LANCO ENTERPRISE PRIVATE LIMITED ,GURGAON vs. DCIT, CIRCLE-5(1), HYDERABAD (ERSTWHILE DCIT, CIRCLE-16(1)), HYDERABAD ,, HYDERABAD

In the result, ITA Nos. 236 & 237/Hyd/2023 are allowed for statistical purposes and ITA No

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Chary

dividend by private companies are subject to tax in the hands of shareholders and hence section14A should not be invoked as income is not exempt from tax and forms part of total income. 10. The Ld. CIT(A) ought to have appreciated the fact that AO erred in disallowing the depreciation claimed on life fitness use XB of Rs.48

LANCO ENTERPRISE PRIVATE LIMITED,GURGAON vs. DCIT, CIRCLE-5(1), HYDERABAD (ERSTWHILE DCIT, CIRCLE-16(1), HYDERABAD, HYDERABAD

In the result, ITA Nos. 236 & 237/Hyd/2023 are allowed for statistical purposes and ITA No

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Chary

dividend by private companies are subject to tax in the hands of shareholders and hence section14A should not be invoked as income is not exempt from tax and forms part of total income. 10. The Ld. CIT(A) ought to have appreciated the fact that AO erred in disallowing the depreciation claimed on life fitness use XB of Rs.48

LANCO ENTERPRISE PRIVATE LIMITED,GURGAON vs. DCIT, CIRCLE-5(1), HYDERABAD (ERSTWHILE DCIT, CIRCLE-16(1)), HYDERABAD ,, HYDERABAD

In the result, ITA Nos. 236 & 237/Hyd/2023 are allowed for statistical purposes and ITA No

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Chary

dividend by private companies are subject to tax in the hands of shareholders and hence section14A should not be invoked as income is not exempt from tax and forms part of total income. 10. The Ld. CIT(A) ought to have appreciated the fact that AO erred in disallowing the depreciation claimed on life fitness use XB of Rs.48

PATHFINDER PUBLISHING PRIVATE LIMITED,HYDERABAD vs. ACIT., CIRCLE -16(2), HYDERABAD

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

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

dividend and asset base. (d) Business of the company ITA No.39/Hyd/2024 Page 26 This part would explain the business of a company, i.e., whether trading or manufacturing, the items dealt in or manufactured, the location of the factory, factors peculiar to the business, and such other matters. (e) Sources of information This section may state the sources of information obtained

N JAIVEER REDDY ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), HYDERABAD

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

Bench: Shri R.K. Panda & Shri Laliet Kumar

deemed to be erroneous in so far as it is prejudicial to the interest of the revenue. In the instant case, it is clearly evident from the verification of record that the AO has not enquired about the FMV of the share purchased by the assessee. 6. The ld.PCIT further noted that the provisions of section

N JAIDEEP REDDY ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), HYDERABAD

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

Bench: Shri R.K. Panda & Shri Laliet Kumar

deemed to be erroneous in so far as it is prejudicial to the interest of the revenue. In the instant case, it is clearly evident from the verification of record that the AO has not enquired about the FMV of the share purchased by the assessee. 6. The ld.PCIT further noted that the provisions of section

K LAXMA REDDY ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), HYDERABAD

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

Bench: Shri R.K. Panda & Shri Laliet Kumar

deemed to be erroneous in so far as it is prejudicial to the interest of the revenue. In the instant case, it is clearly evident from the verification of record that the AO has not enquired about the FMV of the share purchased by the assessee. 6. The ld.PCIT further noted that the provisions of section

K VIJAYA BHASKAR REDDY ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(1), HYDERABAD

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

Bench: Shri R.K. Panda & Shri Laliet Kumar

deemed to be erroneous in so far as it is prejudicial to the interest of the revenue. In the instant case, it is clearly evident from the verification of record that the AO has not enquired about the FMV of the share purchased by the assessee. 6. The ld.PCIT further noted that the provisions of section

DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(1), HYDERABAD vs. NCL GREEN HABITATS PRIVATE LIMITED, HYDERABAD

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

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

depreciation and interest amounts can be compared they are not at al near to projections, there is huge variation to projections and actual. Further, in the valuati9on report, the average share value was arrived by taking the share valued as per DOE method, Book Value Method and Market value of properties, but, in the same valuation report it failed

ASCENTECH ENGINEERING SOLUTIONS PRIVATE LIMITED,HYDERABAD vs. DCIT, CIRCLE 1(1), HYDERABAD

In the result, appeal of the Assessee is allowed

dividends have not been declared\nbefore the date of transfer at a general body meeting of the company;\n(iii) reserves and surplus, by whatever name called, even if the resulting\nfigure is negative, other than those set apart towards depreciation;\n(iv) any amount representing provision for taxation, other than amount\nof tax paid as deduction or collection

DIABETOMICS MEDICAL PRIVATE LIMITED,HYDERABAD vs. ACIT, CIRCLE-8(1), HYDERABAD

deemed that the company has under reported the said\nincome in consequence of the misreporting referred to in sub-\nsection (8) and sub-section (9) of section 270A for the said previous\nyear.]\nProvided also that the provisions of this clause shall not apply on\nor after the 1st day of April, 2025.]\n23\nITA.Nos.2147, 2148 and 2149/Hyd./2025

DIABETOMICS MEDICAL PRIVATE LIMITED,HYDERABAD vs. ACIT, CIRCLE-8(1), HYDERABAD

In the result, all the three appeals of the Assessee\nare partly allowed

deemed that the company has under reported the said\nincome in consequence of the misreporting referred to in sub-\nsection (8) and sub-section (9) of section 270A for the said previous\nyear.]\nProvided also that the provisions of this clause shall not apply on\nor after the 1st day of April, 2025.]\n23\nITA.Nos.2147, 2148 and 2149/Hyd./2025

DIABETOMICS MEDICAL PRIVATE LIMITED,HYDERABAD vs. ACIT, CIRCLE-8(1), HYDERABAD

deemed that the company has under reported the said\nincome in consequence of the misreporting referred to in sub-\nsection (8) and sub-section (9) of section 270A for the said previous\nyear.]\nProvided also that the provisions of this clause shall not apply on\nor after the 1st day of April, 2025.]\nExplanation. For the purposes of this clause

LYCOS INTERNET LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(1), HYDERABAD

In the result, appeal filed by the assessee is allowed

dividend income during the year under consideration. Accordingly, in view of the facts as discussed above, we do not find any error or illegality in the impugned order of the learned CIT (A) qua on this issue. The same is upheld.\n\n10.\nWith regard to grounds of appeal No.5 & 6 are concerned, the Assessing Officer has made an addition

CHINTALAPATI HOLDINGS PVT.LTD., HYD,HYDERABAD vs. DCIT, CENTRAL CIRCLE-1(2), HYD, HYDERABAD

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

deem it just and convenient to dispose of these appeals by ITA No. 385 & 386/Hyd/2015 way of this common order, taking the appeal for the assessment year 2010-11 as a lead case. 2. Briefly stated relevant facts are that the assessee company is engaged in the business of earning income by way of interest from inter corporate loans

CHINTALAPATI HOLDINGS PVT.LTD., HYD,HYDERABAD vs. DCIT, CENTRAL CIRCLE-1(2), HYD, HYDERABAD

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

deem it just and convenient to dispose of these appeals by ITA No. 385 & 386/Hyd/2015 way of this common order, taking the appeal for the assessment year 2010-11 as a lead case. 2. Briefly stated relevant facts are that the assessee company is engaged in the business of earning income by way of interest from inter corporate loans

CHINTALAPATI HOLDINGS PRIVATE LIMITED, HYDERABAD,HYDERABAD vs. DCIT, CIRCLE-1(2), HYDERABAD, HYDERABAD

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

deem it just and convenient to dispose of these appeals by ITA No. 385 & 386/Hyd/2015 way of this common order, taking the appeal for the assessment year 2010-11 as a lead case. 2. Briefly stated relevant facts are that the assessee company is engaged in the business of earning income by way of interest from inter corporate loans

CORTEVA AGRISCIENCE SERVICES INDIA PRIVATE LIMITED,HYDERABAD vs. DCIT, CIRCLE-17(1), HYDERABAD, HYDERABAD

In the result, the Ground No

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

Dividend income 0.05 4616.14 Profit before Taxation 3699.96 1162.83 Provision for Taxation 1116.69 2853.31 Net profit 2593.27 N. NOTES TO THE ACCOUNTS (Contd.) Other Information Segment Assets Segment Liabilties 2010-2011 2010-11 2009-2010 2009-2010 4460.35 1,366.09 1,1941.41 Manufacturing 4558.68 Trading & Indenting 4606.17 3824.30 2010.37 1468.87 Others 14164.21 10678.99 9493.13 7518.47 Capital Expenditure Depreciation