PUJALA MAHESH BABU,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), HYDERABAD

In the result, all the four appeals filed by the assessee are partly allowed and the only appeal filed by the Revenue is dismissed

Bench: Shri R.K. Panda & Shri K. Narasimha Charyappeal In Ita No Assessee Revenue A.Y 132/Hyd/2018 Shri Pujala Mahesh A.C.I.T. Central 2012-13 Babu, Hyderabad Circle-2(3) Hyderabad Pan:Aeppp5729L 133/Hyd/2019 -Do- -Do- 2013-14 134/Hyd/2019 -Do- -Do- 2014-15 135/Hyd/2019 -Do- -Do- 2015-16 126/Hyd/2019 A.C.I.T. Central Shri Pujala Mahesh 2013-14 Circle-2(3) Babu, Hyderabad Hyderabad Pan:Aeppp5729L Assessee By: Shri S. Rama Rao, Advocate Revenue By: Shri Solgy Jose T. Kottaram,Dr

section 68 & 69 of the Act have no application in absence of maintenance of books of account, we accept the alternate contention of the assessee that only 40% of the amount should be added. We direct the Assessing Officer to restrict the addition to 40% of Rs.94,50,000/- as against the whole amount made by the Assessing Officer

PUJALA MAHESH BABU,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), HYDERABAD

In the result, all the four appeals filed by the assessee are partly allowed and the only appeal filed by the Revenue is dismissed

Bench: Shri R.K. Panda & Shri K. Narasimha Charyappeal In Ita No Assessee Revenue A.Y 132/Hyd/2018 Shri Pujala Mahesh A.C.I.T. Central 2012-13 Babu, Hyderabad Circle-2(3) Hyderabad Pan:Aeppp5729L 133/Hyd/2019 -Do- -Do- 2013-14 134/Hyd/2019 -Do- -Do- 2014-15 135/Hyd/2019 -Do- -Do- 2015-16 126/Hyd/2019 A.C.I.T. Central Shri Pujala Mahesh 2013-14 Circle-2(3) Babu, Hyderabad Hyderabad Pan:Aeppp5729L Assessee By: Shri S. Rama Rao, Advocate Revenue By: Shri Solgy Jose T. Kottaram,Dr

section 68 & 69 of the Act have no application in absence of maintenance of books of account, we accept the alternate contention of the assessee that only 40% of the amount should be added. We direct the Assessing Officer to restrict the addition to 40% of Rs.94,50,000/- as against the whole amount made by the Assessing Officer

ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), HYDERABAD vs. PUJALA MAHESH BABU , RANGA REDDY

In the result, all the four appeals filed by the assessee are partly allowed and the only appeal filed by the Revenue is dismissed

Bench: Shri R.K. Panda & Shri K. Narasimha Charyappeal In Ita No Assessee Revenue A.Y 132/Hyd/2018 Shri Pujala Mahesh A.C.I.T. Central 2012-13 Babu, Hyderabad Circle-2(3) Hyderabad Pan:Aeppp5729L 133/Hyd/2019 -Do- -Do- 2013-14 134/Hyd/2019 -Do- -Do- 2014-15 135/Hyd/2019 -Do- -Do- 2015-16 126/Hyd/2019 A.C.I.T. Central Shri Pujala Mahesh 2013-14 Circle-2(3) Babu, Hyderabad Hyderabad Pan:Aeppp5729L Assessee By: Shri S. Rama Rao, Advocate Revenue By: Shri Solgy Jose T. Kottaram,Dr

section 68 & 69 of the Act have no application in absence of maintenance of books of account, we accept the alternate contention of the assessee that only 40% of the amount should be added. We direct the Assessing Officer to restrict the addition to 40% of Rs.94,50,000/- as against the whole amount made by the Assessing Officer

PUJALA MAHESH BABU ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), HYDERABAD

In the result, all the four appeals filed by the assessee are partly allowed and the only appeal filed by the Revenue is dismissed

Bench: Shri R.K. Panda & Shri K. Narasimha Charyappeal In Ita No Assessee Revenue A.Y 132/Hyd/2018 Shri Pujala Mahesh A.C.I.T. Central 2012-13 Babu, Hyderabad Circle-2(3) Hyderabad Pan:Aeppp5729L 133/Hyd/2019 -Do- -Do- 2013-14 134/Hyd/2019 -Do- -Do- 2014-15 135/Hyd/2019 -Do- -Do- 2015-16 126/Hyd/2019 A.C.I.T. Central Shri Pujala Mahesh 2013-14 Circle-2(3) Babu, Hyderabad Hyderabad Pan:Aeppp5729L Assessee By: Shri S. Rama Rao, Advocate Revenue By: Shri Solgy Jose T. Kottaram,Dr

section 68 & 69 of the Act have no application in absence of maintenance of books of account, we accept the alternate contention of the assessee that only 40% of the amount should be added. We direct the Assessing Officer to restrict the addition to 40% of Rs.94,50,000/- as against the whole amount made by the Assessing Officer

PUJALA MAHESH BABU ,HYDERABAD vs. ASST. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2(3), HYDERABAD

In the result, all the four appeals filed by the assessee are partly allowed and the only appeal filed by the Revenue is dismissed

Bench: Shri R.K. Panda & Shri K. Narasimha Charyappeal In Ita No Assessee Revenue A.Y 132/Hyd/2018 Shri Pujala Mahesh A.C.I.T. Central 2012-13 Babu, Hyderabad Circle-2(3) Hyderabad Pan:Aeppp5729L 133/Hyd/2019 -Do- -Do- 2013-14 134/Hyd/2019 -Do- -Do- 2014-15 135/Hyd/2019 -Do- -Do- 2015-16 126/Hyd/2019 A.C.I.T. Central Shri Pujala Mahesh 2013-14 Circle-2(3) Babu, Hyderabad Hyderabad Pan:Aeppp5729L Assessee By: Shri S. Rama Rao, Advocate Revenue By: Shri Solgy Jose T. Kottaram,Dr

section 68 & 69 of the Act have no application in absence of maintenance of books of account, we accept the alternate contention of the assessee that only 40% of the amount should be added. We direct the Assessing Officer to restrict the addition to 40% of Rs.94,50,000/- as against the whole amount made by the Assessing Officer

MEENAKSHI VENTURES AND HOLDINGS INDIA PRIVATE LIMITED,HYDERABAD vs. INCOME TAX OFFICER WARD 16(1), HYDERABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Laliet Kumarassessment Year: 2019-20 Meenakshi Ventures & Vs. The Income Tax Officer, Holdings India Private Ward – 16(1), Limited, Hyderabad. Hyderabad. Plot No.119, Meenkashi, Road No.10, Jubilee Hills, Telangana – 500033. Pan : Aagcm4362C. (Appellant) (Respondent) Assessee By: Shri Sai Sari Konda, C.A. Revenue By: Shri Ranjan Agarwala, Sr.Ar Date Of Hearing: 08.04.2024 Date Of Pronouncement: 08.04.2024

68[under section 12A or section 12AA or section 12AB].]] 7.1. A “specified assessee” is substituted for "an assessee, being an individual, a Hindu undivided family or a firm" by the Finance Act, 2017, w.e.f. 1-4-2017. 7.2 Section 10(34) provides as under : Any income by way of dividends referred to in section

RAVI RISHI EDUCATIONAL SOCIETY ,HYDERABAD vs. ACIT CENTRAL CIRCLE-2 (4), HYDERABAD

In the result, the solitary ground raised by the Revenue in the appeals are dismissed

Bench: Shri R.K. Panda & Shri K. Narasimha Charyassessment Year: 2017-18 Ravi Rishi Educational A.C.I.T. Society, Hyderabad Central Circle 2(4) Pan:Aaaar1952M Hyderabad (Appellant) (Respondent) Assessee By: Shri P. Murali Mohan Rao Revenue By: Shri Esthen N Hangal, Dr Date Of Hearing: 07/06/2022 Date Of Pronouncement: 19/07/2022 Order Per R.K. Panda, A.M This Appeal Filed By The Assessee Is Directed Against The Order Dated 21/04/2022 Of The Learned Cit (A)-12, Hyderabad Relating To A.Y.2017-18. 2. Facts Of The Case, In Brief, Are That The Assessee Is An Aop & Registered U/S 12A Of The I.T. Act Vide Proceedings Of The Director Of Income Tax (Exemption) Hyderabad In F.No.Hqrs/I/15/12A/Dit(E) Dated 27.02.2003. The Assessee Filed Its Original Return Of Income For The A.Y 2017-18 On 06.11.2017 Admitting Total Income Of Rs.Nil. M/S. Ravi Rishi Educational Society Is Run By Close Family Members Mr.N.Rajababu, Mr.Ramesh Babu, Mrs. N. Sulochana, Mrs. N. Yashoda, Mrs. N.

68 of the Act. When the Revenue challenged the order of the Tribunal, the Hon'ble Delhi High Court dismissed the appeal of the Revenue by observing as under: “6. We find that the words 'derived from' (or some other similar words) do not occur in section 10(22) of the Act and, therefore, the word 'income' as occurring

ACIT., CENTRAL CIRCLE-2(4), , HYDERABAD vs. M/S. MAITHRI LABORATORIES PRIVATE LIMITED, HYDERABAD

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon'Ble

68,95,756 14,09,92,643 2020-21 5,12,22,731 3,27,38,075 1,02,22,479 48,55,404 2,67,81,999 12,58,20,688 2021-22 5,57,69,012 1,62,07,177 58,57,556 41,70,416 3,24,22,875 9,03,945 11,53,30,981 Total

MAITHRI LABORATORIES PRIVATE LIMITED,HYDERABAD vs. ACIT., CENTRAL CIRCLE-2(4), HYDERABAD

115-\nO r.w.s.115Q of the Income Tax Act, 1961 for A.Ys.2019-20 and\n2020-21 in the hands of the assessee. The relevant findings of the\nTribunal are as under:\n“15. We have heard both parties, perused the materials available on\nrecord and gone through the orders of the authorities below. We have\nalso carefully considered the plethora

MSN PHARMACHEM PRIVATE LIMITED,HYDERABAD vs. ACIT., CENTRAL CIRCLE-2(4), HYDERABAD

Appeal are dismissed

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Ble

68,95,756 - 14,09,92,643 2020-21 5,12,22,731 3,27,38,075 1,02,22,479 48,55,404 2,67,81,999 - 12,58,20,688 2021-22 5,57,69,012 1,62,07,177 58,57,556 41,70,416 3,24,22,875 9,03,945 11,53,30,981 Total

MSN PHARMACHEM PRIVATE LIMITED,HYDERABAD vs. ACIT., CENTRAL CIRCLE-2(4), HYDERABAD

Appeal are dismissed

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Ble

68,95,756 - 14,09,92,643 2020-21 5,12,22,731 3,27,38,075 1,02,22,479 48,55,404 2,67,81,999 - 12,58,20,688 2021-22 5,57,69,012 1,62,07,177 58,57,556 41,70,416 3,24,22,875 9,03,945 11,53,30,981 Total

MSN PHARMACHEM PRIVATE LIMITED,HYDERABAD vs. ACIT., CENTRAL CIRCLE-2(4), HYDERABAD

In the result, the appeals filed by the assessee for assessment years 2019-20 and 2020-21 are partly allowed

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Ble

115-O and would indirectly benefit the common shareholder; thus, the said payments fall under the deeming provisions of Section 2(22)(e) of the Act. Therefore, considering the nature of transactions between the parties, the quantum of payment, and also by considering the CBDT Circular No.19/2017 dated 12-6-2017 coupled the details of amount paid

MSN PHARMACHEM PRIVATE LIMITED,HYDERABAD vs. ACIT., CENTRAL CIRCLE-2(4), HYDERABAD

In the result, the appeals filed by the assessee for assessment years 2019-20 and 2020-21 are partly allowed

Bench: Shri Laliet Kumar, Hon’Ble & Shri G. Manjunatha, Hon’Ble

115-O and would indirectly benefit the common shareholder; thus, the said payments fall under the deeming provisions of Section 2(22)(e) of the Act. Therefore, considering the nature of transactions between the parties, the quantum of payment, and also by considering the CBDT Circular No.19/2017 dated 12-6-2017 coupled the details of amount paid

GANGADHAR AGARWAL,NIZAMABAD vs. ITO., WARD-1, NIZAMABAD

115 BBE was inserted by Finance Act 2012 w.e.f 01.04.2013. As on\n01.04.2016 the financial year in which the subject seizures occurred Section 155BBE provided for\n30% tax on income refereed to in Sections 68

DY. COMMISSIONER OF INCOME TAX , CIRCLE-2(2), HYDERABAD vs. HSBC ELECTRONIC DATA PROCESSING INDIA PRIVATE LIMITED, , HYDERABAD

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

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

115]B of the Act is a self-contained code and the AO has no jurisdiction to alter the book profit except to the extent provided in the explanation to section 115JB of the Act; Disallowances of expenditures: ITA Nos.1613 & 1632/Hyd/2017 Page 3 2. erred in upholding the AO's action of disallowing the expenses claimed under section

SPANDANA SPHOORTY FINANCIAL LTD., HYD,HYDERABAD vs. DCIT, CIRCLE-3(2), HYD, HYDERABAD

Bench: Smt. P. Madhavi Devi & Shri Laxmi Prasao Sahuassessment Year: 2011-12 Spandana Sphoorty Vs Dy. Commissioner Of Financials Ltd., Income Tax, Circle-3(2), Hyderabao. Hyderabao. Pan – Aaics 6213N (Appellant) (Respondent) Assessment Year: 2011-12 Dy. Commissioner Of Vs Spandana Sphoorty Income Tax, Circle-3(2), Financials Ltd., Hyderabad. Hyderabad. Pan – Aaics 6213N (Appellant) (Respondent) Assessee By: Shri G.V.N. Hari Revenue By: Shri Y.V.S.T. Sai Date Of Hearing: 10/08/2021 Date Of Pronouncement: 04/10/2021 O R D E R Per L.P. Sahu, A.M.:

115 Portfolio assigned for (D) : Rs. 107 Profit recorded in books-and offered for taxation (D-A) : Rs. 7 Since the amount received on portfolio assignment is always higher than the book value, the Company always records a profit on such assignment and has been offering the same for taxation. Loss on assigned portfolio during FY 2010-11 The Andhra

DCIT, CIRCLE-3(2), HYDERABAD, HYDERABAD vs. SPANDANA SPHOORTHY FINANCIAL LTD., HYD, HYDERABAD

Bench: Smt. P. Madhavi Devi & Shri Laxmi Prasao Sahuassessment Year: 2011-12 Spandana Sphoorty Vs Dy. Commissioner Of Financials Ltd., Income Tax, Circle-3(2), Hyderabao. Hyderabao. Pan – Aaics 6213N (Appellant) (Respondent) Assessment Year: 2011-12 Dy. Commissioner Of Vs Spandana Sphoorty Income Tax, Circle-3(2), Financials Ltd., Hyderabad. Hyderabad. Pan – Aaics 6213N (Appellant) (Respondent) Assessee By: Shri G.V.N. Hari Revenue By: Shri Y.V.S.T. Sai Date Of Hearing: 10/08/2021 Date Of Pronouncement: 04/10/2021 O R D E R Per L.P. Sahu, A.M.:

115 Portfolio assigned for (D) : Rs. 107 Profit recorded in books-and offered for taxation (D-A) : Rs. 7 Since the amount received on portfolio assignment is always higher than the book value, the Company always records a profit on such assignment and has been offering the same for taxation. Loss on assigned portfolio during FY 2010-11 The Andhra

ASST. COMMISSIONER OF INCOME TAX, CIRCLE-4(1), HYDERABAD vs. NARAHARI GANTA, HYDERABAD

Appeal is dismissed in above terms

Bench: Shri S.S. Godara & Shri L. P. Sahu(Through Virtual Hearing) Asst. Commissioner Of Income Tax, Circle 4(1), Hyderabad. …..Appellant. Vs. Shri Narahari Ganta, Hyderabad. Pan Amapg 1122D …..Respondent. Appellant By : Shri Rohit Majumdar (D.R.) Respondent By : None. Date Of Hearing : 30.09.2021. Date Of Pronouncement : 07.10.2021. O R D E R Per Shri S.S. Godara, J.M. : This Assessee’S Appeal For Asst. Year 2014-15 Arises From The Commissioner Of Income Tax (Appeals)-1, Hyderabad’S Order Dt.28.03.2018 Passed In Case No.0282/Cit(A)-1/Hyd/2016-17/2017-18 In Proceedings Under Section 144 Of Income Tax Act, 1961 (‘The Act’).

section 68 addition but also there can hardly be any dispute that the corresponding fixed assets have been held eligible for the corresponding depreciation claim. We thus conclude that the Revenue’s instant mutually contradictory approach does not deserve to be accepted. 4. The factual position found is no different regarding the remaining parties i.e. Sri Thata Naga Raju

PRATHIMA INFRASTRUCTURE LIMITED,HYDERABAD vs. DCIT., CENTRAL CIRCLE-2(4), HYDERABAD

In the result, appeals filed by the Revenue are dismissed

68,087/-. 86. The facts with regard to the impugned issue are that the A.O., on the basis of statement recorded from Sri Kurra Jogeshwara Rao, Director of Avexa Corporation Private Limited, during the course of search, treated the sub-contract awarded by the assessee as non-genuine and concluded that the payments made to Avexa Corporation Private Limited were