LYCOS INTERNET LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(1), HYDERABAD

In the result, appeal filed by the assessee is allowed

disallowances and computed the taxable income under the normal provisions of the Act at Rs.3,37,52,244/- and book profit as per MAT provisions for Rs.32,82,86,986/-. The assessee challenged the order of the Assessing Officer before the learned CIT (A) which was partly allowed vide order dated 23/06/2017 and the Revenue has filed an appeal against

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

section 43A of the Income Tax Act, 1961. Learned Counsel for the Assessee further referring to the chart submitted by the assessee submitted that, although, the assessee has treated forex gain on account of restatement of liabilities existed as on the balance-sheet date as income or expenses in the books of accounts, but, by following the CBDT Circular 3/2010

DODLA DAIRY LIMITED,HYDERABAD vs. DCIT CIRCLE -8(1), HYDERABAD

Bench: Us:

disallowed the corresponding discounted rate of interest element pertaining to the said loan, which, however, as per the directions of the DRP had already been restricted up to the date of repayment of the said loan. 45 ITA TP 466/Hyd/2022 and 1301/Hyd/2024 Dodla Dairy Limited. 45. The Ld. CIT-DR, on the issue of quantification of claim of deduction

KAMINENI HEALTH SERVICES PRIVATE LIMITED,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-2(1), HYDERABAD

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

Bench: Shri R.K. Panda & Shri K. Narasimha Charyassessment Year: 2013-14 Kamineni Health Services Vs. Dy. C. I. T. (P) Ltd, Hyderabad Circle 2(1) Pan:Aaack8313R Hyderabad (Appellant) (Respondent) Assessee By: Advocate Sashank Dundu Revenue By: Shri Kumar Aditya, Dr Date Of Hearing: 22/02/2023 Date Of Pronouncement: 31/03/2023 Order Per R.K. Panda, A.M This Appeal Filed By The Assessee Is Directed Against The Order Dated 7Th Nov.2017 Of The Learned Cit (A)-2, Hyderabad Relating To A.Y.2013-14. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Company Engaged In The Business Of Healthcare. It Filed Its Return Of Income For The Impugned A.Y Declaring Nil Income After Setting Off Of Business Loss Of Rs.48,33,667/- Under The Normal Provision & Book Profits U/S 115Jb Amounting To Rs. 1,38,45,489/-. The Case Was Selected For Scrutiny Through Cass & Statutory Notices U/S 143(2) & 142(1) Were Issued To The Assessee To Page 1 Of 16

1) of section 43 of the Act. This section specially provides for the treatment of increased liability of the assessee as expressed in Indian currency for repayment of the moneys borrowed by him from any person in foreign currency specifically for the purposes of acquiring the asset. In the present case, the assessee had acquired a capital asset from