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26 results for “bogus purchases”+ Undisclosed Incomeclear

Sorted by relevance

Mumbai1,821Delhi1,311Jaipur429Kolkata420Chennai323Ahmedabad187Bangalore183Chandigarh154Pune99Hyderabad95Indore91Surat86Nagpur74Cochin62Raipur62Amritsar58Rajkot44Guwahati43Calcutta39Cuttack35Lucknow35Allahabad34Patna31Jodhpur28Visakhapatnam26Agra22Ranchi12Varanasi8Dehradun7Karnataka6Telangana5Jabalpur4SC3Panaji2Orissa2Gauhati1

Key Topics

Section 153A57Section 143(3)32Addition to Income25Section 10A21Section 13219Section 143(2)15Section 14A14Section 142(1)11Section 127

MOTHUKURI SOMABRAHMAM,,VISAKHAPATNAM vs. THE DEPUTY. CIT,, VISAKHAPATNAM

In the result, the appeal filed by the revenue is dismissed and the

ITA 132/VIZ/2017[2013-2014]Status: DisposedITAT Visakhapatnam16 Mar 2018AY 2013-2014

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

For Appellant: Shri T. Satyanandam, DRFor Respondent: Shri G.V.N. Hari, AR
Section 132Section 143(3)Section 271(1)(c)Section 271A

purchase peace with the department and to avoid unnecessary litigation, pending the marriage of his brother’s daughter, he had admitted the gold jewellery as his additional income. But the assessee stated that it was neither his income nor he has owned up the gold jwellery as acquired out of undisclosed income. Similarly, with regard to the cash deposits

Showing 1–20 of 26 · Page 1 of 2

9
Exemption7
Disallowance7
Undisclosed Income7

THE ASST. COMMISSIONER OF INCOME TAX., VISAKHAPATNAM vs. SRI M. SOMABRAHMAM,, VISAKHAPATNAM

In the result, the appeal filed by the revenue is dismissed and the

ITA 126/VIZ/2017[2013-2014]Status: DisposedITAT Visakhapatnam16 Mar 2018AY 2013-2014

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

For Appellant: Shri T. Satyanandam, DRFor Respondent: Shri G.V.N. Hari, AR
Section 132Section 143(3)Section 271(1)(c)Section 271A

purchase peace with the department and to avoid unnecessary litigation, pending the marriage of his brother’s daughter, he had admitted the gold jewellery as his additional income. But the assessee stated that it was neither his income nor he has owned up the gold jwellery as acquired out of undisclosed income. Similarly, with regard to the cash deposits

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

ITA 205/VIZ/2023[2017-18]Status: DisposedITAT Visakhapatnam19 Oct 2023AY 2017-18

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

For Appellant: Sri M.V. Prasad, ARFor Respondent: Dr. Satya Sai Rath, CIT-DR
Section 132Section 143(2)Section 153A

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

ITA 206/VIZ/2023[2018-19]Status: DisposedITAT Visakhapatnam19 Oct 2023AY 2018-19

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

For Appellant: Sri M.V. Prasad, ARFor Respondent: Dr. Satya Sai Rath, CIT-DR
Section 132Section 143(2)Section 153A

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

ITA 204/VIZ/2023[2016-17]Status: DisposedITAT Visakhapatnam19 Oct 2023AY 2016-17

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

For Appellant: Sri M.V. Prasad, ARFor Respondent: Dr. Satya Sai Rath, CIT-DR
Section 132Section 143(2)Section 153A

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

ITA 203/VIZ/2023[2015-16]Status: DisposedITAT Visakhapatnam19 Oct 2023AY 2015-16

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

For Appellant: Sri M.V. Prasad, ARFor Respondent: Dr. Satya Sai Rath, CIT-DR
Section 132Section 143(2)Section 153A

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

ITA 207/VIZ/2023[2019-20]Status: DisposedITAT Visakhapatnam19 Oct 2023AY 2019-20

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

For Appellant: Sri M.V. Prasad, ARFor Respondent: Dr. Satya Sai Rath, CIT-DR
Section 132Section 143(2)Section 153A

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

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

ITA 172/VIZ/2023[2012-13]Status: DisposedITAT Visakhapatnam18 Aug 2023AY 2012-13

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

For Appellant: Sri M.V. Prasad, ARFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 127Section 132Section 139Section 142(1)Section 143(2)Section 143(3)Section 153ASection 153B

undisclosed material/income and not before that. While agreeing with the same, the Hon’ble Supreme Court observed that it cannot be disputed that the block assessment proceedings are initiated on the basis of the entire material collected during the search and on the basis of the respective Panchnamas drawn and therefore, the date of the Panchnama last drawn

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

ITA 180/VIZ/2023[2020-21]Status: DisposedITAT Visakhapatnam18 Aug 2023AY 2020-21

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

For Appellant: Sri M.V. Prasad, ARFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 127Section 132Section 139Section 142(1)Section 143(2)Section 143(3)Section 153ASection 153B

undisclosed material/income and not before that. While agreeing with the same, the Hon’ble Supreme Court observed that it cannot be disputed that the block assessment proceedings are initiated on the basis of the entire material collected during the search and on the basis of the respective Panchnamas drawn and therefore, the date of the Panchnama last drawn

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

ITA 173/VIZ/2023[2013-14]Status: DisposedITAT Visakhapatnam18 Aug 2023AY 2013-14

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

For Appellant: Sri M.V. Prasad, ARFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 127Section 132Section 139Section 142(1)Section 143(2)Section 143(3)Section 153ASection 153B

undisclosed material/income and not before that. While agreeing with the same, the Hon’ble Supreme Court observed that it cannot be disputed that the block assessment proceedings are initiated on the basis of the entire material collected during the search and on the basis of the respective Panchnamas drawn and therefore, the date of the Panchnama last drawn

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

ITA 179/VIZ/2023[2019-20]Status: DisposedITAT Visakhapatnam18 Aug 2023AY 2019-20

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

For Appellant: Sri M.V. Prasad, ARFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 127Section 132Section 139Section 142(1)Section 143(2)Section 143(3)Section 153ASection 153B

undisclosed material/income and not before that. While agreeing with the same, the Hon’ble Supreme Court observed that it cannot be disputed that the block assessment proceedings are initiated on the basis of the entire material collected during the search and on the basis of the respective Panchnamas drawn and therefore, the date of the Panchnama last drawn

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

ITA 174/VIZ/2023[2014-15]Status: DisposedITAT Visakhapatnam18 Aug 2023AY 2014-15

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

For Appellant: Sri M.V. Prasad, ARFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 127Section 132Section 139Section 142(1)Section 143(2)Section 143(3)Section 153ASection 153B

undisclosed material/income and not before that. While agreeing with the same, the Hon’ble Supreme Court observed that it cannot be disputed that the block assessment proceedings are initiated on the basis of the entire material collected during the search and on the basis of the respective Panchnamas drawn and therefore, the date of the Panchnama last drawn

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

ITA 178/VIZ/2023[2018-19]Status: DisposedITAT Visakhapatnam18 Aug 2023AY 2018-19

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

For Appellant: Sri M.V. Prasad, ARFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 127Section 132Section 139Section 142(1)Section 143(2)Section 143(3)Section 153ASection 153B

undisclosed material/income and not before that. While agreeing with the same, the Hon’ble Supreme Court observed that it cannot be disputed that the block assessment proceedings are initiated on the basis of the entire material collected during the search and on the basis of the respective Panchnamas drawn and therefore, the date of the Panchnama last drawn

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

ITA 177/VIZ/2023[2017-18]Status: DisposedITAT Visakhapatnam18 Aug 2023AY 2017-18

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

For Appellant: Sri M.V. Prasad, ARFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 127Section 132Section 139Section 142(1)Section 143(2)Section 143(3)Section 153ASection 153B

undisclosed material/income and not before that. While agreeing with the same, the Hon’ble Supreme Court observed that it cannot be disputed that the block assessment proceedings are initiated on the basis of the entire material collected during the search and on the basis of the respective Panchnamas drawn and therefore, the date of the Panchnama last drawn

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

ITA 175/VIZ/2023[2015-16]Status: DisposedITAT Visakhapatnam18 Aug 2023AY 2015-16

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

For Appellant: Sri M.V. Prasad, ARFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 127Section 132Section 139Section 142(1)Section 143(2)Section 143(3)Section 153ASection 153B

undisclosed material/income and not before that. While agreeing with the same, the Hon’ble Supreme Court observed that it cannot be disputed that the block assessment proceedings are initiated on the basis of the entire material collected during the search and on the basis of the respective Panchnamas drawn and therefore, the date of the Panchnama last drawn

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

ITA 176/VIZ/2023[2016-17]Status: DisposedITAT Visakhapatnam18 Aug 2023AY 2016-17

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

For Appellant: Sri M.V. Prasad, ARFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 127Section 132Section 139Section 142(1)Section 143(2)Section 143(3)Section 153ASection 153B

undisclosed material/income and not before that. While agreeing with the same, the Hon’ble Supreme Court observed that it cannot be disputed that the block assessment proceedings are initiated on the basis of the entire material collected during the search and on the basis of the respective Panchnamas drawn and therefore, the date of the Panchnama last drawn

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

purchase agreement dated 02.09.2015 and an image of a handwritten scribbling were seized. The “agreement” recorded the transfer of 1,06,900 shares by the assessee at Rs. 657 per share for a total consideration of Rs. 7,02,33,300. 4. On the other hand, the seized scribbling contained entries which the department construed as cash payments to certain

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), VIJAYAWADA, VIJAYAWADA vs. GM CABLES & SWITCHES PRIVATE LIMITED, VIJAYAWADA

In the result, appeal filed by the Revenue is dismissed

ITA 32/VIZ/2025[2019-20]Status: DisposedITAT Visakhapatnam20 May 2025AY 2019-20

Bench: Shri Vijay Pal Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble(Hybrid Hearing) आयकर अपील सं./ I.T.A. No.32/Viz/2025 (धनिाारण िर्ा / Assessment Year : 2019-20) The Assistant Commissioner Of Vs. Gm Cables & Switches Income Tax, Private Limited, Circle-1(1), Vijayawada. Vijayawada. Pan: Aafcg3325C (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से/ Assessee By : Sri Rushabh Mehta, Ca प्रत्यार्थी की ओर से / Revenue By : Dr. Aparna Villuri, Sr. Ar सुनिाई की तारीख / Date Of Hearing : 28/04/2025 घोर्णा की तारीख/Date Of : 20/05/2025 Pronouncement O R D E R

For Appellant: Sri Rushabh Mehta, CAFor Respondent: Dr. Aparna Villuri, Sr. AR
Section 131Section 132Section 142(1)Section 143(2)Section 147Section 148Section 153ASection 68Section 69C

income of Rs. 2,21,42,270/-. Thereafter, notice U/s. 143(2) was issued on 26/07/2023. Further, notice U/s. 142(1) of the Act was also issued to the assessee from time to time. It was observed by the Ld. AO that during the course of the search proceedings it was noticed that various One World Group entities have shown

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

bogus speculation income. Briefly stated facts are that the assessee has disclosed speculation profit to the extent of Rs.53,34,463/- in the audited profit 10 I.T.A. No.48/Viz/2015 M/s Usha Tubes & Pipes Pvt. Ltd., Visakhapatnam and loss account for the year ending 31.03.2009 and set off the same against brought forward speculation loss of earlier years and the difference

FIRST TEK PRIVATE LIMITED,HYDERABAD vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE, VIJAYAWADA

In the result appeals of the revenue for the A

ITA 576/VIZ/2019[2009-2010]Status: DisposedITAT Visakhapatnam24 Nov 2020AY 2009-2010

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.574-577/Viz/2019 & 609/Viz/2019 (निर्धारण वर्ा/Assessment Year:2007-08 To 2010-11 & 2011-12) M/S First Tek Private Limited Vs. Asst.Commissioner Of Bhavanasi Anjaneyulu Income Tax Sri Balaji Chemical Industries Central Circle Main Road, Piduguralla Vijayawada Guntur [Pan : Aaacf8840N] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.T.A.No.607/Viz/2019 & 608/Viz/2019 (निर्धारण वर्ा/Assessment Year:2009-10 & 2011-2012) Asst.Commissioner Of Vs. M/S First Tek Private Limited Income Tax Bhavanasi Anjaneyulu Central Circle Sri Balaji Chemical Industries Vijayawada Main Road, Piduguralla Guntur [Pan : Aaacf8840N] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) निर्धाऩरती की ओर से / Assessee By : Shri G.V.N.Hari, Ar रधजस्व की ओर से /Revenue By : Shri D.K.Sonowal, Cit, Dr सुिवधई की तधरीख / Date Of Hearing : 23.09.2020 घोर्णध की तधरीख/Date Of 24.11.2020 Pronouncement

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri D.K.Sonowal, CIT, DR
Section 10ASection 143(3)Section 14ASection 1O

bogus. In the absence of any material to show that the liability ceased beyond the amount admitted by the assessee, the Ld.CIT(A) viewed that the addition made by the AO in respect of the outstanding advances of Rs.4,70,19,016/- was unsustainable, accordingly, deleted the addition. 13. With regard to addition of Rs.4,23,00,000/-, the Ld.CIT