SHANKAR LAL AGARWAL,HYDERABAD vs. INCOME TAX OFFICER, WARD-16(2), HYDERABAD

In the result, appeal of the assessee is dismissed

Bench: Shri K. Narasimha Chary

deem it just and necessary to reproduce the relevant observations made by the Hon’ble Court hereunder: “49. An investigation is commenced when allegations crops up regarding tax evasion. The Income-tax department was nowhere in the picture when the assessees effected purchase of the shares and subsequently sold the shares well after the period of 12 months

ANIRUDH VENKATA RAGI ,HYDERABAD vs. INCOME TAX OFFICER, WARD-4(2), HYDERABAD

In the result, appeal of the assessee is dismissed

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

deem it just and necessary to reproduce the relevant observations made by the Hon’ble Court hereunder: Page 13 of 28 “49. An investigation is commenced when allegations crops up regarding tax evasion. The Income-tax department was nowhere in the picture when the assessees effected purchase of the shares and subsequently sold the shares well after the period

ACIT., CIRCLE-5(1), HYDERABAD vs. PENNA CEMENT INDUSTRIES LIMITED, HYDERABAD

deemed to have always applied in a case where the income not forming part of the total income has not accrued or arisen or has not been received during the year and the expenditure has been incurred during the year in relation to such income. In the case of NCC Infrastructure Holdings Limited (ITA No. 144/Hyd/2023), the jurisdictional Hyderabad ITAT

ACIT., CIRCLE-5(1), HYDERABAD vs. PENNA CEMENT INDUSTRIES LIMITED, HYDERABAD

deem it apposite to cull out the observations recorded by the\nTribunal in the case of Optum Global Solutions (India) Private Limited\nVs DCIT(supra), as under:\n\"10. We have gone through the record in the light of the submissions\nmade on either side. Insofar as the payments made to the PM Relief\nFund and to the institutions enumerated