DY.COMMISSIONER OF INCOME TAX, CIRCLE-16(1), HYDERABAD vs. LABZONE ELECTRONICS CITY PRIVATE LIMITED (FORMERLY KNOWN AS M/S ALEXANDRIA LABSPACE ELECTRONICS CITY PRIVATE LIMITED), HYDERABAD
Appeal is partly allowed for statistical purposes in above terms
ITA 1489/HYD/2019[2013-14]Status: DisposedITAT Hyderabad23 Feb 2022AY 2013-14
Bench: Shri S.S. Godara & Shri Inturi Rama Raoassessment Year: 2013-14 The Deputy Commissioner Vs. M/S. Labzone Electronics Of Income Tax, City Private Limited Circle 16(1), (Formerly Known As M/S. Hyderabad. Alexandria Labspace Electronics City Private Limited), Hyderabad. Pan :Aajca1470G. (Appellant) (Respondent) Assessee By: Shri P.V.S.S. Prasad. Revenue By: Shri Yvst Sai. Date Of Hearing: 14.02.2022 Date Of Pronouncement: 23.02.2022 O R D E R Per S. S. Godara, J.M. This Revenue’S Appeal For A.Y. 2013-14 Arises From The Commissioner Of Income Tax (Appeals) – 4, Hyderabad’S Order Dated 17.07.2019 In Case No.10331/17-18/Dcit, Cir.1(1)/Cit(A)-4/Hyd/19-20, Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961 [In Short, ‘The Act’]. Heard Both The Parties. Case File Perused. 2. The Revenue’S Sole Substantive Grievance Raised In The Instant Appeal Challenges Correctness Of The Cit(A)’S Action Deleting Section 94A(4) Addition Of Rs.18,86,00,000/- Made In The Course Of Assessment Framed On 29.12.2016. The Cit(A)’S Lower Appellate Detailed Discussion To This Effect Reads As Follows :-
For Appellant: Shri P.V.S.S. PrasadFor Respondent: Shri YVST Sai
Section 143(3)Section 94ASection 94A(4)
depreciation) arising from the transaction with a person located in a notified jurisdictional area shall be allowed under any other provision of this Act, unless the assessee maintains such other documents and furnishes such information as may be prescribed34b, in this behalf.
(4) Notwithstanding anything to the contrary contained in this Act, where, in any previous year, the assessee
