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

In the result, all the appeals of assessees are dismissed

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

68, thus the same has to be removed from the computation of business income and the resultant business loss will increase accordingly. The Assessing Officer is directed to recompute the same. In view of the above directions, the ground no.5 is partly allowed. The ground no.7 pertains to levy of interest u/s 234A and 2348. The appellants stated that

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

In the result, all the appeals of assessees are dismissed

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

68, thus the same has to be removed from the computation of business income and the resultant business loss will increase accordingly. The Assessing Officer is directed to recompute the same. In view of the above directions, the ground no.5 is partly allowed. The ground no.7 pertains to levy of interest u/s 234A and 2348. The appellants stated that

SUPREME AGRO,HYDERABAD vs. ACIT CENTRAL CIRCLE-3 (1), HYDERABAD

In the result, all the appeals of assessees are dismissed

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

68, thus the same has to be removed from the computation of business income and the resultant business loss will increase accordingly. The Assessing Officer is directed to recompute the same. In view of the above directions, the ground no.5 is partly allowed. The ground no.7 pertains to levy of interest u/s 234A and 2348. The appellants stated that

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

exemption under Section 54F of the\nAct and allowed the appeal, observing as under:\nI have carefully perused the assessment order passed by the AO, grounds of appeal\nraised, statement of facts & written submissions furnished by the appellant. Before moving\nfurther let me reproduce the Section 54F of the Act as it stood applicable

MUSADDILAL GEMS JEWELS PRIVATE LIMITED ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3(1), HYDERABAD

In the result, we uphold the addition of Rs

Bench: Before Shri Rama Kanta Panda & Shri Laliet Kumar

section 68 should be satisfied together and further cast the initial burden of proving the credits in their books on the assessee are relied upon: The Apex Court in the landmark case of Kalekhan Mohd Haneef Vs CIT (1963) 50 ITR 01 (SC) and Roshan Di Hatti Vs CIT (1977) (107 ITR (SC) laid down that the onus of proving

VAISHNAVI BULLION PRIVATE LIMITED ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3(1), HYDERABAD

In the result, we uphold the addition of Rs

Bench: Before Shri Rama Kanta Panda & Shri Laliet Kumar

section 68 should be satisfied together and further cast the initial burden of proving the credits in their books on the assessee are relied upon: The Apex Court in the landmark case of Kalekhan Mohd Haneef Vs CIT (1963) 50 ITR 01 (SC) and Roshan Di Hatti Vs CIT (1977) (107 ITR (SC) laid down that the onus of proving

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE3-(1), HYDERABAD vs. VAISHNAVI BULLION PRIVATE LIMITED, HYDERABAD

In the result, we uphold the addition of Rs

Bench: Before Shri Rama Kanta Panda & Shri Laliet Kumar

section 68 should be satisfied together and further cast the initial burden of proving the credits in their books on the assessee are relied upon: The Apex Court in the landmark case of Kalekhan Mohd Haneef Vs CIT (1963) 50 ITR 01 (SC) and Roshan Di Hatti Vs CIT (1977) (107 ITR (SC) laid down that the onus of proving

ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE3-(1), HYDERABAD vs. M/S. MUSADDILAL GEMS AND JEWELS PRIVATE LIMITED, HYDERABAD

In the result, we uphold the addition of Rs

Bench: Before Shri Rama Kanta Panda & Shri Laliet Kumar

section 68 should be satisfied together and further cast the initial burden of proving the credits in their books on the assessee are relied upon: The Apex Court in the landmark case of Kalekhan Mohd Haneef Vs CIT (1963) 50 ITR 01 (SC) and Roshan Di Hatti Vs CIT (1977) (107 ITR (SC) laid down that the onus of proving

ACIT., CIRCLE-5(1), HYDERABAD vs. PENNA CEMENT INDUSTRIES LIMITED, HYDERABAD

68 in respect of alleged bogus transactions with M/s. Lakshin Infradev Pvt. Ltd: Rs. 1,29,91,000/-, determined he income of the assessee company vide his order passed under section 143(3) r.w.s 144B of the Act, dated 26/09/2021 at Rs. 256,91,48,125/-. 5. Aggrieved, the assessee company carried the matter in appeal before the CIT(Appeals

SRIDHAR REDDY BAYAPU,HYDERABAD vs. DCIT., CIRCLE-3(1), HYDERABAD

Bench: Us:

exemption notification which is subject to strict interpretation, the benefit of such ambiguity, it must be interpreted in favour of the Revenue. In the present appeal, the appellant had not complied with the mandatory provisions of section 54(2). The AO has also recorded a finding that no amount has been withdrawn out fo the sale proceeds

ANANDA PRASAD VENIGALA,HYDERABAD vs. DCIT, CIRCLE-1(1), HYDERABAD

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

Bench: Shri Ravish Sood & Shri Madhusudan Sawdiaआ.अपी.सं /Ita No.1384/Hyd/2024 (निर्धारण वर्ा/Assessment Year:2017-18) Shri Ananda Prasad Venigala, Dy. Commissioner Of Income Tax, Vs. Circle-1(1), Hyderabad. Hyderabad. Pan:Aewpp1096B (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee By: Shri S. Rama Rao, Advocate रधजस् व द्वधरध/Revenue By:: Dr. Sachin Kumar, Sr-Dr सुिवधई की तधरीख/Date Of Hearing: 31/07/2025 घोर्णध की तधरीख/Pronouncement: 06/08/2025 आदेश/Order Per Madhusudan Sawdia, A.M.: This Appeal Is Filed By Shri Ananda Prasad Venigala (“The Assessee”), Feeling Aggrieved By The Order Passed By The Learned Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi (“Ld. Cit(A)”), Dated 18.11.2024 For The A.Y. 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal :

exempt under Section 10(2A) of the Act. 7. With respect to the addition under Section 68, the Ld. AR submitted

ACIT., CIRCLE-5(1), HYDERABAD vs. PENNA CEMENT INDUSTRIES LIMITED, HYDERABAD

68 in respect\nof alleged bogus transactions with M/s. Lakshin Infradev Pvt. Ltd: Rs.\n1,29,91,000/-, determined he income of the assessee company vide his\norder passed under section 143(3) r.w.s 144B of the Act, dated\n26/09/2021 at Rs. 256,91,48,125/-.\n5.\nAggrieved, the assessee company carried the matter in appeal\nbefore the CIT(Appeals

ANIRUDH VENKATA RAGI ,HYDERABAD vs. INCOME TAX OFFICER, WARD-4(2), HYDERABAD

In the result, appeal of the assessee is dismissed

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

exempt from tax, the shares were acquired by the assessee, and received physically constitute capital asset. In respect of applicability of the provisions of Section 45 of the Act, he submitted that any gains derived on transfer of capital asset, is assessable under the head “capital gain”. He, therefore, submitted that it cannot be said that the assessee

SHANKAR LAL AGARWAL,HYDERABAD vs. INCOME TAX OFFICER, WARD-16(2), HYDERABAD

In the result, appeal of the assessee is dismissed

Bench: Shri K. Narasimha Chary

exempt from tax, the shares were acquired by the assessee, and received physically constitute capital asset. In respect of applicability of the provisions of Section 45 of the Act, she submitted that any gains derived on transfer of capital asset, is assessable under the head “capital gain”. She, therefore, Page 4 of 27 submitted that it cannot be said that

SURAKA EDUCATIONAL SOCIETY,RANGA REDDY DISTRICT vs. INCOME TAX OFFICER (EXEMPTIONS), WARD-1(4), HYDERABAD

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

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

section 68 of the Act, Rs.20,48,840/- as unexplained advances received u/s.68 of the Act, Rs.5,90,918/- as ad hoc disallowance of 20% of various expenses and Rs.2,07,521/- as surplus of income over expenditure upon denial of exemption

(LATE) AUDINARAYANA REDDY ALTHURI REP.BY L/R MAHESH REDDY ALTHURI,HYDERABAD vs. ACIT, CENTRAL CIRCLE-2(1), HYDERABAD

In the result, appeal of the Assessee is allowed

exemption claimed by the assessee under\nsection 10(38) of the Act and made addition of\nRs.5,96,11,906/- as unexplained cash credits under section\n68 of the Act.\n3.\nAggrieved by the assessment order, the assessee\nfiled an appeal before the learned CIT(A). Before the learned\nCIT(A), the assessee challenged the validity of assessment\norder passed

VISHAN RAJ JAIN (HUF),HYDERABAD vs. ACIT CENTRAL CIRCLE-1 (2), HYDERABAD

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

Bench: Shri Rama Kanta Panda & Shri Laliet Kumarassessment Year: 2016-17 Vishan Raj Jain (Huf) Vs. Acit, Central Circle-1(2) 6-3-650, G7 6-3-650, G7, Aaykar Bhawan Maheswari Chambers Opp:L.B.Stadium Somajiguda Basheer Bagh Telangana-500 082 Hyderabad-500 004

exempt income u/s 10(38). Reliance is also placed on the decision of the Hon'ble Supreme Court in the case of CIT vs P. Mohankala (15/05/2007) wherein the SC held that mere banking transactions are not sufficient to consider the transaction bonafide and observed as under- "The question is what is the true nature and scope of Section 68

SPECTRA EQUIPMENT PRIVATE LIMITED,HYDERABAD vs. INCOME TAX OFFICER, WARD 3(1),, HYDERABAD

In the result, the appeal of the assessee is dismissed

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdiaassessment Year: 2017-18 Spectra Equipment Private Vs. The Income Tax Officer, Ward 3(1), Limited, Hyderabad. Hyderabad. Pan No.Aaccs8677C. (Appellant) (Respondent) Assessee By: Ms. Akanksha, C.A. For Shri Sunil Kumar Jain, C.A. Revenue By: Ms. Narmada, Cit-Dr For Shri Madan Mohan Meena, Sr.D.R. Date Of Hearing: 11.12.2024 Date Of Pronouncement: 18.12.2024

exemption provided by the Act lies upon the assessee. But in view of section 68, where any sum is found

LYCOS INTERNET LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(1), HYDERABAD

In the result, appeal filed by the assessee is allowed

exemption u/s 10AA of the Act. The assessee also set off brought forward unabsorbed depreciation of Rs.11,68,93,844/- and book profit u/s 115JB of the Act was admitted at Rs.32,82,86,986/-. During the scrutiny assessment u/s 143(3), the Assessing Officer has made various disallowances and computed the taxable income under the normal provisions