VENU GOPAL KARWA,KARIMNAGAR vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-1(2), HYDERABAD
In the result, appeal filed by the assessee is allowed for statistical purposes
ITA 174/HYD/2019[2015-16]Status: DisposedITAT Hyderabad31 Jul 2023AY 2015-16
Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumarassessment Year: 2015-16 Shri Venu Gopal Karwa Vs. Dy. C. I. T. Karimnagar Central Circle 1(2) Pan:Aavpk2698B Hyderabad (Appellant) (Respondent) Assessee By: Shri V Guna Sekhar Reddy, Ca Revenue By: Shri Jeevan Lal Lavidiya, Cit (Dr) Date Of Hearing: 25/07/2023 Date Of Pronouncement: 31/07/2023 Order Per R.K. Panda, Vice-This Appeal Filed By The Assessee Is Directed Against The Order Dated 30.10.2018 Of The Learned Cit (A)-11, Hyderabad, Relating To A.Y.2015-16. 2. Facts Of The Case, In Brief, Are That The Assessee Is An Individual & Derives Income From Salary, Hose Property & Other Sources. He Filed His Return Of Income On 6.3.2016 Belatedly Declaring Taxable Income At Rs.47,71,060/-. The Return Was Selected For Complete Scrutiny Under Cass. Accordingly Statutory Notices U/S 143(2) & 142(1) Were Issued & Served On The Assessee To Which The Ar Of The Assessee Appeared From Time To Time & Furnished The Requisite Details. One Of The Cass Reasons Page 1 Of 14
For Appellant: Shri V Guna Sekhar Reddy, CAFor Respondent: Shri Jeevan Lal Lavidiya, CIT (DR)
Section 10(38)Section 143(2)
178
Karhik Karwa
2015-16
Rs.47,75,582
Manju Karwa
2015-16
Rs.22,66,130
Page 2 of 14
ITA 174 of 2019 Venu Gopal Karwa
4. From the details furnished by the assessee, the Assessing Officer noted that the assessee has purchased and sold shares of M/s. Surabhi Chemicals & Investments (P) Ltd, the details of which are as under
