ACIT, CENTRAL CIRCLE-2(2), HYDERABAD vs. SYED IRFANUDDIN, HYDERABAD

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Laliet Kumar & Shri Manjunatha, G.S.No Appeal In Ita No Revenue Assessee A.Y 1 432/Hyd/2022 Acit, Syed 2018- Central Zeeshanuddin 19 Circle 2(2) Hyderabad Hyderabad Pan:Bqgps0128A 2 436/Hyd/2022 & -Do- Syed Imranuddin 2017- 437/Hyd/2022 Hyderabad 18 3 Pan:Aajpi6494F 4 442/Hyd/2022 -Do- Syed Irfanuddin 2018- Hyderabad 19 Pan:Aappi4693A िनधा""रती "ारा/Assessee By: Shri P Murali Mohan Rao, Ca राज" व "ारा/Revenue By:: Shri Shakeer Ahmed, Dr

45 at Mamidipally Village, Saroornagar Mandal, RR District as evidenced by page no. 6 to 8 of seized material marked as Annexure A/KMK/OFF/07. 09. On the facts and in the circumstances of the case, and in law, the learned CIT(A) erred in law in directing to treat the amount of Rs.4.70 Cr as business income when the same

ACIT, CENTRAL CIRCLE-2(2), HYDERABAD vs. SYED IMRANUDDIN, HYDERABAD

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Laliet Kumar & Shri Manjunatha, G.S.No Appeal In Ita No Revenue Assessee A.Y 1 432/Hyd/2022 Acit, Syed 2018- Central Zeeshanuddin 19 Circle 2(2) Hyderabad Hyderabad Pan:Bqgps0128A 2 436/Hyd/2022 & -Do- Syed Imranuddin 2017- 437/Hyd/2022 Hyderabad 18 3 Pan:Aajpi6494F 4 442/Hyd/2022 -Do- Syed Irfanuddin 2018- Hyderabad 19 Pan:Aappi4693A िनधा""रती "ारा/Assessee By: Shri P Murali Mohan Rao, Ca राज" व "ारा/Revenue By:: Shri Shakeer Ahmed, Dr

45 at Mamidipally Village, Saroornagar Mandal, RR District as evidenced by page no. 6 to 8 of seized material marked as Annexure A/KMK/OFF/07. 09. On the facts and in the circumstances of the case, and in law, the learned CIT(A) erred in law in directing to treat the amount of Rs.4.70 Cr as business income when the same

KYORI INFRASTRUCTURE PRIVATE LIMITED ,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-2(1), HYDERABAD

In the result, appeal of the assessee is dismissed

Bench: S/Shri A .Mohan Alankamony & Chandra Mohan Gargassessment Year : 2015-16 M/S. Kyori Infrastructure Pvt Vs. Dcit, Circle-2(1), Ltd., C/O. P Murali & Co., Ca, Hyderabad 6-3-655/2/3, Samajiguda, Hyderabad Pan/Gir No. (Appellant) .. ( Respondent) Assessee By : Shri P.Murali Mohan Rao, Ar Revenue By : Shri B.Bala Krishna Cit (Dr) Date Of Hearing : 13/10/ 2021 Date Of Pronouncement : 24/01/2022 O R D E R Per Bench This Is An Appeal Filed By The Assessee Against The Order U/S.263 Of The Act Of The Pr. Cit-2, Hyderabad Dated 26.2.2020 For The Assessment Year 2015-16. 2. Facts Of The Case Are That The Assessee Company Is Engaged In The Business Of Construction & Infrastructure Activity. It Filed The Return Of Income For Assessment Year 2015-16 On 30.9.2015 Declaring Total Income At Rs.15,58,050/-. The Case Was Taken Up For Scrutiny & The Assessment Was Completed U/S.143(3) Of The Act On 27.12.2017 With The Assessed Income At Rs.15,58,050/-. P A G E 1 | 11 Assessment Year : 2015-16

3) is neither prejudicial to the revenue nor the same is erroneous. The Id. PCIT ought to have considered that provisions of section 263 cannot be invoked in a case where there is no loss to the revenue. In the present case, it can be duly established that there is no loss to the revenue and hence the order

SHREE ESTATES,HYDERABAD vs. INCOME TAX OFFICER, WARD-14(1), HYDERABAD

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.469/Hyd/2023 (िनधा"रण वष"/Assessment Year: 2018-19) Shree Estates Vs. Income Tax Officer Hyderabad Ward 14(1) Pan:Adifs9997B Hyderabad (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri M.V. Prasad, Ca राज" व "ारा/Revenue By:: Shri Kumar Pranav, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 09/07/2024 घोषणा की तारीख/Pronouncement: 31/07/2024 आदेश/Order

68 of the Act as unexplained cash credit. The learned CIT (A) having noticed the fact has rightly invoked the provisions of section 45(4) of the I.T. Act, 1961. Therefore, in our considered Page 11 of 18 ITA No 469 of 2024 SHREE ESTATES view the powers exercised by the learned CIT (A) cannot be said

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 companies as unexplained crash credit under section 68 of the Act on the ground that, mere transfer of funds through banking channel is not sufficient to accept the claim of loan or receipt as genuine. Though the financial statements of the alleged creditors were furnished, but, the loan creditors were found to be bogus entities, particularly, floated

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

68 and assessed-as such, @ 60% tax irate as prescribed under provisions of section 115BBE of the IT Act.” In view of the detailed discussion above and the provisions of section 270A(9), I am satisfied that the assessee has indulged in under-reporting of income in consequence of mis-reporting of income, and accordingly, Penalty proceedings

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

68 and assessed-as such, @ 60% tax irate as prescribed under provisions of section 115BBE of the IT Act.” In view of the detailed discussion above and the provisions of section 270A(9), I am satisfied that the assessee has indulged in under-reporting of income in consequence of mis-reporting of income, and accordingly, Penalty proceedings

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

68 and assessed-as such, @ 60% tax irate as prescribed under provisions of section 115BBE of the IT Act.” In view of the detailed discussion above and the provisions of section 270A(9), I am satisfied that the assessee has indulged in under-reporting of income in consequence of mis-reporting of income, and accordingly, Penalty proceedings

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

68 and assessed-as such, @ 60% tax irate as prescribed under provisions of section 115BBE of the IT Act.” In view of the detailed discussion above and the provisions of section 270A(9), I am satisfied that the assessee has indulged in under-reporting of income in consequence of mis-reporting of income, and accordingly, Penalty proceedings

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

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

45,42,960/- and the Ld. AO also completed the final assessment order by taking income as computed by CPC u/s.143(1) of the Act. The Ld. AR submitted that, the assessee had raised objection against the ITA No.912/Hyd/2024 8 addition made by CPC u/s.143(1) of the Act before the Ld. DRP. However, the Ld. DRP rejected the claim

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

3) r.w.s.144B of the\nAct, dated 13.03.2024 determined his income at Rs.4,95,16,960/-\n(including LTCG).\n4.\nAggrieved, the assessee carried the matter in appeal before\nthe CIT(A), who found favour with the explanation of the assessee\nregarding his entitlement for exemption under Section 54F of the\nAct and allowed the appeal, observing as under

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

SWASTIK VEGETABLE OIL PRODUCTS PRIVATE LIMITED,HYDERABAD vs. ACIT., CENTRAL CIRCLE - 2(1), HYDERABAD

In the result, the appeals of the assessee company in ITA Nos

45,000\n4,32,38,423\n6,00,06,577\n4.\n2013-14\n6,538\n9,80,70,000\n2,97,59,919\n6,83,10,081\n5.\n2012-13\n399\n59,85,000\n28,43,000\n31,42,000\nTOTAL\n15,096\n22,64,40,000\n8,40,36,542\n14,24,03,458\nBy virtue of above analysis

DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(1), HYDERABAD vs. NSL RENEWABLE POWER PRIVATE LIMITED, HYDERABAD

In the result, the appeals of the revenue are partly allowed for statistical purposes in above terms

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahu

68,75,000/- towards ROC fee, the CIT(A) confirmed the same. 4.2 As regards deduction u/s 80IA of the Act, the AO denied the deduction u/s 80IA from the gross total income, while the CIT(A) allowed the same following the decision of the coordinate bench of this Tribunal in assessee’s own case in ITA No. 2146/Hyd/2017

DY. COMMISSIONER OF INCOME TAX , CIRCLE-16(1), HYDERABAD vs. NSL RENEWABLE POWER PRIVATE LIMITED, HYDERABAD

In the result, the appeals of the revenue are partly allowed for statistical purposes in above terms

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahu

68,75,000/- towards ROC fee, the CIT(A) confirmed the same. 4.2 As regards deduction u/s 80IA of the Act, the AO denied the deduction u/s 80IA from the gross total income, while the CIT(A) allowed the same following the decision of the coordinate bench of this Tribunal in assessee’s own case in ITA No. 2146/Hyd/2017

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

68: Rs. 11,23,856/-.” 3. Feeling aggrieved by the order passed by the assessing officer, assessee filed appeal before the Ld. CIT(A). However, the Ld. CIT(A) had also not granted the relief to the assessee, the reasons and the finding of the Ld. CIT(A) while disposing of the appeal are as under :- 5 Agarwal Industries Pvt.Ltd

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