ICOMM TELE LIMITED,HYDERABAD vs. DCIT, CIRCLE-2(1), HYDERABAD

In the result, ITA No.130/Hyd/2023 for the A

Bench: Shri R.K. Panda & Shri K. Narasimha Chary

68,27,755/- which is disallowable u/s 36(1)(va) of the I.T. Act, 1961, the Assessing Officer has already given credit of Rs.55,16,092/- which the assessee had suo moto disallowed in the computation of income. The Assessing Officer has only disallowed Rs.1,13,11,663/- which has been sustained by the CIT (A) NFAC, the reasons

F5 NETWORKS INNOVATION PRIVATE LIMITED,HYDERABAD vs. INCOME TAX OFFICER, WARD-17(1), HYDERABAD

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

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

68,190/- in its return, which was processed under section 143(1) of the Act by the CPC, resulting in a disallowance of ₹5,13,01,761/- towards gratuity expenses under section 43B of the Act. This adjustment increased the assessee’s income to ₹ 63,40,69,950/-. Subsequently, the case of the assessee was selected for scrutiny

MYLAN LABORATORIES LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(2), HYDERABAD

In the result, appeal of the assessee is partly allowed

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

68 of the Act. 4.6. On the facts and in the circumstances of the case and in law, the Ld. CIT (A) has erred in disregarding all the documents/evidence already on record, which proves the nature of the transaction as well as its genuineness as a loan given by the Appellant to its wholly owned subsidiaries to settle their subsisting

DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(2), HYDERABAD vs. MYLAN LABORATORIES LIMITED , HYDERABAD

In the result, appeal of the assessee is partly allowed

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahman

68 of the Act. 4.6. On the facts and in the circumstances of the case and in law, the Ld. CIT (A) has erred in disregarding all the documents/evidence already on record, which proves the nature of the transaction as well as its genuineness as a loan given by the Appellant to its wholly owned subsidiaries to settle their subsisting

SRI RAMA AGRI GENETICS (INDIA) PRIVATE LIMITED,KURNOOL vs. DCIT., CIRCLE-1, KURNOOL

In the result, the appeal of the assessee is partly allowed

va) for Rs. 3,66,095/-, addition towards disallowance of interest expenditure under Section 36(1)(iii) for Rs. 11,08,678/-, disallowance of expenses claimed by the assessee under the head ‘trade discounts' and 'seed purchases' to the tune of Rs. 18,31,21,070/- and addition towards advances under Section 68

ACIT, CIRCLE-5(1), HYDERABAD vs. LAMPEX ELECTRONICS LIMITED , HYDERABAD

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

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

23,821/- under the normal provisions and book profits under section 115JB of the Act at Rs. 4,61,66,572/-, by making the following additions/disallowances: Rs. 1. Disallowance under section 36(1)(va) r.w.s. 6,85,645 2(24)(x) of the Act 2. Disallowance of prior period expenditure 32,77,357 3. Unexplained cash credits under

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

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

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

23,821/- under the normal provisions and book profits under section 115JB of the Act at Rs. 4,61,66,572/-, by making the following additions/disallowances: Rs. 1. Disallowance under section 36(1)(va) r.w.s. 6,85,645 2(24)(x) of the Act 2. Disallowance of prior period expenditure 32,77,357 3. Unexplained cash credits under

DCIT., CIRCLE-1(1), HYDERABAD vs. CREAMLINE DAIRY PRODUCTS LIMITED, HYDERABAD

In the result, appeal ITA

Bench: Shri Vijay Pal Rao & Shri Manjunatha G

68 of the Income Tax Act 1961. The relevant findings of the Assessing Officer are as under : “5.1. The company has provided requisite disclosures in note 46 to the financial statements as to the holding of SBNs on November 8, 2016 and December 30, 2018 as well as dealings in SBNs during the period from November 8, 2016 to December

CREAMLINE DAIRY PRODUCTS LIMITED,HYDERABAD vs. DCIT., CIRCLE-1(1), HYDERABAD

In the result, appeal ITA

Bench: Shri Vijay Pal Rao & Shri Manjunatha G

68 of the Income Tax Act 1961. The relevant findings of the Assessing Officer are as under : “5.1. The company has provided requisite disclosures in note 46 to the financial statements as to the holding of SBNs on November 8, 2016 and December 30, 2018 as well as dealings in SBNs during the period from November 8, 2016 to December

CREAMLINE DAIRY PRODUCTS LIMITED,HYDERABAD vs. ACIT., CIRCLE-1(2), HYDERABAD

In the result, appeal ITA

Bench: Shri Vijay Pal Rao & Shri Manjunatha G

68 of the Income Tax Act 1961. The relevant findings of the Assessing Officer are as under : “5.1. The company has provided requisite disclosures in note 46 to the financial statements as to the holding of SBNs on November 8, 2016 and December 30, 2018 as well as dealings in SBNs during the period from November 8, 2016 to December

SANGHI INDUSTRIES LIMITED,HYDERABAD vs. DCIT, CIRCLE -3 (1), HYDERABAD

In the result, the appeal of the assessee is dismissed

Bench: Shri Laliet Kumar & Shri Madhusudan Sawdia

68,23,313/- before setting-off of brought forward business losses. After setting off the losses brought forward from the earlier years, the Gross Total Income in terms of Section 80A of the Act was NIL. Accordingly, the assessee could not have claimed any deduction under Part-C of Chapter VI-A of the Act, because

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 :

68,26,342/ - has been debited and out of which the sum of Rs. 49,94,540/- being rates and taxes has been disallowed by the appellant itself and further during the course of assessment proceedings a sum of Rs. 4,30,245/ - has been further disallowed on account of repairs and maintenance for which the appellant has not agitated

HETERO LABS LIMITED,HYDERABAD vs. ACIT, CENTRAL CIRCLE-3(4), HYDERABAD

In the result, the appeal of Revenue in ITA No

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.312 & 313/Hyd/2023 (िनधा"रण वष" / Assessment Year: 2017-18 & 2018-19) Hetero Labs Limited, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Central Circle – 3(4), Pan : Aaach5506R Hyderabad. अपीलाथ" / Appellant "" यथ" / Respondent आ.अपी.सं / Ita Nos.348 & 349/Hyd/2023 (िनधा"रण वष" / Assessment Years: 2017-18 & 2-18-19) The Assistant Vs. Hetero Labs Limited, Commissioner Of Income Hyderabad. Tax, Central Circle – 3(4), Pan : Aaach5506R Hyderabad. अपीलाथ" / Appellant "" यथ" / Respondent

23. Patni Computer Systems Ltd., (2013) 215 Taxmann 108 (Born.) dealt, inter alia, with the following question of law:- (c) Whether on the facts and circumstances of the case and in law, the Tribunal did not err in holding that the loss suffered by the assessee by allowing excess period of credit to the associated enterprises without charging an interest

ACIT., CENTRAL CIRCLE 3(4), HYDERABAD vs. HETERO LABS LIMITED, HYDERABAD

In the result, the appeal of Revenue in ITA No

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.312 & 313/Hyd/2023 (िनधा"रण वष" / Assessment Year: 2017-18 & 2018-19) Hetero Labs Limited, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Central Circle – 3(4), Pan : Aaach5506R Hyderabad. अपीलाथ" / Appellant "" यथ" / Respondent आ.अपी.सं / Ita Nos.348 & 349/Hyd/2023 (िनधा"रण वष" / Assessment Years: 2017-18 & 2-18-19) The Assistant Vs. Hetero Labs Limited, Commissioner Of Income Hyderabad. Tax, Central Circle – 3(4), Pan : Aaach5506R Hyderabad. अपीलाथ" / Appellant "" यथ" / Respondent

23. Patni Computer Systems Ltd., (2013) 215 Taxmann 108 (Born.) dealt, inter alia, with the following question of law:- (c) Whether on the facts and circumstances of the case and in law, the Tribunal did not err in holding that the loss suffered by the assessee by allowing excess period of credit to the associated enterprises without charging an interest

HETERO LABS LIMITED,HYDERABAD vs. ACIT, CENTRAL CIRCLE-3(4), HYDERABAD

In the result, the appeal of Revenue in ITA No

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.312 & 313/Hyd/2023 (िनधा"रण वष" / Assessment Year: 2017-18 & 2018-19) Hetero Labs Limited, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Central Circle – 3(4), Pan : Aaach5506R Hyderabad. अपीलाथ" / Appellant "" यथ" / Respondent आ.अपी.सं / Ita Nos.348 & 349/Hyd/2023 (िनधा"रण वष" / Assessment Years: 2017-18 & 2-18-19) The Assistant Vs. Hetero Labs Limited, Commissioner Of Income Hyderabad. Tax, Central Circle – 3(4), Pan : Aaach5506R Hyderabad. अपीलाथ" / Appellant "" यथ" / Respondent

23. Patni Computer Systems Ltd., (2013) 215 Taxmann 108 (Born.) dealt, inter alia, with the following question of law:- (c) Whether on the facts and circumstances of the case and in law, the Tribunal did not err in holding that the loss suffered by the assessee by allowing excess period of credit to the associated enterprises without charging an interest

ACIT., CENTRAL CIRCLE 3(4), HYDERABAD, HYDERABAD vs. HETERO LABS LIMITED, HYDERABAD

In the result, the appeal of Revenue in ITA No

Bench: Shri R.K. Panda & Shri Laliet Kumarआ.अपी.सं / Ita Nos.312 & 313/Hyd/2023 (िनधा"रण वष" / Assessment Year: 2017-18 & 2018-19) Hetero Labs Limited, Vs. The Assistant Commissioner Of Hyderabad. Income Tax, Central Circle – 3(4), Pan : Aaach5506R Hyderabad. अपीलाथ" / Appellant "" यथ" / Respondent आ.अपी.सं / Ita Nos.348 & 349/Hyd/2023 (िनधा"रण वष" / Assessment Years: 2017-18 & 2-18-19) The Assistant Vs. Hetero Labs Limited, Commissioner Of Income Hyderabad. Tax, Central Circle – 3(4), Pan : Aaach5506R Hyderabad. अपीलाथ" / Appellant "" यथ" / Respondent

23. Patni Computer Systems Ltd., (2013) 215 Taxmann 108 (Born.) dealt, inter alia, with the following question of law:- (c) Whether on the facts and circumstances of the case and in law, the Tribunal did not err in holding that the loss suffered by the assessee by allowing excess period of credit to the associated enterprises without charging an interest

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

Bench: Shri Vijay Pal Rao, Vice- & Shri Madhusudan Sawdia

va) r.w.s.2(24)(x) of the I.T. Act, 1961. In appeal, the learned CIT (A) has deleted the said addition by following various decisions of the Hon'ble High Courts wherein it was held that if the assessee has made the payment on or before the due date of filing the return of income u/s 139(1), then the same

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

In the result, appeal filed by the assessee is allowed

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Madhusudan Sawdiaआ.अपी.सं /Ita No.1550/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2012-13) Asstt. Commissioner Of Vs. Lycos Internet Ltd Income Tax, Circle 16 (1) Hyderabad Hyderabad Pan:Aaacl5827B (Appellant) (Respondent) आ.अपी.सं /Ita No.1769/Hyd/2018 (िनधा"रण वष"/Assessment Year: 2012-13) Lycos Internet Ltd Vs. Asstt. Commissioner Of Hyderabad Income Tax, Circle 16 (1) Pan:Aaacl5827B Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri P Murali Mohan Rao, Ca राज" व "ारा/Revenue By:: Shri B Bala Krishna, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 16/12/2024 घोषणा की तारीख/Pronouncement: 22/01/2025 आदेश/Order Per Vijay Pal Raothese Are Two Appeals, One By The Department Against The Order Dated 23/06/2017 Of The Learned Cit (A) & Another By The Assessee Against The Revision Order Dated 26/02/2018 Passed

va) r.w.s. 2(24)(x) of the I.T. Act, 1961. In appeal, the learned CIT (A) has deleted the said addition by following various decisions of the Hon'ble High Courts wherein it was held that if the assessee has made the payment on or before the due date of filing the return of income u/s 139(1), then

TGV PROJECTS AND INVESTMENTS PRIVATE LIMITED,HYDERABAD vs. ITO, WARD-2(3), HYDERABAD

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

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.491/Hyd/2024 (िनधा"रण वष"/Assessment Year: 2017-18) Tgv Projects & Vs. Income Tax Officer Investments (P) Ltd Ward – 2 ( 3 ) Hyderabad Hyderabad Pan:Aaact8340H (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri K.K. Gupta, Ca राज" व "ारा/Revenue By:: Shri Srinath Sadanala, Dr सुनवाई की तारीख/Date Of Hearing: 13/08/2024 घोषणा की तारीख/Pronouncement: 20/08/2024 आदेश/Order

section 44AB of the Income Tax Act,1961. Now it is a settled law that when the Books of Accounts of the appellant were audited by an independent auditor, verification of bills and vouchers is not correct and justified. 3) The disallowance of Service Charges of Rs.4,27,625/- is not correct and justified on facts when it relates