SANTOSH AGRAWAL,CHATTISGARH vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRLCE-1, VISAKHAPATNAM

153 taxmann.com 579 (SC)/[2023] 294\nTaxman 521 (SC) held as follows: -\nPage No. 18\nI.T (SS). A.No.10/VIZ/2025&I.T.A.No.136/VIZ/2025\nAshok Kumar Agrawal\nΙ.Τ.Α.No.150/VIZ/2025\nSantosh Agrawal\n“Section 69A, read with section 10(38), of the Income-tax Act, 1961\nUnexplained moneys (Share dealings) - High Court by impugned order\nheld that where Assessing Officer disallowed exemption

ASHOK KUMAR AGRAWAL,VISAKHAPATNAM vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

153 taxmann.com 579 (SC)/[2023] 294\nTaxman 521 (SC) held as follows: -\n\nPage No. 18\n\nI.T (SS). A.No.10/VIZ/2025&I.T.A.No.136/VIZ/2025\nAshok Kumar Agrawal\nΙ.Τ.Α.No.150/VIZ/2025\nSantosh Agrawal\n\n“Section 69A, read with section 10(38), of the Income-tax Act, 1961\nUnexplained moneys (Share dealings) - High Court by impugned order\nheld that where Assessing

SRI RAJANI GOLD,VIJAYAWADA vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), VIJAYAWADA

In the result, appeal of the assessee is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./I.T.A.No.162/Viz/2023 (निर्धारण वर्ा/ Assessment Year: 2017-18) Sri Rajani Gold V. Asst. Cit – Circle – 1(1) D.No. 11-49-336B Central Revenue Building Sivalayam Street, I Town Mg Road – 520001 Vijayawada – 520001 Vijayawada, Andhra Pradesh Andhra Pradesh [Pan: Aacfs6675E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

153,53,46,029 4,50,271 0.03% 2016-17 150,89,00,721 1,30,404 0.01% 2017-18 79,92,05,016 43,31,082 0.54% 7. Considering the business and turnover of the assessee, Ld.AO estimated the income of the assessee at 1% of the turnover of Rs. 79,92,05,016/- amounting

ACIT, CENTRAL CIRCLE-2, RAJAHMUNDRY vs. USHA BALA AGRO FARMS PVT LTD, ELURU

In the result, appeals of the Revenue for the AYs 2016-17 to 2019-20 are dismissed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

Bogus Payments 792910 Lease Payment 1325929 in ITR Scrap Sales 243375 Payments into Bank 2000000 Child Fish Purchase 0 Land purchase not in 0 ITR Medicine Purchases 2665278 Salary Payment 20000 Transportation 70990 Charges Sand Filling 0 Electricity Bill 62123 Donations 0 Total 82393920 Total 27376947 The Ld AO thus worked out the unaccounted income

ACIT, CENTRAL CIRCLE-2, RAJAHMUNDRY vs. USHA BALA AGRO FARMS PVT LTD, ELURU

In the result, appeals of the Revenue for the AYs 2016-17 to 2019-20 are dismissed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

Bogus Payments 792910 Lease Payment 1325929 in ITR Scrap Sales 243375 Payments into Bank 2000000 Child Fish Purchase 0 Land purchase not in 0 ITR Medicine Purchases 2665278 Salary Payment 20000 Transportation 70990 Charges Sand Filling 0 Electricity Bill 62123 Donations 0 Total 82393920 Total 27376947 The Ld AO thus worked out the unaccounted income

ASSISTANT COMMISSIONER OF INCOMETAX, CENTRAL CIRCLE-2, RAJAHMUNDRY vs. USHA BALA AGRO FARMS PVT. LTD, ELURU

In the result, appeals of the Revenue for the AYs 2016-17 to 2019-20 are dismissed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

Bogus Payments 792910 Lease Payment 1325929 in ITR Scrap Sales 243375 Payments into Bank 2000000 Child Fish Purchase 0 Land purchase not in 0 ITR Medicine Purchases 2665278 Salary Payment 20000 Transportation 70990 Charges Sand Filling 0 Electricity Bill 62123 Donations 0 Total 82393920 Total 27376947 The Ld AO thus worked out the unaccounted income

ACIT, CENTRAL CIRCLE-2, RAJAHMUNDRY vs. USHA BALA AGRO FARMS PVT LTD, ELURU

In the result, appeals of the Revenue for the AYs 2016-17 to 2019-20 are dismissed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

Bogus Payments 792910 Lease Payment 1325929 in ITR Scrap Sales 243375 Payments into Bank 2000000 Child Fish Purchase 0 Land purchase not in 0 ITR Medicine Purchases 2665278 Salary Payment 20000 Transportation 70990 Charges Sand Filling 0 Electricity Bill 62123 Donations 0 Total 82393920 Total 27376947 The Ld AO thus worked out the unaccounted income

ACIT, CENTRAL CIRCLE-2, RAJAHMUNDRY vs. USHA BALA AGRO FARMS PVT LTD, ELURU

In the result, appeals of the Revenue for the AYs 2016-17 to 2019-20 are dismissed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

Bogus Payments 792910 Lease Payment 1325929 in ITR Scrap Sales 243375 Payments into Bank 2000000 Child Fish Purchase 0 Land purchase not in 0 ITR Medicine Purchases 2665278 Salary Payment 20000 Transportation 70990 Charges Sand Filling 0 Electricity Bill 62123 Donations 0 Total 82393920 Total 27376947 The Ld AO thus worked out the unaccounted income

INCOME TAX OFFICER, WARD-2(5), VISAKHAPATNAM vs. DUVVURU REKHA REDDY, KURMANNAPALEM

In the result, the cross objection filed by the assessee is allowed

Bench: Shri Ravish Sood, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपीलसं./I.T.A.No.450/Viz/2024 (निर्धारण वर्ा/ Assessment Year:2017-18) Vs. Income Tax Officer –Ward– 2(5) Duvvuru Rekha Reddy 2Nd Floor, Infinity Towers Flat No. 402, Vizag Profile Towers Sankaramatam Road Kurmannapalem Visakhapatnam - 530016 Visakhapatnam -530046 Andhra Pradesh [Pan:Afdpr3780C] सी.ओ सं. / C.O. No. 17/Viz/2024 [आयकरअपीलसं.से उत्पन्न/I.T.A.No.450/Viz/2024 (निर्धारण वर्ा/ Assessment Year: 2017-18)] Vs. Income Tax Officer –Ward– 2(5) Duvvuru Rekha Reddy 2Nd Floor, Infinity Towers Flat No. 402, Vizag Profile Towers Sankaramatam Road Kurmannapalem Visakhapatnam - 530016 Visakhapatnam - 530046 Andhra Pradesh [Pan:Afdpr3780C]

bogus LTCG/STCL and Business loss entries through various penny scrips. M/s.Steel Exchange India Ltd was identified as one of such scrip and the assessee was identified as one of beneficiaries who entered into transaction in the said scrip to the tune of Rs.3,87,36,001/-. Subsequently, notice under section 148 dated 28.07.2022 was duly issued. In response, assessee filed