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

long-term capital gains of Rs.54,32,56,728/- after setting off the short-term capital loss of Rs.53,70,98,641/-. The learned Assessing Officer disallowed the cost of acquisition for the claim of short-term capital loss of Rs.99,99,91,050/- based on the order passed u/s 143(3) of the Act in the case

DCIT, CIRCLE-3(1), HYD, HYDERABAD vs. RASA AGROTECH PVT.LTD., SEC'BAD, SECUNDERABAD

In the result, both the Revenue’s appeal as well as

Bench: Smt P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2008-09 The Dy. Cit, Circle-3(1), Vs. M/S. Rasa Agrotech Pvt Hyderabad. Ltd, Secunderabad.

depreciable assets shall be treated as short term capital gains. During the reassessment proceedings, the assessee raises an objection that the reopening u/s 148 of the IT Act is not valid. However, the A.O held that the short term capital gain was treated as long

ECI ENGINEERING & CONSTRUCTION COMPANY LTD., HYD,HYDERABAD vs. ACIT, CIRCLE-2(2), HYD, HYDERABAD

In the result, the appeal of the assessee is allowed

Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2006-07 The Asst. Commissioner Of Vs. M/S. Eci Engineering & Income Tax, Construction Co., Ltd., Circle 17(1), Hyderabad. Hyderabad. Pan : Aaace74411G (Appellant) (Respondent) Ita 968/Hyd/2016 Assessment Year 2006-07 M/S. Eci Engineering & Vs. The Asst. Commissioner Of Construction Co., Ltd., Income Tax, Hyderabad. Circle 2(2), Hyderabad. Pan : Aaace74411G (Appellant) (Respondent) Assessee By: Shri K.C. Devdas Revenue By: Shri K.P.R.R. Murthy. Date Of Hearing: 27.03.2023 Date Of Pronouncement: 15.05.2023 O R D E R Per Laliet Kumar, J.M. These Two Appeals Filed By The Assessee & The Revenue, Respectively, Are Directed Against The Order Of Commissioner Of Income Tax (Appeals) – 5, Hyderabad Dated 30.03.2016 For The Assessment Year 2006-07. 2. The Abridged Grounds Raised By The Assessee In Ita No.968/Hyd/2016 Read As Under : “1. The Order Of Ld.Cit(A) - 5 Is Erroneous In Law In Facts & In Law. 2. The Ld.Cit(A) Erred In Upholding The Decision Of The Ld.Ao In Treating Sale Of Partly Paid Up Shares As Fully Paid & Confirming The Addition Of Rs.50,14,625/- As Long Term Capital Gain. 3. The Ld.Cit(A) Erred In Confirming The Addition Of Rs.27,69,422/- Towards Difference In Interest. 4. Further, The Ld.Cit(A) Failed To Observe That The Notes To Financial Statements Clearly Mentioned The Interest Income Which Pertained To The Previous Year & Accordingly Erred In Upholding The Action Of The Ld.Ao In Assessing The Difference In Interest Of Rs.27,69,422/-. 5. The Ld.Cit(A) Erred In Confirming The Addition Of Difference Of Prior Period Income Of Rs.1,26,71,371/-.”

long term capital gain. 3. The ld.CIT(A) erred in confirming the addition of Rs.27,69,422/- towards difference in interest. 4. Further, the ld.CIT(A) failed to observe that the notes to financial statements clearly mentioned the interest income which pertained to the previous year and accordingly erred in upholding the action of the Ld.AO in assessing the difference

DCIT, CIRCLE-17(1), HYD, HYDERABAD vs. ECI ENGINEERING & CONSTRUCTION CO. LTD., HYD, HYDERABAD

In the result, the appeal of the assessee is allowed

Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2006-07 The Asst. Commissioner Of Vs. M/S. Eci Engineering & Income Tax, Construction Co., Ltd., Circle 17(1), Hyderabad. Hyderabad. Pan : Aaace74411G (Appellant) (Respondent) Ita 968/Hyd/2016 Assessment Year 2006-07 M/S. Eci Engineering & Vs. The Asst. Commissioner Of Construction Co., Ltd., Income Tax, Hyderabad. Circle 2(2), Hyderabad. Pan : Aaace74411G (Appellant) (Respondent) Assessee By: Shri K.C. Devdas Revenue By: Shri K.P.R.R. Murthy. Date Of Hearing: 27.03.2023 Date Of Pronouncement: 15.05.2023 O R D E R Per Laliet Kumar, J.M. These Two Appeals Filed By The Assessee & The Revenue, Respectively, Are Directed Against The Order Of Commissioner Of Income Tax (Appeals) – 5, Hyderabad Dated 30.03.2016 For The Assessment Year 2006-07. 2. The Abridged Grounds Raised By The Assessee In Ita No.968/Hyd/2016 Read As Under : “1. The Order Of Ld.Cit(A) - 5 Is Erroneous In Law In Facts & In Law. 2. The Ld.Cit(A) Erred In Upholding The Decision Of The Ld.Ao In Treating Sale Of Partly Paid Up Shares As Fully Paid & Confirming The Addition Of Rs.50,14,625/- As Long Term Capital Gain. 3. The Ld.Cit(A) Erred In Confirming The Addition Of Rs.27,69,422/- Towards Difference In Interest. 4. Further, The Ld.Cit(A) Failed To Observe That The Notes To Financial Statements Clearly Mentioned The Interest Income Which Pertained To The Previous Year & Accordingly Erred In Upholding The Action Of The Ld.Ao In Assessing The Difference In Interest Of Rs.27,69,422/-. 5. The Ld.Cit(A) Erred In Confirming The Addition Of Difference Of Prior Period Income Of Rs.1,26,71,371/-.”

long term capital gain. 3. The ld.CIT(A) erred in confirming the addition of Rs.27,69,422/- towards difference in interest. 4. Further, the ld.CIT(A) failed to observe that the notes to financial statements clearly mentioned the interest income which pertained to the previous year and accordingly erred in upholding the action of the Ld.AO in assessing the difference

CANARA SECURITIES LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(1), HYDERABAD

In the result, appeal of the assessee is partly allowed

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2010-11 Canara Securities Ltd., Vs. Dy. Commissioner Of Hydereabad. Income-Tax, Central Circle – 2(1), Pan – Aaacc8283G Hyderabad. Appellant Respondent Assessee By: Shri Ramkishore Jhawar Revenue By: Shri Nilanjan Dey Date Of Hearing: 08/05/2019 Date Of Pronouncement: 03/07/2019 O R D E R

depreciation allowance of Rs. 6,660/-. The return of income was processed u/s 143(1) of the Income-tax Act, 1961 (in short ‘the Act’) and there is no 143(3) assessment in this case. 2.1 Subsequently, the AO received specific information that the assessee had contrived losses by using Client Code 2 I.T.A. No. 2321Hyd/18 Canara Securities

DCIT, CIRCLE - 16(2), HYDERABAD vs. M/S MAHESHWARI MEGA VENTURES LIMITED,, HYDERABAD

In the result, appeal of the revenue is dismissed

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2006-07

Long Term Capital Gains shown by it was on notional basis and not liable for tax at all: 5.1 During the year under consideration, the above lands of 5 acres were sold for Rs. 12,50,00,000/- to Prakruti Infrastructure and Developers (P) Limited and received advances of Rs.4 crores from the purchaser in respect of the above lands

AMARA RAJA ENERGY AND MOBILITY LIMITED,TIRUPATI vs. DCIT., CIRCLE-1(1), TIRUPATI

In the result, appeal of the Assessee is dismissed

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdiaआ.अपी.सं /Ita No.791/Hyd/2025 Assessment Year 2021-2022 Amara Raja Energy & Mobility Limited, The Dcit, Circle-1(1), Vs. Tirupati – 517 520. Tirupati Pan Aabca9264E (Appellant) (Respondent) िनधा"रती "ारा /Assessee By: Ca E Phalguna Kumar राज" व "ारा /Revenue By: Sri Pavan Kumar Beerla, Cit-Dr

term capital gain from securities are charitable under the Head “capital gain”. He has further pointed out capital expenditure debited to the P & L A/c on account of asset written-off and loss on sale of fixed assets were added back to the income of the assessee in the statement of income. Thus, the issues taken up by the learned

THULASI CHAMARTHY,CHITTOOR vs. INCOME TAX OFFICER, WARD - 1, CHITTOOR

In the result, the appeal filed by the assessee is allowed in terms of our aforesaid observations

long term capital gains (LTCG) on sale of Flat No.1, which was registered on 13/05/2017 for consideration of Rs.1.16 crores. However, the AO observed that the assessee had held the property for a period of less than three years and the capital gain derived therefrom was short term capital gain (STCG). Accordingly, the AO held a conviction that the assessee

ITO, WARD-16(2), HYDERABAD, HYDERABAD vs. PADMA VAMSI TEXTILE MARKET PVT. LTD., HYDERABAD, HYDERABAD

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

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2007-08 Income-Tax Officer, Vs. Padma Vamsi Textile Market Ward – 16(2), Hyderabad. Pvt. Ltd., Hyderabad. Pan – Aadcp 3957F (Appellant) (Respondent) Revenue By : Smt. Komali Krishna Assessee By : Shri B. Satyanarayana Murthy Date Of Hearing : 23-04-2019 Date Of Pronouncement : 03-05-2019

long term capital gain or short term capital gain. However, as per the submissions of the appellant, there is no short term capital gain resulted in the A.Y. 2007-08 and also since it is a depreciable

YERRAM VENKATA SUBBA REDDY ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-14(1), HYDERABAD

In the result assessee’s appeal is partly allowed

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

long term capital gains of Rs.81,70,729/- to tax. The AO, accordingly, brought it to tax. The AO made a further disallowance of Rs.2,842/- on account of interest on TDS. Thus, the total assessed income was at Rs.6,22,02,131/-. 2.2. Subsequently, the Pr.CIT perused the assessment record and observed that the case was selected for scrutiny

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

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

depreciation on building from which rent was earned not to be allowed, disallowance under section 14A of the Act and interest on borrowed capital allowed under section 24(b) of the Act has to be disallowed. 12. Learned CIT(A) found that the assessee earned Rs. 16,67,49,213/- towards exempt income on capital gains and dividend

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

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

depreciation on building from which rent was earned not to be allowed, disallowance under section 14A of the Act and interest on borrowed capital allowed under section 24(b) of the Act has to be disallowed. 12. Learned CIT(A) found that the assessee earned Rs. 16,67,49,213/- towards exempt income on capital gains and dividend

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

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

depreciation on building from which rent was earned not to be allowed, disallowance under section 14A of the Act and interest on borrowed capital allowed under section 24(b) of the Act has to be disallowed. 12. Learned CIT(A) found that the assessee earned Rs. 16,67,49,213/- towards exempt income on capital gains and dividend

SHARAD BADRIVISHAL PITTI, HYDERABAD,HYDERABAD vs. DCIT, CIRCLE-16(3), HYDERABAD, HYDERABAD

In the result, assessee’s appeal is allowed

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiahshri Sharad Badrivishal Pitti Vs Dy. Commissioner Of Income Hyderabad Tax, Circle 16(3) Pan: Adfp2418K Hyderabad (Appellant) (Respondent)

long term capital gain offered by him. Vide letter dated 4.02.2010, the assessee explained that the asset in question is co-owned property which was divided amongst the co-owners with demarcation in the relevant A.Y and therefore, there is no transfer and there is no capital gain arising therefrom. It was also submitted that since the construction

DCIT CIRCLE -2(2), HYDERABAD vs. GOCL CORPORATION LIMITED, HYDERABAD

In the result, appeal filed by the assessee is allowed for statistical purposes

Bench: Shri R.K. Panda, Vice- & Shri K. Narasimha Charyassessment Year: 2009-10 Gocl Corporation Ltd Vs. Dy. Cit Hyderabad Circle 2(2) Pan:Aabcg8433B Hyderabad (Appellant) (Respondent) Assessee By: Advocate Y Ratnakar Revenue By: Smt.Th Vijaya Lakshmi,Cit(Dr) Date Of Hearing: 20/09/2023 Date Of Pronouncement: 22/09/2023 Order Per R.K. Panda, Vice-This Appeal Filed By The Assessee Is Directed Against The Order Dated 15.11.2021 Of The Learned Cit (A)-Nfac, Delhi Relating To A.Y.2009-10. 2. There Is A Delay Of 74 Days In Filing Of This Appeal By The Assessee For Which The Assessee Has Filed A Condonation Application Along With An Affidavit Explaining The Reasons For Such Delay. After Considering The Contents Of The Condonation Petition Filed Along With The Affidavit & After Hearing Both Sides, The Delay In Filing Of This Appeal By The Assessee Is Condoned & The Appeal Is Admitted For Adjudication.

Long-Term Capital Gain of Rs.10,47,14,795/-. The matter was referred to the TPO for determination of the ALP. Thereafter the Assessing Officer passed the draft assessment order. The assessee approached the DRP who gave directions to the Assessing Officer. The Assessing Officer thereafter completed the final assessment u/s 143(3) r.w.s. 92CA/r.w.s. 144C

DR. REDDY`S BIOSCIENCES LIMITED,HYDERABAD vs. ACIT, CIRCLE-17(1), HYDERABAD

In the result, appeal of assessee is allowed in part

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

depreciation under section 32 of the Income Tax Act, 1961 (for short “the Act”) on boundary wall and other structures whereas the second one is in respect of the cost of acquisition of the property in respect of which long term capital gains

ACIT., CENTRAL CIRCLE 3(4), HYDERABAD, HYDERABAD vs. HETERO LABS LIMITED, HYDERABAD

In the result, the appeal of Revenue in ITA No

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.312 & 313/Hyd/2023 (िनधा"रण वष" / Assessment Year: 2017-18 & 2018-19) Hetero Labs Limited, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Central Circle – 3(4), Pan : Aaach5506R Hyderabad. अपीलाथ" / Appellant "" यथ" / Respondent आ.अपी.सं / Ita Nos.348 & 349/Hyd/2023 (िनधा"रण वष" / Assessment Years: 2017-18 & 2-18-19) The Assistant Vs. Hetero Labs Limited, Commissioner Of Income Hyderabad. Tax, Central Circle – 3(4), Pan : Aaach5506R Hyderabad. अपीलाथ" / Appellant "" यथ" / Respondent

long period of 60 days or 90 days, then it will amount to permitting the A.E. to use the working capital of the assessee for the purposes of earning the profit. No prudent business man would venture into 22 Apache Footwear India Pvt.Ltd. this kind of activity and permit a third party to use the working capital of the assessee

HETERO LABS LIMITED,HYDERABAD vs. ACIT, CENTRAL CIRCLE-3(4), HYDERABAD

In the result, the appeal of Revenue in ITA No

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.312 & 313/Hyd/2023 (िनधा"रण वष" / Assessment Year: 2017-18 & 2018-19) Hetero Labs Limited, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Central Circle – 3(4), Pan : Aaach5506R Hyderabad. अपीलाथ" / Appellant "" यथ" / Respondent आ.अपी.सं / Ita Nos.348 & 349/Hyd/2023 (िनधा"रण वष" / Assessment Years: 2017-18 & 2-18-19) The Assistant Vs. Hetero Labs Limited, Commissioner Of Income Hyderabad. Tax, Central Circle – 3(4), Pan : Aaach5506R Hyderabad. अपीलाथ" / Appellant "" यथ" / Respondent

long period of 60 days or 90 days, then it will amount to permitting the A.E. to use the working capital of the assessee for the purposes of earning the profit. No prudent business man would venture into 22 Apache Footwear India Pvt.Ltd. this kind of activity and permit a third party to use the working capital of the assessee