DY. COMMISSIONER OF INCOME TAX , CIRCLE-11(1), HYDERABAD vs. LATE SHRI IENENI SRIPATHIRAO L/R IENENI SHASHIKANT, HYDERABAD
Appeal is dismissed in above terms
ITA 1380/HYD/2019[2011-12]Status: DisposedITAT Hyderabad29 Nov 2021AY 2011-12
Bench: Shri A. Mohan Alankamony & Shri S.S. Godaraassessment Year: 2011-12 The Asst. Commissioner Of Vs. Late Shri Ieneni Income Tax, Sripathirao Circle – 11(1), L/R Ieneni Shashikant, Hyderabad. H.No.5-2-41/20, Seshadri Nagar, Kukatpally, Hyderabad. Pan : Beeps2654P. (Appellant) (Respondent) Assessee By: Shri K.C. Devdas. Revenue By: Shri T. Sunil Goutam. Date Of Hearing: 23/11/2021 Date Of Pronouncement: 29/11/2021 O R D E R Per S. S. Godara, J.M. This Assessee’S Appeal For A.Y 2011-12 Arises From The Commissioner Of Income Tax (Appeals)-5, Hyderabad’S Order Dated 16.07.2019, In Case No.0060/2018-19/Cit(A)-5 Involving Proceedings Under Section 143(3) R.W.S. 147 Of Income Tax Act, 1961 (In Short, “The Act”). Heard Both The Parties. Case File Perused.
For Appellant: Shri K.C. DevdasFor Respondent: Shri T. Sunil Goutam
Section 143(3)Section 54F
section 50C of the Income Tax Act, 1961 as per their respective shares.
4. The Owners agreed to take the consideration not of the market value in money terms, but in lieu of the same, agreed to take 55% of the constructed area pertaining to flats/ apartments and each of them, also took certain amounts of money from
