DY.CIT, CIR-1(2), HYDERABAD vs. M/S CUNTRY CLUB (I) LIMITED,, HYDERABAD

In the result, the grounds of the appeal of the assessee on this issue are allowed

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2009-10 M/S Country Club Vs. Asst. Cit, Circle-1(2), Hospitality & Holidays Ltd., Hyderabad. (Formerly Known As Country Club India Ltd.,) Hyderabad.

gain on account of foreign exchange fluctuation of Rs.15,46,428 as income from other sources; (ii) to disallow gratuity of Rs.1,32,95,577; and (iii) to disallow expenditure amounting to Rs.2,69,26,757 relatable to issue of foreign currency convertible bonds. Aggrieved by the order of the Ld. CIT under section

M/S COUNTRY CLUB INDIA LIMITED,HYDERABAD vs. DCIT, CIRCLE-3(2), HYDERABAD, HYDERABAD

In the result, the grounds of the appeal of the assessee on this issue are allowed

Bench: Smt. P. Madhavi Devi & Shri S.Rifaur Rahmancountry Club Hospitality & Vs Dy. Commissioner Of Income Holidays Ltd (Formerly Tax, Circle 3 (2) Known As Country Club Hyderabad India Ltd) Hyderabad Pan: Aaacc8276B (Appellant) (Respondent)

gain on account of foreign exchange fluctuation of Rs.15,46,428 as income from other sources; (ii) to disallow gratuity of Rs.1,32,95,577; and (iii) to disallow expenditure amounting to Rs.2,69,26,757 relatable to issue of foreign currency convertible bonds. Aggrieved by the order of the Ld. CIT under section

MADHUCON TOLL HIGHWAYS LIMITED ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-16(2), HYDERABAD

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahus.No.

sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee, laid out or expended wholly and exclusively for the purposes of the business or :- 6 -: ITA No. 1487 & 2100/Hyd/2018 M/s Madhucon Toll Highways Ltd., Hyd. profession shall be allowed in computing the income chargeable under the head "Profits and gains

DY. COMMISSIONER OF INCOME TAX, CIRCLE-16(2), HYDERABAD vs. MADHUCON TOLL HIGHWAYS LIMITED, HYDERABAD

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahus.No.

sections 30 to 36 and not being in the nature of capital expenditure or personal expenses of the assessee, laid out or expended wholly and exclusively for the purposes of the business or :- 6 -: ITA No. 1487 & 2100/Hyd/2018 M/s Madhucon Toll Highways Ltd., Hyd. profession shall be allowed in computing the income chargeable under the head "Profits and gains

DCIT, CIRCLE-1(2), HYD, HYDERABAD vs. BHAGYANAGAR INDIA LTD., SEC-BAD, SECUNDERABAD

In the result, appeal of the Revenue is partly allowed for statistical purposes as indicated herein above

Bench: Shri A. Mohan Alankamony & Sri S.S. Godaraa.Y. 2010-11 Dcit, Vs. M/S. Bhagyanagar India Circle-1(2), Ltd., Hyderabad. Secunderabad. Pan: Aaacb 8963 C (Appellant) (Respondent) Assessee By Sri K.C. Devdas Revenue By Sri Rohit Mujumdar, Dr Date Of Hearing: 20/10/2021 Date Of Pronouncement: 16/12/2021 Order

section 35D of the Act. It is pertinent to mention that the Act allows expenditure such as underwriting commission, brokerage and charges for drafting, typing, printing and advertisement of the prospectus towards issue for public subscription, shares, debentures and not any other expenditure related to issue for public subscription, shares, debentures. Further, the finding of the Ld. Revenue Authorities that

SLR INFRASTRUCTURE PRIVATE LIMITED,HYDERABAD vs. DCIT., CIRCLE-3(1), HYDERABAD

In the result, the appeal filed by the assessee is allowed

35D of the Act for Rs.24.93 lakhs and adjustment towards grant income disclosed in the books allowable under the Act for Rs.11.16 crores. Going by the explanation furnished by the assessee, in light of relevant financial statements, we find that the Ld.PCIT himself misread the financial statements and claimed that the assessee has claimed excessive amortization of Rs.85.35 crores instead