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

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

house property is concerned, learned CIT(A) directed the learned Assessing Officer to allow the deduction under section 24(b) of the Income Tax Act, 1961 (‘the Act’) on the assessee furnishing the relevant figure of interest. 9. Coming to the treatment of profits from money lending under the head ‘income from other sources’ by the learned Assessing Officer

BALA REDDY GOPU, HYDERABAD,HYDERABAD vs. DCIT, CIRCLE-2(1), HYDERABAD, HYDERABAD

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

Bench: Shri D. Manmohan & Shri S. Rifaur Rahman

house property’ in the normal case however, when the activity and objects of the assessee are mainly to letting out and earning profit is the particular objective, thus, such income can be assessed only under the head ‘income from business’, as held in the case of CIT Vs. Chennai Properties Ltd., 773 ITR 673. In the said judgment

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

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 :

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

SHANTA SRIRAM CONSTRUCTIONS PVT.LTD., HYD,HYDERABAD vs. DCIT, CIRCLE-3(1), HYDERABAD, HYDERABAD

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

Bench: Shri R.K. Panda & Shri Laliet Kumarassessment Year: 2011-12 Shanta Sriram Constructions Vs The Deputy Commissioner Private Limited, Of Income Tax, Hyderabad. Circle 3(1), Hyderabad. Pan : Aadcs4180M. (Appellant) (Respondent) Assessee By: Sri S. Ramarao Revenue By: Sri K.P.R.R. Murthy. Date Of Hearing: 21.07.2022 Date Of Pronouncement: 22.07.2022

house property and on account of interest income. 4. Feeling aggrieved with the order of Assessing Officer, assessee carried the matter before ld.CIT(A), who partly allowed the appeal of the assessee. Page 2 of 9 5. Feeling aggrieved with the order of ld.CIT(A), assessee is in now in appeal before us. 6. In respect to ground No.2, ld.AR

KISHORE MURALIDHAR AGARWAL, SEC'BAD,SECUNDERABAD vs. ITO, WARD-10(4), HYDERABAD, HYDERABAD

In the result, both the appeals of the assessee are dismissed

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

house property, income from salary, income from business being share income from partnership firm M/s Sri Durga Traders and income from other sources being dividend received from various persons/concerns. The share income from partnership firm and the dividend received were claimed as exempt. In the computation of income, assessee claimed loss on account of interest paid to the tune

KISHORE MURALIDHAR AGARWAL, HYDERABAD,SECUNDERABAD vs. ITO, WARD-10(3), HYDERABAD, HYDERABAD

In the result, both the appeals of the assessee are dismissed

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

house property, income from salary, income from business being share income from partnership firm M/s Sri Durga Traders and income from other sources being dividend received from various persons/concerns. The share income from partnership firm and the dividend received were claimed as exempt. In the computation of income, assessee claimed loss on account of interest paid to the tune

VIVIMED LABS LIMITED,HYDERABAD vs. ASSISTANT COMMISSIONER OF INCOME TAX 2(3), HYDERABAD

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

8D does not apply in the absence of exempt income. Coupled with this, the Finance Act, 2022 has inserted an Explanation to section 14A(1) that the impugned disallowance provision is applicable in absence of exempt income as well but with prospective effect only from 01.04.2022 onwards. We reiterate that we are in A.Ys. 2014-14 to 2017- 18 only

VIVIMED LABS LIMITED,HYDERABAD vs. ASSISTANT COMMISSIONER OF INCOME TAX , HYDERABAD

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

8D does not apply in the absence of exempt income. Coupled with this, the Finance Act, 2022 has inserted an Explanation to section 14A(1) that the impugned disallowance provision is applicable in absence of exempt income as well but with prospective effect only from 01.04.2022 onwards. We reiterate that we are in A.Ys. 2014-14 to 2017- 18 only

VIVIMED LABS LIMITED,HYDERABAD vs. 500082 ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE2-(3), HYDERABAD

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

8D does not apply in the absence of exempt income. Coupled with this, the Finance Act, 2022 has inserted an Explanation to section 14A(1) that the impugned disallowance provision is applicable in absence of exempt income as well but with prospective effect only from 01.04.2022 onwards. We reiterate that we are in A.Ys. 2014-14 to 2017- 18 only

VIVIMED LABS LIMITED,HYDERABAD vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE2-(3), HYDERABAD

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

8D does not apply in the absence of exempt income. Coupled with this, the Finance Act, 2022 has inserted an Explanation to section 14A(1) that the impugned disallowance provision is applicable in absence of exempt income as well but with prospective effect only from 01.04.2022 onwards. We reiterate that we are in A.Ys. 2014-14 to 2017- 18 only

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

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

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

VARSHA VISWANATH PROPERTIES PRIVATE LIMITED,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), HYDERABAD

In the result, all the appeals filed by the assessee as well as the Revenue are treated as allowed for statistical purposes

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

housing plots at "Haritavanam project". In such process, M/s Bhuvanesh Constructions and Developers collected the total receipts from sale of plots and transferred the same to the assessee company. The sale receipts admitted in the return of income by the assessee company in respect of Haritavanam Project for various years are as under: AY. 2014-15 AY. 2015-16 Total

VARSHA VISWANATH PROPERTIES PRIVATE LIMITED,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), HYDERABAD

In the result, all the appeals filed by the assessee as well as the Revenue are treated as allowed for statistical purposes

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

housing plots at "Haritavanam project". In such process, M/s Bhuvanesh Constructions and Developers collected the total receipts from sale of plots and transferred the same to the assessee company. The sale receipts admitted in the return of income by the assessee company in respect of Haritavanam Project for various years are as under: AY. 2014-15 AY. 2015-16 Total

DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(3), HYDERABAD vs. VARSHA VISWANATH PROPERTIES PRIVATE LIMITED, HYDERABAD

In the result, all the appeals filed by the assessee as well as the Revenue are treated as allowed for statistical purposes

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

housing plots at "Haritavanam project". In such process, M/s Bhuvanesh Constructions and Developers collected the total receipts from sale of plots and transferred the same to the assessee company. The sale receipts admitted in the return of income by the assessee company in respect of Haritavanam Project for various years are as under: AY. 2014-15 AY. 2015-16 Total

VARSHA VISWANATH PROPERTIES PRIVATE LIMITED,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), HYDERABAD

In the result, all the appeals filed by the assessee as well as the Revenue are treated as allowed for statistical purposes

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

housing plots at "Haritavanam project". In such process, M/s Bhuvanesh Constructions and Developers collected the total receipts from sale of plots and transferred the same to the assessee company. The sale receipts admitted in the return of income by the assessee company in respect of Haritavanam Project for various years are as under: AY. 2014-15 AY. 2015-16 Total

DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(3), HYDERABAD vs. VARSHA VISWANATH PROPERTIES PRIVATE LIMITED, HYDERABAD

In the result, all the appeals filed by the assessee as well as the Revenue are treated as allowed for statistical purposes

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

housing plots at "Haritavanam project". In such process, M/s Bhuvanesh Constructions and Developers collected the total receipts from sale of plots and transferred the same to the assessee company. The sale receipts admitted in the return of income by the assessee company in respect of Haritavanam Project for various years are as under: AY. 2014-15 AY. 2015-16 Total

DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(3), HYDERABAD vs. VARSHA VISWANATH PROPERTIES PRIVATE LIMITED , HYDERABAD

In the result, all the appeals filed by the assessee as well as the Revenue are treated as allowed for statistical purposes

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

housing plots at "Haritavanam project". In such process, M/s Bhuvanesh Constructions and Developers collected the total receipts from sale of plots and transferred the same to the assessee company. The sale receipts admitted in the return of income by the assessee company in respect of Haritavanam Project for various years are as under: AY. 2014-15 AY. 2015-16 Total

DY. COMMISSIONER OF INCOME TAX , CENTRAL CIRCLE-2(3), HYDERABAD vs. VARSHA VISWANATH PROPERTIES PRIVATE LIMITED , HYDERABAD

In the result, all the appeals filed by the assessee as well as the Revenue are treated as allowed for statistical purposes

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

housing plots at "Haritavanam project". In such process, M/s Bhuvanesh Constructions and Developers collected the total receipts from sale of plots and transferred the same to the assessee company. The sale receipts admitted in the return of income by the assessee company in respect of Haritavanam Project for various years are as under: AY. 2014-15 AY. 2015-16 Total