SKANDA BUILDERS,KURNOOL vs. ACIT., CENTRAL CIRCLE - 2(3), HYDERABAD

section 145(3) of the Act. \n7. In response to the showcause notice dated 20.06.2023, the assessee has \nfurnished a reply on 23.06.2023 through mail, which is reproduced as under : \n“Gist of the case \n1. In response to the Show Cause Notice dt. 12.05.2023, a detailed reply \ndt. 20.05.2023 explaining the relevant facts and circumstances of the case \nwas

SKANDA INFRA PROJECTS,KURNOOL vs. ACIT., CENTRAL CIRCLE-2(3), HYDERABAD

section 145(3) of\nthe I.T.Act. The books of accounts maintained by the assessee are therefore\nrejected.\nHaving rejected the books, the income of the assessee is required to be\nestimated based on the material available on record as per the following findings.\n8.2 The assessee during the course of search proceedings as well as assessment\nproceedings accepted that

SKANDHANSHI INFRA PROJECTS INDIA PRIVATE LIMITED,KURNOOL vs. ACIT., CENTRAL CIRCLE-2(3), HYDERABAD

section 145(3) of\nthe I.T.Act. The books of accounts maintained by the assessee are therefore\nrejected.\n\n8. 1. Having rejected the books, the income of the assessee is required to be\nestimated based on the material available on record as per the following findings.\n8. 2. The assessee during the course of search proceedings as well as assessment

SKANDA INFRA PROJECTS,KURNOOL vs. ACIT., CENTRAL CIRCLE-2(3), HYDERABAD

section 145(3) of\nthe I.T.Act. The books of accounts maintained by the assessee are therefore\nrejected.\n8.1. Having rejected the books, the income of the assessee is required to be\nestimated based on the material available on record as per the following findings.\n8.2. The assessee during the course of search proceedings as well as assessment\nproceedings accepted that

SKANDA BUILDERS,KURNOOL vs. ACIT., CENTRAL CIRCLE - 2(3), HYDERABAD

section 145(3) of\nthe I.Act. The books of accounts maintained by the assessee are therefore\nrejected.\nHaving rejected the books, the income of the assessee is required to be\nestimated based on the material available on record as per the following findings.\n8. 1. The assessee during the course of search proceedings as well as assessment\nproceedings accepted that

SKANDA INFRA PROJECTS INDIA PRIVATE LIMITED,KURNOOL vs. ACIT., CENTRAL CIRCLE-2(3), HYDERABAD

145(3) are reproduced hereunder:\n“Where the Assessing Officer is not satisfied about the correctness or\ncompleteness of the accounts of the assessee, or where the method\naccounting provided in section-section (1) [ has not been regularly followed by\nthe assessee, or income has not been computed in accordance with the\nstandards notified under section (2) ] the Assessing Officer

SKANDA INFRA PROJECTS INDIA PRIVATE LIMITED,KURNOOL vs. ACIT., CENTRAL CIRCLE-2(3), HYDERABAD

TDS, which attracts disallowance\nu/sec.40(a)(ia) of the Income Tax Act, 1961. Therefore,\nconsidering the overall scenario including relevant books of\nITA.Nos.514 to 539/Hyd./2025,\nAnd ITA.Nos.308 to 311/Hyd./2025.\n13\naccounts maintained by the assessee and incriminating\nmaterial found during the course of search observed that,\nthe profit percentage of undisclosed turnover found during\nthe course

ACIT., CENTRAL CIRCLE-2(3), HYDERABAD vs. SKANDHANSHI INFRA PROJECTS INDIA PVT. LTD., BANGALORE

section 145(3) of the I.T.Act. The books of accounts maintained by the assessee are therefore rejected.\n\nHaving rejected the books, the income of the assessee is required to be estimated based on the material available on record as per the following findings.\n\n8.2 The assessee during the course of search proceedings as well as assessment proceedings accepted

SKANDHANSHI INFRA PROJECTS INDIA PRIVATE LIMITED,KURNOOL vs. ACIT., CENTRAL CIRCLE-2(3), HYDERABAD

145(3) are reproduced hereunder:\n“Where the Assessing Officer is not satisfied about the correctness or\ncompleteness of the accounts of the assessee, or where the method\naccounting provided in section-section (1) [ has not been regularly followed by\nthe assessee, or income has not been computed in accordance with the\nstandards notified under section (2) ] the Assessing Officer

OPTUM GLOBAL SOLUTIONS (INDIA) PRIVATE LIMITED,HYDERABAD vs. DCIT CIRCLE -5(1), HYDERABAD

In the result, both the appeals of assessee are partly allowed

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Chary

TDS credit in respect of Rail Tel Corporation of India also in accordance with law. 18. Interest under section 234B is consequential in nature whereas the issue relating to the interest under section 234C of the Act has been resolved by order dated 03/09/2022. 19. In view of the above, this appeal of assessee is allowed. Assessment Year

OPTUM GLOBAL SOLUTIONS (INDIA) PRIVATE LIMITED,HYDERABAD vs. DCIT, CIRCLE -5(1), HYDERABAD

In the result, both the appeals of assessee are partly allowed

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Chary

TDS credit in respect of Rail Tel Corporation of India also in accordance with law. 18. Interest under section 234B is consequential in nature whereas the issue relating to the interest under section 234C of the Act has been resolved by order dated 03/09/2022. 19. In view of the above, this appeal of assessee is allowed. Assessment Year

SURESH KUMAR REDDY KRISHNAPURAM,KURNOOL vs. ACIT., CENTRAL CIRCLE-2(3), HYDERABAD

section 145(3) of the I.T.Act. The books of accounts maintained by the assessee are therefore rejected.\n\nHaving rejecting the books, the income of the assessee is required to be estimated based on the material available on record as per the following findings.\n\n8. 2. The assessee during the course of search proceedings as well as assessment proceedings

DCIT, CIRCLE-1, KHAMMAM, KHAMMAM vs. THE SINGARENI COLLERIES COMPANY LT.D, KOTHAGUDEM, KOTHAGUDEM

In the result, both the appeals of the revenue for AYs 2009-10 & 2010-11 are dismissed

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahusl.

TDS on interest on land compensation deposited in court as per court order for AY 2009-110 to 2011-12. 7. Loss due exchange fluctuation on interest on capital borrowed in forex for acquisition of machinery after such assets is put to use for AY 2009-10. 8. Restriction of depreciation on mine development to 10% as against 15% claim

SINGARENI COLLERIES COMPANY LIMITED,HYDERABAD vs. ACIT, CIRCLE-1,, KHAMMAM

In the result, both the appeals of the revenue for AYs 2009-10 & 2010-11 are dismissed

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahusl.

TDS on interest on land compensation deposited in court as per court order for AY 2009-110 to 2011-12. 7. Loss due exchange fluctuation on interest on capital borrowed in forex for acquisition of machinery after such assets is put to use for AY 2009-10. 8. Restriction of depreciation on mine development to 10% as against 15% claim

ASST. COMMISSIONER OF INCOME TAX CIRCLE-1,, KHAMMAM vs. M/S SINGARENI COLLERIES COMPANY LTD.,, KHAMMAM DIST

In the result, both the appeals of the revenue for AYs 2009-10 & 2010-11 are dismissed

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahusl.

TDS on interest on land compensation deposited in court as per court order for AY 2009-110 to 2011-12. 7. Loss due exchange fluctuation on interest on capital borrowed in forex for acquisition of machinery after such assets is put to use for AY 2009-10. 8. Restriction of depreciation on mine development to 10% as against 15% claim

SINGARENI COLLERIES COMPANY LIMITED,HYDERABAD vs. ACIT, CIRCLE-1,, KHAMMAM

In the result, both the appeals of the revenue for AYs 2009-10 & 2010-11 are dismissed

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahusl.

TDS on interest on land compensation deposited in court as per court order for AY 2009-110 to 2011-12. 7. Loss due exchange fluctuation on interest on capital borrowed in forex for acquisition of machinery after such assets is put to use for AY 2009-10. 8. Restriction of depreciation on mine development to 10% as against 15% claim

ASST. COMMISSIONER OF INCOME TAX CIRCLE-1,, KHAMMAM vs. M/S SINGARENI COLLERIES COMPANY LTD.,, KHAMMAM DIST

In the result, both the appeals of the revenue for AYs 2009-10 & 2010-11 are dismissed

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahusl.

TDS on interest on land compensation deposited in court as per court order for AY 2009-110 to 2011-12. 7. Loss due exchange fluctuation on interest on capital borrowed in forex for acquisition of machinery after such assets is put to use for AY 2009-10. 8. Restriction of depreciation on mine development to 10% as against 15% claim