KASUSALYA AVENUES PRIVATE LIMITED ,KARIMNAGAR vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(3), HYDERABAD

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

Bench: Shri Laliet Kumar, Hon’Ble & Shri Manjunatha G, Hon’Ble

Section 36(1)(iii) of the Act to the extent disallowed by the first appellate authority as well as the validity of the reassessment proceedings. 24. The solitary issue that came up for our consideration in Ground Nos.2 to 4 of the assessee's appeal is the disallowance of finance charges of Rs.54,95

KASUSALYA AVENUES PRIVATE LIMITED ,KARIMNAGAR vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(3), HYDERABAD

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

Bench: Shri Laliet Kumar, Hon’Ble & Shri Manjunatha G, Hon’Ble

Section 36(1)(iii) of the Act to the extent disallowed by the first appellate authority as well as the validity of the reassessment proceedings. 24. The solitary issue that came up for our consideration in Ground Nos.2 to 4 of the assessee's appeal is the disallowance of finance charges of Rs.54,95

KASUSALYA AVENUES PRIVATE LIMITED ,KARIMNAGAR vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(3), HYDERABAD

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

Bench: Shri Laliet Kumar, Hon’Ble & Shri Manjunatha G, Hon’Ble

Section 36(1)(iii) of the Act to the extent disallowed by the first appellate authority as well as the validity of the reassessment proceedings. 24. The solitary issue that came up for our consideration in Ground Nos.2 to 4 of the assessee's appeal is the disallowance of finance charges of Rs.54,95

KASUSALYA AVENUES PRIVATE LIMITED ,KARIMNAGAR vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(3), HYDERABAD

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

Bench: Shri Laliet Kumar, Hon’Ble & Shri Manjunatha G, Hon’Ble

Section 36(1)(iii) of the Act to the extent disallowed by the first appellate authority as well as the validity of the reassessment proceedings. 24. The solitary issue that came up for our consideration in Ground Nos.2 to 4 of the assessee's appeal is the disallowance of finance charges of Rs.54,95

KASUSALYA AVENUES PRIVATE LIMITED ,KARIMNAGAR vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(3), HYDERABAD

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

Bench: Shri Laliet Kumar, Hon’Ble & Shri Manjunatha G, Hon’Ble

Section 36(1)(iii) of the Act to the extent disallowed by the first appellate authority as well as the validity of the reassessment proceedings. 24. The solitary issue that came up for our consideration in Ground Nos.2 to 4 of the assessee's appeal is the disallowance of finance charges of Rs.54,95

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

95,288\nDeduction eligible U/s 80G\n1,88,97,644\nThe assessing officer held that such a deduction is not allowable as\nCSR expenditure by the assessee forms a part of the mandatory\nrequirement of the Companies Act, 2013 and consequently not eligible\nfor deduction under section 80G of the Income-tax Act, 1961. That the\nintent of the legislature

JASPER INDUSTRIES PVT LTD,HYDERABAD vs. DCIT., CIRCLE-2(1), HYDERABAD

In the result, the appeal of the assessee is partly allowed

Bench: SHRI VIJAY PAL RAO, HON’BLE (Vice President), SHRI MANJUNATHA G, HON’BLE (Accountant Member)

section 14A r.w. Rule 8D of the Rules, however, directed the AO to restrict the disallowance of interest expenditure to the extent of exempt income earned by the assessee for the relevant assessment year. In our considered opinion, there is no error in the reasons given by the Ld.CIT(A) to restrict the disallowance interest expenditure u/s. 14A r.w. Rule

CHINTALAPATI HOLDINGS PVT.LTD., HYD,HYDERABAD vs. DCIT, CENTRAL CIRCLE-1(2), HYD, HYDERABAD

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

section 24(b) of the Act has to be disallowed. 12. Learned CIT(A) found that the assessee earned Rs. 16,67,49,213/- towards exempt income on capital gains and dividend @ Rs. 16,36,95

CHINTALAPATI HOLDINGS PRIVATE LIMITED, HYDERABAD,HYDERABAD vs. DCIT, CIRCLE-1(2), HYDERABAD, HYDERABAD

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

section 24(b) of the Act has to be disallowed. 12. Learned CIT(A) found that the assessee earned Rs. 16,67,49,213/- towards exempt income on capital gains and dividend @ Rs. 16,36,95

CHINTALAPATI HOLDINGS PVT.LTD., HYD,HYDERABAD vs. DCIT, CENTRAL CIRCLE-1(2), HYD, HYDERABAD

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

section 24(b) of the Act has to be disallowed. 12. Learned CIT(A) found that the assessee earned Rs. 16,67,49,213/- towards exempt income on capital gains and dividend @ Rs. 16,36,95

ASIAN INSTITUTE OF GASTROENTEROLOGY PRIVATE LIMITED,HYDERABAD vs. DCIT., CIRCLE-1(1), HYDERABAD

In the result, appeals filed by the assessee for both the assessment years 2020-2021 and 2021-2022 are allowed

Bench: Shri Manjunatha G & Shri Ravish Sood

95,688/- and the same has been offered to tax under the Head “Income from Capital gain”. Therefore, in our considered view, once the income from investments is taxable including dividend income and capital gain, then, disallowance of expenses relatable to said investments under section

SUSHEE INFRA & MINING LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(2), HYDERABAD

In the result, appeal of the assessee in ITA No

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Charyआ.अपी.सं निर्धारण वर्ा अपीलधर्थी प्रत्‍यर्थी / Ita No. / A.Y. / Appellant / Respondent

disallowance of Rs.2,20,95,600/- Page 14 of 37 M/s. Sushee Infra & Mining Limited, batch being the sub-contract payment made to M/s Sai Earth Movers (Prop. K.Venkat Reddy). 30. On a perusal of record, we find that the learned Assessing Officer noted that an amount of Rs.2,20,95,606/- was paid to Shri Komati Reddy Venkat Reddy

SUSHEE INFRA & MINING LIMITED,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(2), HYDERABAD

In the result, appeal of the assessee in ITA No

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Charyआ.अपी.सं निर्धारण वर्ा अपीलधर्थी प्रत्‍यर्थी / Ita No. / A.Y. / Appellant / Respondent

disallowance of Rs.2,20,95,600/- Page 14 of 37 M/s. Sushee Infra & Mining Limited, batch being the sub-contract payment made to M/s Sai Earth Movers (Prop. K.Venkat Reddy). 30. On a perusal of record, we find that the learned Assessing Officer noted that an amount of Rs.2,20,95,606/- was paid to Shri Komati Reddy Venkat Reddy

SUSHEE INFRA & MINING LIMITED,HYDERABAD vs. DCIT, CIRCLE -2(2), HYDERABAD

In the result, appeal of the assessee in ITA No

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Charyआ.अपी.सं निर्धारण वर्ा अपीलधर्थी प्रत्‍यर्थी / Ita No. / A.Y. / Appellant / Respondent

disallowance of Rs.2,20,95,600/- Page 14 of 37 M/s. Sushee Infra & Mining Limited, batch being the sub-contract payment made to M/s Sai Earth Movers (Prop. K.Venkat Reddy). 30. On a perusal of record, we find that the learned Assessing Officer noted that an amount of Rs.2,20,95,606/- was paid to Shri Komati Reddy Venkat Reddy

SUSHEE INFRA & MINING LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(2), HYDERABAD

In the result, appeal of the assessee in ITA No

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Charyआ.अपी.सं निर्धारण वर्ा अपीलधर्थी प्रत्‍यर्थी / Ita No. / A.Y. / Appellant / Respondent

disallowance of Rs.2,20,95,600/- Page 14 of 37 M/s. Sushee Infra & Mining Limited, batch being the sub-contract payment made to M/s Sai Earth Movers (Prop. K.Venkat Reddy). 30. On a perusal of record, we find that the learned Assessing Officer noted that an amount of Rs.2,20,95,606/- was paid to Shri Komati Reddy Venkat Reddy

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE2-(2), HYDERABAD vs. SUSHEE INFRA & MINING LIMITED, HYDERABAD

In the result, appeal of the assessee in ITA No

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Charyआ.अपी.सं निर्धारण वर्ा अपीलधर्थी प्रत्‍यर्थी / Ita No. / A.Y. / Appellant / Respondent

disallowance of Rs.2,20,95,600/- Page 14 of 37 M/s. Sushee Infra & Mining Limited, batch being the sub-contract payment made to M/s Sai Earth Movers (Prop. K.Venkat Reddy). 30. On a perusal of record, we find that the learned Assessing Officer noted that an amount of Rs.2,20,95,606/- was paid to Shri Komati Reddy Venkat Reddy

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE2-(2), HYDERABAD vs. SUSHEE INFRA & MINING LIMITED, HYDERABAD

In the result, appeal of the assessee in ITA No

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Charyआ.अपी.सं निर्धारण वर्ा अपीलधर्थी प्रत्‍यर्थी / Ita No. / A.Y. / Appellant / Respondent

disallowance of Rs.2,20,95,600/- Page 14 of 37 M/s. Sushee Infra & Mining Limited, batch being the sub-contract payment made to M/s Sai Earth Movers (Prop. K.Venkat Reddy). 30. On a perusal of record, we find that the learned Assessing Officer noted that an amount of Rs.2,20,95,606/- was paid to Shri Komati Reddy Venkat Reddy

SUSHEE INFRA & MINING LIMITED,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-(2), HYDERABAD

In the result, appeal of the assessee in ITA No

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Charyआ.अपी.सं निर्धारण वर्ा अपीलधर्थी प्रत्‍यर्थी / Ita No. / A.Y. / Appellant / Respondent

disallowance of Rs.2,20,95,600/- Page 14 of 37 M/s. Sushee Infra & Mining Limited, batch being the sub-contract payment made to M/s Sai Earth Movers (Prop. K.Venkat Reddy). 30. On a perusal of record, we find that the learned Assessing Officer noted that an amount of Rs.2,20,95,606/- was paid to Shri Komati Reddy Venkat Reddy

ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-2(2), HYDERABAD vs. SUSHEE INFRA & MINING LIMITED, HYDERABAD

In the result, appeal of the assessee in ITA No

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Charyआ.अपी.सं निर्धारण वर्ा अपीलधर्थी प्रत्‍यर्थी / Ita No. / A.Y. / Appellant / Respondent

disallowance of Rs.2,20,95,600/- Page 14 of 37 M/s. Sushee Infra & Mining Limited, batch being the sub-contract payment made to M/s Sai Earth Movers (Prop. K.Venkat Reddy). 30. On a perusal of record, we find that the learned Assessing Officer noted that an amount of Rs.2,20,95,606/- was paid to Shri Komati Reddy Venkat Reddy