KYORI INFRASTRUCTURE PRIVATE LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-2(1), HYDERABAD
In the result, appeal of the assessee is dismissed
ITA 451/HYD/2020[2015-16]Status: DisposedITAT Hyderabad24 Jan 2022AY 2015-16
Bench: S/Shri A .Mohan Alankamony & Chandra Mohan Gargassessment Year : 2015-16 M/S. Kyori Infrastructure Pvt Vs. Dcit, Circle-2(1), Ltd., C/O. P Murali & Co., Ca, Hyderabad 6-3-655/2/3, Samajiguda, Hyderabad Pan/Gir No. (Appellant) .. ( Respondent) Assessee By : Shri P.Murali Mohan Rao, Ar Revenue By : Shri B.Bala Krishna Cit (Dr) Date Of Hearing : 13/10/ 2021 Date Of Pronouncement : 24/01/2022 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order U/S.263 Of The Act Of The Pr. Cit-2, Hyderabad Dated 26.2.2020 For The Assessment Year 2015-16. 2. Facts Of The Case Are That The Assessee Company Is Engaged In The Business Of Construction & Infrastructure Activity. It Filed The Return Of Income For Assessment Year 2015-16 On 30.9.2015 Declaring Total Income At Rs.15,58,050/-. The Case Was Taken Up For Scrutiny & The Assessment Was Completed U/S.143(3) Of The Act On 27.12.2017 With The Assessed Income At Rs.15,58,050/-. P A G E 1 | 11 Assessment Year : 2015-16
For Appellant: Shri P.Murali Mohan Rao, ARFor Respondent: Shri B.Bala Krishna CIT (DR)
Section 143(3)Section 263Section 45(2)
loss in the return. Ld A.R. also submitted that the assessee has rightly offered the sale proceeds as part of income in the financial statement and has rightly disclosed the sale proceeds as part of land in its financial statement being part of assessment records and thus, invoking of revisionary power u/s.263
of the Act is not applicable
