ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(4), HYDERABAD vs. GAYATRI PROJECTS LIMITED , HYDERABAD

Appeals are partly allowed in above terms

Bench: Shri A.M. Alankamony & Shri S.S. Godara

Depreciation [now amortization as per (CBDT Circular] and other incidental Office equipment. The entire Plant & Machinery is owned and provided by Gayatri Projects Limited only. As such, the entity is formed by transfer of Plant & Machinery previously used for any purpose and accordingly, it has not fulfilled the condition laid down in Section

DY. COMMISSIONER OF INCOME TAX , CIRCLE-2(2), HYDERABAD vs. GAYATRI PROJECTS LIMITED , HYDERABAD

Appeals are partly allowed in above terms

Bench: Shri A.M. Alankamony & Shri S.S. Godara

Depreciation [now amortization as per (CBDT Circular] and other incidental Office equipment. The entire Plant & Machinery is owned and provided by Gayatri Projects Limited only. As such, the entity is formed by transfer of Plant & Machinery previously used for any purpose and accordingly, it has not fulfilled the condition laid down in Section

ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(4), HYDERABAD vs. GAYATRI PROJECTS LIMITED, HYDERABAD

Appeals are partly allowed in above terms

Bench: Shri A.M. Alankamony & Shri S.S. Godara

Depreciation [now amortization as per (CBDT Circular] and other incidental Office equipment. The entire Plant & Machinery is owned and provided by Gayatri Projects Limited only. As such, the entity is formed by transfer of Plant & Machinery previously used for any purpose and accordingly, it has not fulfilled the condition laid down in Section

MADHUCON PROJECTS LTD, HYDERABAD,HYDERABAD vs. DCIT, CENTRAL CIRCLE-3, HYD, HYDERABAD

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

255 separately as expenditure when once the amount was admitted as income in the return submitted and much less when the Income was estimated by rejecting the books of account and estimate the profit in which event it gets duly telescoped into such addition made. 9) The Assessing Officer ought not to have restricted the depreciation claim of the appellant

MADHUCON PROJECTS LIMITED,HYDERABAD vs. DCIT., CENTRAL CIRCLE-3, HYDERABAD, HYDERABAD

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

255 separately as expenditure when once the amount was admitted as income in the return submitted and much less when the Income was estimated by rejecting the books of account and estimate the profit in which event it gets duly telescoped into such addition made. 9) The Assessing Officer ought not to have restricted the depreciation claim of the appellant

MADHUCON PROJECTS LIMITED,HYDERABAD vs. DCIT., CENTRAL CIRCLE-3, HYDERABAD, HYDERABAD

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

255 separately as expenditure when once the amount was admitted as income in the return submitted and much less when the Income was estimated by rejecting the books of account and estimate the profit in which event it gets duly telescoped into such addition made. 9) The Assessing Officer ought not to have restricted the depreciation claim of the appellant

VASANT CHEMICALS PRIVATE LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-17(2), HYDERABAD

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

Bench: Shri Rama Kanta Panda & Shri Narasimha Charyassessment Year: 2015-16 Vasant Chemicals Pvt.Ltd. Vs. Dcit,Circle-17(2) 1-11-251/1B, 4Th Floor Signature Towers Vasatnt Towers Kondapur Begumpet Hyderabad-500 084 Hyderabad-500 016

4 relate to the order of the ld.CIT(A) in confirming the disallowances of depreciation on lease hold rights amounting to Rs. 77,85,255/-. 6 ITA 1505/Hyd/2018 11. Facts of the case, in brief, are that the AO during the course of assessment proceedings noted that the assessee has claimed an amount of Rs. 77,85,255/- as depreciation

MAHESWARI MINING & ENERGY PRIVATE LIMITED ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-16(2), HYDERABAD

In the result, appeal of the assessee is allowed

Bench: Shri Laxmi Prasad Sahu & Shri K. Narasimha Charyassessment Years: 2016-17 Maheswari Mining & Vs. Asst. Commissioner Of Energy Pvt. Ltd., Income-Tax, Hyderabad. Circle – 16(2), Hyderabad. Pan – Aagcm0805N (Appellant) (Respondent) Assessee By: S/Shri Y. Ratnamkar& B. Satyanarayana Murthy Revenue By: Shri Y.V.S.T. Sai Date Of Hearing: 21/04/2022 Date Of Pronouncement: /04/2022

255(4) of the Income Tax Act for consideration and disposal in accordance with law: 1. Whether the provisions u/s 32AD(1) of the I.T. Act, 1961 (“the Act”) are applicable for the investment made in financial year 2015-16 ?. 2. Whether the notification No.61/2016/F.No.142/13/2015, TPL issued by the Central Board of Direct Taxes on :- 51 -: M/s Maheswari Mining & Energy

ASST. COMMISSIONER OF INCOME TAX, CIRCLE-10(1), HYDERABAD vs. VERTEX PROJECTS LLP (FORMERLY M/S VERTEX PROJECTS LTD) , HYDERABAD

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

Bench: Shri Rama Kanta Panda & Shri Laliet Kumarassessment Year: 2014-15 Acit,Circle-10(1) Vs. Vertex Projects Llp Room No.515, 5Th Floor, (Formerly M/S.Vertex A-Block, I.T.Towers, Projects Ltd.) A.C.Guards, #156-159, Paigah House Hyderabad. S.P.Road, Next To Pg College. Secunderabad-500 026. Pan : Aanfv0232C (Appellant) (Respondent) Assessee By: Shri Sriram Seshadri, Ca Revenue By: Shri Rajendra Kumar,Cit-Dr Date Of Hearing: 15.03.2023 Date Of Pronouncement: 28.04.2023 O R D E R Per Shri Laliet Kumar, J.M. This Is An Appeal Filed By The Revenue, Feeling Aggrieved By The Order Passed By The Learned Commissioner Of Income Tax (Appeals)-5, Dated 16.03.2018 For The Ay 2014-15, On The Following Grounds :

255 (Kar.), wherein the computation of book profit with reference to sections 14A and 115JB has been considered and it is held that Explanation 1 in section 115JB(2) has been inserted so as to provide that if any provision for diminution in the value of any asset has been debited to the profit and loss account, it shall

VIRCHOW PETROCHEMICAL PRIVATE LIMITED,HYDERABAD vs. ACIT., CENTRAL CIRCLE-8(1), HYDERABAD

255 (Gujarat), wherein the impugned\nreassessment proceedings initiated based on a “change of opinion” was\nset aside by the Hon'ble High Court.\n22. Per contra, Ms. U. Mini Chandran, Ld. CIT, DR submitted that as\nthe AO while framing the original assessment vide his order passed\nunder section 143(3) of the Act, dated 11/12/2018, had not looked into

INCOME TAX OFFICER, WARD-17(2), HYDERABAD vs. ELGEN (INDIA) PRIVATE LIMITED , HYDERABAD

In the result, appeal of the revenue is allowed

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahuassessment Year: 2015-16 Income-Tax Officer, Vs. Elgen (India) Pvt Ltd., Ward - 17(2), Hyderabad. Hyderabad. Pan – Aaace 8520C (Appellant) (Respondent) Revenue By: Shri Rohit Mujumdar Assessee By: Shri M. Poorna Chander Rao Date Of Hearing: 15/03/2021 Date Of Pronouncement: 30/04/2021

section 255(3) of the Income-tax Act by the President of the Tribunal for disposal of any particular case and there is no question of anticipating the decision for or against a party. A Special Bench is constituted by the President of the Tribunal to consider issues of substantial importance on which conflicting opinions may have been expressed

ALLCARGO GATI LIMITED(FORMALLY KNOWN AS GATI LIMITED),HYDERABAD vs. ITO, WARD-2(2), HYD, HYDERABAD

In the result, the appeal of assessee in ITA

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

255, 260) where a mortage company had raised money by the issue of debentures and debentures stock and incurred expenses in this connection. The English High Court said that the expenses would not be deducted as trading expenses because the amount paid was for raising capital. Differing from the observations made therein, this Court observed that a loan

ALLCARGO GATI LIMITED(FORMALLY KNOWN AS GATI LIMITED),HYDERABAD vs. ACIT,CIRCLE-2(2) HYDERABAD, HYDERABAD

In the result, the appeal of assessee in ITA

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

255, 260) where a mortage company had raised money by the issue of debentures and debentures stock and incurred expenses in this connection. The English High Court said that the expenses would not be deducted as trading expenses because the amount paid was for raising capital. Differing from the observations made therein, this Court observed that a loan

KAMINENI HEALTH SERVICES PRIVATE LIMITED,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-2(1), HYDERABAD

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

Bench: Shri R.K. Panda & Shri K. Narasimha Charyassessment Year: 2013-14 Kamineni Health Services Vs. Dy. C. I. T. (P) Ltd, Hyderabad Circle 2(1) Pan:Aaack8313R Hyderabad (Appellant) (Respondent) Assessee By: Advocate Sashank Dundu Revenue By: Shri Kumar Aditya, Dr Date Of Hearing: 22/02/2023 Date Of Pronouncement: 31/03/2023 Order Per R.K. Panda, A.M This Appeal Filed By The Assessee Is Directed Against The Order Dated 7Th Nov.2017 Of The Learned Cit (A)-2, Hyderabad Relating To A.Y.2013-14. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Company Engaged In The Business Of Healthcare. It Filed Its Return Of Income For The Impugned A.Y Declaring Nil Income After Setting Off Of Business Loss Of Rs.48,33,667/- Under The Normal Provision & Book Profits U/S 115Jb Amounting To Rs. 1,38,45,489/-. The Case Was Selected For Scrutiny Through Cass & Statutory Notices U/S 143(2) & 142(1) Were Issued To The Assessee To Page 1 Of 16

section 43A fully applies and the additional liability so raised had to be added to the cost of acquisition. This view is also in consonance with the clarification issued by the Ministry of Finance, by its letter of January 4, 1967, addressed to the Federation of Indian Chambers and Industry, the extracts of which have been reproduced in the judgment

DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)., HYDERABAD vs. KSK ENERGY COMPANY PRIVATE LIMITED, HYDERABAD

In the result, all the appeals of revenue are allowed

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahu

4. During the course of the proceeding, for the relevant assessment 19 1120/Hyd/2017 and others KSK Energy Company Pvt. Ltd., Hyderabad. year(s), the Assessing Officer under the Income-tax Act observed that the assessee had transferred a huge amount of Rs. 82 lakhs to its subsidiary company M/s. SAB Credits Limited out of the cash credit account

DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)., HYDERABAD vs. KSK ENERGY COMPANY PRIVATE LIMITED., HYDERABAD

In the result, all the appeals of revenue are allowed

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahu

4. During the course of the proceeding, for the relevant assessment 19 1120/Hyd/2017 and others KSK Energy Company Pvt. Ltd., Hyderabad. year(s), the Assessing Officer under the Income-tax Act observed that the assessee had transferred a huge amount of Rs. 82 lakhs to its subsidiary company M/s. SAB Credits Limited out of the cash credit account

DY. COMMISSIONER OF INCOME TAX, CIRCLE-2(1)., HYDERABAD vs. KSK ENERGY COMPANY PRIVATE LIMITED, HYDERABAD

In the result, all the appeals of revenue are allowed

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahu

4. During the course of the proceeding, for the relevant assessment 19 1120/Hyd/2017 and others KSK Energy Company Pvt. Ltd., Hyderabad. year(s), the Assessing Officer under the Income-tax Act observed that the assessee had transferred a huge amount of Rs. 82 lakhs to its subsidiary company M/s. SAB Credits Limited out of the cash credit account

DCIT, CIRCLE-2(1), HYDERABAD, HYDERABAD vs. KSK ENERGY COMPANY PRIVATE LIMITED, HYDERABAD, HYDERABAD

In the result, all the appeals of revenue are allowed

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahu

4. During the course of the proceeding, for the relevant assessment 19 1120/Hyd/2017 and others KSK Energy Company Pvt. Ltd., Hyderabad. year(s), the Assessing Officer under the Income-tax Act observed that the assessee had transferred a huge amount of Rs. 82 lakhs to its subsidiary company M/s. SAB Credits Limited out of the cash credit account

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

255 ITR 220 and the CBDT Circular No.549 of 31/10/1989 reported in 182 ITR (ST)001, he submitted that the assessment stood terminated and no proceedings were pending as on 30.09.2015. He submitted that when the entire assessment were subject to search u/s 132 on 18.2.2016 and no proceedings were pending in respect of the above mentioned assessees, the question