ACIT., CENTRAL CIRCLE-2(4), HYDERABAD vs. R.K.INFRACORP PRIVATE LIMITED, HYDERABAD

purchasers.\n4. The Learned CIT(Appeals) is not justified in confirming an\namount of Rs.30,00,000/- alleged to have received back from\n\"Cement Shop Dwaraka RRR out of the total addition made\nRs.20,35,50,000/-representing the cash received back from\npurchasers.\"\nApart from that, the assessee company has raised the following\nadditional ground of appeal

R.K.INFRACORP PRIVATE LIMITED,HYDERABAD vs. DCIT., CENTRAL CIRCLE-2(4), HYDERABAD

purchasers.\n4. The Learned CIT(Appeals) is not justified in confirming an\namount of Rs.30,00,000/- alleged to have received back from\n\"Cement Shop Dwaraka RRR out of the total addition made\nRs.20,35,50,000/-representing the cash received back from\npurchasers.\"\nApart from that, the assessee company has raised the following\nadditional ground of appeal

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

115,000 was added to the total income of the assessee. 3.1 According to the newly inserted explanation to section 14A, notwithstanding anything to the contrary contained in the act, the provisions of section 14A shall apply and shall be deemed to have always applied in a case where the income not forming part of the total income

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

115,000 was added to the total income of the\nassessee.\n3.1 According to the newly inserted explanation to section 14A,\nnotwithstanding anything to the contrary contained in the act, the\nprovisions of section 14A shall apply and shall be deemed to have\nalways applied in a case where the income not forming part of the\ntotal income

ASPIRING ENTERPRISES PRIVATE LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-1(1), HYDERABAD

In the result, assessee’s appeal is treated as allowed for statistical purposes

Bench: Smt. P. Madhavi Devi & Shri Laxmi Prasad Sahuassessment Year: 2008-09

115/- claimed by the assessee without appreciating the facts of the case. 4. The learned CIT (A) ought to have appreciated the fact that trading with group companies cannot be the basis for rejecting the books of account of the assessee which is against the provisions u/s 145 of the Act. 5. The learned CIT (A) ought to have considered

M/S MIDWEST GRANITES PRIVATE LIMITED,HYDERABAD vs. ACIT,CENTRAL CIRCLE - 7, HYDERABAD

In the result, all the assessee’s appeals are partly allowed for statistical purposes and the Revenue’s appeals are dismissed

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

bogus receipts and paying tax thereon alone cannot establish the genuineness of the transaction. 21. Having observed so, the Ld. CIT (A) further opined that activities such as cutting, squaring and dressing of granites were certainly carried out, may be, by outside parties without which the granite blocks could not have been exported and therefore, certain expenses were incurred

DCIT,CENTRAL CIRCLE - 7, HYDERABAD vs. M/S MIDWEST GRANITE PRIVATE LIMITED., HYDERABAD

In the result, all the assessee’s appeals are partly allowed for statistical purposes and the Revenue’s appeals are dismissed

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

bogus receipts and paying tax thereon alone cannot establish the genuineness of the transaction. 21. Having observed so, the Ld. CIT (A) further opined that activities such as cutting, squaring and dressing of granites were certainly carried out, may be, by outside parties without which the granite blocks could not have been exported and therefore, certain expenses were incurred

M/S MIDWEST GRANITES PRIVATE LIMITED,HYDERABAD vs. ACIT,CENTRAL CIRCLE - 7, HYDERABAD

In the result, all the assessee’s appeals are partly allowed for statistical purposes and the Revenue’s appeals are dismissed

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

bogus receipts and paying tax thereon alone cannot establish the genuineness of the transaction. 21. Having observed so, the Ld. CIT (A) further opined that activities such as cutting, squaring and dressing of granites were certainly carried out, may be, by outside parties without which the granite blocks could not have been exported and therefore, certain expenses were incurred

M/S MIDWEST GRANITES PRIVATE LIMITED,HYDERABAD vs. ACIT,CENTRAL CIRCLE - 7, HYDERABAD

In the result, all the assessee’s appeals are partly allowed for statistical purposes and the Revenue’s appeals are dismissed

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

bogus receipts and paying tax thereon alone cannot establish the genuineness of the transaction. 21. Having observed so, the Ld. CIT (A) further opined that activities such as cutting, squaring and dressing of granites were certainly carried out, may be, by outside parties without which the granite blocks could not have been exported and therefore, certain expenses were incurred

M/S MIDWEST GRANITES PRIVATE LIMITED,HYDERABAD vs. ACIT,CENTRAL CIRCLE - 7, HYDERABAD

In the result, all the assessee’s appeals are partly allowed for statistical purposes and the Revenue’s appeals are dismissed

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

bogus receipts and paying tax thereon alone cannot establish the genuineness of the transaction. 21. Having observed so, the Ld. CIT (A) further opined that activities such as cutting, squaring and dressing of granites were certainly carried out, may be, by outside parties without which the granite blocks could not have been exported and therefore, certain expenses were incurred

DCIT,CENTRAL CIRCLE - 7, HYDERABAD vs. M/S MIDWEST GRANITE PRIVATE LIMITED., HYDERABAD

In the result, all the assessee’s appeals are partly allowed for statistical purposes and the Revenue’s appeals are dismissed

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

bogus receipts and paying tax thereon alone cannot establish the genuineness of the transaction. 21. Having observed so, the Ld. CIT (A) further opined that activities such as cutting, squaring and dressing of granites were certainly carried out, may be, by outside parties without which the granite blocks could not have been exported and therefore, certain expenses were incurred

M/S MIDWEST GRANITES PRIVATE LIMITED,HYDERABAD vs. ACIT,CENTRAL CIRCLE - 7, HYDERABAD

In the result, all the assessee’s appeals are partly allowed for statistical purposes and the Revenue’s appeals are dismissed

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

bogus receipts and paying tax thereon alone cannot establish the genuineness of the transaction. 21. Having observed so, the Ld. CIT (A) further opined that activities such as cutting, squaring and dressing of granites were certainly carried out, may be, by outside parties without which the granite blocks could not have been exported and therefore, certain expenses were incurred

M/S MIDWEST GRANITES PRIVATE LIMITED,HYDERABAD vs. ACIT,CENTRAL CIRCLE - 7, HYDERABAD

In the result, all the assessee’s appeals are partly allowed for statistical purposes and the Revenue’s appeals are dismissed

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

bogus receipts and paying tax thereon alone cannot establish the genuineness of the transaction. 21. Having observed so, the Ld. CIT (A) further opined that activities such as cutting, squaring and dressing of granites were certainly carried out, may be, by outside parties without which the granite blocks could not have been exported and therefore, certain expenses were incurred

M/S MIDWEST GRANITES PRIVATE LIMITED,HYDERABAD vs. ACIT,CENTRAL CIRCLE - 7, HYDERABAD

In the result, all the assessee’s appeals are partly allowed for statistical purposes and the Revenue’s appeals are dismissed

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

bogus receipts and paying tax thereon alone cannot establish the genuineness of the transaction. 21. Having observed so, the Ld. CIT (A) further opined that activities such as cutting, squaring and dressing of granites were certainly carried out, may be, by outside parties without which the granite blocks could not have been exported and therefore, certain expenses were incurred

DCIT,CENTRAL CIRCLE - 7, HYDERABAD vs. M/S MIDWEST GRANITE PRIVATE LIMITED., HYDERABAD

In the result, all the assessee’s appeals are partly allowed for statistical purposes and the Revenue’s appeals are dismissed

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

bogus receipts and paying tax thereon alone cannot establish the genuineness of the transaction. 21. Having observed so, the Ld. CIT (A) further opined that activities such as cutting, squaring and dressing of granites were certainly carried out, may be, by outside parties without which the granite blocks could not have been exported and therefore, certain expenses were incurred

DCIT,CENTRAL CIRCLE - 7, HYDERABAD vs. M/S MIDWEST GRANITE PRIVATE LIMITED., HYDERABAD

In the result, all the assessee’s appeals are partly allowed for statistical purposes and the Revenue’s appeals are dismissed

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

bogus receipts and paying tax thereon alone cannot establish the genuineness of the transaction. 21. Having observed so, the Ld. CIT (A) further opined that activities such as cutting, squaring and dressing of granites were certainly carried out, may be, by outside parties without which the granite blocks could not have been exported and therefore, certain expenses were incurred

DCIT,CENTRAL CIRCLE - 7, HYDERABAD vs. M/S MIDWEST GRANITE PRIVATE LIMITED., HYDERABAD

In the result, all the assessee’s appeals are partly allowed for statistical purposes and the Revenue’s appeals are dismissed

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

bogus receipts and paying tax thereon alone cannot establish the genuineness of the transaction. 21. Having observed so, the Ld. CIT (A) further opined that activities such as cutting, squaring and dressing of granites were certainly carried out, may be, by outside parties without which the granite blocks could not have been exported and therefore, certain expenses were incurred

RACHIT V SHAH,HYDERABAD vs. ITO, WARD-7(3), HYDERABAD

In the result, the appeal of the assessee is dismissed

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

purchased a new residential property for a consideration of Rs.3,39,66,000/-. The assessee used the sale proceeds of Rs.2,28,38,880/- of the previously sold property partly for the payment towards the acquisition of the new property. Thus, the assessee claimed exemption u/s.54F of the entire amount of capital gains arising from the sale proceeds of Rs.2