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

ARUN KUMAR GOYAL ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3(2), HYDERABAD

Appeals are allowed in above terms

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

bogus accommodation entries and that in some other matter in course of proceedings before Investigation Wing, one Chartered Accountant had confirmed that he had provided accommodation entry in scrip of Kailash and, consequently, he treated long-term capital gain under section 69 Assessee had duly shown transaction in cheques right from purchase to sale of shares and all transactions

TARUN KUMAR GOYAL ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3(1)2, HYDERABAD

Appeals are allowed in above terms

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

bogus accommodation entries and that in some other matter in course of proceedings before Investigation Wing, one Chartered Accountant had confirmed that he had provided accommodation entry in scrip of Kailash and, consequently, he treated long-term capital gain under section 69 Assessee had duly shown transaction in cheques right from purchase to sale of shares and all transactions

TARUN KUMAR GOYAL ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3(2), HYDERABAD

Appeals are allowed in above terms

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

bogus accommodation entries and that in some other matter in course of proceedings before Investigation Wing, one Chartered Accountant had confirmed that he had provided accommodation entry in scrip of Kailash and, consequently, he treated long-term capital gain under section 69 Assessee had duly shown transaction in cheques right from purchase to sale of shares and all transactions

K & R RAIL ENGINEERING LIMITED,HYDERABAD vs. ACIT, CENTRAL CIRCLE-3(4), HYDERABAD

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

bogus purchases was the reason to believe as per the satisfactory note which was supplemented to the assessee and no addition was made on the same. Thus, not allowing the eligible TDS credits, Advance Tax and Self Assessment Tax paid is incorrect as the addition pertaining to the reason to believe was not made. 3 K & R Rail Engineering Limited

K & R RAIL ENGINEERING LIMITED,SECUNDERABAD vs. ACIT, CENTRAL CIRCLE-3(4), HYDERABAD

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

bogus purchases was the reason to believe as per the satisfactory note which was supplemented to the assessee and no addition was made on the same. Thus, not allowing the eligible TDS credits, Advance Tax and Self Assessment Tax paid is incorrect as the addition pertaining to the reason to believe was not made. 3 K & R Rail Engineering Limited

K & R RAIL ENGINEERING LIMITED,SECUNDERABAD vs. ACIT, CENTRAL CIRCLE-3(4), HYDERABAD

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

bogus purchases was the reason to believe as per the satisfactory note which was supplemented to the assessee and no addition was made on the same. Thus, not allowing the eligible TDS credits, Advance Tax and Self Assessment Tax paid is incorrect as the addition pertaining to the reason to believe was not made. 3 K & R Rail Engineering Limited

K & R RAIL ENGINEERING LIMITED,SECUNDERABAD vs. ACIT, CENTRAL CIRCLE-3(4), HYDERABAD

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

bogus purchases was the reason to believe as per the satisfactory note which was supplemented to the assessee and no addition was made on the same. Thus, not allowing the eligible TDS credits, Advance Tax and Self Assessment Tax paid is incorrect as the addition pertaining to the reason to believe was not made. 3 K & R Rail Engineering Limited

K & R RAIL ENGINEERING LIMITED,HYDERABAD vs. ACIT, CENTRAL CIRCLE-3(4), HYDERABAD

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

bogus purchases was the reason to believe as per the satisfactory note which was supplemented to the assessee and no addition was made on the same. Thus, not allowing the eligible TDS credits, Advance Tax and Self Assessment Tax paid is incorrect as the addition pertaining to the reason to believe was not made. 3 K & R Rail Engineering Limited

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

bogus long term capital gains and made additions under section 68 of the Act by treating long term capital gains as ‘un-accounted income’; and it is for the assessee to establish creditworthiness of companies and that rise of price of shares within a short period of time was genuine, genuineness could not be established merely on basis of documents

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

bogus long term capital gains and made additions under section 68 of the Act by treating long term capital gains as ‘un-accounted income’; and it is for the assessee to establish creditworthiness of companies and that rise of price of shares within a short period of time was genuine, genuineness could not be established merely on basis of documents

ACIT, CENTRAL CIRCLE-1(1), HYDERABAD, HYDERABAD vs. NCC LIMITED, HYDERABAD, HYDERABAD

Accordingly, we delete the same. Thus, this ground is partly allowed

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumar

Purchase Scheme) Guidelines, 1999. 12. So far as reliance place by the revenue in the case of Infosys Technologies Ltd.(supra) is concerned, it is noteworthy that in the aforesaid decision, the Supreme Court was dealing with a proceeding under section 201 of the Act for non-deduction of tax at source and it was held that there

NCC LIMITED, HYDERABAD,HYDERABAD vs. DCIT, CENTRAL CIRCLE-1(1), HYDERABAD, HYDERABAD

Accordingly, we delete the same. Thus, this ground is partly allowed

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumar

Purchase Scheme) Guidelines, 1999. 12. So far as reliance place by the revenue in the case of Infosys Technologies Ltd.(supra) is concerned, it is noteworthy that in the aforesaid decision, the Supreme Court was dealing with a proceeding under section 201 of the Act for non-deduction of tax at source and it was held that there

NCC LIMITED, ,HYDERABAD vs. DCIT, CENTRAL CIRCLE-1(1),, HYDERABAD

Accordingly, we delete the same. Thus, this ground is partly allowed

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumar

Purchase Scheme) Guidelines, 1999. 12. So far as reliance place by the revenue in the case of Infosys Technologies Ltd.(supra) is concerned, it is noteworthy that in the aforesaid decision, the Supreme Court was dealing with a proceeding under section 201 of the Act for non-deduction of tax at source and it was held that there

ACIT, CENTRAL CIRCLE-1(1), HYDERABAD, HYDERABAD vs. NCC LIMITED, HYDERABAD, HYDERABAD

Accordingly, we delete the same. Thus, this ground is partly allowed

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumar

Purchase Scheme) Guidelines, 1999. 12. So far as reliance place by the revenue in the case of Infosys Technologies Ltd.(supra) is concerned, it is noteworthy that in the aforesaid decision, the Supreme Court was dealing with a proceeding under section 201 of the Act for non-deduction of tax at source and it was held that there

ACIT, CENTRAL CIRCLE-1(1), HYDERABAD, HYDERABAD vs. NCC LIMITED, HYDERABAD, HYDERABAD

Accordingly, we delete the same. Thus, this ground is partly allowed

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumar

Purchase Scheme) Guidelines, 1999. 12. So far as reliance place by the revenue in the case of Infosys Technologies Ltd.(supra) is concerned, it is noteworthy that in the aforesaid decision, the Supreme Court was dealing with a proceeding under section 201 of the Act for non-deduction of tax at source and it was held that there