated 21.10.2024 for the A.Y.
2010-11. 2. The assessee has raised the following grounds of appeal :
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“1. CIT(A) has not examined a weightage of information available on the record and its relevance to this subject matter, just upheld the invocation of u/s 50C Income Tax Act. 1961 u/s 147r.w.s144 and reconfirmed the AO assessment order basing on the remand report called from the concerned AO with some third-party enquiry statements that is purely arbitrary and unlawful as per the Income Tax Act 1961. 2. CIT(A) and the AO were arbitrary in the re-assessment of the short- term capital gain of the assessee for AY 2010-2011 of amount Rs.
52,67,500/- based on the information obtained via an email from the Sub-