ASSISTANT COMMISSIONER OF INCOME TAX,CENTRAL CIRCLE-2(2), HYDERABAD vs. KRISHNA REDDY GUJJULA, NALGONDA

ITA 398/HYD/2023Status: DisposedITAT Hyderabad30 September 2024AY 2021-22Bench: Shri Laliet Kumar (Judicial Member), Shri Manjunatha, G. (Accountant Member)37 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision to estimate income on undisclosed cash receipts. The appeals filed by the Revenue and cross-objections by the assessee were dismissed.

What were the facts?

During a search operation, incriminating documents revealed cash payments made by Spectra Group to the assessee, Bhoomika Agro Farms (P) Ltd, for land aggregation. The assessee confirmed the transactions and agreed to disclose additional income on cash receipts.

What were the issues?

The primary issue was the taxability of cash receipts from land aggregation activities and the validity of the estimation of income on such undisclosed receipts.

Which sections of the Income-tax Act were involved?

Section 132,Section 153C,Section 143(2),Section 142(1)

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Heard together (5 matters)

CO 7/Hyd/2023
CO 8/Hyd/2023
CO3/Hyd/2023
CO4/Hyd/2023
CO5/Hyd/2023

Read from the judgment's own cause title. This page is filed under one of them.

ITA 381 of 2023 and others Bhoomika Agro Farms

आयकर अपील"य अ"धकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘A‘ Bench, Hyderabad Before Shri Laliet Kumar, Judicial Member And Shri Manjunatha, G. Accountant Member S.No Appeal in ITA No. Assessee Respondent A.Y 1 381/Hyd/2023 ACIT Central Circle Bhoomika Agro 2020-21 2(2) Hyderabad Farms (P) Ltd Hyderabad PAN:AAFCB6665G 2 382/Hyd/2023 -do- -do- 2021-22 3 CO 7/Hyd/2023 Bhoomika Agro ACIT Central Circle 2020-21 (ITA 381/H/23) Farms (P) Ltd 2(2) Hyderabad Hyderabad PAN:AAFCB6665G 4 CO 8/Hyd/2023 -do- -do- 2021-22 (ITA 382/H/23) 5 385/Hyd/2023 -do- Sunshine Estate 2019-20 Construction India LLP, Hyderabad PAN:ADRFS0667D 6 386/Hyd/2023 -do- -do- 2020-21 7 387/Hyd/2023 -do- -do- 2022-22 8 CO3/Hyd/2023 Sunshine Estate ACIT Central Circle 2019-20 (ITA 385/H/23) Construction India 2(2) Hyderabad LLP, Hyderabad PAN:ADRFS0667D 9 CO4/Hyd/2023 -do- -do- 2020-21 (ITA 386/H/23) 10 CO5/Hyd/2023 -do- -do- 2021-22 (ITA 387/H/23) 11 388/Hyd/2023 -do- Krishi Housing (P) 2017-18 Ltd Hyderabad PAN:AAFCK9740B 12 389/Hyd/2023 -do- -do- 2018-19 13 390/Hyd/2023 -do- -do- 2019-20 14 391/Hyd/2023 -do- -do- 2020-21 15 392/Hyd/2023 -do- -do

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