PALLAVI CONSTRUCTIONS,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-14(1), HYDERABAD
In the result, appeal filed by the assessee is partly allowed for statistical purposes
ITA 649/HYD/2018[2014-15]Status: DisposedITAT Hyderabad31 Oct 2022AY 2014-15
Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2014-15 M/S. Pallavi Constructions Vs. Acit Hyderabad Circle 14(1) Pan:Aacfp1600M Hyderabad (Appellant) (Respondent) Assessee By: Shri K.C. Devdas, Ca Revenue By: Shri Rohit Mujumdar, Dr Date Of Hearing: 26/10/2022 Date Of Pronouncement: 31/10/2022 Order Per R.K. Panda, A.M This Appeal Filed By The Assessee Is Directed Against The Order Dated 28.2.2018 Of The Learned Cit (A)-6, Hyderabad Relating To A.Y.2014-15. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Partnership Firm Engaged In The Business Of Development Of Properties/Construction. It Filed Its Return Of Income On 30.11.2014 Declaring Total Income Of Rs.1,16,40,200/-. During The Course Of Assessment Proceedings, The Assessing Officer Observed From The Details Furnished By The Assessee That It Has Claimed An Amount Of Rs.2,72,36,046/- Towards “Bank Interest & Charges”. On Being Asked By The Assessing Officer To Submit The Page 1 Of 8
For Appellant: Shri K.C. Devdas, CAFor Respondent: Shri Rohit Mujumdar, DR
Section 191Section 194A(3)(ii)Section 194A(3)(iii)Section 201Section 271(1)(c)Section 37(1)Section 40
194A(3)(ii) of the IT Act.
3. The Hon'ble CIT(A) ought to have observed that the conclusions of the assessing officer were not supported by any material on record, hence the disallowance of Rs.1,40,96,519/- was liable to be deleted.
4. Without prejudice to the above grounds, the Hon'ble CIT(A) ought
