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11 results for “section 68”+ Section 56(2)(viia)clear

Sorted by relevance

Mumbai100Delhi51Bangalore47Chennai35Hyderabad11Chandigarh10Jaipur10Cochin8Cuttack8Pune6Kolkata5Visakhapatnam3Nagpur3SC2Amritsar1Ahmedabad1Allahabad1Raipur1Rajkot1Guwahati1Indore1

Key Topics

Section 36(1)(viii)25Section 14A14Disallowance10Deduction9Section 2638Section 143(3)7Section 115J7Addition to Income7Section 285Section 36(1)(viia)

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

ITA 1187/HYD/2018[2014-15]Status: DisposedITAT Hyderabad28 Apr 2023AY 2014-15

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 :

For Appellant: Shri Sriram Seshadri, CAFor Respondent: Shri Rajendra Kumar,CIT-DR
Section 115JSection 142(1)Section 143(2)Section 14ASection 14A(3)Section 47
5
Section 36(1)(vii)5
Set Off of Losses5
Section 56
Section 56(2)(viia)
Section 56(2)(viiia)

section 56(2)(viia) of the Act to the income of the assessee on protective basis as the assessee received unquoted shares during the year under consideration. Besides the above, the Assessing Officer had also made the addition of Rs.5,14,80,879/- towards the deemed gift received by the assessee on account of shares. 3. Feeling aggrieved

DCIT, CIRCLE-1(1), HYDERABAD, HYDERABAD vs. PRAKASH NIMMAGADDA, HYDERABAD, SECUNDERABAD

In the result, appeal filed by the Revenue is dismissed

ITA 974/HYD/2017[2008-09]Status: DisposedITAT Hyderabad16 Dec 2024AY 2008-09

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G.आ.अपी.सं /Ita No.974/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2008-09) Dy.Cit Vs. Shri Prakash Nimmagadda Circle 1(1) Hyderabad Hyderabad Pan:Acbpn4246R (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri K.C. Devdas, Ca राज" व "ारा/Revenue By:: Dr. Meghnath Chowhan, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 06/11/2024 घोषणा की तारीख/Pronouncement: 16/12/2024 आदेश/Order Per Vijay Pal Raothis Appeal Filed By The Revenue Is Directed Against The Order, Dated 20/03/2017 Of The Learned Cit (A)-9, Hyderabad, Relating To A.Y.2008-09. 2. The Revenue Has Raised The Following Grounds:

For Appellant: Shri K.C. Devdas, CAFor Respondent: : Dr. Meghnath Chowhan, CIT(DR)
Section 17(2)(c)Section 28

68. 8. All the three companies which allotted shares to the assessee are not start-up companies and they are into operation for about 3 years and on own admission earned huge sums on Page 9 of 43 ITA No 974 of 2017 Prakash Nimmagadda account of transfer of land on 18/04/2007. Therefore, the net worth of the three companies

UNION BANK OF INDIA (ERSTWHILE-ANDHRA BANK),MUMBAI vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-1(1), HYDERABAD

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

ITA 193/HYD/2019[2015-16]Status: DisposedITAT Hyderabad21 Apr 2025AY 2015-16

Bench: Shri Vijay Pal Rao & Shri Madhusudan Sawdia

For Appellant: Shri S. Ananthan, C.A. &For Respondent: Ms. M Narmada, CIT-DR
Section 143(3)Section 14ASection 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 36(1)(viii)Section 36(1)(vila)

68. Aggrieved by the Ld.CIT(A) order, the assessee is now in appeal before the Tribunal. 69. The Ld. Counsel for the assessee submitted that the Ld.CIT(A) is erred in sustaining the additions made by the Assessing Officer towards disallowance of penalty paid to RBI for violation of section 46(4) of the Banking Regulation

DY. COMMISSIONER OF INCOME TAX , CIRCLE-1(1), HYDERABAD vs. ANDHRA BANK , HYDERABAD

In the result, appeal filed by the assessee in ITA

ITA 350/HYD/2018[2013-14]Status: DisposedITAT Hyderabad24 Jan 2025AY 2013-14

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.350 & 351/Hyd/2018 (निर्धारण वर्ा/Assessment Year: 2013-14 & 2014-15) Dy. C. I. T. Vs. Andhra Bank Circle-1(1) Hyderabad Hyderabad [Pan : Aabca7375C] (Appellant) (Respondent) आ.अपी.सं /Ita No.364 & 365/Hyd/2018 (निर्धारण वर्ा/Assessment Year: 2013-14 & 2014-15) Union Bank Of India Vs. Dy. C. I. T. (Erstwhile Andhra Bank) Circle-1(1) Mumbai Hyderabad [Pan : Aaacu0564G (Aabca7375C)] (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee By: Shri S.Ananthan & Smt.Lalitha Rameswaran, Ar रधजस् व द्वधरध/Revenue By: Shri K.Meghnath Chowhan, Cit-Dr सुिवधई की तधरीख/Date Of 05/11/2024 Hearing: घोर्णध की तधरीख/Date Of 24/01/2025 Pronouncement: आदेश/Order Per Manjunatha G., A.M

For Appellant: Shri S.Ananthan &For Respondent: Shri K.Meghnath Chowhan
Section 143(3)Section 36(1)Section 36(1)(viii)

56 of learned CIT (A)’s order the assessee submitted working and claims that the eligible profit is at Rs.1578.66 crores. Facts are not clear. The Assessing Officer computed eligible profit Rs.363.83 crores by adopting net profit as per P&L Account for Rs.1344.67 crores, whereas the assessee arrived at eligible profit of Rs.964.34 crores by considering net profit

DY. COMMISSIONER OF INCOME TAX , CIRCLE-1(1), HYDERABAD vs. ANDHRA BANK , HYDERABAD

In the result, appeal filed by the assessee in ITA

ITA 351/HYD/2018[2014-15]Status: DisposedITAT Hyderabad24 Jan 2025AY 2014-15

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.350 & 351/Hyd/2018 (निर्धारण वर्ा/Assessment Year: 2013-14 & 2014-15) Dy. C. I. T. Vs. Andhra Bank Circle-1(1) Hyderabad Hyderabad [Pan : Aabca7375C] (Appellant) (Respondent) आ.अपी.सं /Ita No.364 & 365/Hyd/2018 (निर्धारण वर्ा/Assessment Year: 2013-14 & 2014-15) Union Bank Of India Vs. Dy. C. I. T. (Erstwhile Andhra Bank) Circle-1(1) Mumbai Hyderabad [Pan : Aaacu0564G (Aabca7375C)] (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee By: Shri S.Ananthan & Smt.Lalitha Rameswaran, Ar रधजस् व द्वधरध/Revenue By: Shri K.Meghnath Chowhan, Cit-Dr सुिवधई की तधरीख/Date Of 05/11/2024 Hearing: घोर्णध की तधरीख/Date Of 24/01/2025 Pronouncement: आदेश/Order Per Manjunatha G., A.M

For Appellant: Shri S.Ananthan &For Respondent: Shri K.Meghnath Chowhan
Section 143(3)Section 36(1)Section 36(1)(viii)

56 of learned CIT (A)’s order the assessee submitted working and claims that the eligible profit is at Rs.1578.66 crores. Facts are not clear. The Assessing Officer computed eligible profit Rs.363.83 crores by adopting net profit as per P&L Account for Rs.1344.67 crores, whereas the assessee arrived at eligible profit of Rs.964.34 crores by considering net profit

UNION BANK OF INDIA (ERSTWHILE- ANDHRA BANK),MUMBAI vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-1(1), HYDERABAD

In the result, appeal filed by the assessee in ITA

ITA 364/HYD/2018[2013-14]Status: DisposedITAT Hyderabad24 Jan 2025AY 2013-14

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.350 & 351/Hyd/2018 (निर्धारण वर्ा/Assessment Year: 2013-14 & 2014-15) Dy. C. I. T. Vs. Andhra Bank Circle-1(1) Hyderabad Hyderabad [Pan : Aabca7375C] (Appellant) (Respondent) आ.अपी.सं /Ita No.364 & 365/Hyd/2018 (निर्धारण वर्ा/Assessment Year: 2013-14 & 2014-15) Union Bank Of India Vs. Dy. C. I. T. (Erstwhile Andhra Bank) Circle-1(1) Mumbai Hyderabad [Pan : Aaacu0564G (Aabca7375C)] (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee By: Shri S.Ananthan & Smt.Lalitha Rameswaran, Ar रधजस् व द्वधरध/Revenue By: Shri K.Meghnath Chowhan, Cit-Dr सुिवधई की तधरीख/Date Of 05/11/2024 Hearing: घोर्णध की तधरीख/Date Of 24/01/2025 Pronouncement: आदेश/Order Per Manjunatha G., A.M

For Appellant: Shri S.Ananthan &For Respondent: Shri K.Meghnath Chowhan
Section 143(3)Section 36(1)Section 36(1)(viii)

56 of learned CIT (A)’s order the assessee submitted working and claims that the eligible profit is at Rs.1578.66 crores. Facts are not clear. The Assessing Officer computed eligible profit Rs.363.83 crores by adopting net profit as per P&L Account for Rs.1344.67 crores, whereas the assessee arrived at eligible profit of Rs.964.34 crores by considering net profit

UNION BANK OF INDIA,HYDERABAD vs. DY. COMMISSIONER OF INCOME TAX , CIRCLE-1(1), HYDERABAD

In the result, appeal filed by the assessee in ITA

ITA 365/HYD/2018[2014-15]Status: DisposedITAT Hyderabad24 Jan 2025AY 2014-15

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.350 & 351/Hyd/2018 (निर्धारण वर्ा/Assessment Year: 2013-14 & 2014-15) Dy. C. I. T. Vs. Andhra Bank Circle-1(1) Hyderabad Hyderabad [Pan : Aabca7375C] (Appellant) (Respondent) आ.अपी.सं /Ita No.364 & 365/Hyd/2018 (निर्धारण वर्ा/Assessment Year: 2013-14 & 2014-15) Union Bank Of India Vs. Dy. C. I. T. (Erstwhile Andhra Bank) Circle-1(1) Mumbai Hyderabad [Pan : Aaacu0564G (Aabca7375C)] (Appellant) (Respondent) निर्धाररती द्वधरध/Assessee By: Shri S.Ananthan & Smt.Lalitha Rameswaran, Ar रधजस् व द्वधरध/Revenue By: Shri K.Meghnath Chowhan, Cit-Dr सुिवधई की तधरीख/Date Of 05/11/2024 Hearing: घोर्णध की तधरीख/Date Of 24/01/2025 Pronouncement: आदेश/Order Per Manjunatha G., A.M

For Appellant: Shri S.Ananthan &For Respondent: Shri K.Meghnath Chowhan
Section 143(3)Section 36(1)Section 36(1)(viii)

56 of learned CIT (A)’s order the assessee submitted working and claims that the eligible profit is at Rs.1578.66 crores. Facts are not clear. The Assessing Officer computed eligible profit Rs.363.83 crores by adopting net profit as per P&L Account for Rs.1344.67 crores, whereas the assessee arrived at eligible profit of Rs.964.34 crores by considering net profit

SREE KANYAKA MUTUALLY AIDED CO-OP THRIFT CREDIT AND MARKETG. SOCIETY LIMITED,HINDUPUR vs. INCOME TAX OFFICER, WARD 1, HINDUPUR

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

ITA 224/HYD/2024[2018-19]Status: DisposedITAT Hyderabad22 Jul 2024AY 2018-19

Bench: Shri Laliet Kumar, Hon’Ble & Shri Madhusudan Sawdia

For Appellant: Shri D. Shree Raksha, CAFor Respondent: Shri Shakeer Ahamed, DR
Section 143(3)Section 56Section 80PSection 80P(2)(a)

viia) has been inserted and the definition of income, inter-alia, has also been defined as “the profit and gains of any business of Banking (including providing credit facilities) carried on by a co-operative society with its members”. This amendment makes it abundantly clear that if a co-operative society (and not a cooperative bank) undertakes any banking activity

DY. COMMISSIONER OF INCOME TAX, CIRCLE- 1(1), HYDERABAD vs. UNION BANK OF INDIA, HYDERABAD

In the result, the appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

ITA 1230/HYD/2017[2012-13]Status: DisposedITAT Hyderabad28 Aug 2024AY 2012-13

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.1018/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2012-13) Andhra Bank Vs. Dy. C. I. T. Hyderabad Circle 1(1) Pan:Aabca7375C Hyderabad (Appellant) (Respondent) आ.अपी.सं /Ita No.1230/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2012-13 ) Dy. C. I. T. Vs. Andhra Bank Circle 1(1) Hyderabad Hyderabad Pan:Aabca7375C (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri Ananthan, Ca राज" व "ारा/Revenue By:: Shri Kumar Pranav, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 02/07/2024 घोषणा की तारीख/Pronouncement: 28/08/2024 आदेश/Order Per Manjunatha, G. A.M These Cross Appeals Filed By The Assessee, As Well As The Revenue, Are Directed Against The Order Dated 16/02/2016 Of Page 1 Of 59

For Appellant: Shri Ananthan, CAFor Respondent: : Shri Kumar Pranav, CIT(DR)
Section 36(1)(vi)Section 36(1)(vii)Section 36(1)(viia)Section 41(4)

viia) of the I.T. Act, 1961. In case deduction claimed by the assessee is in accordance with the provisions of above section, then the assessee can very well claim deduction for reversal of interest as provision for bad and doubtful debts. But facts are not clear and needs to be verified. Therefore, we set aside the alternative claim

UNION BANK OF INDIA,HYDERABAD vs. DY. COMMISSISONER OF INCOME TAX, CIRCLE-1(1), HYDERABAD

In the result, the appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

ITA 1018/HYD/2017[2012-13]Status: DisposedITAT Hyderabad28 Aug 2024AY 2012-13

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.1018/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2012-13) Andhra Bank Vs. Dy. C. I. T. Hyderabad Circle 1(1) Pan:Aabca7375C Hyderabad (Appellant) (Respondent) आ.अपी.सं /Ita No.1230/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2012-13 ) Dy. C. I. T. Vs. Andhra Bank Circle 1(1) Hyderabad Hyderabad Pan:Aabca7375C (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri Ananthan, Ca राज" व "ारा/Revenue By:: Shri Kumar Pranav, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 02/07/2024 घोषणा की तारीख/Pronouncement: 28/08/2024 आदेश/Order Per Manjunatha, G. A.M These Cross Appeals Filed By The Assessee, As Well As The Revenue, Are Directed Against The Order Dated 16/02/2016 Of Page 1 Of 59

For Appellant: Shri Ananthan, CAFor Respondent: : Shri Kumar Pranav, CIT(DR)
Section 36(1)(vi)Section 36(1)(vii)Section 36(1)(viia)Section 41(4)

viia) of the I.T. Act, 1961. In case deduction claimed by the assessee is in accordance with the provisions of above section, then the assessee can very well claim deduction for reversal of interest as provision for bad and doubtful debts. But facts are not clear and needs to be verified. Therefore, we set aside the alternative claim

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

In the result, appeal of the assessee is partly allowed in above terms

ITA 600/HYD/2019[2014-15]Status: DisposedITAT Hyderabad04 Jan 2022AY 2014-15

Bench: Shri Satbeer Singh Godara & Shri Laxmi Prasad Sahuassessment Year: 2014-15 Nsl Renewable Power Pvt. Vs. Asst. Commissioner Of Ltd., Hyderabad. Income-Tax, Circle – 16(1), Pan – Aabcn 6009L Hyderabad. (Appellant) (Respondent) Assessee By: Shri Aliasgar Rampurwala Revenue By: Shri Rajendra Kumar Date Of Hearing: 16/12/2021 Date Of Pronouncement: 04/01/2022

For Appellant: Shri Aliasgar RampurwalaFor Respondent: Shri Rajendra Kumar
Section 115JSection 143(3)Section 14ASection 263Section 56(2)(viia)Section 80I

viia) Rs. 96,21 893 Interest received – ICD, FDR & Others Rs.21,19,85,085 Income from other sources Rs.22,16,06,978 computation of Total Income: Loss from business Rs. 2,05,74,513 Income from other sources Rs. 22,16,06,978 Income from house property Rs. 13,63,103 Taxable income Rs. 20,23,95,568 e, Thus