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

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

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

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

7. The Ld.Sr.AR, Shri Srinath Sadanala submitted that the Ld.CIT(A) erred in holding that the purchases made from M/s Jagannath Agro to the tune of Rs.2,36,00,792/- is genuine, without appreciating the fact that Shri Shailabh Khandelwal in his statement recorded u/s 131 of the Act has admitted that the above company provide accommodation entries on commission

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

7. The Ld.Sr.AR, Shri Srinath Sadanala submitted that the Ld.CIT(A) erred in holding that the purchases made from M/s Jagannath Agro to the tune of Rs.2,36,00,792/- is genuine, without appreciating the fact that Shri Shailabh Khandelwal in his statement recorded u/s 131 of the Act has admitted that the above company provide accommodation entries on commission

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

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

7. 2. The Hon'ble Court also observed that the initial\nonus\nof substantiating\npurchases through\ndocumentation including purchase bills, transportation\nbills, confirmed copy of account of the suppliers, the\nfact of payment through bank and furnishing of copies\nof VAT return and income tax returns of the suppliers,\nhad been discharged by the assessee, the Assessing\nOfficer could

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

In the result, appeal of the Assessee is allowed

7. We have heard the rival contentions and perused the material available on record. During the course of reassessment proceedings, the assessee has submitted before the AO that purchases from M/s Kriya Impex Pvt Ltd have been duly recorded in the books of accounts and forming part of its closing inventory and in support, necessary documentation in terms of copy

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

Bench: Us :

bogus. In reply, the assessee, in order to substantiate the authenticity of the subject purchase transactions, filed the copies of invoices and e-way bills for the purchases made from the aforementioned parties. Apart from that, the assessee submitted that the purchases from the party stated at Serial No. 3, viz., Sri Suresh, Proprietor of M/s. SAM Traders, amounted

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

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

Section 148 and 147 mechanism culminating in the impugned bogus purchases disallowances affirmed upto the CIT(A)’s order(s) under challenge. 5. Learned counsel’s first and foremost vehement contention seeks to quash the impugned reopening without recording the reasons based on tangible material which could even indicate assessee’s taxable income to have declared assessment. We find

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

Section 148 and 147 mechanism culminating in the impugned bogus purchases disallowances affirmed upto the CIT(A)’s order(s) under challenge. 5. Learned counsel’s first and foremost vehement contention seeks to quash the impugned reopening without recording the reasons based on tangible material which could even indicate assessee’s taxable income to have declared assessment. We find

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

Section 148 and 147 mechanism culminating in the impugned bogus purchases disallowances affirmed upto the CIT(A)’s order(s) under challenge. 5. Learned counsel’s first and foremost vehement contention seeks to quash the impugned reopening without recording the reasons based on tangible material which could even indicate assessee’s taxable income to have declared assessment. We find

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

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