ACIT, CENTRAL CIRCLE-2(4), HYDERABAD vs. RAJA BABU NIMMATURI, HYDERABAD

ITA 701/HYD/2022Status: DisposedITAT Hyderabad14 August 2024AY 2018-19Bench: Shri Manjunatha, G. Accountant Member A N D Shri K. Narasimha Chari (Judicial Member)133 pages
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What did the Tribunal hold?

The Tribunal decided on various issues including unaccounted sale proceeds, undisclosed income from developers, capital account additions, and unexplained investments. In one instance, it held that credits in a bank account subsumed within declared business income should not be added separately.

What were the facts?

The appeals involved additions made by the Assessing Officer concerning unaccounted sale proceeds, undisclosed income, capital account increases, and unexplained investments in land. The CIT(A) had partly allowed some appeals, leading to further appeals before the Tribunal.

What were the issues?

Whether additions made by the AO regarding unaccounted sale proceeds, undisclosed income, and unexplained investments were justified. Whether credits in a bank account were income or already accounted for in declared business income.

Which sections of the Income-tax Act were involved?

Section 56(2)(x),Section 56(2)(vii)(b),Section 2(14)(iii)(a),Section 132,Section 153A,Section 143(3),Section 57

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ITA Nos 591 619 700 Ramesh Babu and Others

आयकर अपील"य अ"धकरण, हैदराबाद पीठ IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘ A ‘ Bench, Hyderabad Before Shri Manjunatha, G. Accountant Member A N D Shri K. Narasimha Chari, Judicial Member S.No ITA Nos. Appellant Respondent A.Y 591/Hyd/2022 Shri Ramesh Babu 1 ACIT, Central Circle 2017-18 2 619/Hyd/2022 Nimmatoori Hyderabad 2(4) Hyderabad 2018-19 PAN:ACSPN1659G 3 700/Hyd/2022 ACIT, Central Circle 2(4) Shri Ramesh Babu 2018-19 Hyderabad Nimmatoori Hyderabad PAN:ACSPN1659G 4 311/Hyd/2022 Raja Babu Nimmatoori 2013-14 589/Hyd/2022 Hyderabad ACIT, Central Circle 5 2016-17 PAN:ACSPN1662R 2(4) Hyderabad 6 590/Hyd/2022 2017-18 7 621/Hyd/2022 2018-19 8 701/Hyd/2022 ACIT, Central Circle Raja Babu 2018-19 2(4) Hyderabad Nimmatoori Hyderabad PAN:ACSPN1662R 9 337/Hyd/2022 Yashoda Nimmatoori ACIT, Central Circle 2016-17 593/Hyd/2022 Hyderabad 2(4) Hyderabad 10 2017-18 618/Hyd/2022 PAN:ACSPN1657J 11 2018-19 332/Hyd/2022 12 Anudeep Nimmattoori ACIT, Central Circle 2016-17 13 475/Hyd/2022 Hyderabad 2(4) Hyderabad 2017-18 476/Hyd/2022 PAN:AHBPN2081Q 14 2018-19 15 592/Hyd/2022 Sulochana ACIT, Central Circle 2017-18 Nimmattoori 2(4) Hyderabad 16 620/

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