DEPUTY COMMISSIONER OF INCOME TAX, GUNTUR vs. VENKATRAMA POULTRIES PVT. LTD, GUNTUR

38 relates to estimation disallowances @10% on the\nbogus purchases of Rs.20,49,768/-.\n29. On this issue, Ld. DR relied on the order of the Ld. AO.\n30. Per contra, Ld.AR relied on the order of the Ld. AO.\n31. We have heard both the sides and perused the material available on record.\nIt is the contention

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR vs. VENKATRAMA POULTRIES PVT. LTD., GUNTUR

38 relates to estimation disallowances @10% on the\nbogus purchases of Rs.20,49,768/-.\n29.\nOn this issue, Ld. DR relied on the order of the Ld. AO.\n30.\nPer contra, Ld.AR relied on the order of the Ld. AO.\n31.\nWe have heard both the sides and perused the material available on record.\nIt is the contention

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR vs. VENKATRAMA POULTRIES PVT. LTD., GUNTUR

38 relates to estimation disallowances @10% on the\nbogus purchases of Rs.20,49,768/-.\n29. On this issue, Ld. DR relied on the order of the Ld. AO.\n30. Per contra, Ld.AR relied on the order of the Ld. AO.\n31. We have heard both the sides and perused the material available on record.\nIt is the contention

DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR vs. VENKATRAMA POULTRIES PVT LTD, GUNTUR

38 relates to estimation disallowances @10% on the\nbogus purchases of Rs.20,49,768/-.\n29.\nOn this issue, Ld. DR relied on the order of the Ld. AO.\n30.\nPer contra, Ld.AR relied on the order of the Ld. AO.\n31.\nWe have heard both the sides and perused the material available on record.\nIt is the contention

MAA MAHAMAYA INDUSTRIES LIMITED,CHHATTISGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

section 36(1)(iii) of the Act which states that the amount of interest paid in respect of capital borrowed for acquisition of asset till the date on which the asset shall put to use shall not be allowed as deduction. He argued that since the asset is itself bogus in nature, interest paid on the Term Loan for purchase

MAA MAHAMAYA INDUSTRIES LIMITED,CHHATTISGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

section 36(1)(iii) of the Act which states that the amount of interest paid in respect of capital borrowed for acquisition of asset till the date on which the asset shall put to use shall not be allowed as deduction. He argued that since the asset is itself bogus in nature, interest paid on the Term Loan for purchase

MAA MAHAMAYA INDUSTRIES LIMITED,CHHATTISGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

section 36(1)(iii) of the Act which states that the amount of interest paid in respect of capital borrowed for acquisition of asset till the date on which the asset shall put to use shall not be allowed as deduction. He argued that since the asset is itself bogus in nature, interest paid on the Term Loan for purchase

MAA MAHAMAYA INDUSTRIES LIMITED,CHHATTISGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

section 36(1)(iii) of the Act which states that the amount of interest paid in respect of capital borrowed for acquisition of asset till the date on which the asset shall put to use shall not be allowed as deduction. He argued that since the asset is itself bogus in nature, interest paid on the Term Loan for purchase

MAA MAHAMAYA INDUSTRIES LIMITED,CHHATTISGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

section 36(1)(iii) of the Act which states that the amount of interest paid in respect of capital borrowed for acquisition of asset till the date on which the asset shall put to use shall not be allowed as deduction. He argued that since the asset is itself bogus in nature, interest paid on the Term Loan for purchase

ACIT, CIRCLE-1(1), VIJAYAWADA, VIJAYAWADA vs. VEDMUTHA ELECTRICALS INDIA PRIVATE LIMITED, VIJAYAWADA

In the result, all the captioned appeals filed by the Revenue are allowed for statistical purposes

Bench: Us:

10 and 11 of the appeal are dismissed. 9. Accordingly, the appeal of appellant for A.Y. 2017-18 [U/s. 143(3) r.w.s. 147 dated 25.03.2022] is Partly Allowed.” 12. The revenue being aggrieved with the CIT(A) order has carried the matter in appeal before us. 13. As the assessee-respondent has neither put up an appearance; nor sought

ACIT, CIRCLE-1(1),, VIJAYAWADA vs. VEDMUTHA ELECTRICALS INDIA PRIVATE LIMITED, VIJAYAWADA

In the result, all the captioned appeals filed by the Revenue are allowed for statistical purposes

Bench: Us:

10 and 11 of the appeal are dismissed. 9. Accordingly, the appeal of appellant for A.Y. 2017-18 [U/s. 143(3) r.w.s. 147 dated 25.03.2022] is Partly Allowed.” 12. The revenue being aggrieved with the CIT(A) order has carried the matter in appeal before us. 13. As the assessee-respondent has neither put up an appearance; nor sought

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), VIJAYAWADA, VIJAYAWADA vs. VEDMUTHA ELECTRICALS INDIA PRIVATE LIMITED, VIJAYAWADA

In the result, all the captioned appeals filed by the Revenue are allowed for statistical purposes

Bench: Us:

10 and 11 of the appeal are dismissed. 9. Accordingly, the appeal of appellant for A.Y. 2017-18 [U/s. 143(3) r.w.s. 147 dated 25.03.2022] is Partly Allowed.” 12. The revenue being aggrieved with the CIT(A) order has carried the matter in appeal before us. 13. As the assessee-respondent has neither put up an appearance; nor sought

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), VIJAYAWADA, VIJAYAWADA vs. VEDMUTHA ELECTRICALS INDIA PRIVATE LIMITED, VIJAYAWADA

In the result, all the captioned appeals filed by the Revenue are allowed for statistical purposes

Bench: Us:

10 and 11 of the appeal are dismissed. 9. Accordingly, the appeal of appellant for A.Y. 2017-18 [U/s. 143(3) r.w.s. 147 dated 25.03.2022] is Partly Allowed.” 12. The revenue being aggrieved with the CIT(A) order has carried the matter in appeal before us. 13. As the assessee-respondent has neither put up an appearance; nor sought

THE INCOME TAX OFFICER, CIRCLE-1(1), VIJAYAWADA, VIJAYAWADA vs. VEDMUTHA ELECTRICALS INDIA PRIVATE LIMITED, VIJAYAWADA

In the result, all the captioned appeals filed by the Revenue are allowed for statistical purposes

Bench: Us:

10 and 11 of the appeal are dismissed. 9. Accordingly, the appeal of appellant for A.Y. 2017-18 [U/s. 143(3) r.w.s. 147 dated 25.03.2022] is Partly Allowed.” 12. The revenue being aggrieved with the CIT(A) order has carried the matter in appeal before us. 13. As the assessee-respondent has neither put up an appearance; nor sought

POLISETTY SOMASUNDARAM,GUNTUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR

In the result, appeal of the assessee for the AY 2020-21 is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.172 To 180/Viz/2023 ("नधा"रणवष"/ Assessment Year : 2012-13 To 2020-21) M/S. Polisetty Somasundaram, Vs. The Deputy Commissioner Of D.No. 8-24-31, Main Road, Income Tax, Mangalagiri Road, Central Circle-1, Guntur – 522001. Guntur. Pan: Aacfp 7251 J (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Appellant By : Sri M.V. Prasad, Ar ""याथ"क"ओरसे/ Respondent By : Sri Mn Murthy Naik, Cit-Dr

38 section it shall be sufficient for a matter to be stated to the best of the knowledge and belief of the person stating it.” 41. We find from the written submissions of the Ld. AR that the provisions of section 65B(2)(d) as extracted above was not followed by the Revenue. The Revenue failed to identify the primary

POLISETTY SOMASUNDARAM,GUNTUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR

In the result, appeal of the assessee for the AY 2020-21 is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.172 To 180/Viz/2023 ("नधा"रणवष"/ Assessment Year : 2012-13 To 2020-21) M/S. Polisetty Somasundaram, Vs. The Deputy Commissioner Of D.No. 8-24-31, Main Road, Income Tax, Mangalagiri Road, Central Circle-1, Guntur – 522001. Guntur. Pan: Aacfp 7251 J (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Appellant By : Sri M.V. Prasad, Ar ""याथ"क"ओरसे/ Respondent By : Sri Mn Murthy Naik, Cit-Dr

38 section it shall be sufficient for a matter to be stated to the best of the knowledge and belief of the person stating it.” 41. We find from the written submissions of the Ld. AR that the provisions of section 65B(2)(d) as extracted above was not followed by the Revenue. The Revenue failed to identify the primary

POLISETTY SOMASUNDARAM,GUNTUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR

In the result, appeal of the assessee for the AY 2020-21 is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.172 To 180/Viz/2023 ("नधा"रणवष"/ Assessment Year : 2012-13 To 2020-21) M/S. Polisetty Somasundaram, Vs. The Deputy Commissioner Of D.No. 8-24-31, Main Road, Income Tax, Mangalagiri Road, Central Circle-1, Guntur – 522001. Guntur. Pan: Aacfp 7251 J (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Appellant By : Sri M.V. Prasad, Ar ""याथ"क"ओरसे/ Respondent By : Sri Mn Murthy Naik, Cit-Dr

38 section it shall be sufficient for a matter to be stated to the best of the knowledge and belief of the person stating it.” 41. We find from the written submissions of the Ld. AR that the provisions of section 65B(2)(d) as extracted above was not followed by the Revenue. The Revenue failed to identify the primary

POLISETTY SOMASUNDARAM,GUNTUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR

In the result, appeal of the assessee for the AY 2020-21 is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.172 To 180/Viz/2023 ("नधा"रणवष"/ Assessment Year : 2012-13 To 2020-21) M/S. Polisetty Somasundaram, Vs. The Deputy Commissioner Of D.No. 8-24-31, Main Road, Income Tax, Mangalagiri Road, Central Circle-1, Guntur – 522001. Guntur. Pan: Aacfp 7251 J (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Appellant By : Sri M.V. Prasad, Ar ""याथ"क"ओरसे/ Respondent By : Sri Mn Murthy Naik, Cit-Dr

38 section it shall be sufficient for a matter to be stated to the best of the knowledge and belief of the person stating it.” 41. We find from the written submissions of the Ld. AR that the provisions of section 65B(2)(d) as extracted above was not followed by the Revenue. The Revenue failed to identify the primary