ACIT., CIRCLE-5(1), HYDERABAD vs. SANJAY CHOWDARY GADDIPATI, HYDERABAD

house property. Therefore addition made of\nRs.4,24,08,090/- to the total income of the assessee on account of disallowance of section

RACHIT V SHAH,HYDERABAD vs. ITO, WARD-7(3), HYDERABAD

In the result, the appeal of the assessee is dismissed

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

house by way of gift deed just prior to the effective date. Further, under sections 23 and 24 of the Indian Contract Act, 1872, when the object is to defeat any provisions of law, and when consideration is of such nature that, if permitted, it would defeat the provisions of any law, the contract will be void. In the present

DCIT, CIRCLE-1(1), HYDERABAD, HYDERABAD vs. PRAKASH NIMMAGADDA, HYDERABAD, SECUNDERABAD

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G.आ.अपी.सं /Ita No.974/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2008-09) Dy.Cit Vs. Shri Prakash Nimmagadda Circle 1(1) Hyderabad Hyderabad Pan:Acbpn4246R (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri K.C. Devdas, Ca राज" व "ारा/Revenue By:: Dr. Meghnath Chowhan, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 06/11/2024 घोषणा की तारीख/Pronouncement: 16/12/2024 आदेश/Order Per Vijay Pal Raothis Appeal Filed By The Revenue Is Directed Against The Order, Dated 20/03/2017 Of The Learned Cit (A)-9, Hyderabad, Relating To A.Y.2008-09. 2. The Revenue Has Raised The Following Grounds:

24)(vi)], and unless it is in nature of income, it cannot be considered for taxation under section 28(iv). The reference to benefits which can be brought to tax under section 28(iv) for benefits 'arising from the business' also indicates that such benefit must be a business receipt, or revenue receipt, in nature." 6.3 In the instant case

HIGHEND PROPERTIES PRIVATE LIMITED ,HYDERABAD vs. INCOME TAX OFFICER, WARD-2(3), HYDERABAD

In the result, all these appeals are accordingly allowed in part

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Charyआ.अपी.सं निर्धारण वर्ा अपीलधर्थी / Appellant प्रत्‍यर्थी / Respondent / Ita Nos. / A.Y. Deputy Commissioner 2284/Hyd/2018 2011-12 Of Income Tax, Circle-2(2), Hyderabad Income Tax Officer, 2285/Hyd/2018 2012-13 Ward-2(3), M/S. Highend Hyderabad Properties Pvt. Ltd., Assistant Hyderabad Commissioner Of [Pan: Aabch7130G] 2286/Hyd/2018 2013-14 Income Tax, Circle-2(2), Hyderabad Deputy Commissioner 2287/Hyd/2018 2014-15 Of Income Tax, Circle-2(2), Hyderabad निर्धाररती द्वधरध/Assessee By: Shri A.V. Raghuram, Ar रधजस्‍व द्वधरध/Revenue By: Shri Kumar Aditya, Dr सुिवधई की तधरीख/Date Of Hearing: 21/02/2023 घोर्णध की तधरीख/Pronouncement On: 29/03/2023 आदेश / Order Per K. Narasimha Chary, Jm: Aggrieved By The Orders Passed By The Learned Commissioner Of Income Tax (Appeals)-Guntur & Hyderabad (“Ld. Cit(A)”), In The Case Of M/S. Highend Properties Pvt. Ltd., (“The Assessee”) For The Assessment Years 2011-12, 2012-13, 2013-14 & 2014-15, Assessees Preferred These

section 24(b) of the Income Tax Act, 1961 (for short “the Act”), interest incurred in relation to the loan meant for acquisition of property can be deducted and since Rs. 8.40 crores was not meant for clearing the loans borrowed for acquiring the property yielding house

HIGHEND PROPERTIES PRIVATE LIMITED,HYDERABAD vs. INCOME TAX OFFICER, WARD-2(3), HYDERABAD

In the result, all these appeals are accordingly allowed in part

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Charyआ.अपी.सं निर्धारण वर्ा अपीलधर्थी / Appellant प्रत्‍यर्थी / Respondent / Ita Nos. / A.Y. Deputy Commissioner 2284/Hyd/2018 2011-12 Of Income Tax, Circle-2(2), Hyderabad Income Tax Officer, 2285/Hyd/2018 2012-13 Ward-2(3), M/S. Highend Hyderabad Properties Pvt. Ltd., Assistant Hyderabad Commissioner Of [Pan: Aabch7130G] 2286/Hyd/2018 2013-14 Income Tax, Circle-2(2), Hyderabad Deputy Commissioner 2287/Hyd/2018 2014-15 Of Income Tax, Circle-2(2), Hyderabad निर्धाररती द्वधरध/Assessee By: Shri A.V. Raghuram, Ar रधजस्‍व द्वधरध/Revenue By: Shri Kumar Aditya, Dr सुिवधई की तधरीख/Date Of Hearing: 21/02/2023 घोर्णध की तधरीख/Pronouncement On: 29/03/2023 आदेश / Order Per K. Narasimha Chary, Jm: Aggrieved By The Orders Passed By The Learned Commissioner Of Income Tax (Appeals)-Guntur & Hyderabad (“Ld. Cit(A)”), In The Case Of M/S. Highend Properties Pvt. Ltd., (“The Assessee”) For The Assessment Years 2011-12, 2012-13, 2013-14 & 2014-15, Assessees Preferred These

section 24(b) of the Income Tax Act, 1961 (for short “the Act”), interest incurred in relation to the loan meant for acquisition of property can be deducted and since Rs. 8.40 crores was not meant for clearing the loans borrowed for acquiring the property yielding house

HIGHEND PROPERTIES PRIVATE LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-2(2), HYDERABAD

In the result, all these appeals are accordingly allowed in part

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Charyआ.अपी.सं निर्धारण वर्ा अपीलधर्थी / Appellant प्रत्‍यर्थी / Respondent / Ita Nos. / A.Y. Deputy Commissioner 2284/Hyd/2018 2011-12 Of Income Tax, Circle-2(2), Hyderabad Income Tax Officer, 2285/Hyd/2018 2012-13 Ward-2(3), M/S. Highend Hyderabad Properties Pvt. Ltd., Assistant Hyderabad Commissioner Of [Pan: Aabch7130G] 2286/Hyd/2018 2013-14 Income Tax, Circle-2(2), Hyderabad Deputy Commissioner 2287/Hyd/2018 2014-15 Of Income Tax, Circle-2(2), Hyderabad निर्धाररती द्वधरध/Assessee By: Shri A.V. Raghuram, Ar रधजस्‍व द्वधरध/Revenue By: Shri Kumar Aditya, Dr सुिवधई की तधरीख/Date Of Hearing: 21/02/2023 घोर्णध की तधरीख/Pronouncement On: 29/03/2023 आदेश / Order Per K. Narasimha Chary, Jm: Aggrieved By The Orders Passed By The Learned Commissioner Of Income Tax (Appeals)-Guntur & Hyderabad (“Ld. Cit(A)”), In The Case Of M/S. Highend Properties Pvt. Ltd., (“The Assessee”) For The Assessment Years 2011-12, 2012-13, 2013-14 & 2014-15, Assessees Preferred These

section 24(b) of the Income Tax Act, 1961 (for short “the Act”), interest incurred in relation to the loan meant for acquisition of property can be deducted and since Rs. 8.40 crores was not meant for clearing the loans borrowed for acquiring the property yielding house

HIGHEND PROPERTIES PRIVATE LIMITED,HYDERABAD vs. INCOME TAX OFFICER, WARD-2(3), HYDERABAD

In the result, all these appeals are accordingly allowed in part

Bench: Shri Rama Kanta Panda & Shri K.Narasimha Charyआ.अपी.सं निर्धारण वर्ा अपीलधर्थी / Appellant प्रत्‍यर्थी / Respondent / Ita Nos. / A.Y. Deputy Commissioner 2284/Hyd/2018 2011-12 Of Income Tax, Circle-2(2), Hyderabad Income Tax Officer, 2285/Hyd/2018 2012-13 Ward-2(3), M/S. Highend Hyderabad Properties Pvt. Ltd., Assistant Hyderabad Commissioner Of [Pan: Aabch7130G] 2286/Hyd/2018 2013-14 Income Tax, Circle-2(2), Hyderabad Deputy Commissioner 2287/Hyd/2018 2014-15 Of Income Tax, Circle-2(2), Hyderabad निर्धाररती द्वधरध/Assessee By: Shri A.V. Raghuram, Ar रधजस्‍व द्वधरध/Revenue By: Shri Kumar Aditya, Dr सुिवधई की तधरीख/Date Of Hearing: 21/02/2023 घोर्णध की तधरीख/Pronouncement On: 29/03/2023 आदेश / Order Per K. Narasimha Chary, Jm: Aggrieved By The Orders Passed By The Learned Commissioner Of Income Tax (Appeals)-Guntur & Hyderabad (“Ld. Cit(A)”), In The Case Of M/S. Highend Properties Pvt. Ltd., (“The Assessee”) For The Assessment Years 2011-12, 2012-13, 2013-14 & 2014-15, Assessees Preferred These

section 24(b) of the Income Tax Act, 1961 (for short “the Act”), interest incurred in relation to the loan meant for acquisition of property can be deducted and since Rs. 8.40 crores was not meant for clearing the loans borrowed for acquiring the property yielding house

JOSEPH KIRAN KUMAR REDDY BASANI,HYDERABAD vs. DCIT., CIRCLE-5(1), HYDERABAD

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

Bench: Shri Manjunatha G. Hon’Ble & Shri K. Narasimha Chary Hon’Bleassessment Year: 2015-16 Vs. The Deputy Commissioner Of Joseph Kiran Kumar Reddy Income Tax, Basani, Circle 5(1), C/O. Pary & Co., Chartered Hyderabad. Accountants, No.6, 2Nd Floor, 8-2-703/Vj/6, Vijay Villa, Road No.12, Banjara Hills, Hyderabad – 500034, Telangana. Pan : Agcpb8082B. (Appellant) (Respondent) Assessee By: Shri Vamsi Krishna Reddy, C.A. Revenue By: Shri Karthik Manickam, Sr.Ar. Date Of Hearing: 29.10.2024 Date Of Pronouncement: 29.10.2024

24-04-2014 and claimed that, if at all capital gain needs to be withdrawn in terms of section 54F(3) of the Act, because of sale of 3 flats within 3 years from the date of acquisition, then the assessee is entitled to claim exemption under section 54F of the Act, against long-term capital gains derived from transfer

GOWRI SHANKAR GUPTA,HYDERABAD vs. INCOME TAX OFFICER, WARD-2(3), HYDERABAD

section 294 of the Act. 11. For these and other grounds that may be urged at the time of hearing, appellant prays that the Hon'ble Tribunal may be pleased to delete the arbitrary additions made and upheld by the lower authorities. 3. Succinctly stated, the assessee had e-filed his return of income for the A.Y.2017-18 on 24.07.2017, declaring

NARSI REDDY KOMATIREDDY,HYDERABAD vs. SRIG. SANTOSH KUMAR, DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(2), HYDERABAD

In the result, the appeal is allowed

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

section 45(5A) of the IT Act, 1961 which came into force w.e.f. 1/4/2018 whereby the capital gains arise only on the issue of certificate of completion of the project is applicable to the A.Y. i.e. 2017-18, following the doctrine of fairness.” 15. Ground No.1 is general in nature and does not require any specific adjudication. 15.1 Ground Nos.2

NARSI REDDY KOMATIREDDY,HYDERABAD vs. DCIT., CENTRAL CIRCLE-2(2), HYDERABAD

In the result, the appeal is allowed

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

section 45(5A) of the IT Act, 1961 which came into force w.e.f. 1/4/2018 whereby the capital gains arise only on the issue of certificate of completion of the project is applicable to the A.Y. i.e. 2017-18, following the doctrine of fairness.” 15. Ground No.1 is general in nature and does not require any specific adjudication. 15.1 Ground Nos.2

INCOME TAX OFFICER, WARD-2(1), HYDERABAD vs. KSK WIND POWER SANKONAHATTI ATHNI PRIVATE LIMIED, HYDERABAD

In the result, all the four appeals of the Revenue are allowed

Bench: Shri A. Mohan Alankamony & Shri S.S. Godaraassessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Energy Ward-2(1), Halagali Benchi Private Hyderabad. Limited, Hyderabad. Pan: Aaeck 1965 F (Appellant) (Respondent) Assessee By: Sri S. Rama Rao Revenue By: Sri Sunil Gowtham, Sr. Ar Assessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Power Ward-2(1), Sankonahatti Athni Hyderabad. Private Limited, Hyderabad. Pan: Aaeck 1900 C (Appellant) (Respondent) Assessee By: Sri S. Rama Rao Revenue By: Sri Sunil Gowtham, Sr. Ar Assessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Power Ward-2(1), Aminabhavi Chikodi Hyderabad. Private Limited, Hyderabad. Pan: Aaeck 1888 R (Appellant) (Respondent)

house property. Likewise, the company may have income from other sources. The company may also, as in that case, keep the surplus funds in short-term deposits in order to earn interest. Such interest will be chargeable under section 56 of the Act. This court also emphasized the fact that the company was not bound to utilise the interest

INCOME TAX OFFICER, WARD-2(1), HYDERABAD vs. KSK WIND ENERGY HALAGALI BENCHI PRIVATE LIMIED , HYDERABAD

In the result, all the four appeals of the Revenue are allowed

Bench: Shri A. Mohan Alankamony & Shri S.S. Godaraassessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Energy Ward-2(1), Halagali Benchi Private Hyderabad. Limited, Hyderabad. Pan: Aaeck 1965 F (Appellant) (Respondent) Assessee By: Sri S. Rama Rao Revenue By: Sri Sunil Gowtham, Sr. Ar Assessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Power Ward-2(1), Sankonahatti Athni Hyderabad. Private Limited, Hyderabad. Pan: Aaeck 1900 C (Appellant) (Respondent) Assessee By: Sri S. Rama Rao Revenue By: Sri Sunil Gowtham, Sr. Ar Assessment Year: 2014-15 Income Tax Officer, Vs. Ksk Wind Power Ward-2(1), Aminabhavi Chikodi Hyderabad. Private Limited, Hyderabad. Pan: Aaeck 1888 R (Appellant) (Respondent)

house property. Likewise, the company may have income from other sources. The company may also, as in that case, keep the surplus funds in short-term deposits in order to earn interest. Such interest will be chargeable under section 56 of the Act. This court also emphasized the fact that the company was not bound to utilise the interest

DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(1), HYDERABAD vs. L & T METRO RAIL (HYDERABAD) LIMITED, HYDERABAD

In the result, appeal of the Revenue is allowed

Bench: Shri A. Mohan Alankamony & Shri S.S. Godaraassessment Year: 2016-17 Dcit, Vs. L & T Metro Rail Circle-16(1), (Hyderabad) Limited, Hyderabad. Hyderabad. Pan: Aabcl 8521 D (Appellant) (Respondent) Assessee By: Shri Ashik Shah Revenue By: Sri B. Sunil Kumar, Dr Date Of Hearing: 25/10/2021 Date Of Pronouncement: 21/01/2022 Order Per A. Mohan Alankamony, Am.:

house property. Likewise, the company may have income from other sources. The company may also, as in that case, keep the surplus funds in short-term deposits in order to earn interest. Such interest will be chargeable under section 56 of the Act. This court also emphasized the fact that the company was not bound to utilise the interest

GONUGUNTLA NIRMALA DEVI,ANANTAPUR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1, ANANTAPUR, ANANTAPUR

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

Bench: Shri R.K. Panda & Shri Laliet Kumar

property is vacant and owing to such vacancy the actual rent received or receivable by the owner is less than the sum referred in 1 and 2 above, the amount so received or receivable. Therefore, the assessee is not eligible to claim any deduction towards amount of rent not realizable either under section 23 or section 24 of the Income

THE SECUNDERBAD CLUB ,HYDERABAD vs. ITO WARD -10(2), HYDERABAD

Appeal is dismissed in above terms

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

house property, profits and gains of business or profession, capital gains and income from other :- 11 -: sources; respectively. We thus are of the opinion that once the assessee's impugned deficit arising from mutuality account is neither covered in any of the said heads as well nor u/s. 2(24)(vii) defining “income” in the very account, section

SARAT GOPAL BOPPANA,HYDERABAD vs. ACIT., CENTRAL CIRCLE-2(3), HYDERABAD

In the result, the appeal filed by the Revenue is dismissed

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

house property. 17.9. From the above, it is undisputedly clear that the property held by the assessee was a capital asset and continued to be capital asset even after joint development agreement and thus, invoking provisions of section 28(via) is misconceived and against the spirit of law. Further, as per the explanatory memorandum to the Finance Bill

TARA CHAND BOPPANA,HYDERABAD vs. ACIT., CENTRAL CIRCLE-2(3), HYDERABAD

In the result, the appeal filed by the Revenue is dismissed

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

house property. 17.9. From the above, it is undisputedly clear that the property held by the assessee was a capital asset and continued to be capital asset even after joint development agreement and thus, invoking provisions of section 28(via) is misconceived and against the spirit of law. Further, as per the explanatory memorandum to the Finance Bill