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
ITA 1456/HYD/2016[2007-08]Status: DisposedITAT Hyderabad03 May 2019AY 2007-08
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
For Appellant: Shri B. Satyanarayana MurthyFor Respondent: Smt. Komali Krishna
Section 147Section 148Section 50Section 50ASection 50C
2 of his order. After considering the same, the AO observed that the assessee did not show the properties under stock-in-trade and the same was shown in the fixed assets schedule and regularly claiming depreciation on the same. The AO, therefore, opined that the income on sale of such assets attract the provisions of section 50C