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2 results for “reassessment”+ Section 36(1)(viia)clear

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Key Topics

Section 14A10Section 56(2)(viia)4Section 36(1)(vii)3Section 362Section 472Disallowance2Addition to Income2

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 47
Section 56
Section 56(2)(viia)
Section 56(2)(viiia)

reassessment proceedings for AY 2012-13.” 13.2. The ld.DR had submitted that the reliance on provisions of section 47 of the Act by the ld.CIT(A) was incorrect as the income which is not chargeable to Income Tax under any of the heads specified in section 14 items A to E shall be charged to Income Tax under the head

VICTORY ELECTRICALS LIMITED, MEDCHAL,R.R.DIST vs. DCIT, CIRCLE-17(2), HYDERABAD, HYDERABAD

The appeal of the assessee is allowed for statistical purposes

ITA 738/HYD/2017[2012-13]Status: DisposedITAT Hyderabad14 Jul 2022AY 2012-13

Bench: Shri Rama Kanta Panda & Shri Laliet Kumarassessment Year: 2012-13 Victory Electricals Ltd., V Dcit,Circle-17(2) Plot No.8, Survey No.855, S. Signature Towers Ida, Medchal, Kondapur Ranga Reddy, Hyderabad Hyderabad-501 401

For Appellant: Shri S.Rama Rao, AdvocateFor Respondent: Shri Dr.Rajendra Kumar,CIT-DR
Section 14ASection 32(2)Section 36Section 36(1)(vii)

viia) and such account shall relate to all types of advances, including advances made by rural branches;] 5.1 Undoubtedly, it is required for the assessee to prove that amount of such debt or part thereof has been taken into account in computing the income of the assessee of the previous year, before such amount was irrecoverable . However, despite the opportunities