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8 results for “bogus purchases”+ Short Term Capital Gainsclear

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Mumbai1,169Delhi500Kolkata313Jaipur272Ahmedabad234Chennai165Bangalore128Karnataka108Indore95Pune72Hyderabad68Surat56Chandigarh44Raipur39Calcutta37Lucknow34Guwahati25Nagpur25Rajkot21Cuttack19Ranchi13Visakhapatnam8Amritsar7Jodhpur6Agra6Varanasi5Patna5Telangana3SC2Panaji2ASHOK BHAN DALVEER BHANDARI1Jabalpur1Cochin1

Key Topics

Section 143(1)7Capital Gains6Section 1474Section 1484Section 143(2)4Section 14A4Section 271(1)(c)4Section 683Section 153C

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

ITA 150/VIZ/2025[2006-07]Status: DisposedITAT Visakhapatnam13 Jun 2025AY 2006-07
Section 127Section 143(1)Section 143(2)Section 153A

bogus long term capital gain amount to\nRs.8,51,91,388/- claimed by the assessee under section 10(38) of the Act.\nFurther, Ld. CIT(A) after considering the submissions made by the assessee\nobserved that the addition under section 68 of the Act is not relevant for the\nPage No. 7\nI.T (SS). A.No.10/VIZ/2025&I.T.A.No.136/VIZ/2025\nAshok Kumar

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

ITA 136/VIZ/2025[2006-07]Status: DisposedITAT Visakhapatnam13 Jun 2025AY 2006-07
Section 127
3
Unexplained Cash Credit3
Addition to Income3
Penny Stock2
Section 143(1)
Section 143(2)
Section 153A

bogus long term capital gain amount to\nRs.8,51,91,388/- claimed by the assessee under section 10(38) of the Act.\nFurther, Ld. CIT(A) after considering the submissions made by the assessee\nobserved that the addition under section 68 of the Act is not relevant for the\n\nPage No. 7\n\nI.T (SS). A.No.10/VIZ/2025&I.T.A.No.136/VIZ/2025

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1),, VISAKHAPTNAM vs. MATTAPALLI RAMGOPAL,, VISAKHAPATNAM

In the result, appeals of the revenue are dismissed

ITA 65/VIZ/2021[2014-15]Status: DisposedITAT Visakhapatnam29 Mar 2023AY 2014-15

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./I.T.A.No.65/Viz/2021 & 66/Viz/2021 (निर्धारण वर्ा / Assessment Year : 2014-15 & 2015-16) Asst.Commissioner Of Income Tax Vs. Mattapalli Ramgopal Circle-1(1) 25-8-246, Main Road Visakhapatnam Kurupam Market Visakhapatnam [Pan : Aarpw2133K] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

For Appellant: Shri I.Kama Sastry, ARFor Respondent: Shri O.N.Hari Prasada Rao, DR
Section 133ASection 143(1)Section 143(2)Section 68

purchase and sale of gold jewellery and silverware. The assessee filed his return of income for the A.Y.2014-15 on 18.09.2014, declaring total income at Rs.61,58,100/-. The return was processed u/s 143(1) of the Income Tax Act, 1961 (in short “Act”). Subsequently, the case was selected for scrutiny under CASS and accordingly, statutory notice

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1),, VISAKHAPATNAM vs. MATTAPALLI RAMGOPAL, VISAKHAPATNAM

In the result, appeals of the revenue are dismissed

ITA 66/VIZ/2021[20105-16]Status: DisposedITAT Visakhapatnam29 Mar 2023

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./I.T.A.No.65/Viz/2021 & 66/Viz/2021 (निर्धारण वर्ा / Assessment Year : 2014-15 & 2015-16) Asst.Commissioner Of Income Tax Vs. Mattapalli Ramgopal Circle-1(1) 25-8-246, Main Road Visakhapatnam Kurupam Market Visakhapatnam [Pan : Aarpw2133K] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

For Appellant: Shri I.Kama Sastry, ARFor Respondent: Shri O.N.Hari Prasada Rao, DR
Section 133ASection 143(1)Section 143(2)Section 68

purchase and sale of gold jewellery and silverware. The assessee filed his return of income for the A.Y.2014-15 on 18.09.2014, declaring total income at Rs.61,58,100/-. The return was processed u/s 143(1) of the Income Tax Act, 1961 (in short “Act”). Subsequently, the case was selected for scrutiny under CASS and accordingly, statutory notice

MS USHA TUBUS & PIPES PVT LTD.,,VISAKHAPATNAM vs. THE ACIT,, VISAKHAPATNAM

In the result, the appeal of the assessee is allowed

ITA 48/VIZ/2015[2004-05]Status: DisposedITAT Visakhapatnam28 Nov 2018AY 2004-05

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.48/Viz/2015 (धििाारण िर्ा/ Assessment Year: 2004-2005) M/S Usha Tubes & Pipes Pvt. Ltd. Vs. Asst.Commissioner Of D.No.11-8-34 Income Tax Daspalla Hills Cicle-5(1) Visakhapatnam Visakhapatnam [Pan : Aaacu4259N] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Smt. Suman Malik, DR
Section 143(1)Section 271(1)(c)Section 43(5)Section 73

short term capital gain on fixed assets. The Assessing Officer (AO) furnished the details of the sale of shares and the resultant losses as under : Rate Name of Date of Rate and and sale S.No the Quantity purchase/ Quantity Net Loss cost of value proceed company sale s 1. Golden

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

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

ITA 450/VIZ/2024[2017-18]Status: DisposedITAT Visakhapatnam24 Sept 2025AY 2017-18

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]

Section 10(38)Section 147Section 148Section 68

short ‘Act’) dated 30.05.2023. Cross objection is filed by the assessee. 2. Brief facts of the case are, assessee E-filed her return of income on 01.08.2022 declaring income of Rs.4,63,720/-. Subsequently, based on the information received on INSIGHT Portal about accommodation entries activities done by Shri. Naresh Jain of providing bogus LTCG/STCL and Business loss entries through

DEPUTY COMMISSIONER OF INCOME TAX (IT), VISAKHAPATNAM vs. SHRI APPARAO MUKKAMALA, USA

In the result, the appeal filed by the revenue is dismissed, while for the cross-objection filed by the assessee is allowed

ITA 354/VIZ/2025[2016-17]Status: DisposedITAT Visakhapatnam30 Sept 2025AY 2016-17

Bench: SHRI RAVISH SOOD, HON’BLE (Judicial Member), SHRI BALAKRISHNAN. S, HON’BLE (Accountant Member)

Section 144C(3)Section 147Section 148Section 153CSection 69A

term capital gains (LTCG) on sale of shares of M/s Sunbeam Hospitality Pvt. Ltd. The return of income filed by the assessee was initially processed as such under section 143(1) of the Act. 3. On 26.02.2019, search and seizure proceedings were conducted in the case of M/s Sandhya Hotels Pvt. Ltd. During the course of the search proceedings

GVK POWER & INFRASTRUCTURE LIMITED,KADIYAM vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1),, RAJAHMUNDRY

In the result, appeal of the assessee is allowed

ITA 553/VIZ/2018[2014-15]Status: DisposedITAT Visakhapatnam03 Apr 2019AY 2014-15

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकरअपीलसं./I.T.A.No.553/Viz/2018 (ननधधारण वर्ा/Assessment Year:2014-15) M/S Gvk Power & Infrastructure Ltd. Vs. Asst.Commissioner Of D.No.5-48, Gvk Power Plant Income Tax Jegurupadu, Kadiyammandal Circle-2(1) East Godavari Rajamahendravaram [Pan :Aaacj5599A] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओ रसे/ Appellant By Shri G.V.N.Hari, Ar प्रत्यधथी की ओर से/ Respondent By Shri D.K.Sonowal, Cit Dr सुनवधई की तधरीख / Date Of Hearing : 21.03.2019 घोर्णध की तधरीख/Date Of Pronouncement : 03.04.2019

Section 139Section 143(3)Section 14ASection 36Section 5

gains. The AO contended that there was no return or income received from the subsidiary companies. The same cannot be 31 I.T.A. No.553/Viz/2018 M/s GVK Power & Infrastructure Ltd., Kadiyam reason for disallowance of interest as the return and the profit of the company depends on lot of other factors. The advances or investments were made out of business compulsions