Commissioner of Income Tax-2, vs. Agricultural Market Committee,

The appeal of the assessee is allowed

Bench: V.V.S.RAO,SANJAY KUMAR

50,000/- were raised through unsecured loans during the year, Share capital of Rs.5,11,56,000/- Reserve and Surpluses of Rs.1,10,13,825/- totalling to Rs.7,12,19,825 - Rs.3,11,22,866/-) as on 31.3.2006. 12. It is evident from record that the amount of Rs.3,11,22,866/- includes sundry debtors of Rs.42,01,115/- duly

The Commissioner of Income Tax(Central) vs. M/s.Madhu Enterprises

Bench: The Learned

disallowance under Section 54F of the Act in terms of the order dated 18.03.2019 passed under Section 250 of the Act. The Assessee being aggrieved by the learned CIT(A)’s order preferred an appeal before the learned ITAT [being ITA 3426/Del/2019], which was allowed by the learned ITAT by the impugned order. The present appeal by the Revenue

Commissioner of Income Tax - II vs. M/s. Healthware Private Limited

In the result, the order passed by the tribunal

disallowed the deduction claimed under Section 80IA(4)(iv)(c) of the Act and held that computation as per normal provisions of the Act is adopted as tax liability. 3. The assessee thereupon filed an appeal before the Commissioner of Income Tax (Appeals), who by an order dated 10.02.2009 dismissed the appeal preferred by the assessee. The assessee thereupon approached

The Commissioner of Income Tax - Central vs. M/s. Himagiri Biotech Pvt. Ltd.,

50,000/- was advanced in the F.Y, 2005-06 and F.Y. 2006-07 from out of surplus funds for purchase of show room and no borrowed funds were used for these advances and that no disallowance of interest expenditure was made during those years in orders made under Section

Commissioner of Income Tax vs. Agricultural Market Committee

In the result, both the substantial questions

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

Section 36(1)(vii) for allowing as bad debts. Assessee has not made any fresh submission on addition of Rs.32,25,000/-, In view of the above facts and circumstances, I am of the opinion that the assessing officer has rightly disallowed Rs.3,50

The Prl Commissioner of Income Tax [Central] vs. G Sanjay Chowdhary

Bench: CHALLA KODANDA RAM,G.CHANDRAIAH

50% of the expenses claimed in the trading and profit & loss account. The matter pertains to the assessment year 1997-1998. 2. The proceedings were initiated under Section 263 of the Income Tax Act, 1961 (in short the Act). It is not necessary to consider the validity of the proceedings under Section 263 of the Act as they have

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

disallowing the expenditure claimed to the extent of 50%. S ri Y.Ratnakar and Sri A.V.Krishna Koundinya made submissions for the assesses. They would contend that estimation of 40% of the purchase price as gross profit is unreasonable, arbitrary and without any basis. The Tribunal was, therefore, correct in estimating the sales turnover at eight (8) times of the purchase price

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

disallowing the expenditure claimed to the extent of 50%. S ri Y.Ratnakar and Sri A.V.Krishna Koundinya made submissions for the assesses. They would contend that estimation of 40% of the purchase price as gross profit is unreasonable, arbitrary and without any basis. The Tribunal was, therefore, correct in estimating the sales turnover at eight (8) times of the purchase price

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

disallowing the expenditure claimed to the extent of 50%. S ri Y.Ratnakar and Sri A.V.Krishna Koundinya made submissions for the assesses. They would contend that estimation of 40% of the purchase price as gross profit is unreasonable, arbitrary and without any basis. The Tribunal was, therefore, correct in estimating the sales turnover at eight (8) times of the purchase price

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

disallowing the expenditure claimed to the extent of 50%. S ri Y.Ratnakar and Sri A.V.Krishna Koundinya made submissions for the assesses. They would contend that estimation of 40% of the purchase price as gross profit is unreasonable, arbitrary and without any basis. The Tribunal was, therefore, correct in estimating the sales turnover at eight (8) times of the purchase price

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

disallowing the expenditure claimed to the extent of 50%. S ri Y.Ratnakar and Sri A.V.Krishna Koundinya made submissions for the assesses. They would contend that estimation of 40% of the purchase price as gross profit is unreasonable, arbitrary and without any basis. The Tribunal was, therefore, correct in estimating the sales turnover at eight (8) times of the purchase price

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

disallowing the expenditure claimed to the extent of 50%. S ri Y.Ratnakar and Sri A.V.Krishna Koundinya made submissions for the assesses. They would contend that estimation of 40% of the purchase price as gross profit is unreasonable, arbitrary and without any basis. The Tribunal was, therefore, correct in estimating the sales turnover at eight (8) times of the purchase price

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

disallowing the expenditure claimed to the extent of 50%. S ri Y.Ratnakar and Sri A.V.Krishna Koundinya made submissions for the assesses. They would contend that estimation of 40% of the purchase price as gross profit is unreasonable, arbitrary and without any basis. The Tribunal was, therefore, correct in estimating the sales turnover at eight (8) times of the purchase price

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

disallowing the expenditure claimed to the extent of 50%. S ri Y.Ratnakar and Sri A.V.Krishna Koundinya made submissions for the assesses. They would contend that estimation of 40% of the purchase price as gross profit is unreasonable, arbitrary and without any basis. The Tribunal was, therefore, correct in estimating the sales turnover at eight (8) times of the purchase price

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

disallowing the expenditure claimed to the extent of 50%. S ri Y.Ratnakar and Sri A.V.Krishna Koundinya made submissions for the assesses. They would contend that estimation of 40% of the purchase price as gross profit is unreasonable, arbitrary and without any basis. The Tribunal was, therefore, correct in estimating the sales turnover at eight (8) times of the purchase price

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

disallowing the expenditure claimed to the extent of 50%. S ri Y.Ratnakar and Sri A.V.Krishna Koundinya made submissions for the assesses. They would contend that estimation of 40% of the purchase price as gross profit is unreasonable, arbitrary and without any basis. The Tribunal was, therefore, correct in estimating the sales turnover at eight (8) times of the purchase price

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

disallowing the expenditure claimed to the extent of 50%. S ri Y.Ratnakar and Sri A.V.Krishna Koundinya made submissions for the assesses. They would contend that estimation of 40% of the purchase price as gross profit is unreasonable, arbitrary and without any basis. The Tribunal was, therefore, correct in estimating the sales turnover at eight (8) times of the purchase price

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

disallowing the expenditure claimed to the extent of 50%. S ri Y.Ratnakar and Sri A.V.Krishna Koundinya made submissions for the assesses. They would contend that estimation of 40% of the purchase price as gross profit is unreasonable, arbitrary and without any basis. The Tribunal was, therefore, correct in estimating the sales turnover at eight (8) times of the purchase price