COMMISSIONER OF INCOME TAX-II, HYDERABAD vs. M/s. The A.P.Vardhaman(Mahila)Cooperative Urban

In the result, for the above reasons, these appeals fail and

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1), where the gross total income of a co- operative society includes any income referred to in Sub-section (2) then the sums specified in Sub-section (2) shall be deducted from the gross total income to arrive at the total income of the assessee-society. In order to earn exemption under Section 80P(2) a co-operative society must

Commissioner of Income Tax -II vs. The Agrasen Coop. Urban Bank Ltd.,

In the result, for the above reasons, these appeals fail and

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1), where the gross total income of a co- operative society includes any income referred to in Sub-section (2) then the sums specified in Sub-section (2) shall be deducted from the gross total income to arrive at the total income of the assessee-society. In order to earn exemption under Section 80P(2) a co-operative society must

The Commissioner of Income Tax-II vs. The Andhra Bank Employees Co.Operative Bank Limited

In the result, for the above reasons, these appeals fail and

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1), where the gross total income of a co- operative society includes any income referred to in Sub-section (2) then the sums specified in Sub-section (2) shall be deducted from the gross total income to arrive at the total income of the assessee-society. In order to earn exemption under Section 80P(2) a co-operative society must

Commissioner of Income Tax-II, vs. M/S The A.P.Mahesh Coop. Urban Bank Ltd,

In the result, for the above reasons, these appeals fail and

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1), where the gross total income of a co- operative society includes any income referred to in Sub-section (2) then the sums specified in Sub-section (2) shall be deducted from the gross total income to arrive at the total income of the assessee-society. In order to earn exemption under Section 80P(2) a co-operative society must

CHENNAKESAVA PHARMACEUTICALS VIJAYAWADA vs. THE COMI.OF INCOMETAX VIJ.

In the result, all the appeals are allowed setting aside the common

Bench: GODA RAGHURAM,M.S.RAMACHANDRA RAO

disallowed and that itself cannot be a ground for levying a penalty. He relied on Commissioner of Income Tax Vs. Reliance Petroproducts Pvt. Ltd.[1] a n d Commissioner of Income Tax Vs. SAS Pharmaceuticals[2]. 2. For the levy of penalty under Section

The Commissioner of Income Tax-II vs. M/s.Pact Securities AND Financial Services Ltd

Bench: The Commissioner Of Income Tax (Appeals), The Assessees Had Called In Question The Orders Of Assessing Officer (For Short ‘The A.O.’), Who, While Completing The Assessment For The Relevant Assessment Years Disallowed The Deduction Of The “Lease Equalization” Charges From The Lease Rental Income. The Disallowed Amounts By The Cit (Appeals) In These Appeals Are Of Rs.48,56,224/-, Rs,44,18,245/- & Rs.13,16,123/-.

Section 142 (1) and 143 (2) were issued, in response to which, Chartered Accountant of the assessee appeared before the A.O. and furnished details called for. The assessment was then completed and the A.O. disallowed

The Commissioner of income tax, vs. M/s.Y.Ramulu and Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1) The power to levy assessment on the basis of best judgment is not an arbitrary power. It is an assessment on the basis of best judgment of the officer; (2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced

COMMISSIONER OFINCOEMETAX vs. M/S. V.SATYANARAYANA AND OTHERS

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1) The power to levy assessment on the basis of best judgment is not an arbitrary power. It is an assessment on the basis of best judgment of the officer; (2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced

COMMR.OF I.T. RKAJAHMUNDRY vs. T.RAMI REDDY AND ORS

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1) The power to levy assessment on the basis of best judgment is not an arbitrary power. It is an assessment on the basis of best judgment of the officer; (2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced

The Commissioner of Income Tax-II vs. m/S.M.Ventakteswara Rao AND Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1) The power to levy assessment on the basis of best judgment is not an arbitrary power. It is an assessment on the basis of best judgment of the officer; (2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced

Commissioner of Income Tax, Rajahmundry. vs. m/s Ganesh Arrack Contractors,

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1) The power to levy assessment on the basis of best judgment is not an arbitrary power. It is an assessment on the basis of best judgment of the officer; (2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced

The Commissioner of Income Tax vs. M/s GRK Prasad AND others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1) The power to levy assessment on the basis of best judgment is not an arbitrary power. It is an assessment on the basis of best judgment of the officer; (2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced

The Commissioner of Income Tax vs. M/s.B.Satyanarayana AND Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1) The power to levy assessment on the basis of best judgment is not an arbitrary power. It is an assessment on the basis of best judgment of the officer; (2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced

Commissioner of Income Tax vs. Ms. B.krishna Murthy AND Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1) The power to levy assessment on the basis of best judgment is not an arbitrary power. It is an assessment on the basis of best judgment of the officer; (2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced

COMMISSISONER OF I.T. RAJAHMUNDRY vs. M/S.Y RAMAKRISHNA AND OTHERS

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1) The power to levy assessment on the basis of best judgment is not an arbitrary power. It is an assessment on the basis of best judgment of the officer; (2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced

The Commissioner of Income tax vs. M/s.V.Satyanrayana AND Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1) The power to levy assessment on the basis of best judgment is not an arbitrary power. It is an assessment on the basis of best judgment of the officer; (2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced

Commissioner of Income Tax, vs. M/s Y.Ramakrishna and Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1) The power to levy assessment on the basis of best judgment is not an arbitrary power. It is an assessment on the basis of best judgment of the officer; (2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced

COMMISSIONER OF INCOME TAX, vs. M/S G.R.K.PRASAD AND OTHERS

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

1) The power to levy assessment on the basis of best judgment is not an arbitrary power. It is an assessment on the basis of best judgment of the officer; (2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced