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224 results for “house property”+ Section 57clear

Sorted by relevance

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Key Topics

Addition to Income69Section 13260Section 143(3)51Section 153A37Search & Seizure36Section 153C32Section 54F32Section 80I31Section 56(2)(vii)

DY. COMMISSIONER OF INCOME TAX , CIRCLE-1(2), HYDERABAD vs. CACHE PROPERTIES PRIVATE LIMITED , HYDERABAD

In the result, the Revenue’s appeal is dismissed

ITA 124/HYD/2020[2012-13]Status: DisposedITAT Hyderabad07 Oct 2021AY 2012-13

Bench: Smt. P. Madhavi Devi & Shri A. Mohan Alankamony

For Respondent: Sri Rohit Mujumdar, D.R
Section 115Section 115JSection 143(2)Section 143(3)Section 24Section 263

57,610/- and book profit at Rs.7,41,68,735/- u/s 115 JB of the Income Tax Act, 1961 [the Act for short]. On selection of assessee’s return of income for scrutiny through CASS, the assessment was completed on 27.02.2015 u/s 143(3) accepting the income returned by the assessee. On perusal of the assessment order

Showing 1–20 of 224 · Page 1 of 12

...
25
Section 6924
Disallowance19
House Property18

LAKSHMI SHANKAR GUMUDAVELLI ,HYDERABAD vs. INCOME TAX OFFICER, WARD-17(4) , HYDERABAD

In the result, ITA No. 144/Hyd/2020 filed by the assessee is allowed, whereas ITA No

ITA 144/HYD/2020[2014-15]Status: DisposedITAT Hyderabad30 Jun 2022AY 2014-15

Bench: Shri Rama Kanta Panda

For Appellant: Shri A.V.Raghuram, AdvocateFor Respondent: Shri Dinesh Paruchuri, Sr.AR
Section 143(3)Section 154

House Property by the appellant. The appellant further stated that the sources of the partnership capital were the loans taken from Chola Mandalam Finance and IDBI and these loans were directly invested as the capital of the firm. The appellant relied on the judgment of SA Builders Vs. CIT as reported in 288 ITR 1 and the judgment of Punjab

LAKSHMI SHANKAR GUMUDAVELLI ,HYDERABAD vs. INCOME TAX OFFICER, WARD-17(4), HYDERABAD

In the result, ITA No. 144/Hyd/2020 filed by the assessee is allowed, whereas ITA No

ITA 148/HYD/2020[2016-17]Status: DisposedITAT Hyderabad30 Jun 2022AY 2016-17

Bench: Shri Rama Kanta Panda

For Appellant: Shri A.V.Raghuram, AdvocateFor Respondent: Shri Dinesh Paruchuri, Sr.AR
Section 143(3)Section 154

House Property by the appellant. The appellant further stated that the sources of the partnership capital were the loans taken from Chola Mandalam Finance and IDBI and these loans were directly invested as the capital of the firm. The appellant relied on the judgment of SA Builders Vs. CIT as reported in 288 ITR 1 and the judgment of Punjab

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

ITA 33/HYD/2019[2014-15]Status: DisposedITAT Hyderabad25 Jan 2022AY 2014-15

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)

For Appellant: Sri S. Rama RaoFor Respondent: Sri Sunil Gowtham, Sr. AR
Section 143(3)Section 56

house property. Likewise, a company may have income from other sources. It may buy shares and get dividends. Such dividends will be taxable under section 56 of the Act. The company may also, as in this case, keep the surplus funds in short- term deposits in order to earn interest. Such interest will be chargeable under section

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

ITA 34/HYD/2019[2014-15]Status: DisposedITAT Hyderabad25 Jan 2022AY 2014-15

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)

For Appellant: Sri S. Rama RaoFor Respondent: Sri Sunil Gowtham, Sr. AR
Section 143(3)Section 56

house property. Likewise, a company may have income from other sources. It may buy shares and get dividends. Such dividends will be taxable under section 56 of the Act. The company may also, as in this case, keep the surplus funds in short- term deposits in order to earn interest. Such interest will be chargeable under section

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

ITA 1412/HYD/2019[2016-17]Status: DisposedITAT Hyderabad21 Jan 2022AY 2016-17

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.:

For Appellant: Shri Ashik ShahFor Respondent: Sri B. Sunil Kumar, DR
Section 143(3)Section 56

house property. Likewise, a company may have income from other sources. It may buy shares and get dividends. Such dividends will be taxable under section 56 of the Act. The company may also, as in this case, keep the surplus funds in short- term deposits in order to earn interest. Such interest will be chargeable under section

SURENDRA BABU SABBINENI,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(2), HYDERABAD

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

ITA 326/HYD/2018[2010-11]Status: DisposedITAT Hyderabad25 Jan 2023AY 2010-11

Bench: Shri R.K. Panda & Shri K. Narasimha Charyassessment Year: 2010-11

For Appellant: Advocate Kotha Hari PrasadFor Respondent: Shri Rajendra Kumar CIT(DR)
Section 143(2)Section 143(3)Section 263Section 54F

57,52,441/-. From the various details furnished by the assessee, he noted that the assessee has the following property other than the new asset: 1. Flat at Sai Nivas, Shaikpet Village, Hyderabad 2. House at Sai Praveen Kuteer 3. Flat No.1, First Floor, Sai Lakshmi Nilayam, Serilingampally, Hyderabad 4. Flat No.4, First Floor, Sai Lakshmi Nilayam, Serilingampally, Hyderabad

DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(1), HYDERABAD vs. NSL RENEWABLE POWER PRIVATE LIMITED, HYDERABAD

In the result, the appeals of the revenue are partly allowed for statistical purposes in above terms

ITA 165/HYD/2020[2014-15]Status: DisposedITAT Hyderabad03 Sept 2021AY 2014-15

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri Aliasgar RampurwalaFor Respondent: Shri P. Chandra Sekhar
Section 115JSection 143(3)Section 14ASection 80I

57,665 Disallowance of ROC fees 68,75,000 A. Net Business income (-)8,50,55,252 Less: Deduction u/s 80IA Nil Business income (-)8,50,55,252 B. Income from house property 15,49,369 C. Income from STCG 10,44,14,475 D. Income from other sources 17,65,05,274 Gross Total income

DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(1), HYDERABAD vs. NSL RENEWABLE POWER PRIVATE LIMITED, HYDERABAD

In the result, the appeals of the revenue are partly allowed for statistical purposes in above terms

ITA 166/HYD/2020[2016-17]Status: DisposedITAT Hyderabad03 Sept 2021AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahu

For Appellant: Shri Aliasgar RampurwalaFor Respondent: Shri P. Chandra Sekhar
Section 115JSection 143(3)Section 14ASection 80I

57,665 Disallowance of ROC fees 68,75,000 A. Net Business income (-)8,50,55,252 Less: Deduction u/s 80IA Nil Business income (-)8,50,55,252 B. Income from house property 15,49,369 C. Income from STCG 10,44,14,475 D. Income from other sources 17,65,05,274 Gross Total income

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

ITA 1187/HYD/2018[2014-15]Status: DisposedITAT Hyderabad28 Apr 2023AY 2014-15

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 :

For Appellant: Shri Sriram Seshadri, CAFor Respondent: Shri Rajendra Kumar,CIT-DR
Section 115JSection 142(1)Section 143(2)Section 14ASection 14A(3)Section 47Section 56Section 56(2)(viia)Section 56(2)(viiia)

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

DCIT., CIRCLE-8(1), HYDERABAD vs. DBS TECHNOLOGY SERVICES INDIA PRIVATE LIMITED, HYDERABAD

In the result, the appeal of the Revenue is allowed

ITA 151/HYD/2023[2019-20]Status: DisposedITAT Hyderabad21 Jul 2023AY 2019-20

Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2019-20 Deputy Commissioner Of Vs. M/S. Dbs Technology Income Tax, Services India Private Circle – 8(1), Limited, Hyderabad. Hyderabad. Pan : Aafcd5584N (Appellant) (Respondent) C.O.No.2/Hyd/2023 Assessment Year 2019-20 Dbs Technology Services India Vs. Deputy Commissioner Of Private Limited, Income Tax, Circle – 8(1), Hyderabad. Hyderabad. Pan : Aafcd5584N (Cross Objector / (Appellant/Revenue) Respondent) Assessee By: Sri M. P. Lohia, C.A. Revenue By: Shri Jeevan Lal Lavidiya, Cit-Dr Date Of Hearing: 11.07.2023 Date Of Pronouncement: 21.07.2023 आदेश / O R D E R Per Laliet Kumar, Jm: The Appeal & Cross-Objection Filed By The Revenue For A.Y. 2019-20 Arise From The Order Of Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi

For Appellant: Sri M. P. Lohia, C.AFor Respondent: Shri Jeevan Lal Lavidiya, CIT-DR
Section 10ASection 139(1)Section 143(1)

section 57; or (ii) "Income from house property", where assessee does not own more than one house property and does

INCOME TAX OFFICER, WARD-4, WARANGAL vs. GYANA KUMARI ROJANALA , WARANGAL

In the result the appeal is partly allowed

ITA 1779/HYD/2019[2016-17]Status: DisposedITAT Hyderabad30 Aug 2021AY 2016-17

Bench: Smt. P. Madhavi Devi & Shri L.P. Sahu

For Appellant: Shri A.V. Raghuram, ARFor Respondent: Dr. R. Deepak, D.R
Section 2(47)Section 45Section 53ASection 54Section 54F

57,900/- and income from long term capital gain at Rs. 1,40,454/-. On perusal of the documents, it has been observed that the assessee has entered into agreement-cum- general power of attorney with M/s Prakruthi Infrastructure and Developers vide registered document no. 6174 of 2013 executed on 6.11.2013 for development of open land admeasuring 7254 sq.yards situated

NSL RENEWABLE POWER PRIVATE LIMITED ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-16(1), HYDERABAD

In the result, appeal of the assessee is partly allowed in above terms

ITA 600/HYD/2019[2014-15]Status: DisposedITAT Hyderabad04 Jan 2022AY 2014-15

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahuassessment Year: 2014-15 Nsl Renewable Power Pvt. Vs. Asst. Commissioner Of Ltd., Hyderabad. Income-Tax, Circle – 16(1), Pan – Aabcn 6009L Hyderabad. (Appellant) (Respondent) Assessee By: Shri Aliasgar Rampurwala Revenue By: Shri Rajendra Kumar Date Of Hearing: 16/12/2021 Date Of Pronouncement: 04/01/2022

For Appellant: Shri Aliasgar RampurwalaFor Respondent: Shri Rajendra Kumar
Section 115JSection 143(3)Section 14ASection 263Section 56(2)(viia)Section 80I

house property Rs. 13,63,103 Taxable income Rs. 20,23,95,568 e, Thus, the income should be assessed at Rs. 20,23,95,568/- as against income assessed u/s. 143(3) at Rs. 18,66,98,748/-. This resulted in short computation of Income to the tune of Rs. 1,56,96,820/-. 2.1 On this Issue

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

In the result, appeal filed by the Revenue is dismissed

ITA 974/HYD/2017[2008-09]Status: DisposedITAT Hyderabad16 Dec 2024AY 2008-09

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:

For Appellant: Shri K.C. Devdas, CAFor Respondent: : Dr. Meghnath Chowhan, CIT(DR)
Section 17(2)(c)Section 28

57,74,064/- can be taxed under the provisions of Section 28 (iv) of the IT Act. 25. Thus, it is observed that the capital receipts are inherently outside the scope of income which can be taxed u/s 28(iv) of the Act apart from lack of pre-conditions for taxing such benefit that there should be benefit or perquisites

JYOTI AGARWAL, HYDERABAD,HYDERABAD vs. ITO, WARD-14(2), HYDERABAD, HYDERABAD

In the result, appeal of the assessee is dismissed

ITA 703/HYD/2017[2013-14]Status: DisposedITAT Hyderabad24 Jan 2018AY 2013-14

Bench: Smt P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2013-14 Jyoti Agarwal, Hyderabad. Vs. Income-Tax Officer, Ward – 14(2), Hyderabad Pan – Aakpa 6898G (Appellant) (Respondent)

For Appellant: Shri Arun Kumar MalpaniFor Respondent: Smt. Suman Malik
Section 143(1)Section 143(2)Section 57

Section 57 Carefully about the allowability of Expenditure as examined by the Supreme Court of India in the case of CIT Vs Rajendra Prasad Moody, Calcutta ( 1978 )(copy enclosed) . "HELD: what sec 57 (iii) requires is that the expenditure must be laid out or expended wholly and exclusively for the purpose of making or earning income" " ······if there is some

CHANDRA DEVI JAIN ,HYDERABAD vs. INCOME TAX OFFICER, WARD-4(2), HYDERABAD

In the result, all the 4 appeals filed by the assessee are dismissed

ITA 568/HYD/2020[2015-16]Status: DisposedITAT Hyderabad11 Oct 2023AY 2015-16

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumarappeal In Ita No. Assessee Revenue A.Y 565/Hyd/2020 Smt. Madhu Devi Income 2015-16 Jain, Hyderabad Tax Officer Pan:Aejpj5260Q Ward 4(2) Hyderabad 566/Hyd/2020 Shri Rajesh Kumar -Do- 2015-16 Jain, Hyderabad Pan:Acepj6675N 567/Hyd/2020 Shri Ratanlal Jain -Do- 2015-16 Hyderabad Pan:Acepj6676N 568/Hyd/2020 Smt.Chandra Devi -Do- 2015-16 Jain, Hyderabad Pan:Acepj6674P Assessee By: Shri S. Rama Rao, Advocate Revenue By: Shri K. Madhusudan, Cit(Dr)

For Appellant: Shri S. Rama Rao, AdvocateFor Respondent: Shri K. Madhusudan, CIT(DR)
Section 143(3)Section 263Section 54F

57,08,220/-. A perusal of the reply given by the assessee before the Assessing Officer shows that the assessee has sold all the seven flats received from M/s. Ace Venture of India Pvt. Ltd for a consideration of Rs.1,66,23,000/- and after claiming the indexed cost of land given for development and investment in house property

RATANLAL JAIN,HYDERABAD vs. INCOME TAX OFFICER, WARD-4(2) , HYDERABAD

In the result, all the 4 appeals filed by the assessee are dismissed

ITA 567/HYD/2020[2015-16]Status: DisposedITAT Hyderabad11 Oct 2023AY 2015-16

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumarappeal In Ita No. Assessee Revenue A.Y 565/Hyd/2020 Smt. Madhu Devi Income 2015-16 Jain, Hyderabad Tax Officer Pan:Aejpj5260Q Ward 4(2) Hyderabad 566/Hyd/2020 Shri Rajesh Kumar -Do- 2015-16 Jain, Hyderabad Pan:Acepj6675N 567/Hyd/2020 Shri Ratanlal Jain -Do- 2015-16 Hyderabad Pan:Acepj6676N 568/Hyd/2020 Smt.Chandra Devi -Do- 2015-16 Jain, Hyderabad Pan:Acepj6674P Assessee By: Shri S. Rama Rao, Advocate Revenue By: Shri K. Madhusudan, Cit(Dr)

For Appellant: Shri S. Rama Rao, AdvocateFor Respondent: Shri K. Madhusudan, CIT(DR)
Section 143(3)Section 263Section 54F

57,08,220/-. A perusal of the reply given by the assessee before the Assessing Officer shows that the assessee has sold all the seven flats received from M/s. Ace Venture of India Pvt. Ltd for a consideration of Rs.1,66,23,000/- and after claiming the indexed cost of land given for development and investment in house property

MADHU DEVI JAIN ,HYDERABAD vs. INCOME TAX OFFICER, WARD-4(2) , HYDERABAD

In the result, all the 4 appeals filed by the assessee are dismissed

ITA 565/HYD/2020[2015-16]Status: DisposedITAT Hyderabad11 Oct 2023AY 2015-16

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumarappeal In Ita No. Assessee Revenue A.Y 565/Hyd/2020 Smt. Madhu Devi Income 2015-16 Jain, Hyderabad Tax Officer Pan:Aejpj5260Q Ward 4(2) Hyderabad 566/Hyd/2020 Shri Rajesh Kumar -Do- 2015-16 Jain, Hyderabad Pan:Acepj6675N 567/Hyd/2020 Shri Ratanlal Jain -Do- 2015-16 Hyderabad Pan:Acepj6676N 568/Hyd/2020 Smt.Chandra Devi -Do- 2015-16 Jain, Hyderabad Pan:Acepj6674P Assessee By: Shri S. Rama Rao, Advocate Revenue By: Shri K. Madhusudan, Cit(Dr)

For Appellant: Shri S. Rama Rao, AdvocateFor Respondent: Shri K. Madhusudan, CIT(DR)
Section 143(3)Section 263Section 54F

57,08,220/-. A perusal of the reply given by the assessee before the Assessing Officer shows that the assessee has sold all the seven flats received from M/s. Ace Venture of India Pvt. Ltd for a consideration of Rs.1,66,23,000/- and after claiming the indexed cost of land given for development and investment in house property

RAJESH KUMAR JAIN ,HYDERABAD vs. INCOME TAX OFFICER, WARD-4(2) , HYDERABAD

In the result, all the 4 appeals filed by the assessee are dismissed

ITA 566/HYD/2020[2015-16]Status: DisposedITAT Hyderabad11 Oct 2023AY 2015-16

Bench: Shri R.K. Panda, Vice- & Shri Laliet Kumarappeal In Ita No. Assessee Revenue A.Y 565/Hyd/2020 Smt. Madhu Devi Income 2015-16 Jain, Hyderabad Tax Officer Pan:Aejpj5260Q Ward 4(2) Hyderabad 566/Hyd/2020 Shri Rajesh Kumar -Do- 2015-16 Jain, Hyderabad Pan:Acepj6675N 567/Hyd/2020 Shri Ratanlal Jain -Do- 2015-16 Hyderabad Pan:Acepj6676N 568/Hyd/2020 Smt.Chandra Devi -Do- 2015-16 Jain, Hyderabad Pan:Acepj6674P Assessee By: Shri S. Rama Rao, Advocate Revenue By: Shri K. Madhusudan, Cit(Dr)

For Appellant: Shri S. Rama Rao, AdvocateFor Respondent: Shri K. Madhusudan, CIT(DR)
Section 143(3)Section 263Section 54F

57,08,220/-. A perusal of the reply given by the assessee before the Assessing Officer shows that the assessee has sold all the seven flats received from M/s. Ace Venture of India Pvt. Ltd for a consideration of Rs.1,66,23,000/- and after claiming the indexed cost of land given for development and investment in house property

CELESTIAL AVENUES PVT LTD REP. BY CSK PROPERTIES PVT LTD ON MERGER-PAN-AADCC3990R,HYDERABAD. vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE -1(2), HYDERABAD.

In the result, all the appeals of the assessee are allowed

ITA 212/HYD/2024[2017-18]Status: HeardITAT Hyderabad01 Jan 2025AY 2017-18

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha G, Hon’Bleआ.अपी.सं / Ita Nos.212 To 214/Hyd/2019 (निर्धारण वर्ा / Assessment Years: 2006-07, 2007-08 & 2008-09) M/S. Sabir, Sew & The Deputy Commissioner Of Prasad, Jv, Vs. Income Tax, Hyderabad. Circle – 6(1), Hyderabad. Pan : Abcfs2425A अपीलार्थी / Appellant प्रत्‍यर्थी / Respondent

For Appellant: Shri A. Srinivas, C.AFor Respondent: Shri Srinath Sadanala, Sr.DR
Section 132Section 143(2)Section 143(3)Section 153CSection 801ASection 801A(4)Section 80I

house property’, the assessee was eligible for claiming deduction u/s. 80IA(4)(iii) of the Act as ‘business income’, for the reason that the assessee was merely engaged in developing and maintaining infrastructural facilities which arose out of a project approved by the Government of India as an eligible project for claiming deduction u/s. 80IA