ANKIT JAIN,HYDERABAD. vs. ACIT., CENTRAL CIRCLE - 1(2), HYDERABAD

In the result, both the appeals filed by the assessee in ITA Nos

Bench: Us:

reassessment of total income or loss of assessee. (Emphasis supplied) 21. Similarly, the CBDT earlier also vide order dated 06.09.2021, in exercise of its powers under Section 119 of the Act introduced certain exceptions / exclusions to Section 144B of the Act. The said order dated 06.09.2021, for ready reference is again reproduced hereunder: Section 144B(2) of the Income

ANKIT JAIN, HYDERABAD. vs. DCIT., CENTRAL CIRCLE -1(2), HYDERABAD.

In the result, both the appeals filed by the assessee in ITA Nos

Bench: Us:

reassessment of total income or loss of assessee. (Emphasis supplied) 21. Similarly, the CBDT earlier also vide order dated 06.09.2021, in exercise of its powers under Section 119 of the Act introduced certain exceptions / exclusions to Section 144B of the Act. The said order dated 06.09.2021, for ready reference is again reproduced hereunder: Section 144B(2) of the Income

RASHID HUSSAIN,HYDERABAD vs. ACIT., CENTRAL CIRCLE-1(3), HYDERABAD

Bench: SHRI RAVISH SOOD, HON'BLE (Judicial Member), SHRI MADHUSUDAN SAWDIA HON'BLE (Accountant Member)

reassessment of total income or loss of assessee. (Emphasis supplied) 16 Rashid Hussain vs. ACIT 21. Similarly, the CBDT earlier also vide order dated 06.09.2021, in exercise of its powers under Section 119 of the Act introduced certain exceptions / exclusions to Section 144B of the Act. The said order dated 06.09.2021, for ready reference is again reproduced hereunder: Section 144B

ASST. COMMISSIONER OF INCOME TAX, CIRCLE-16(1),, HYDERABAD vs. NUZIVEEDU SEEDS LIMITED, R.R. DIST, HYDERABAD

In the result, all the appeals under consideration are treated as allowed for statistical purposes in above terms

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

255(6) of the Act read with section 131 of the IT Act. 12.10 Moreover, there is no bar in law for the Tribunal to examine the documents/ statements came to it notice either itself or directing the lower authority to examine it. Further the Nuziveedu seeds Ltd., RR dist. assessment or reassessment

NUZIVEEDU SEEDS LIMITED,R.R.DIST. vs. DY.COMMISSIONER OF INCOME TAX, CIRCLE-16(1), HYDERABAD

In the result, all the appeals under consideration are treated as allowed for statistical purposes in above terms

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

255(6) of the Act read with section 131 of the IT Act. 12.10 Moreover, there is no bar in law for the Tribunal to examine the documents/ statements came to it notice either itself or directing the lower authority to examine it. Further the Nuziveedu seeds Ltd., RR dist. assessment or reassessment

ASST. COMMISSIONER OF INCOME TAX, CIRCLE-16(1),, HYDERABAD vs. NUZIVEEDU SEEDS LIMITED, R.R. DIST, HYDERABAD

In the result, all the appeals under consideration are treated as allowed for statistical purposes in above terms

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

255(6) of the Act read with section 131 of the IT Act. 12.10 Moreover, there is no bar in law for the Tribunal to examine the documents/ statements came to it notice either itself or directing the lower authority to examine it. Further the Nuziveedu seeds Ltd., RR dist. assessment or reassessment

NUZIVEEDU SEEDS LIMITED,R.R.DIST. vs. DY.COMMISSIONER OF INCOME TAX, CIRCLE-16(1), HYDERABAD

In the result, all the appeals under consideration are treated as allowed for statistical purposes in above terms

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

255(6) of the Act read with section 131 of the IT Act. 12.10 Moreover, there is no bar in law for the Tribunal to examine the documents/ statements came to it notice either itself or directing the lower authority to examine it. Further the Nuziveedu seeds Ltd., RR dist. assessment or reassessment

BRIGHTCOM GROUP LIMITED (FORMERLY KNOWN AS LYCOS INTERNET LIMITED),HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CIRCLE-16(1),, HYDERABAD

In the result, the appeal filed by the assessee is allowed in terms of our observations given hereinabove

255/- is related to the US Branch sales receivables and for the purpose of consolidation the sales are accounted in the books of the assessee. Hence, the same cannot be treated as income in the hands of the assessee. 2.5. Ought to have appreciated that the assessee need not to pay the tax merely because it is following the mercantile

HARI KRISHNA LEELA PRASAD PALADUGU,HYDERABAD vs. INCOME TAX OFFICER, WARD - 6(1), HYDERABAD

Bench: SHRI G. MANJUNATHA, HON’BLE (Accountant Member), SHRI RAVISH SOOD, HON’BLE (Judicial Member)

255 ITR 258) and the decision of the Hon’ble Gujarat High Court in the case of CIT Vs. Bombay Conductors and Electricals Ltd. (301 ITR 328). 3. The A.O., after considering the submissions of the assessee and also taking note of the fact that, the assessee has violated provisions of Section 269SS of the Act, and more particularly

DCIT, CIRCLE-2(1), TIRUPATHI vs. M/S. SOUTHERN POWER DISTRIBUTION COMPANY OF ANDHRA PRADESH LIMITED,, TIRUPATHI

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

Bench: Smt. P. Madhavi Devi & Shri S.Rifaur Rahmanm/S. Southern Power Vs Dy. Commissioner Of Income Distribution Company Of Tax, Circle 2(1) Andhra Pradesh Ltd Tirupati Tirupati 517 503 Pan: Aahcs 4056 Q Dy. Commissioner Of Vs M/S. Southern Power Distribution Income Tax, Company Of Andhra Pradesh Ltd Circle 2(1) Tirupati 517 503 Tirupati Pan: Aahcs 4056 Q

reassess the company's income, then it would have stated in Section 115J that "income of the company as accepted by the Assessing Officer ................... " 10. The said decision came up for consideration, although in the different context as regards the working out of the depreciation in the decision in Malayala Manorama Co. (supra)., the Apex court upheld the contention

M/S. SOUTHERN POWER DISTRIBUTION COMPANY OF ANDHRA PRADESH LTD.,,HYDERABAD vs. DEPUTY COMMISSIONER OF INCOME TAX,, HYDERABAD

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

Bench: Smt. P. Madhavi Devi & Shri S.Rifaur Rahmanm/S. Southern Power Vs Dy. Commissioner Of Income Distribution Company Of Tax, Circle 2(1) Andhra Pradesh Ltd Tirupati Tirupati 517 503 Pan: Aahcs 4056 Q Dy. Commissioner Of Vs M/S. Southern Power Distribution Income Tax, Company Of Andhra Pradesh Ltd Circle 2(1) Tirupati 517 503 Tirupati Pan: Aahcs 4056 Q

reassess the company's income, then it would have stated in Section 115J that "income of the company as accepted by the Assessing Officer ................... " 10. The said decision came up for consideration, although in the different context as regards the working out of the depreciation in the decision in Malayala Manorama Co. (supra)., the Apex court upheld the contention

RAZIULLA SYED,HYDERABAD vs. ITO (INT TAXN)-2, HYDERABAD

In the result, appeal of the Assessee is allowed

Bench: Shri Vijay Pal Rao & Shri Manjunatha G

reassessment or pre-computation shall be made under section 147 before the expiry of twelve months from the end of the financial year in which the notice under section 148 was served. He submitted that in the instant case the Assessing Officer has issued notice u/sec.148 on 23.04.2021 and the time limit to complete the assessment u/sec.147 was 31.03.2023, whereas

VIRCHOW PETROCHEMICAL PRIVATE LIMITED,HYDERABAD vs. ACIT., CENTRAL CIRCLE-8(1), HYDERABAD

255 (Gujarat), wherein the impugned reassessment proceedings initiated based on a “change of opinion” was set aside by the Hon'ble High Court. 22. Per contra, Ms. U. Mini Chandran, Ld. CIT, DR submitted that as the AO while framing the original assessment vide his order passed under section

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 :

255 (Kar.), wherein the computation of book profit with reference to sections 14A and 115JB has been considered and it is held that Explanation 1 in section 115JB(2) has been inserted so as to provide that if any provision for diminution in the value of any asset has been debited to the profit and loss account, it shall

DEEPA GUPTA,HYDERABAD vs. ACIT, CENTRAL CIRCLE-3(1), HYDERABAD

In the result, all the appeals are allowed

Bench: Shri Manjunatha G. & Shri K.Narasimha Chary

255 ITR 220 (P&H). 13. In view of the fact that neither of the assessees received any notice(s) under section 143(2) of the Act before the expiry of the period to issue notice under such section, in view of the settled position of law stated above, it can safely be concluded that no assessment proceedings were pending

NARENDER KUMAR GUPTA ,HYDERABAD vs. ASSISSTANT COMMISSIONER OF INCOME TAX,CENTRAL CIRCLE-3(1), HYDERABAD

In the result, all the appeals are allowed

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Charyआ.अपी.सं निर्धारण वर्ष अपीलार्थीर्थी / प्रत्‍यर्थी / / Ita No. / A.Y. Appellant Respondent Narender Kumar Gupta, Assistant 45/Hyd/2022 2012-13 Hyderabad Commissioner Of [Pan: Aezpg9653A] Income Tax, 46/Hyd/2022 2013-14 Central Circle-3(1), Virender Kumar Gupta, Hyderabad 47/Hyd/2022 2012-13 Hyderabad [Pan: Aaspg1887D]

255 ITR 220 (P&H). 13. In view of the fact that neither of the assessees received any notice(s) under section 143(2) of the Act before the expiry of the period to issue notice under such section, in view of the settled position of law stated above, it can safely be concluded that no assessment proceedings were pending

NARENDER KUMAR GUPTA ,HYDERABAD vs. ASSISTANT COMMISSIONER OF INCOME TAX ,CENTRAL CIRCLE-3(1), HYDERABAD

In the result, all the appeals are allowed

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Charyआ.अपी.सं निर्धारण वर्ष अपीलार्थीर्थी / प्रत्‍यर्थी / / Ita No. / A.Y. Appellant Respondent Narender Kumar Gupta, Assistant 45/Hyd/2022 2012-13 Hyderabad Commissioner Of [Pan: Aezpg9653A] Income Tax, 46/Hyd/2022 2013-14 Central Circle-3(1), Virender Kumar Gupta, Hyderabad 47/Hyd/2022 2012-13 Hyderabad [Pan: Aaspg1887D]

255 ITR 220 (P&H). 13. In view of the fact that neither of the assessees received any notice(s) under section 143(2) of the Act before the expiry of the period to issue notice under such section, in view of the settled position of law stated above, it can safely be concluded that no assessment proceedings were pending

ASSISTANT COMMISSIONER OF INCOME TAX ,CENTRAL CIRCLE-3(1) , HYDERABAD vs. VIRENDER KUMAR GUPTA , HYDERABAD

In the result, all the appeals are allowed

Bench: Shri Rama Kanta Panda & Shri K. Narasimha Charyआ.अपी.सं निर्धारण वर्ष अपीलार्थीर्थी / प्रत्‍यर्थी / / Ita No. / A.Y. Appellant Respondent Narender Kumar Gupta, Assistant 45/Hyd/2022 2012-13 Hyderabad Commissioner Of [Pan: Aezpg9653A] Income Tax, 46/Hyd/2022 2013-14 Central Circle-3(1), Virender Kumar Gupta, Hyderabad 47/Hyd/2022 2012-13 Hyderabad [Pan: Aaspg1887D]

255 ITR 220 (P&H). 13. In view of the fact that neither of the assessees received any notice(s) under section 143(2) of the Act before the expiry of the period to issue notice under such section, in view of the settled position of law stated above, it can safely be concluded that no assessment proceedings were pending