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

bogus purchases would give a completely distorted figure and held that the Tribunal did not commit any error in accepting the gross profit rate of 8% while also agreeing with decision of the Ld. CIT(A) & the Tribunal with regard to disclosure of Rs 61.05 lakhs. The details of purchases made

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

In the result, the appeal of Revenue is dismissed

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Bleassessment Year: 2022-23 The Deputy Commissioner Of Vs. Rohini Minerals Private Limited, Income Tax, Hyderabad. Circle 3(1), Hyderabad. Pan : Aaccr0773N (Assessee) (Respondent) Assessee By: Shri S.K. Gupta, Advocate. Revenue By: Shri B. Bala Krishna, Cit-Dr 05.02.2025 Date Of Hearing: Date Of Pronouncement: 24.02.2025

Section 40A(2)(b) of the Act mandate the disclosure of such transactions in the financial statements and tax audit report. Although, the Assessing Officer has pointed out various defects, including corresponding bogus sales made to related parties to support the addition made towards bogus purchases

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

2,62,520/-. (iii) The Ld. CIT (A) has erred in sustaining the disallowance made by the Ld. AO to the extent of Rs. 14,22,922/- towards foreign exchange fluctuation. (iv) The Ld. CIT (A) has erred in directing the Ld. AO to verify the addition made of Rs. 11,21,400/- on account of sale of scrap

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

2,62,520/-. (iii) The Ld. CIT (A) has erred in sustaining the disallowance made by the Ld. AO to the extent of Rs. 14,22,922/- towards foreign exchange fluctuation. (iv) The Ld. CIT (A) has erred in directing the Ld. AO to verify the addition made of Rs. 11,21,400/- on account of sale of scrap

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

2,62,520/-. (iii) The Ld. CIT (A) has erred in sustaining the disallowance made by the Ld. AO to the extent of Rs. 14,22,922/- towards foreign exchange fluctuation. (iv) The Ld. CIT (A) has erred in directing the Ld. AO to verify the addition made of Rs. 11,21,400/- on account of sale of scrap

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

2,62,520/-. (iii) The Ld. CIT (A) has erred in sustaining the disallowance made by the Ld. AO to the extent of Rs. 14,22,922/- towards foreign exchange fluctuation. (iv) The Ld. CIT (A) has erred in directing the Ld. AO to verify the addition made of Rs. 11,21,400/- on account of sale of scrap

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

2,62,520/-. (iii) The Ld. CIT (A) has erred in sustaining the disallowance made by the Ld. AO to the extent of Rs. 14,22,922/- towards foreign exchange fluctuation. (iv) The Ld. CIT (A) has erred in directing the Ld. AO to verify the addition made of Rs. 11,21,400/- on account of sale of scrap

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

2,62,520/-. (iii) The Ld. CIT (A) has erred in sustaining the disallowance made by the Ld. AO to the extent of Rs. 14,22,922/- towards foreign exchange fluctuation. (iv) The Ld. CIT (A) has erred in directing the Ld. AO to verify the addition made of Rs. 11,21,400/- on account of sale of scrap

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

2,62,520/-. (iii) The Ld. CIT (A) has erred in sustaining the disallowance made by the Ld. AO to the extent of Rs. 14,22,922/- towards foreign exchange fluctuation. (iv) The Ld. CIT (A) has erred in directing the Ld. AO to verify the addition made of Rs. 11,21,400/- on account of sale of scrap

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

2,62,520/-. (iii) The Ld. CIT (A) has erred in sustaining the disallowance made by the Ld. AO to the extent of Rs. 14,22,922/- towards foreign exchange fluctuation. (iv) The Ld. CIT (A) has erred in directing the Ld. AO to verify the addition made of Rs. 11,21,400/- on account of sale of scrap

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

2,62,520/-. (iii) The Ld. CIT (A) has erred in sustaining the disallowance made by the Ld. AO to the extent of Rs. 14,22,922/- towards foreign exchange fluctuation. (iv) The Ld. CIT (A) has erred in directing the Ld. AO to verify the addition made of Rs. 11,21,400/- on account of sale of scrap

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

2,62,520/-. (iii) The Ld. CIT (A) has erred in sustaining the disallowance made by the Ld. AO to the extent of Rs. 14,22,922/- towards foreign exchange fluctuation. (iv) The Ld. CIT (A) has erred in directing the Ld. AO to verify the addition made of Rs. 11,21,400/- on account of sale of scrap

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

2,62,520/-. (iii) The Ld. CIT (A) has erred in sustaining the disallowance made by the Ld. AO to the extent of Rs. 14,22,922/- towards foreign exchange fluctuation. (iv) The Ld. CIT (A) has erred in directing the Ld. AO to verify the addition made of Rs. 11,21,400/- on account of sale of scrap

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

2,62,520/-. (iii) The Ld. CIT (A) has erred in sustaining the disallowance made by the Ld. AO to the extent of Rs. 14,22,922/- towards foreign exchange fluctuation. (iv) The Ld. CIT (A) has erred in directing the Ld. AO to verify the addition made of Rs. 11,21,400/- on account of sale of scrap

M/S. COUNTRY CLUB INDIA LTD.,,HYDERABAD vs. ACIT, CIRCLE-1(2), HYDERABAD

In the result, the grounds of the appeal of the assessee on this issue are allowed

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2009-10 M/S Country Club Vs. Asst. Cit, Circle-1(2), Hospitality & Holidays Ltd., Hyderabad. (Formerly Known As Country Club India Ltd.,) Hyderabad.

2. That the learned m (A) erred in upholding the addition of Rs. 1,42,84,760/disallowed under the Provisions of S. 40A(3) of the IT Act, 1961 which is not correct and not justified. 3. That the expenditure of Rs. 1,42,84,760/- has been incurred in cash for purchase of items such as vegetables, fruits, dairy

DY.CIT, CIR-1(2), HYDERABAD vs. M/S CUNTRY CLUB (I) LIMITED,, HYDERABAD

In the result, the grounds of the appeal of the assessee on this issue are allowed

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2009-10 M/S Country Club Vs. Asst. Cit, Circle-1(2), Hospitality & Holidays Ltd., Hyderabad. (Formerly Known As Country Club India Ltd.,) Hyderabad.

2. That the learned m (A) erred in upholding the addition of Rs. 1,42,84,760/disallowed under the Provisions of S. 40A(3) of the IT Act, 1961 which is not correct and not justified. 3. That the expenditure of Rs. 1,42,84,760/- has been incurred in cash for purchase of items such as vegetables, fruits, dairy

SREE NAGENDRA CONSTRUCTIONS,,KHAMMAM vs. DCIT, CIRCLE -2(1), HYDERABAD

In the result, appeal filed by the assessee is allowed

bogus warranting addition in the income of\nthe assessee. It is again submitted that there is no dispute\nthat the goods have been purchased and the genuinity of the\npurchase have not been disputed and it was because that the\nprovisions of section 40A(3) have been applied. Moreover, the\nassessee maintained day-to-day stock register wherein the\nraw

DCIT, CIRCLE-17(1),HYDERABAD, HYDERABAD vs. FARMAX INDIA LTD., HYD, R.R.DIST

In the result, the appeal filed by the assessee is dismissed and the appeal filed by the revenue is allowed

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Charyassessment Year: 2009-10 Farmax India Limited Vs. Dcit,Circle-1(3) 4Th Floor, Alluri Trade Centre I.T.Towers, A.C.Guards Bhagayanagar Colony Masab Tank Opp.Kphb Colony Hyderabad Kukatpally Hyderabad-500 072

purchase the shares for substantial amount. The decision of the Hon’ble Supreme Court in the case of M/s. Lovely Exports Pvt.Ltd. was also considered by the Hon’ble Delhi High Court. In the instant case, the appellant neither produced the shareholders nor their lenders for examination by the Assessing Officer, neither the identity is proved nor the creditworthiness