DCIT, CENTRAL CIRCLE-1, VISAKHAPATNAM vs. GVA INDUSTRIES PVT. LTD., DHAMTARI

B Kishore Kumar Vs DCIT (2015) 62\nTaxmann.com215/234 Taxmann 771, where in it was held that even a sworn\nstatement shall also constitute incriminating material to dislodge any earlier\nfinding for the purpose of making an assessment u/s 153A.\n15. The Ld. CIT(A) ought to have considered the decision of Hon'ble\nSupremeCourt in the case of Bannalal

GVA INDUSTRIES PRIVATE LIMITED,CHHATTISGARH vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

B Kishore Kumar Vs DCIT (2015) 62\nTaxmann.com215/234 Taxmann 771, where in it was held that even a sworn\nstatement shall also constitute incriminating material to dislodge any earlier\nfinding for the purpose of making an assessment u/s 153A.\n15. The Ld. CIT(A) ought to have considered the decision of Hon'ble\nSupremeCourt in the case of Bannalal

DCIT, CENTRAL CIRCLE-1, VISAKHAPATNAM vs. GVA INDUSTRIES PVT. LTD., DHAMTARI

B Kishore Kumar Vs DCIT (2015) 62\nTaxmann.com215/234 Taxmann 771, where in it was held that even a sworn\nstatement shall also constitute incriminating material to dislodge any earlier\nfinding for the purpose of making an assessment u/s 153A.\n15. The Ld. CIT(A) ought to have considered the decision of Hon'ble\nSupremeCourt in the case of Bannalal

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

bogus purchases thereby confirmed the deletion of balance of\nRs.18,44,787/-. The Ld. CIT(A), thus partly allowed the appeal of the assessee.\n11. On being aggrieved by the order of the Ld. CIT(A), revenue is in appeal\nbefore us by raising following grounds of appeal: .\n"1.\nThe order of the Ld.ClT(A) is erroneous both

GVA INDUSTRIES PRIVATE LIMITED,CHHATTISGARH vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

B Kishore Kumar Vs DCIT (2015) 62\nTaxmann.com215/234 Taxmann 771, where in it was held that even a sworn\nstatement shall also constitute incriminating material to dislodge any earlier\nfinding for the purpose of making an assessment u/s 153A.\n15. The Ld. CIT(A) ought to have considered the decision of Hon'ble\nSupremeCourt in the case of Bannalal

DCIT, CENTRAL CIRCLE-1, VISAKHAPATNAM vs. GVA INDUSTRIES PVT. LTD., DHAMTARI

B Kishore Kumar Vs DCIT (2015) 62\nTaxmann.com215/234 Taxmann 771, where in it was held that even a sworn\nstatement shall also constitute incriminating material to dislodge any earlier\nfinding for the purpose of making an assessment u/s 153A.\n15. The Ld. CIT(A) ought to have considered the decision of Hon'ble\nSupremeCourt in the case of Bannalal

INCOME TAX OFFICER, INCOME TAX DEPARTMENT, VISAKHAPATNAM vs. QUALITY STEEL SHOPPE PRIVATE LIMITED, VISAKHAPATNAM

In the result, the Cross Objection No

Bench: Shri Manjunatha G. & Shri Ravish Soodआ.अपी.सं /Ita No.454/Viz/2024 ("नधा"रण वष"/Assessment Year: 2018-19) Income Tax Officer, Vs. Quality Steel Shoppe Ward-2(1), Private Limited, Visakhapatnam. Visakhapatnam. Pan: Aaacq1115D (Appellant) (Respondent) C.O. No. 18/Viz/2024 (In आ.अपी.सं /454/Viz/2024) ("नधा"रण वष"/Assessment Year: 2018-19)

bogus purchases, the assessee company vide its reply dated 08/01/2024 rebutted the same. It was submitted by the assessee company that during the Financial Year 2017-18, M/s. Steel Exchange India Limited (SEIL) had sold 998.870 mts of MS bars to M/s. Hero Wiretex Private Limited but had not taken the delivery of inventory due to non-payment of sale

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 u/s 36(1)(iii), when the corresponding assets were not put to use. 7. The Ld. CIT(A) is not justified in allowing relief towards proportionate disallowance of interest u/s. 36(1)(iii) of the Income-tax Act, 1961, amounting to Rs 13,98,37,651/-by ignoring the Sworn statements recorded u/s 132(4) from the Main promoter

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 u/s 36(1)(iii), when the corresponding assets were not put to use. 7. The Ld. CIT(A) is not justified in allowing relief towards proportionate disallowance of interest u/s. 36(1)(iii) of the Income-tax Act, 1961, amounting to Rs 13,98,37,651/-by ignoring the Sworn statements recorded u/s 132(4) from the Main promoter

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 u/s 36(1)(iii), when the corresponding assets were not put to use. 7. The Ld. CIT(A) is not justified in allowing relief towards proportionate disallowance of interest u/s. 36(1)(iii) of the Income-tax Act, 1961, amounting to Rs 13,98,37,651/-by ignoring the Sworn statements recorded u/s 132(4) from the Main promoter

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 u/s 36(1)(iii), when the corresponding assets were not put to use. 7. The Ld. CIT(A) is not justified in allowing relief towards proportionate disallowance of interest u/s. 36(1)(iii) of the Income-tax Act, 1961, amounting to Rs 13,98,37,651/-by ignoring the Sworn statements recorded u/s 132(4) from the Main promoter

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 u/s 36(1)(iii), when the corresponding assets were not put to use. 7. The Ld. CIT(A) is not justified in allowing relief towards proportionate disallowance of interest u/s. 36(1)(iii) of the Income-tax Act, 1961, amounting to Rs 13,98,37,651/-by ignoring the Sworn statements recorded u/s 132(4) from the Main promoter

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

13-12- 1996, the officer concerned, on his own admission, had no locus standi in the matter. Moreover, the Panchnama made on that date had many defects as admitted by the department itself. Thus, no fault could be found with the impugned order of the Tribunal. The impugned assessment indeed was barred by limitation and also invalid.” 21. Respectfully following

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

13-12- 1996, the officer concerned, on his own admission, had no locus standi in the matter. Moreover, the Panchnama made on that date had many defects as admitted by the department itself. Thus, no fault could be found with the impugned order of the Tribunal. The impugned assessment indeed was barred by limitation and also invalid.” 21. Respectfully following

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

13-12- 1996, the officer concerned, on his own admission, had no locus standi in the matter. Moreover, the Panchnama made on that date had many defects as admitted by the department itself. Thus, no fault could be found with the impugned order of the Tribunal. The impugned assessment indeed was barred by limitation and also invalid.” 21. Respectfully following

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

13-12- 1996, the officer concerned, on his own admission, had no locus standi in the matter. Moreover, the Panchnama made on that date had many defects as admitted by the department itself. Thus, no fault could be found with the impugned order of the Tribunal. The impugned assessment indeed was barred by limitation and also invalid.” 21. Respectfully following

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

13-12- 1996, the officer concerned, on his own admission, had no locus standi in the matter. Moreover, the Panchnama made on that date had many defects as admitted by the department itself. Thus, no fault could be found with the impugned order of the Tribunal. The impugned assessment indeed was barred by limitation and also invalid.” 21. Respectfully following

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

13-12- 1996, the officer concerned, on his own admission, had no locus standi in the matter. Moreover, the Panchnama made on that date had many defects as admitted by the department itself. Thus, no fault could be found with the impugned order of the Tribunal. The impugned assessment indeed was barred by limitation and also invalid.” 21. Respectfully following

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

13-12- 1996, the officer concerned, on his own admission, had no locus standi in the matter. Moreover, the Panchnama made on that date had many defects as admitted by the department itself. Thus, no fault could be found with the impugned order of the Tribunal. The impugned assessment indeed was barred by limitation and also invalid.” 21. Respectfully following