SUBHASH KUMAR KEDIA,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-3(1), HYDERABAD

In the result, appeal filed by the assessee in ITA

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.707/Hyd/2020 (िनधा"रण वष"/Assessment Year: 2015-16) Shri Subhash Kumar Kedia Vs. Asstt. C. I. T. Hyderabad Central Circle 3(1) Pan:Afvpk8915Q Hyderabad (Appellant) (Respondent) आ.अपी.सं /Ita No. 405/Hyd/2020 (िनधा"रण वष"/Assessment Year: 2015-16) Vs. Shri Bikash Kumar Asstt. C. I. T. Kedia Hyderabad Central Circle 3(1) Pan:Afapk8794E Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri P Murali Mohan Rao, Ca राज" व "ारा/Revenue By:: Shri Vamshi Krishna, Dr सुनवाई की तारीख/Date Of Hearing: 09/10/2024 घोषणा की तारीख/Pronouncement: 29/10/2024 आदेश/Order Per Manjunatha, G. A.M These Two Appeals Filed By Different Assessees Are Directed Against The Separate, But Identical Orders Dated 31/01/2020 Of The Learned Cit (A)-11, Hyderabad Relating To Page 1 Of 33

Natural Justice (e) The Ld. CIT(A) erred in holding that the transaction of Long Rs. Term Capital Gains declared

ISHOO NARANG,HYDERABAD vs. DCIT CIRCLE -2(1), HYDERABAD

In the result, appeal filed by the assessee is allowed

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.450/Hyd/2022 & S.A. No.1/Hyd/2024 (िनधा"रण वष"/Assessment Year: 2014-15) Ishoo Narang Vs. Dy. Cit Hyderabad Circle 2(1) Pan:Aaupn9082B Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri P Murali Mohan Rao, Ca राज" व "ारा/Revenue By:: Smt. Th Vijaya Lakshmi, Cit (Dr) सुनवाई की तारीख/Date Of Hearing: 19/08/2024 घोषणा की तारीख/Pronouncement: 25/09/2024 आदेश/Order Per Manjunatha, G. A.M This Appeal Filed By The Assessee Is Directed Against The Order Dated 15/07/2022 Of The Learned Cit (A)-Nfac Delhi, Relating To A.Y.2014-15. 2. The Assessee Has Raised The Following Grounds: “1. The Ld. Cit(A) Erred In Dismissing The Appeal. 2. The Ld.Cit(A) Erred In Holding That Al The Mandatory Preconditions Before Reopening Of Assessment U/S 147 Of The Act Were Duly Complied & Met With By The A.O.

Capital Gain for a commission. ii) The financial result of the Penny Stocks used for the purpose clearly indicates that its quoted price at the peak was the result of rigging. iii) That such schemes are prevalent for converting black money into white is common knowledge, independently confirmed by SEBI. iv) The assessee is one such beneficiary who has taken

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

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 like bank details, purchase/sale documents and detail of demat account. Hon’ble Court further held that in absence

ASSISTANT COMMISSIONER OF INCOME TAX ,CIRCLE-1(1) , TIRUPATI vs. VENKATA SWAMY RAVURI , CHITTOOR

In the result, the appeal of the Revenue is allowed for\nstatistical purposes

capital gain of Rs 1,95,9 1,540/- by relying solely\non the Balance sheet filed for the A.Y 2017-18 and deciding\nthat the total value of the block of asset stood at\nRs.3,15,06,000/- whereas in the ITR filed for the previous\nyears and the year under question, the total value of the\nbuilding

SUPER DAIRY FARM.,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE-4(1)., HYDERABAD

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.1287 & 1288/Hyd/2017 (निर्धारण वर्ष / Assessment Years: 2012-13 & 2013-14) Super Dairy Farm, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent आ.अपी.सं / Ita No.1265/Hyd/2017 (निर्धारण वर्ष / Assessment Year: 2013-14) The Assistant Vs. Super Dairy Farm, Commissioner Of Income Hyderabad. Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent

natural justice.” 12.2. Per contra, the ld.DR has submitted that there was no enhancement by the ld.CIT(A) and therefore, the argument of the learned counsel for the assessee is without any merit. In this regard, ld.DR has filed the written submissions. The relevant portion of the written submissions are to the following effect : Page 14 of 30 Capitalisation

ASST. COMMISSIONER OF INCOME TAX, CIRCLE-4(1)., HYDERABAD vs. SUPER DAIRY FARM., HYDERABAD

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.1287 & 1288/Hyd/2017 (निर्धारण वर्ष / Assessment Years: 2012-13 & 2013-14) Super Dairy Farm, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent आ.अपी.सं / Ita No.1265/Hyd/2017 (निर्धारण वर्ष / Assessment Year: 2013-14) The Assistant Vs. Super Dairy Farm, Commissioner Of Income Hyderabad. Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent

natural justice.” 12.2. Per contra, the ld.DR has submitted that there was no enhancement by the ld.CIT(A) and therefore, the argument of the learned counsel for the assessee is without any merit. In this regard, ld.DR has filed the written submissions. The relevant portion of the written submissions are to the following effect : Page 14 of 30 Capitalisation

SUPER DAIRY FARM.,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX, CIRCLE-4(1)., HYDERABAD

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.1287 & 1288/Hyd/2017 (निर्धारण वर्ष / Assessment Years: 2012-13 & 2013-14) Super Dairy Farm, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent आ.अपी.सं / Ita No.1265/Hyd/2017 (निर्धारण वर्ष / Assessment Year: 2013-14) The Assistant Vs. Super Dairy Farm, Commissioner Of Income Hyderabad. Tax, Circle – 4(1), Hyderabad. Pan : Aajfs7269L. अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent

natural justice.” 12.2. Per contra, the ld.DR has submitted that there was no enhancement by the ld.CIT(A) and therefore, the argument of the learned counsel for the assessee is without any merit. In this regard, ld.DR has filed the written submissions. The relevant portion of the written submissions are to the following effect : Page 14 of 30 Capitalisation

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

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 like bank details, purchase/sale documents and detail of demat account. Hon’ble Court further held that in absence

ORBIS REAL ESTATE FUND I,HYDERABAD (AUTH. REP.) vs. ADIT (INTERNATIONAL TAXATION)-2 - 2, HYDERABAD

In the result, the appeal of the assessee is partly allowed

Bench: Shri Ravish Sood & Shri Madhusudan Sawdia

justice, we are of the view that the delay in filing of this appeal deserves to be ITA No.785/Hyd/2024 5 condoned. Accordingly, the delay of 356 days in filing the appeal is condoned, and the appeal is admitted for adjudication on merits. 3. The grounds of appeal of the assessee are as under : “ (1) The Ld. AO erred

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

In the result, both the appeals filed by the Revenue are allowed for statistical purposes

Bench: Shri R.K. Panda & Shri K. Narasimha Chary

nature of quid-pro-quo arrangement. No direct material whatsoever has been brought on record by the revenue by conducing independent inquiry , which could serve as an evidence linking the transactions between the investor companies and the assessee company to show that the capital investment in the assessee company was due to the grant of any land or project

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

In the result, both the appeals filed by the Revenue are allowed for statistical purposes

Bench: Shri R.K. Panda & Shri K. Narasimha Chary

nature of quid-pro-quo arrangement. No direct material whatsoever has been brought on record by the revenue by conducing independent inquiry , which could serve as an evidence linking the transactions between the investor companies and the assessee company to show that the capital investment in the assessee company was due to the grant of any land or project

ACIT,CENTRAL CIRCLE-3(3), HYDERABAD vs. NARENDRA KUMAR KAMARAJU, HYDERABAD

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./ I.T.A. No.338/Hyd/2022 ("नधा"रण वष" / Assessment Year: 2020-21) Asst. Commissioner Of Income Vs. Sri Narendra Kumar Tax, Central Circle-3(3), Kamaraju, Hyderabad. 3-83/1/A/5, Nizampet, Kukatpally, Hyderabad. Pan: Aiypk 1035 F (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ" क" ओर से/ Appellant By : Ca Ravi Bharadwaj ""याथ" क" ओर से / Respondent By : Sri Kumar Pranav, Cit-Dr

natural justice and Rule 46A of the IT Rules, 1962. 8. In this view of the matter and considering the facts and circumstances of the case, we are of the considered view that there is no error in the reasons given by the learned CIT (A) to delete the addition made by the Assessing Officer towards the capital gain

DY. COMMISSIONER OF INCOME TAX , CIRCLE-3(1), HYDERABAD vs. MALAYADRI LAXMI NARASIMHAM MULLAPATI, HYDERABAD

In the result, the appeal of Revenue is allowed for statistical purposes

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

nature of two properties are found to be in concrete structure for which assessee cannot claim of exemption u/s.54F of the I.T. Act. 1961.” 2. The brief facts of the case are that the assessee is an individual who has income from salary, capital gains and income from other sources, filed his e-return of income on 24.12.2015 declaring total

PARVATHANENI PRAVEEN,KHAMMAM vs. INCOME TAX OFFICER, WARD-1, KHAMMAM

In the result, appeal of the Assessee is dismissed

justice the\ndelay of 159 days in filing the present appeal is condoned.\n5.\nThe assessee has raised the following grounds of\nappeal:\n1. “The order of the learned Commissioner of Income Tax (A) is not\ncorrect either on facts or in law and in both.\n2. The Learned CIT(A) is not justified in disposing off the appeal\nwithout

TAURUS VALUE STEEL & PIPES PVT LTD,RANGA REDDY vs. DCIT, CIRCLE-2(1), HYDERABAD

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

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Chary

Natural Justice. iii.The Assessment Unit, Income Tax Department has erred in assessing Long Term Capital Gain from sale of Factory

PAVAN KUMAR REDDY KADIGARI,USA vs. ITO, (INT TAXN)-2, HYDERABAD

In the result, all the captioned six appeals filed by the assessee are allowed for statistical purposes

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

capital gains and also explain the nature and source of the cash deposit of Rs.3,53,000/- in the bank account. Considering the totality of the facts of the case and in the interest of justice

PAVAN KUMAR REDDY KADIGARI,USA vs. ITO,(INT TAXN)-2, HYDERABAD

In the result, all the captioned six appeals filed by the assessee are allowed for statistical purposes

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

capital gains and also explain the nature and source of the cash deposit of Rs.3,53,000/- in the bank account. Considering the totality of the facts of the case and in the interest of justice

PAVAN KUMAR REDDY KADIGARI,USA vs. ITO, (INT TAXN)-2, HYDERABAD

In the result, all the captioned six appeals filed by the assessee are allowed for statistical purposes

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

capital gains and also explain the nature and source of the cash deposit of Rs.3,53,000/- in the bank account. Considering the totality of the facts of the case and in the interest of justice

PAVAN KUMAR REDDY KADIGARI,USA vs. ITO, (INT TAXN)-2, HYDERABAD

In the result, all the captioned six appeals filed by the assessee are allowed for statistical purposes

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

capital gains and also explain the nature and source of the cash deposit of Rs.3,53,000/- in the bank account. Considering the totality of the facts of the case and in the interest of justice