ACIT, CENTRAL CIRCLE-2(2), HYDERABAD vs. DEVENDER RAO GORUKANTI, HYDERABAD

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

Bench: Shri Rama Kanta Panda & Shri Laliet Kumarassessment Year: 2021-22 Acit,Cc-2(2) Vs Devender Rao Gourkanti Room No.616,6Th Floor . H.No.8-2-293/82/Nl/231 Aaykar Bhawan Mla Mp Colony Basheerbagh Jubilee Hills Hyderabad-500 004 Hyderabad-500 033 Pan : Akepg7452N (Appellant) (Respondent) Assessee By: Shri H.Srinivasulu Revenue By: Shri K.P.R.R.Murthy, Sr.Ar Date Of Hearing: 20.03.2023 Date Of Pronouncement: 31.05.2023 O R D E R Per Shri Rama Kanta Panda (A.M.): This Appeal Filed By The Assessee Is Directed Against The Order Dated 16.06.2022 Of The Learned Commissioner Of Income Tax (Appeals)-12, Hyderabad Relating To Ay 2021-22. 2. Facts Of The Case, In Brief, Are That The Assessee Is An Individual & Partner In M/S. Yashoda Helathcare Services Pvt.Ltd & Derives Partner’S Remuneration & Interest On Capital. He Filed His Original Return Of Income On 28.12.2021 Declaring Total Income Of Rs.8,56,33,070/- A Search & Seizure Operation U/S. 132 Of The I.T. Act Was Conducted In The Case Of Yashoda Group On 22.12.2020, During Which The Case Of The Assessee Was Also Covered. In Response To Notice U/S. 153A Of The I.T.Act,The Assessee Filed His Return Of Income Admitting Additional

3. On the facts and in the circumstances of the case, and in law, the Id CIT (A) erred in not appreciating that the amount of Rs 5,08,98,100/- was rightly taxed u/s. 115BBE towards unexplained expenditure as on the date of the search neither the unaccounted cash payments, nor the Income claimed to have been earned from

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

131 during the course of post-search enquiries, submitted that the cash paid was received back. The operative portion of the submission is as under: " 1. In the course of search at Office premises of M/s Clarion Agro Products Pvt Ltd on 3/ 5/ 2018 two loose sheets were seized. These loose sheets were money receipt issued

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

131 during the course of post-search enquiries, submitted that the cash paid was received back. The operative portion of the submission is as under: " 1. In the course of search at Office premises of M/s Clarion Agro Products Pvt Ltd on 3/ 5/ 2018 two loose sheets were seized. These loose sheets were money receipt issued

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

131 during the course of post-search enquiries, submitted that the cash paid was received back. The operative portion of the submission is as under: " 1. In the course of search at Office premises of M/s Clarion Agro Products Pvt Ltd on 3/ 5/ 2018 two loose sheets were seized. These loose sheets were money receipt issued

GUPTA ASHOK KUMAR,HYDERABAD vs. INCOME TAX OFFICER, WARD-1(2), HYDERABAD

In the result, appeal of the assessee allowed

Bench: Shri Manjunatha G & Shri Ravish Sood

3 M/s Gabarial Tieup Private Limited 25,00,056/- 4 M/s Neelgagan Suppliers Private Limited 25,00,056/- 5 M/s Outlook Vintrade Private Limited 25,00,056/- 6. M/s. Subharashi Enclave Private Limited 25,00,056/- 7. M/s. Viewmore Developers Private Limited 25,00,056/- 47. In support of contention of having accepted the unsecured loans from the above parties

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

131 from the appellant amounts to conduct of due inquiries contemplated under section 68 of the Act.” 3. The grounds

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

131 from the appellant amounts to conduct of due inquiries contemplated under section 68 of the Act.” 3. The grounds

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

131 from the appellant amounts to conduct of due inquiries contemplated under section 68 of the Act.” 3. The grounds

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

131 from the appellant amounts to conduct of due inquiries contemplated under section 68 of the Act.” 3. The grounds

JAYA BALAJEE REAL MEDIA PVT LTD,HYDERABAD vs. DCIT., CENTRAL CIRCLE - 2(3), HYDERABAD

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

Bench: Shri Manjunatha G. Hon’Ble & Shri K. Narasimha Chary Hon’Bleassessment Year – 2017-18 Jaya Balaji Real Media Pvt Vs. The Deputy Commissioner Of Income Tax, Limited, Central Circle – 2(3), Hyderabad. Hyderabad. Pan : Aaecb3005F (Appellant) (Respondent) Assessee By: Shri M.V. Prasad, C.A. Revenue By: Ms. Th Vijaya Lakshmi, Cit-Dr Date Of Hearing: 19.08.2024 Date Of Pronouncement: 01.10.2024

3) read with Section 153A and in the said assessment, the AO has not raised any issues about the advances received from seven parties, amounting to Rs. 14.60 crores, along with corresponding cash balance available as on 31-03-2016 at Rs.18.70 crores. Once the AO accepted the advances as genuine in the earlier assessment year, then

VIVA BOARDS PRIVATE LIMITED,NIZAMABAD vs. DCIT., CIRCLE-8(1), HYDERABAD

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

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

3 Viva Boards Private Limited accounts, financial statements, etc. In response to the notices, the assessee company has furnished information through ITBA from time to time. During the course of assessment proceedings, the A.O., from the balance sheet filed by the assessee company, observed that, loans and advances from the related parties have increased to an amount

AGARWAL INDUSTRIES PRIVATE LIMITED,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-1(1), HYDERABAD

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

Bench: Shri Rama Kanta Panda & Shri Laliet Kumar

131 were issued to all the share applicants. In response to summons, Mr. Hema Kedia Proprietrix of M/s. Tanay Agro Food Productis sought an adjournment initially. Meanwhile, on learning that she is assessed with ITO, Ward -7(3), Hyderabad, enquiries were made with ITO, Ward-7(3) and copies of balance sheet, details of investments were obtained from

BRAMHANI INDUSTRIES LIMITED, JAMMALAMADUGU,KADAPA vs. DCIT, CIRCLE-1(3), HYDERABAD, HYDERABAD

In the result, appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

Bench: Shri A. Mohan Alankamony & Sri Chandra Mohan Garga.Y. 2010-11 Bramhani Industries Limited, Vs. Dcit, Jammalamadugu. Circle-1(3), Pan: Aadcb 1666 M Hyderabad. (Appellant) (Respondent) Ay: 2010-11 Dcit, Vs. Bramhani Industries Circle-1(2), Limited, Hyderabad. Jammalamadugu. Pan: Aadcb 1666 M (Appellant) (Respondent) Assessee By Sri Gowtham Jain Revenue By Sri K.V. Aravind, Sr. Standing Counsel For Dr Date Of Hearing: 12/10/2021 Date Of Pronouncement: 06/01/2022 Order

section 68 of the Act. On appeal, the Ld. CIT (A) after hearing the Ld. AR on few occasions upheld the order of the Ld. AO as he was also of the view that the identity, creditworthiness, genuineness of the transaction have not been established. While arriving at such decision, he relied on the second remand report obtained from

DCIT, CIRCLE-1(2), HYDERABAD, HYDERABAD vs. BRAMHANI INDUSTRIES LIMITED, JAMMALAMADUGU, YSR DIST., YSR DIST.

In the result, appeal of the assessee is partly allowed and the appeal of the Revenue is dismissed

Bench: Shri A. Mohan Alankamony & Sri Chandra Mohan Garga.Y. 2010-11 Bramhani Industries Limited, Vs. Dcit, Jammalamadugu. Circle-1(3), Pan: Aadcb 1666 M Hyderabad. (Appellant) (Respondent) Ay: 2010-11 Dcit, Vs. Bramhani Industries Circle-1(2), Limited, Hyderabad. Jammalamadugu. Pan: Aadcb 1666 M (Appellant) (Respondent) Assessee By Sri Gowtham Jain Revenue By Sri K.V. Aravind, Sr. Standing Counsel For Dr Date Of Hearing: 12/10/2021 Date Of Pronouncement: 06/01/2022 Order

section 68 of the Act. On appeal, the Ld. CIT (A) after hearing the Ld. AR on few occasions upheld the order of the Ld. AO as he was also of the view that the identity, creditworthiness, genuineness of the transaction have not been established. While arriving at such decision, he relied on the second remand report obtained from

ASST. COMMISSIONER OF INCOME TAX, CIRCLE-1, ANANTAPUR vs. SAVEERA HOSPITAL PRIVATE LIMITED , ANANTAPUR

In the result, appeals of the Revenue are accordingly allowed and consequently the cross objections preferred by the assessee are dismissed

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

131 of the Act or to call for information under section 133(6) of the Act from any person on presumption that the said person is a shareholder. Further according to the learned Assessing Officer there is a discrepancy in the letters dated 10/10/2017 and 19/12/2017 in respect of the number of shares proposed to be issued on various

ASST. COMMISSIONER OF INCOME TAX, CIRCLE-1, ANANTAPUR vs. SAVEERA HOSPITAL PRIVATE LIMITED, ANANTAPUR

In the result, appeals of the Revenue are accordingly allowed and consequently the cross objections preferred by the assessee are dismissed

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

131 of the Act or to call for information under section 133(6) of the Act from any person on presumption that the said person is a shareholder. Further according to the learned Assessing Officer there is a discrepancy in the letters dated 10/10/2017 and 19/12/2017 in respect of the number of shares proposed to be issued on various

MURAD KHETANI,HYDERABAD vs. DCIT., CIRCLE-10(1), HYDERABAD

In the result, the appeal of the assessee is allowed

Bench: SHRI VIJAY PAL RAO, HON’BLE (Vice President), SHRI MANJUNATHA G, HON'BLE (Accountant Member)

3 Murad Khetani submit any details. Therefore, summons under Section 131, dated 19.12.2018 were issued to the assessee. In response to the summons, the assessee filed a letter on 24.12.2018 requesting for an adjournment. The A.O., after taking relevant submissions of the assessee, observed that, though the assessee has submitted most of the loans are brought forward balances from

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

68 of the Income Tax Act, 1961.” 3. The brief facts of the case are that the assessee filed its return of income for the assessment year 2017-18 on 31.10.2017, declaring a loss of Rs.1,07,26,510/-, which was processed under Section 143(1) of the Act. The case was selected for scrutiny under CASS, and notices

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

In the result, appeals filed by the Revenue are dismissed

68, 69 and 69A of the Income Tax Act, 1961. 9. Aggrieved by the order of the Ld. CIT(A), the assessee is now in appeal before the Tribunal. 10. The first issue that came into our consideration from ground Nos. 2 to 2.5 of the assessee's appeal is validity of the impugned assessment order as being barred