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

section 56(2)(vii)(6) towards the\npremium received from Wipro-Enterprise Limited(Wipro) and\nAscent Private Equity Trust(Ascent). The details of shares\nand the valuation are as under:\nof Issue price Assessed Amount\nSr. No. Name\nof the No.\nShareholder\nCCPS/equity\nshares\nissued\nper share price per\n(INR)\nshare (INR)\nAdded\n1.\nAscent

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

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

section 56(2)(vii)(6) towards the\npremium received from Wipro-Enterprise Limited(Wipro) and\nAscent Private Equity Trust(Ascent). The details of shares\nand the valuation are as under:\nof Issue price Assessed Amount\nSr. No.\nName\nof\nthe\nNo.\nShareholder\nCCPS/equity\nshares\nissued\nper share\n(INR)\nprice per\nshare (INR)\nAdded\n1.\nAscent

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

section 56(2)(vii)(6) towards the\npremium received from Wipro-Enterprise Limited(Wipro) and\nAscent Private Equity Trust(Ascent). The details of shares\nand the valuation are as under:\nof Issue price Assessed Amount\nSr. No. Name\nof\nthe No.\nShareholder\nCCPS/equity\nshares\nissued\nper share price per Added\n(INR)\nshare (INR)\n1.\nAscent

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

vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009 but before the 1st day of April, 2017, (any sum of money, without consideration, the aggregate value of which exceeds fifty Page

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

vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009 but before the 1st day of April, 2017, (any sum of money, without consideration, the aggregate value of which exceeds fifty Page

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

vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009 but before the 1st day of April, 2017, (any sum of money, without consideration, the aggregate value of which exceeds fifty Page

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

vii) where an individual or a Hindu undivided family receives, in any previous year, from any person or persons on or after the 1st day of October, 2009 but before the 1st day of April, 2017, (any sum of money, without consideration, the aggregate value of which exceeds fifty Page

UNION BANK OF INDIA (ERSTWHILE-ANDHRA BANK),MUMBAI vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-1(1), HYDERABAD

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

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

section 36(1)(viia) in respect of non-rural advances, nor was such a situation before the Court. In the present case, the assessee has already claimed deduction 36(1)(viia) of the Act by creating provision for non-rural advances and has simultaneously wants to claim write-off of non-rural debts as deduction again u/s 36(1)(vii

THE ANDHRA PRADESH STATE CO-OPERATIVE BANK LTD,VIJAYAWADA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-5(1), HYDERABAD

In the result, the S.As. filed by the assessee are dismissed

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

2)(v) of the Act or not . The lower authority after examination had found that the assessee had not made any provision in the books of account for bad and doubtful debt and therefore the lower authorities have disallowed the claim of the assessee. We have reproduced the relevant provision of the Act, herein above and from the bare reading

THE ANDHRA PRADESH STATE CO-OPERATIVE BANK LTD,VIJAYAWADA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4(1), HYDERABAD

In the result, the S.As. filed by the assessee are dismissed

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

2)(v) of the Act or not . The lower authority after examination had found that the assessee had not made any provision in the books of account for bad and doubtful debt and therefore the lower authorities have disallowed the claim of the assessee. We have reproduced the relevant provision of the Act, herein above and from the bare reading

THE ANDHRA PRADESH STATE CO-OPERATIVE BANK LTD,VIJAYAWADA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4(1), HYDERABAD

In the result, the S.As. filed by the assessee are dismissed

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

2)(v) of the Act or not . The lower authority after examination had found that the assessee had not made any provision in the books of account for bad and doubtful debt and therefore the lower authorities have disallowed the claim of the assessee. We have reproduced the relevant provision of the Act, herein above and from the bare reading

THE ANDHRA PRADESH STATE CO-OPERATIVE BANK LTD,VIJAYAWADA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4(1), HYDERABAD

In the result, the S.As. filed by the assessee are dismissed

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

2)(v) of the Act or not . The lower authority after examination had found that the assessee had not made any provision in the books of account for bad and doubtful debt and therefore the lower authorities have disallowed the claim of the assessee. We have reproduced the relevant provision of the Act, herein above and from the bare reading

THE ANDHRA PRADESH STATE CO-OPERATIVE BANK LTD,VIJAYAWADA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4(1), HYDERABAD

In the result, the S.As. filed by the assessee are dismissed

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

2)(v) of the Act or not . The lower authority after examination had found that the assessee had not made any provision in the books of account for bad and doubtful debt and therefore the lower authorities have disallowed the claim of the assessee. We have reproduced the relevant provision of the Act, herein above and from the bare reading

THE ANDHRA PRADESH STATE CO OPERATIVE BANK LIMITED,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-4(1), HYDERABAD

In the result, the S.As. filed by the assessee are dismissed

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

2)(v) of the Act or not . The lower authority after examination had found that the assessee had not made any provision in the books of account for bad and doubtful debt and therefore the lower authorities have disallowed the claim of the assessee. We have reproduced the relevant provision of the Act, herein above and from the bare reading

THE ANDHRA PRADESH STATE COOPERATIVE BANK LIMITED,HYDERABAD vs. ASST.COMMISSIONER OF INCOME TAX, CIRCLE-5(1), HYDERABAD

In the result, the S.As. filed by the assessee are dismissed

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

2)(v) of the Act or not . The lower authority after examination had found that the assessee had not made any provision in the books of account for bad and doubtful debt and therefore the lower authorities have disallowed the claim of the assessee. We have reproduced the relevant provision of the Act, herein above and from the bare reading

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

2) of section 56 shall be the value, on the valuation date, of such unquoted equity shares as determined in the following manner under clause (a) or clause (b), at the option of the assessee, namely. (a). the fair market value of unquoted equity shares shall be the value, on the valuation date, of such unquoted equity shares as determined

DY. COMMISSIONER OF INCOME TAX , CIRCLE-1(1), HYDERABAD vs. UNION BANK OF INDIA, HYDERABAD

In the result, the appeal of revenue is partly allowed for statistical\npurposes

section 36(1)(viia) in respect of non-rural advances, nor was such a\nsituation before the Court. In the present case, the assessee has already\nclaimed deduction 36(1)(viia) of the Act by creating provision for non-rural\nadvances and has simultaneously wants to claim write-off of non-rural debts\nas deduction again u/s 36(1)(vii

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

vii) Order of ITAT, Hyderabad in the case of JCIT vs. M/s. MLR Auto Limited ITA.No.115/Hyd./2021 dated 28.12.2023;\n(viii) Order of ITAT, Bangalore in the case of Innoviti Payment Solutions (P.) Ltd. vs. ITO, Ward-3(1)(1), Bengaluru [2019] 175 ITD 10 (Bangalore-Trib.);\n(ix) Order of ITAT, Delhi in the case of Cinestaan Entertainment