SKANDHANSHI DEVELOPERS,KURNOOL vs. ACIT., CENTRAL CIRCLE-2(3), HYDERABAD

disallowance u/sec.40(a)(ia) of the Income Tax Act, 1961. Therefore, considering the overall scenario including relevant books of accounts maintained by the assessee and incriminating material found during the course of search observed that, the profit percentage of undisclosed turnover found during the course of search proceedings should be more than the profit percentage on the turnover admitted

SKANDHANSHI DEVELOPERS,KURNOOL vs. ACIT., CENTRAL CIRCLE-2(3), HYDERABAD

section 145(3) of the I.Act. The books of accounts maintained by the assessee are therefore rejected.\n\nThe relevant findings of the Assessing Officer are as follows :\n\nThe assessee is not in a position to substantiate its claim of expenses by producing supporting vouchers and other documentary evidences to establish the admissibility of expenses associated with the undisclosed

ACIT., CIRCLE-5(1), HYDERABAD vs. PENNA CEMENT INDUSTRIES LIMITED, HYDERABAD

section 80G, even if\nthe contribution qualifies as CSR expenditure under the CA 2013.\nHence deduction of Rs.1,88,97,644 claimed u/s 80G was disallowed.\n4.1 Regarding the issue of claiming 80G deduction against CSR\nexpenditure, the jurisdictional Hyderabad ITAT has held in the case of\nOptum Global Solutions (India) Private Limited (ITA-TP Nos. 145

COUNTRY CLUB HOSPITALITY & HOLIDAYS LIMITED,HYDERABAD vs. DCIT., CIRCLE-1(1), HYDERABAD

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

disallowed the deduction/debit. This fact is important. It indicates the double standards adopted by the Department. 13. As stated above, one of the main arguments advanced by the learned Additional Solicitor General on behalf of the Department before us was that the word "expenditure" in Section 37(1) connotes "what is paid out" and that which has gone irretrievably

PRYSMIAN CAVI E SISTEMI S.R.L,HYDERABAD vs. DCIT (INT,TAXN)-2, HYDERABAD

In the result, the appeal of the assessee is allowed

disallowable expenses. Additions made over and above the estimated income are unsustainable.", "result": "Allowed", "sections": ["Section 143(3)", "Section 147", "Section 154", "Section 263", "Section 145

SPANDANA SPHOORTY FINANCIAL LIMITED,HYDERABAD vs. ACIT., CIRCLE 3(2), HYDERABAD

Accordingly, the addition of Rs.11,44,51,818/- (supra) made by the\nAO, which, thereafter, had been sustained by the CIT(A), is vacated.\nThe Grounds of appeal Nos.3.1 to 3.4 are allowed in terms o...

disallowance of such\namounts deposited in the bank account. 3. ERRONEOUS\nADJUSTMENT UNDER SECTION 145 OF THE ACT\n3.1\nThat

SKANDA BUILDERS,KURNOOL vs. ACIT., CENTRAL CIRCLE - 2(3), HYDERABAD

section 145(3) of the Act. \n7. In response to the showcause notice dated 20.06.2023, the assessee has \nfurnished a reply on 23.06.2023 through mail, which is reproduced as under : \n“Gist of the case \n1. In response to the Show Cause Notice dt. 12.05.2023, a detailed reply \ndt. 20.05.2023 explaining the relevant facts and circumstances of the case \nwas

SHELADIA ASSOCIATES INC,SD ROAD vs. ADIT(INT TAXN)-2, HYDERABAD

In the result, appeal of the assessee is treated as partly allowed for statistical purposes

Bench: Shri K.Narasimha Chary & Shri Madhusudan Sawdiaआ.अपी.सं / Ita No. 537/Hyd/2023 (धििाारण वर्ा / Assessment Year: 2021-22) Sheladia Associates Inc, Adit (Int Taxn)-2, Secunderabad Vs. Hyderabad [Pan No. Aafcs7792F] अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent

disallowance of expense under section 44C of the Act is concerned, the assessee under other expenses in the consolidated P&L Account reported expenses of Rs. 1,21,62,145

OPTUM GLOBAL SOLUTIONS (INDIA) PRIVATE LIMITED,HYDERABAD vs. DCIT, CIRCLE -5(1), HYDERABAD

In the result, both the appeals of assessee are partly allowed

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

disallowed and added back in terms of Explanation 2 to Section 37(1) of the Act. In terms of Section 135(5) of the Page 9 of 13 ITA-TP Nos. 145

OPTUM GLOBAL SOLUTIONS (INDIA) PRIVATE LIMITED,HYDERABAD vs. DCIT CIRCLE -5(1), HYDERABAD

In the result, both the appeals of assessee are partly allowed

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

disallowed and added back in terms of Explanation 2 to Section 37(1) of the Act. In terms of Section 135(5) of the Page 9 of 13 ITA-TP Nos. 145

SKANDHANSHI INFRA PROJECTS INDIA PRIVATE LIMITED,KURNOOL vs. ACIT., CENTRAL CIRCLE-2(3), HYDERABAD

section 145(3) of\nthe I.T.Act. The books of accounts maintained by the assessee are therefore\nrejected.\n\n8. 1. Having rejected the books, the income of the assessee is required to be\nestimated based on the material available on record as per the following findings.\n8. 2. The assessee during the course of search proceedings as well as assessment

SKANDA INFRA PROJECTS,KURNOOL vs. ACIT., CENTRAL CIRCLE-2(3), HYDERABAD

section 145(3) of\nthe I.T.Act. The books of accounts maintained by the assessee are therefore\nrejected.\nHaving rejected the books, the income of the assessee is required to be\nestimated based on the material available on record as per the following findings.\n8.2 The assessee during the course of search proceedings as well as assessment\nproceedings accepted that

SKANDA INFRA PROJECTS,KURNOOL vs. ACIT., CENTRAL CIRCLE-2(3), HYDERABAD

section 145(3) of\nthe I.T.Act. The books of accounts maintained by the assessee are therefore\nrejected.\n8.1. Having rejected the books, the income of the assessee is required to be\nestimated based on the material available on record as per the following findings.\n8.2. The assessee during the course of search proceedings as well as assessment\nproceedings accepted that

SKANDA BUILDERS,KURNOOL vs. ACIT., CENTRAL CIRCLE - 2(3), HYDERABAD

section 145(3) of\nthe I.Act. The books of accounts maintained by the assessee are therefore\nrejected.\nHaving rejected the books, the income of the assessee is required to be\nestimated based on the material available on record as per the following findings.\n8. 1. The assessee during the course of search proceedings as well as assessment\nproceedings accepted that

RAGHU RAMA RENEWABLE ENERGY LIMITED,HYDERABAD vs. ITO., WARD-3(1), HYDERABAD

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

disallow the claim of impairment/loss of the amount Rs. 2,40,16,579/- as being inconsistent with the Accounting Standards ICDS-II and provisions of Section 145

RAGHU RAMA RENEWABLE ENERGY LIMITED,HYDERABAD vs. ITO., WARD-3(1), HYDERABAD

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

Bench: SHRI G. MANJUNATHA, HON’BLE (Accountant Member), SHRI RAVISH SOOD, HON’BLE (Judicial Member)

disallow the claim of impairment/loss of the amount Rs. 2,40,16,579/- as being inconsistent with the Accounting Standards ICDS-II and provisions of Section 145

VICTORY ELECTRICALS LIMITED, MEDCHAL,R.R.DIST vs. DCIT, CIRCLE-17(2), HYDERABAD, HYDERABAD

The appeal of the assessee is allowed for statistical purposes

Bench: Shri Rama Kanta Panda & Shri Laliet Kumarassessment Year: 2012-13 Victory Electricals Ltd., V Dcit,Circle-17(2) Plot No.8, Survey No.855, S. Signature Towers Ida, Medchal, Kondapur Ranga Reddy, Hyderabad Hyderabad-501 401

disallowance u/s.14A of Rs.16,31,331/-. The investment made is Rs.32,62,66,325/- During the year under consideration, the appellant did not derive any income which is exempt from tax. Therefore, the provisions u/s 14A of the I.T.Act have no application.” 4. On the other hand, the ld. DR had drawn our attention to order passed by the ld.CIT

OCEAN SPARKLE LIMITED,HYDERABAD vs. DCIT., CIRCLE 5(1), HYDERABAD

In the result, appeal of the assessee is dismissed

Bench: Shri Vijay Pal Rao & Shri Manjunatha G

disallowed the deduction/debu That fact was important. It indicated the double standard adopted by the department. [Para 10] The word 'expenditure" is not defined in the Act. The word 'expenditure' is, therefore, required to be understood in the context in which it is used. Section 37 enjoins that any expenditure not being expenditure of the nature described in sections

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

disallowed Rs.329,62,82,921/- towards deduction claimed in respect of bad debts written off for non-rural debts. 47. On appeal, the Ld. CIT (A) sustained the addition made by the Assessing Officer. 48. The Ld. Counsel for the assessee submitted that the Ld. CIT (A) is erred in sustaining addition made by the Assessing Officer towards bad debts