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

disallowed by the assessing officer on the ground that the assessee did not obtain prior approval in respect of investments against statutory reserves as required under Section 46 of the Andhra Pradesh Cooperative Societies Act, 1964 (the Societies Act) and Rule 37(2) of the Andhra Pradesh Cooperative Societies Rules, 1964 (the Societies Rules). The assessing officer came

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

disallowed by the assessing officer on the ground that the assessee did not obtain prior approval in respect of investments against statutory reserves as required under Section 46 of the Andhra Pradesh Cooperative Societies Act, 1964 (the Societies Act) and Rule 37(2) of the Andhra Pradesh Cooperative Societies Rules, 1964 (the Societies Rules). The assessing officer came

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

disallowed by the assessing officer on the ground that the assessee did not obtain prior approval in respect of investments against statutory reserves as required under Section 46 of the Andhra Pradesh Cooperative Societies Act, 1964 (the Societies Act) and Rule 37(2) of the Andhra Pradesh Cooperative Societies Rules, 1964 (the Societies Rules). The assessing officer came

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

disallowed by the assessing officer on the ground that the assessee did not obtain prior approval in respect of investments against statutory reserves as required under Section 46 of the Andhra Pradesh Cooperative Societies Act, 1964 (the Societies Act) and Rule 37(2) of the Andhra Pradesh Cooperative Societies Rules, 1964 (the Societies Rules). The assessing officer came

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/-.

disallowed, one should only have to look to the provisions of the Income Tax Act. 8. The arguments advanced by learned counsel for the parties were centered around the judgment of Delhi High Court in Virtual Soft Systems Limited and of Karnataka High Court in Prakash Leasing Limited and also the provisions contained in sub-section (2

THE PRL COMMISSIONER OF INCOME TAX-II, VISAKHAPATNAM vs. L SURYAKANTHAM, VISAKHAPATNAM

In the result, the appeal fails and is hereby dismissed

Bench: RAMESH RANGANATHAN,KONGARA VIJAYA LAKSHMI

disallowance of Rs.74,08,964/- under the provisions of Section 80JJAA of the Act were proposed. The 5 assessee thereupon filed objections before the Dispute Resolution Panel contesting all the additions. The Dispute Resolution Panel, however rejected the objections preferred by the assessee. The assessee thereupon filed an appeal before the Income Tax Appellate Tribunal (hereinafter referred

The Commissioner of Income tax vs. M/s. Nirmala Constructions

The appeal stands dismissed

Bench: Cit(A) After The Amendment U/S. 80P(2)(A)(Iii) Of The Act? Iv) Whether, In The Facts & Circumstances Of The Case The

disallowance. He further submits that the interest income has been earned from short-term deposits with Co-operative Banks and Co-operative Societies and is fully exempted u/s 80P(2)(d). The CTT(A), in the subsequent assessment year, i.e., assessment year 1993-94, has allowed the same. The reliance was also placed upon the judgement of Hon'ble Punjab

PRL COMMR OF INCOME TAX, TIRUPATI, CHITTOOR DIST vs. V DWARAKANATH REDDY, CHITTOOR

The appeals are hereby dismissed

Bench: RAMESH RANGANATHAN,KONGARA VIJAYA LAKSHMI

8. The assessee filed a detailed reply to the notice. In the reply, the works and objects of the assessee-Trust were mentioned. It was further submitted that though the assessee-Trust may be earning some profits, but the utilization of that funds was for public utilities. The C.I.T. held that the activities of the assessee-Trust were

COMMISSIONER OF INCOME TAX-TDA vs. M/S.IDEA CELLULAR LTD

Bench: SUJOY PAUL,NAMAVARAPU RAJESHWAR RAO

disallowance made by the assessee under Section 14A, as is mandatory in terms of sub section (2) of Section 14A of the Act to invoke and take recourse to Rule 8D of the Rules. Thus, the Assessing Officer, did not act as per and in terms of the statute. 8

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

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

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

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. 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

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

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 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