SHRI RAMPRIYA DEVELOPERS PRIVATE LIMITED,HYDERABAD vs. DEPUTY COMMISSIONER OF INCOMETAX, CIRCLE-3(1), HYDERABAD

ITA 1946/HYD/2017Status: DisposedITAT Hyderabad14 August 2024AY 1999-2000Bench: Shri Laliet Kumar (Judicial Member), Shri Manjunatha, G. (Accountant Member)26 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the transaction of purchase and sale of shares was not genuine and was designed to avoid tax. The CIT(A)'s recomputation of the short-term capital loss by adopting a lower purchase price was upheld.

What were the facts?

The assessee company, engaged in loans and investments, claimed a short-term capital loss from share sales and interest expenditure. The Assessing Officer made disallowances, which were partly upheld and partly deleted by the CIT(A). The CIT(A) recomputed the short-term capital loss by adopting a lower purchase price per share.

What were the issues?

Whether the short-term capital loss claimed by the assessee was genuine and whether interest expenditure was disallowable under Section 14A.

Which sections of the Income-tax Act were involved?

Section 14A

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Income Tax Appellate Tribunal, Hyderabad ‘A‘ Bench, Hyderabad

Before: Shri Laliet Kumar & Shri Manjunatha, G.

Hearing: 09/07/2024

Per Manjunatha, G. A.M This appeal filed by the assessee is directed against the order dated 28.09.2017 of the learned CIT (A)-5, Hyderabad, relating to A.Y. 1999-2000. 2. The assessee has raised the following grounds:

“1. The order of the learned Commissioner of Income Tax (Appeals)-5, Hyderabad, is erroneous both on facts and in law so far as it is prejudicial to the appellant.

ITA No 1946 of 2017 Sri Rampriya Developers Pvt Ltd

2.

The learned Commissioner of Income Tax (Appeals)-5, Hyderabad, erred in confirming the interest disallowanc

The order continues below.

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