INCOME TAX OFFICER, WARD-17(3), HYDERABAD vs. VALUE PHARMA RETAIL(HYD) PRIVATE LIMITED , HYDERABAD

Appeal is dismissed in above terms

Bench: Shri S.S.Godara & Shri Laxmi Prasad Sahu

19,00,557/- was made to VPHRPL and Rs. 4,40,00,000/- was made to WOPL. The appellant thus made 88% of its purchases from the group concerns. The overall GP of the appellant was a healthy 49% on purchase value and 33% on sale value. The appellant in the Audit Report has mentioned that the payments to both

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 :

section 147 / 148 of the Act, the coordinate Bench had held as under : “22. Coming back to our point we have to examine whether protective assessment/addition is possible under section 147 in respect of the same person and for the same period. When a regular assessment is made and later on it comes to the notice of the Assessing Officer

KRISHNA KISHORE REDDY MANYAM ,HYDERABAD vs. INCOME TAX OFFICER, WARD-6(4) , HYDERABAD

In the result, the appeal filed by the assessee is partly allowed\nfor statistical purposes in terms of our aforesaid observations

disallowed the same.\n5. Ostensibly, the assessee during the course of the assessment\nproceedings came up with a new claim, wherein based on a revised\nstatement of computation of income that was filed with the A.O.\non 29.08.2010, it was claimed by him that as the agricultural land\nsituated at Village: Manchirevula was not a “capital asset” within\nthe meaning

DCIT, CIRCLE-16(2), HYDERABAD, HYDERABAD vs. MYLAN LABORATORIES LIMITED (FORMERLY KNOWN AS MATRIX LABORATORIES LIMITED), HYDERABAD, HYDERABAD

In the result, appeal of Revenue is dismissed

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiah

155/-. 5.1. Before the Ld.CIT(A), assessee submitted that it did not incur any expenditure for earning exempt income and there was no nexus between the borrowed funds and investments made. Assessee relied on various case law before the Ld.CIT(A), including the facts based on cash flow statements in the annual reports. It also gave an alternate computation

MYLAN LABORATORIES LIMITED (FORMERLY KNOWN AS MATRIX LABORATORIES LIMITED),HYDERABAD vs. ACIT, CIRCLE-16(2), HYDERABAD, HYDERABAD

In the result, appeal of Revenue is dismissed

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiah

155/-. 5.1. Before the Ld.CIT(A), assessee submitted that it did not incur any expenditure for earning exempt income and there was no nexus between the borrowed funds and investments made. Assessee relied on various case law before the Ld.CIT(A), including the facts based on cash flow statements in the annual reports. It also gave an alternate computation

BALA REDDY GOPU, HYDERABAD,HYDERABAD vs. DCIT, CIRCLE-2(1), HYDERABAD, HYDERABAD

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

Bench: Shri D. Manmohan & Shri S. Rifaur Rahman

19 relate to treating commission income as salary income and disallowance of expenditure relating to business. 10.2 Similar grounds were raised in AY 2010-11 (supra). Therefore, following the conclusions drawn therein, we remit the issue raised in these grounds to the file of AO for verification as directed in ITA No. 455/Hyd/2017 (supra). 10.3 Ground

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

19 & 460 to 464/Hyd/2023 (S.A. Nos.63 to 67/Hyd/2023) Explanation.—For the purposes of this clause,— [( i) "non-scheduled bank" means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), which is not a scheduled bank;] [( ia)] "rural branch" means a branch of a scheduled bank

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

19 & 460 to 464/Hyd/2023 (S.A. Nos.63 to 67/Hyd/2023) Explanation.—For the purposes of this clause,— [( i) "non-scheduled bank" means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), which is not a scheduled bank;] [( ia)] "rural branch" means a branch of a scheduled bank

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

19 & 460 to 464/Hyd/2023 (S.A. Nos.63 to 67/Hyd/2023) Explanation.—For the purposes of this clause,— [( i) "non-scheduled bank" means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), which is not a scheduled bank;] [( ia)] "rural branch" means a branch of a scheduled bank

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

19 & 460 to 464/Hyd/2023 (S.A. Nos.63 to 67/Hyd/2023) Explanation.—For the purposes of this clause,— [( i) "non-scheduled bank" means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), which is not a scheduled bank;] [( ia)] "rural branch" means a branch of a scheduled bank

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

19 & 460 to 464/Hyd/2023 (S.A. Nos.63 to 67/Hyd/2023) Explanation.—For the purposes of this clause,— [( i) "non-scheduled bank" means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), which is not a scheduled bank;] [( ia)] "rural branch" means a branch of a scheduled bank

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

19 & 460 to 464/Hyd/2023 (S.A. Nos.63 to 67/Hyd/2023) Explanation.—For the purposes of this clause,— [( i) "non-scheduled bank" means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), which is not a scheduled bank;] [( ia)] "rural branch" means a branch of a scheduled bank

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

19 & 460 to 464/Hyd/2023 (S.A. Nos.63 to 67/Hyd/2023) Explanation.—For the purposes of this clause,— [( i) "non-scheduled bank" means a banking company as defined in clause (c) of section 5 of the Banking Regulation Act, 1949 (10 of 1949), which is not a scheduled bank;] [( ia)] "rural branch" means a branch of a scheduled bank

MOHAMMED SAYEED QURESHI,RANGA REDDY vs. INCOME TAX OFFICER, WARD-8(1), HYDERABAD

In the result, both the appeals of the assessee for AY

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

155 17,38,037 2,01,69,151 60,06,557 53,12,410 Mohammed Abbas Qureshi Smt. 1,75,90,317 9,20,137 50,75,991 1,15,94,189 NIL Mahmooda & Begum 83,04,150 2.4 It was noted that subsequent to the entering agreement. for sale with Smt. Jayasree and Sri Vishnu Vardhan dated

MOHAMMED ABBAS,RANGA REDDY vs. INCOME TAX OFFICER, WARD-15(1), HYDERABAD

In the result, both the appeals of the assessee for AY

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

155 17,38,037 2,01,69,151 60,06,557 53,12,410 Mohammed Abbas Qureshi Smt. 1,75,90,317 9,20,137 50,75,991 1,15,94,189 NIL Mahmooda & Begum 83,04,150 2.4 It was noted that subsequent to the entering agreement. for sale with Smt. Jayasree and Sri Vishnu Vardhan dated

MOHAMED JAMAL QURESHI,RANGA REDDY vs. INCOME TAX OFFICER, WARD-8(1), HYDERABAD

In the result, both the appeals of the assessee for AY

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

155 17,38,037 2,01,69,151 60,06,557 53,12,410 Mohammed Abbas Qureshi Smt. 1,75,90,317 9,20,137 50,75,991 1,15,94,189 NIL Mahmooda & Begum 83,04,150 2.4 It was noted that subsequent to the entering agreement. for sale with Smt. Jayasree and Sri Vishnu Vardhan dated

MOHAMMED ABBAS,RANGA REDDY vs. INCOME TAX OFFICER, WARD-8(1), HYDERABAD

In the result, both the appeals of the assessee for AY

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

155 17,38,037 2,01,69,151 60,06,557 53,12,410 Mohammed Abbas Qureshi Smt. 1,75,90,317 9,20,137 50,75,991 1,15,94,189 NIL Mahmooda & Begum 83,04,150 2.4 It was noted that subsequent to the entering agreement. for sale with Smt. Jayasree and Sri Vishnu Vardhan dated

MOHMOODA BEGUM,RANGA REDDY vs. INCOME TAX OFFICER, WARD-8(1), HYDERABAD

In the result, both the appeals of the assessee for AY

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

155 17,38,037 2,01,69,151 60,06,557 53,12,410 Mohammed Abbas Qureshi Smt. 1,75,90,317 9,20,137 50,75,991 1,15,94,189 NIL Mahmooda & Begum 83,04,150 2.4 It was noted that subsequent to the entering agreement. for sale with Smt. Jayasree and Sri Vishnu Vardhan dated