RAM GOPAL,HYDERABAD vs. ITO WARD-8(2), HYDERABAD

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

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

Sections 68 and 69C of the Income Tax Act. The entire purchases shown on the basis of fictitious invoices have been debited in the trading account since the transaction has been found to be bogus. The Tribunal having once come to a categorical finding that the amount of Rs. 2,92,93,288/- represented alleged purchases from bogus suppliers

MAHALAKSHMI LABORATORIES PRIVATE LIMITED,HYDERABAD vs. ITO, WARD-17(1), HYDERABAD

In the result, the appeal of Revenue is dismissed

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

Section 133(6) were sent to 4 Mahalakshmi Laboratories Pvt. Ltd. various suppliers. Further, notice u/s 142(1) of the Act along with questionnaire was issued on 26.07.2022. After availing various opportunities, finally assessee had responded to the notices with the required details. Assessing Officer after verification of the reply submitted by the assessee found that the assessee had taken

INCOME TAX OFFICER, WARD 17(1), HYDERABAD vs. MAHALAKSHMI LABORATORIES PVT LTD, HYDERABAD

In the result, the appeal of Revenue is dismissed

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

Section 133(6) were sent to 4 Mahalakshmi Laboratories Pvt. Ltd. various suppliers. Further, notice u/s 142(1) of the Act along with questionnaire was issued on 26.07.2022. After availing various opportunities, finally assessee had responded to the notices with the required details. Assessing Officer after verification of the reply submitted by the assessee found that the assessee had taken

DCIT., CIRCLE 3(1), HYDERABAD vs. ROHINI MINERALS PRIVATE LIMITED , HYDERABAD

In the result, all the three appeals filed by the Revenue for the A

Bench: Shri Manjunatha G. & Shri K.Narasimha Charyआ.अपी.सं /Ita No.980/Hyd/2024, 1079/Hyd/2024 & 1080/Hyd/2024 (निर्धारण वर्ा/Assessment Year: 2018-19, 2014-15 & 2015-16) Dcit Vs. M/S Rohini Minerals Circle-3(1) Private Limited Hyderabad Hyderabad [Pan :Aaccr0773N] (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee By: Shri S.K.Gupta, Ar रधजस् व द्वधरध/Revenue By: Shri B Bala Krishna, Cit-Dr Shri Srinath Sadanala, Sr.Ar

10. Coming back to the purchases made by the assessee from M/s Jagannatha Agro Ltd. Admittedly, the assessee had made purchases of Rs.2,36,00,792/- from M/s Jagannath Agro Ltd. and to justify the purchases from the above company, furnished all evidences including purchase bills and supporting transportation bills. The AO, in principle, accepted that the assessee has submitted

DCIT., CIRCLE 3(1), HYDERABAD vs. ROHINI MINERALS PRIVATE LIMITED, HYDERABAD

In the result, all the three appeals filed by the Revenue for the A

Bench: Shri Manjunatha G. & Shri K.Narasimha Charyआ.अपी.सं /Ita No.980/Hyd/2024, 1079/Hyd/2024 & 1080/Hyd/2024 (निर्धारण वर्ा/Assessment Year: 2018-19, 2014-15 & 2015-16) Dcit Vs. M/S Rohini Minerals Circle-3(1) Private Limited Hyderabad Hyderabad [Pan :Aaccr0773N] (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee By: Shri S.K.Gupta, Ar रधजस् व द्वधरध/Revenue By: Shri B Bala Krishna, Cit-Dr Shri Srinath Sadanala, Sr.Ar

10. Coming back to the purchases made by the assessee from M/s Jagannatha Agro Ltd. Admittedly, the assessee had made purchases of Rs.2,36,00,792/- from M/s Jagannath Agro Ltd. and to justify the purchases from the above company, furnished all evidences including purchase bills and supporting transportation bills. The AO, in principle, accepted that the assessee has submitted

AMARAVATI ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-6(1), HYDERABAD

In the result, the appeal of the assessee in ITA

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

section 148 of the Income Tax Act 1961('the Act') were not satisfied and therefore, the order of the Ld.CIT (A) upholding the initiation of reassessment proceedings as valid is erroneous, invalid and unsustainable in law. 2. The Ld.CIT (A) failed to appreciate that the reassessment proceedings and recording of reasons emanated from the report of the Investigation wing

AMARAVATI,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-6(1), HYDERABAD

In the result, the appeal of the assessee in ITA

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

section 148 of the Income Tax Act 1961('the Act') were not satisfied and therefore, the order of the Ld.CIT (A) upholding the initiation of reassessment proceedings as valid is erroneous, invalid and unsustainable in law. 2. The Ld.CIT (A) failed to appreciate that the reassessment proceedings and recording of reasons emanated from the report of the Investigation wing

AMARAVATI ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-6(1), HYDERABAD

In the result, the appeal of the assessee in ITA

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

section 148 of the Income Tax Act 1961('the Act') were not satisfied and therefore, the order of the Ld.CIT (A) upholding the initiation of reassessment proceedings as valid is erroneous, invalid and unsustainable in law. 2. The Ld.CIT (A) failed to appreciate that the reassessment proceedings and recording of reasons emanated from the report of the Investigation wing

AMARAVATI ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-6(1), HYDERABAD

In the result, the appeal of the assessee in ITA

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

section 148 of the Income Tax Act 1961('the Act') were not satisfied and therefore, the order of the Ld.CIT (A) upholding the initiation of reassessment proceedings as valid is erroneous, invalid and unsustainable in law. 2. The Ld.CIT (A) failed to appreciate that the reassessment proceedings and recording of reasons emanated from the report of the Investigation wing

DCIT., CIRCLE 3(1), HYDERABAD vs. ROHINI MINERALS PRIVATE LIMITED, HYDERABAD

In the result, all the three appeals filed by the Revenue for\nthe A

10. In the factual matrix of the case, where the AO\nfailed to cause any enquiry to be made to establish his\nsuspicions that the said purchases are bogus, the\nappellant has brought on record documentary\nevidences to establish the genuineness of the purchase\ntransactions, the action of the AO in ignoring these\nevidences without controverting it with any enquiry

BASANTH LAL SAH,HYDERABAD vs. ITO., WARD-11(1), HYDERABAD

Bench: Us :

10,51,03,435/- from the following four parties : 4. The A.O. in order to verify the veracity of the aforesaid purchase transactions, issued notices under Section 133(6) of the Act to the aforementioned parties. However, neither of the subject parties responded to the notices issued under Section 133(6) of the Act. The A.O. further observed that

BS LIMITED,HYDERABAD vs. ASST.COMISSIONER OF INCOME TAX, CIRCLE-2(3), HYDERABAD

In the result, appeal of the assessee is allowed for statistical purposes

Bench: Shri D. Manmohan & Shri S. Rifaur Rahmanassessment Year: 2013-14

10,610 term loan Other borrowing costs 49,42,77,339 M/s BS Ltd., Hyd. Total finance cost to be considered for disallowance on account of sham transactions 90,77,37,013 The details of purchases in the books of BS Ltd for AY 2013-14 are as under: S.No. Related concerns Purchases 1 SB Metals

VITHALDAS AND COMPANY (SICNE DISSOLVE), HYD,HYDERABAD vs. DCIT, CIRCLE-6(1), HYDERABAD, HYDERABAD

Appeals are partly allowed in above terms

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

10-02-2017 passed in case Nos.0040, 0039 & 0037/2015-16/ CIT(A)-6/2016-17, involving proceedings u/s.143(3) r.w.s.147 of the Income Tax Act, 1961 [in short, ‘the Act’]. Heard both the parties. Case files perused. 2. The assessee has raised the following substantive grounds in its first and foremost appeal ITA No.755/Hyd/2017: :- 2 -: ITA Nos. 755, 756 & 757/Hyd/2017 “1.The Order

VITHALDAS AND COMPANY (SICNE DISSOLVE), HYD,HYDERABAD vs. DCIT, CIRCLE-6(1), HYDERABAD, HYDERABAD

Appeals are partly allowed in above terms

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

10-02-2017 passed in case Nos.0040, 0039 & 0037/2015-16/ CIT(A)-6/2016-17, involving proceedings u/s.143(3) r.w.s.147 of the Income Tax Act, 1961 [in short, ‘the Act’]. Heard both the parties. Case files perused. 2. The assessee has raised the following substantive grounds in its first and foremost appeal ITA No.755/Hyd/2017: :- 2 -: ITA Nos. 755, 756 & 757/Hyd/2017 “1.The Order

VITHALDAS AND COMPANY (SICNE DISSOLVE), HYD,HYDERABAD vs. DCIT, CIRCLE-6(1), HYDERABAD, HYDERABAD

Appeals are partly allowed in above terms

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

10-02-2017 passed in case Nos.0040, 0039 & 0037/2015-16/ CIT(A)-6/2016-17, involving proceedings u/s.143(3) r.w.s.147 of the Income Tax Act, 1961 [in short, ‘the Act’]. Heard both the parties. Case files perused. 2. The assessee has raised the following substantive grounds in its first and foremost appeal ITA No.755/Hyd/2017: :- 2 -: ITA Nos. 755, 756 & 757/Hyd/2017 “1.The Order

MEENA JEWELS AND PEARLS,HYDERABAD vs. ACIT., CIRCLE-5(1), HYDERABAD

In the result, appeal of the Assessee is allowed

10,14,600/- so made by the AO and upheld by the Id CIT(A) is hereby directed to be deleted. Ground of appeal no. 4 of assessee's appeal is thus allowed.” 8. Thus, an identical issue of addition made by the Assessing Officer based on the statement of Sri Rajendra Jain in respect of the purchases made from

DCIT, CENTRAL CIRCLE-2(1), HYD, HYDERABAD vs. ANNAPURNA BUSINESS SOLUTIONS, HYD, HYDERABAD

In the result appeals of the revenue are partly allowed and the appeals of the assessee are allowed

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singhappellant Respondent

section 10A(7) r.w.s. 80IA(10) of the Act and viewed that estimation the extent of 70% of the profits declare is reasonable and accordingly allowed the exemption of 70% of the profits declared and the remining 30% of the profits are directed to be taxed. Accordingly, the Ld.CIT(A) partly allowed the appeal of the assessee in respect

ANNAPURNA BUSINESS SOLUTIONS, HYD,HYDERABAD vs. DCIT, CENTRAL CIRCLE-3, HYD, HYDERABAD

In the result appeals of the revenue are partly allowed and the appeals of the assessee are allowed

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singhappellant Respondent

section 10A(7) r.w.s. 80IA(10) of the Act and viewed that estimation the extent of 70% of the profits declare is reasonable and accordingly allowed the exemption of 70% of the profits declared and the remining 30% of the profits are directed to be taxed. Accordingly, the Ld.CIT(A) partly allowed the appeal of the assessee in respect