Gopal Lal Bhadruka v. DCIT

Assistant Commissioner of Income Tax, Central Circle-3(4), Hyderabad vs. Orbit Ventures, Hyderabad

In the result, the appeal of Revenue in ITA

Bench: Before Shri Rama Kanta Panda & Shri Laliet Kumar

…e income of the assessee for AY 2011- 12 and thus there is enough material to proceed u/s 153C of the IT Act. In this regard reliance is placed on the following case laws: 1) B.Kishore Kumar vs DCIT 229 Taxman 614 (Madras)/ [2015] 2) Gopal Lal Badruka Vs DCIT 346 ITR 106 (Andhra Pradesh)/ [2012] 3) EN Gopu kumar VS CIT(2017)390 ITR 131(kerala) 4) CIT ,(Central), Kanpur Vs. Raj Kumar Arora — (2014) 367 ITR 517 (Allahabad) 8. In view of the foregoing, as the notice u/s 153C was issued on the basis of the seized documents pertaining to the assessment year under consideration i.e., AY 2011-12, as mentioned above, it…

Assistant Commissioner of Income Tax, Central Circle 3(4), Hyderabad vs. Orbit Ventures, Hyderabad

In the result, the appeal of Revenue in ITA

Bench: Before Shri Rama Kanta Panda & Shri Laliet Kumar

…e income of the assessee for AY 2011- 12 and thus there is enough material to proceed u/s 153C of the IT Act. In this regard reliance is placed on the following case laws: 1) B.Kishore Kumar vs DCIT 229 Taxman 614 (Madras)/ [2015] 2) Gopal Lal Badruka Vs DCIT 346 ITR 106 (Andhra Pradesh)/ [2012] 3) EN Gopu kumar VS CIT(2017)390 ITR 131(kerala) 4) CIT ,(Central), Kanpur Vs. Raj Kumar Arora — (2014) 367 ITR 517 (Allahabad) 8. In view of the foregoing, as the notice u/s 153C was issued on the basis of the seized documents pertaining to the assessment year under consideration i.e., AY 2011-12, as mentioned above, it…

Assistant Commissioner of Income Tax Central Circle3-(4), Hyderabad vs. Orbit Ventures, Hyderabad

In the result, the appeal of Revenue in ITA

Bench: Before Shri Rama Kanta Panda & Shri Laliet Kumar

…e income of the assessee for AY 2011- 12 and thus there is enough material to proceed u/s 153C of the IT Act. In this regard reliance is placed on the following case laws: 1) B.Kishore Kumar vs DCIT 229 Taxman 614 (Madras)/ [2015] 2) Gopal Lal Badruka Vs DCIT 346 ITR 106 (Andhra Pradesh)/ [2012] 3) EN Gopu kumar VS CIT(2017)390 ITR 131(kerala) 4) CIT ,(Central), Kanpur Vs. Raj Kumar Arora — (2014) 367 ITR 517 (Allahabad) 8. In view of the foregoing, as the notice u/s 153C was issued on the basis of the seized documents pertaining to the assessment year under consideration i.e., AY 2011-12, as mentioned above, it…

Orbit Ventures, Hyderabad vs. Deputy Commissioner of Income Tax Central Circle-3(4), Hyderabad

In the result, the appeal of Revenue in ITA

Bench: Before Shri Rama Kanta Panda & Shri Laliet Kumar

…e income of the assessee for AY 2011- 12 and thus there is enough material to proceed u/s 153C of the IT Act. In this regard reliance is placed on the following case laws: 1) B.Kishore Kumar vs DCIT 229 Taxman 614 (Madras)/ [2015] 2) Gopal Lal Badruka Vs DCIT 346 ITR 106 (Andhra Pradesh)/ [2012] 3) EN Gopu kumar VS CIT(2017)390 ITR 131(kerala) 4) CIT ,(Central), Kanpur Vs. Raj Kumar Arora — (2014) 367 ITR 517 (Allahabad) 8. In view of the foregoing, as the notice u/s 153C was issued on the basis of the seized documents pertaining to the assessment year under consideration i.e., AY 2011-12, as mentioned above, it…

Orbit Ventures, Hyderabad vs. Deputy Commissioner of Income Tax Central Circle-3(4), Hyderabad

In the result, the appeal of Revenue in ITA

Bench: Before Shri Rama Kanta Panda & Shri Laliet Kumar

…e income of the assessee for AY 2011- 12 and thus there is enough material to proceed u/s 153C of the IT Act. In this regard reliance is placed on the following case laws: 1) B.Kishore Kumar vs DCIT 229 Taxman 614 (Madras)/ [2015] 2) Gopal Lal Badruka Vs DCIT 346 ITR 106 (Andhra Pradesh)/ [2012] 3) EN Gopu kumar VS CIT(2017)390 ITR 131(kerala) 4) CIT ,(Central), Kanpur Vs. Raj Kumar Arora — (2014) 367 ITR 517 (Allahabad) 8. In view of the foregoing, as the notice u/s 153C was issued on the basis of the seized documents pertaining to the assessment year under consideration i.e., AY 2011-12, as mentioned above, it…

N Jaideep Reddy, Hyderabad vs. Asst. Commissioner of Income Tax, Central Circle-1(1), Hyderabad

In the result, the appeal filed by the assessee is allowed

Bench: Shri R.K. Panda & Shri Laliet Kumar

…on has held that where a method has been prescribed by the Legislature, that method alone shall be followed for computation of the fair market value. 19. He submitted that the decision of Hon'ble A.P. High Court in the case of Gopaldas Bhadruka reported in 346 ITR 106 is not applicable to the fact of the present case. 20. So far as the statement given by Shri K.Vijaya Bhaskar Reddy recorded on 8.3.2016 is concerned, he submitted that the statement recorded u/s 132(4) is not an incriminating material. He accordingly submitted that the order passed by the learned PCIT by invoking the provisions of section 263…

N Jaiveer Reddy, Hyderabad vs. Asst. Commissioner of Income Tax, Central Circle-1(1), Hyderabad

In the result, the appeal filed by the assessee is allowed

Bench: Shri R.K. Panda & Shri Laliet Kumar

…on has held that where a method has been prescribed by the Legislature, that method alone shall be followed for computation of the fair market value. 19. He submitted that the decision of Hon'ble A.P. High Court in the case of Gopaldas Bhadruka reported in 346 ITR 106 is not applicable to the fact of the present case. 20. So far as the statement given by Shri K.Vijaya Bhaskar Reddy recorded on 8.3.2016 is concerned, he submitted that the statement recorded u/s 132(4) is not an incriminating material. He accordingly submitted that the order passed by the learned PCIT by invoking the provisions of section 263…

K Laxma Reddy, Hyderabad vs. Asst. Commissioner of Income Tax, Central Circle-1(1), Hyderabad

In the result, the appeal filed by the assessee is allowed

Bench: Shri R.K. Panda & Shri Laliet Kumar

…on has held that where a method has been prescribed by the Legislature, that method alone shall be followed for computation of the fair market value. 19. He submitted that the decision of Hon'ble A.P. High Court in the case of Gopaldas Bhadruka reported in 346 ITR 106 is not applicable to the fact of the present case. 20. So far as the statement given by Shri K.Vijaya Bhaskar Reddy recorded on 8.3.2016 is concerned, he submitted that the statement recorded u/s 132(4) is not an incriminating material. He accordingly submitted that the order passed by the learned PCIT by invoking the provisions of section 263…

K Vijaya Bhaskar Reddy, Hyderabad vs. Asst. Commissioner of Income Tax, Central Circle-1(1), Hyderabad

In the result, the appeal filed by the assessee is allowed

Bench: Shri R.K. Panda & Shri Laliet Kumar

…on has held that where a method has been prescribed by the Legislature, that method alone shall be followed for computation of the fair market value. 19. He submitted that the decision of Hon'ble A.P. High Court in the case of Gopaldas Bhadruka reported in 346 ITR 106 is not applicable to the fact of the present case. 20. So far as the statement given by Shri K.Vijaya Bhaskar Reddy recorded on 8.3.2016 is concerned, he submitted that the statement recorded u/s 132(4) is not an incriminating material. He accordingly submitted that the order passed by the learned PCIT by invoking the provisions of section 263…

Solex Commercial & Credit Private Limited, Hyderabad vs. Deputy Commissioner of Income Tax, Central Circle-1(3), Hyderabad

In the result, all the four appeals filed by the assessee are partly allowed in the terms indicated above

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

…nt of the ld. Counsel for the assessee that no addition can be made in absence of any incriminating material is concerned, we find the same cannot be accepted. We find the Hon’ble Andhra Pradesh High court in the case of Gopal Lal Bhdaruka vs DCIT reported in 346 ITR 106 has held that for the purpose of section.153A/153C, the AO can take into consideration material other than what was available during the search and seizure operation for making an assessment of the undisclosed income of the assessee. So far as, the argument of the ld. Counsel for the assessee that assessee has sufficient own funds and free reserv…

Solex Commercial & Credit Private Limited, Hyderabad vs. Deputy Commissioner of Income Tax, Central Circle-1(3), Hyderabad

In the result, all the four appeals filed by the assessee are partly allowed in the terms indicated above

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

…nt of the ld. Counsel for the assessee that no addition can be made in absence of any incriminating material is concerned, we find the same cannot be accepted. We find the Hon’ble Andhra Pradesh High court in the case of Gopal Lal Bhdaruka vs DCIT reported in 346 ITR 106 has held that for the purpose of section.153A/153C, the AO can take into consideration material other than what was available during the search and seizure operation for making an assessment of the undisclosed income of the assessee. So far as, the argument of the ld. Counsel for the assessee that assessee has sufficient own funds and free reserv…

Solex Commercial & Credit Private Limited, Hyderabad vs. Deputy Commissioner of Income Tax, Central Circle-1(3), Hyderabad

In the result, all the four appeals filed by the assessee are partly allowed in the terms indicated above

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

…nt of the ld. Counsel for the assessee that no addition can be made in absence of any incriminating material is concerned, we find the same cannot be accepted. We find the Hon’ble Andhra Pradesh High court in the case of Gopal Lal Bhdaruka vs DCIT reported in 346 ITR 106 has held that for the purpose of section.153A/153C, the AO can take into consideration material other than what was available during the search and seizure operation for making an assessment of the undisclosed income of the assessee. So far as, the argument of the ld. Counsel for the assessee that assessee has sufficient own funds and free reserv…

Solex Commercial & Credit Private Limited, Hyderabad vs. Deputy Commissioner of Income Tax, Central Circle-1(3), Hyderabad

In the result, all the four appeals filed by the assessee are partly allowed in the terms indicated above

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

…nt of the ld. Counsel for the assessee that no addition can be made in absence of any incriminating material is concerned, we find the same cannot be accepted. We find the Hon’ble Andhra Pradesh High court in the case of Gopal Lal Bhdaruka vs DCIT reported in 346 ITR 106 has held that for the purpose of section.153A/153C, the AO can take into consideration material other than what was available during the search and seizure operation for making an assessment of the undisclosed income of the assessee. So far as, the argument of the ld. Counsel for the assessee that assessee has sufficient own funds and free reserv…

Asst. Commissioner of Income Tax, Central Circle-1(1), Hyderabad vs. Ashoka Developers & Builders Limited, Hyderabad

In the result, appeal filed by the Revenue is allowed for statistical purposes

Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2015-16 Dy. C.I.T Vs. Ashok Developers & Central Circle 1(1) Builders Ltd, Hyderabad Hyderabad (Appellant) (Respondent) Assessee By: Shri K.C. Devdas, Ca Revenue By: Shri Rajendra Kumar, Cit(Dr) Date Of Hearing: 12/07/2022 Date Of Pronouncement: 19/07/2022 Order Per R.K. Panda, A.M This Appeal Filed By The Revenue Is Directed Against The Order Dated 30.09.2018 Of The Learned Cit (A)-11, Hyderabad Relating To A.Y.2014-15. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Limited Company & Engaged In The Business Of Constructions. It Filed Its Return Of Income On 30.09.2015 Declaring Total Income Of Rs.6,61,44,100/-. A Search & Seizure Operation U/S 132 Of The Act Was Carried Out In The Assessees’ Group Of Cases On 18.02.2016. In Response To The Notice U/S 153A, The Assessee Filed Revised Return Of Income On 7.9.2016 Declaring Income Of Rs.13,58,60,960/-.

…CIT (A) with a direction to give his finding regarding the nature of incriminating material found during the course of search and decide the issue keeping in mind the decision of the Hon'ble Andhra Pradesh High Court in the case of Gopal Lal Badruka Vs. DCIT, 346 ITR 106 (AP). The grounds raised by the Revenue are accordingly allowed for statistical purposes. 8. In the result, appeal filed by the Revenue is allowed for statistical purposes. Order pronounced in the Open Court on 19th July, 2022. (LALIET KUMAR) ACCOUNTANT MEMBER Hyderabad, dated 19th July, 2022. Vinodan/sps Copy to: S.No Addresses 1 Dy.CIT, Central…

Vivimed Labs Limited, Hyderabad vs. 500082 Assistant Commissioner of Income Tax Central Circle2-(3), Hyderabad

Bench: Shri S.S. Godara & Shri Laxmi Prasad Sahu

…sequences flowing therefrom in case of an assessee having not claimed Section 80- IA deduction in section 139(1) return are deemed to have been rendered non-operative. Coupled with this, hon'ble jurisdictional high court in Gopal Lal Bhadruka Vs. DCIT (2012) (346 ITR 106) (AP HC) has also made it clear that an Assessing Officer framing Section 153A assessment can very well take note of all other material apart from the incriminating and assessment u/s.153A as he supposed to total income. 24. This tribunal’s co-ordinate bench’s order in M/s.KNR Constructions Ltd. Vs. DCIT in ITA No.946 to 948/H/2015, dt.16-10-2015…

Vivimed Labs Limited, Hyderabad vs. Assistant Commissioner of Income Tax, Hyderabad

Bench: Shri S.S. Godara & Shri Laxmi Prasad Sahu

…sequences flowing therefrom in case of an assessee having not claimed Section 80- IA deduction in section 139(1) return are deemed to have been rendered non-operative. Coupled with this, hon'ble jurisdictional high court in Gopal Lal Bhadruka Vs. DCIT (2012) (346 ITR 106) (AP HC) has also made it clear that an Assessing Officer framing Section 153A assessment can very well take note of all other material apart from the incriminating and assessment u/s.153A as he supposed to total income. 24. This tribunal’s co-ordinate bench’s order in M/s.KNR Constructions Ltd. Vs. DCIT in ITA No.946 to 948/H/2015, dt.16-10-2015…

Vivimed Labs Limited, Hyderabad vs. Assistant Commissioner of Income Tax Central Circle2-(3), Hyderabad

Bench: Shri S.S. Godara & Shri Laxmi Prasad Sahu

…sequences flowing therefrom in case of an assessee having not claimed Section 80- IA deduction in section 139(1) return are deemed to have been rendered non-operative. Coupled with this, hon'ble jurisdictional high court in Gopal Lal Bhadruka Vs. DCIT (2012) (346 ITR 106) (AP HC) has also made it clear that an Assessing Officer framing Section 153A assessment can very well take note of all other material apart from the incriminating and assessment u/s.153A as he supposed to total income. 24. This tribunal’s co-ordinate bench’s order in M/s.KNR Constructions Ltd. Vs. DCIT in ITA No.946 to 948/H/2015, dt.16-10-2015…

Vivimed Labs Limited, Hyderabad vs. Assistant Commissioner of Income Tax 2(3), Hyderabad

Bench: Shri S.S. Godara & Shri Laxmi Prasad Sahu

…sequences flowing therefrom in case of an assessee having not claimed Section 80- IA deduction in section 139(1) return are deemed to have been rendered non-operative. Coupled with this, hon'ble jurisdictional high court in Gopal Lal Bhadruka Vs. DCIT (2012) (346 ITR 106) (AP HC) has also made it clear that an Assessing Officer framing Section 153A assessment can very well take note of all other material apart from the incriminating and assessment u/s.153A as he supposed to total income. 24. This tribunal’s co-ordinate bench’s order in M/s.KNR Constructions Ltd. Vs. DCIT in ITA No.946 to 948/H/2015, dt.16-10-2015…

Vivimed Labs Limited, Hyderabad vs. Assistant Commissioner of Income Tax 2(3), Hyderabad

Appeals are allowed in above terms

Bench: Shri S.S. Godara & Shri Laxmi Prasad Sahu

…IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘ B ‘ Bench, Hyderabad Before Shri S.S. Godara, Judicial Member AND Shri Laxmi Prasad Sahu, Accountant Member ITA Nos.184 & 185/Hyd/2021 Assessment Years : 2012-13 & 2013-14 M/s. Vivimed Labs Vs. The Asst.Commissioner of Limited, Income Tax, Hyderabad. Central Circle – 2(3), PAN : AAACV6060A. HYDERABAD. (Appellant) (Respondent) Assessee by: Shri P. Murali Mohan Rao, Advocate. Revenue by: Shri Y.V.S.T. Sai – CIT DR. Date of hearing: 12.01.2022 Date of pronouncement: 07.04.2022 O R D E R Per S. S. Godara, J.M. These assessee’s twin appeals for A.Ys 2012-13 and 201…

Vivimed Labs Limited, Hyderabad vs. Assistant Commissioner of Income Tax 2(3), Hyderabad

Appeals are allowed in above terms

Bench: Shri S.S. Godara & Shri Laxmi Prasad Sahu

…IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘ B ‘ Bench, Hyderabad Before Shri S.S. Godara, Judicial Member AND Shri Laxmi Prasad Sahu, Accountant Member ITA Nos.184 & 185/Hyd/2021 Assessment Years : 2012-13 & 2013-14 M/s. Vivimed Labs Vs. The Asst.Commissioner of Limited, Income Tax, Hyderabad. Central Circle – 2(3), PAN : AAACV6060A. HYDERABAD. (Appellant) (Respondent) Assessee by: Shri P. Murali Mohan Rao, Advocate. Revenue by: Shri Y.V.S.T. Sai – CIT DR. Date of hearing: 12.01.2022 Date of pronouncement: 07.04.2022 O R D E R Per S. S. Godara, J.M. These assessee’s twin appeals for A.Ys 2012-13 and 201…