INCOMETAX OFFICER, WARD-3(1), VISAKHAPATNAM vs. SURENDRA NATH GUBBALA, VISAKHAPATNAM

Bench: Us:

house property No. 22, Chairman Muthurama Iyer Road, Madurai for a sum of Rs. 90,000 subject to incumbrance in the asst. yr. 1975-76 and for the same assessment year he sold plot Nos. 1, 3 and half of plot No. 4 for a sum of Rs. 12,600. The ITO computed the capital gains

SMT. KANCHARLAPALLI HEMALATHA,,VIJAYAWADA vs. THE ITO,, VIJAYAWADA

In the result, the appeal of the assessee is allowed

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.322/Viz/2016 (धििाारण िर्ा/Assessment Year:2010-2011) Smt.Kancharlapalli Hemalatha Vs. Income Tax Officer Flat No.102, Sri Kesava Heights Ward-2(3) D.No.59A-21/3-5/2 Vijayawada Vizayanagar Colony Vijayawada [Pan :Bcmpk6735M] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

house that has been purchased or constructed is not less than the net consideration in respect of the capital asset transferred, entire capital gain arising from the transfer will be exempt from tax. (ii) ……………….” In appellant's case as borrowed funds were utilized to the extent of Rs.8,74246/- for purchase of new property

DCIT, CIRCLE -3(1), VISAKHAPATNAM vs. NORD ANGLIA EDUCATION INFRASTRUCTURE PRIVATE LIMITED, VISAKHAPATNAM

In the result, all the appeals filed by the revenue, viz

Bench: Shri Ravish Sood & Shri Balakrishnan S.

house property. It also relied on Hon’ble Supreme Court decision in case of Rayala Corporation (P.) Ltd. Vs ACIT (386 ITR 500) wherein Hon’ble Court held that the assessee company is in business of renting its properties and is receiving rent as its business income, the said income should be taxed under the Head "Profits and gains

DCIT, CIRCLE - 3(1), VISAKHAPATNAM vs. NORD ANGLIA EDUCATION INFRASTRUCTURE PRIVATE LIMITED, VISAKHAPATNAM

In the result, all the appeals filed by the revenue, viz

Bench: Shri Ravish Sood & Shri Balakrishnan S.

house property. It also relied on Hon’ble Supreme Court decision in case of Rayala Corporation (P.) Ltd. Vs ACIT (386 ITR 500) wherein Hon’ble Court held that the assessee company is in business of renting its properties and is receiving rent as its business income, the said income should be taxed under the Head "Profits and gains

KALVA UMADEVI ,VISAKHAPATNAM vs. THE INCOME TAX OFFICER, WARD-1(4), , VISAKHPATNAM

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.443/Viz/2018 (धििाारण िर्ा/ Assessment Year: 2009-2010) Smt.Kalva Uma Devi Income Tax Officer 15-2-17, Srinilayam Ward-1(4) Maharanipeta Visakhapatnam Visakhapatnam [Pan : Aewpk3080J] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से/ Appellant By : Shri C.V.S.Murthy, Ar प्रत्यार्थी की ओर से/ Respondent By : Smt. Suman Malik, Dr

property for a consideration of Rs.30,00,000/- and invested more than the amount of net consideration received by the assessee for the purpose of acquiring new residential house, thereby applied the entire net consideration in acquiring the new house. The AO computed the capital gains

YALAMANCHILI NEELIMA,,GUNTUR vs. THE INCOME TAX OFFICER, WARD-2(2),, GUNTUR

In the result, appeal of the assessee is partly allowed for statistical purposes

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

house property", other than the new asset, the amount of capital gain arising from the transfer of the original asset

ARABOLU VENKATA NAGA DEEPATHI REPRESENTED BY POWER OF ATTORNEY HOLDER, N. SATYARAMANUJAMM ,VISAKHAPATNAM vs. INCOME TAX OFFICER(INTERNATIONAL TAXATION), VISAKHAPATNAM

In the result, the appeal fails and the same is hereby dismissed

Bench: Shri Laliet Kumar, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./I.T.A.No.178/Viz/2018 (ननधधारण वर्ा/ Assessment Year : 2010-11) Smt.Arabolu Venkata Naga Deepthi Vs. Income Tax Officer Rep. By Power Of Attorney Holder (International Taxation) Smt. N.Satyaramanujam Visakhapatnam Flat No.403, Dhanna Apartments Seethammadhara Visakhapatnam [Pan : Atcpa6413A] (अपीलाथी/ Appellant) (प्रत्यथी/ Respondent)

capital gains shown at Rs.17,89,099/- for reinvestment made by her in a house situated in United States of America. Notice u/s 148 was issued to the assessee on 30.03.2015 as the assessee is not eligible for such claim 3 ITA No.178/Viz/2018, A.Y.2010-11 Smt.Arabolu Venkata Naga Deepthi, Visakhapatnam as reinvestment is stated to be made in a house property

DCIT, CIRCLE - 3(1), , VISAKHAPATNAM vs. NORD ANGLIA EDUCATION INFRASTRUCTURE PRIVATE LIMITED, VISAKHAPATNAM

capital leading to profits of\nbusiness, which profits may be either enjoyed or put back into business\nto acquire more properties for further profitable exploitation then the\nsaid income should be taxed under the Head \"Profits and gains of\nbusiness or profession”.\nHon'ble Supreme Court decision in case of CIT vs National\nStorage (P.) Ltd (66 ITR 596) wherein

TIRUMALASETTI SRINIVASA RAO, ,VISAKHAPATNAM vs. DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION), VISAKHAPATNAM

In the result, appeal of the assessee is dismissed

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.27/Viz/2019 (ननधधारण वर्ा/Assessment Year : 2008-09) Shri Tirumalasetti Srinivasa Rao Vs. Dy.Commissioner Of Q.No.116, Siddhartha Nagar Income Tax Vadlapudi (International Taxation) Visakhapatnam Visakhapatnam [Pan :Adlpr3679N] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri G.V.N.Hari, Ar प्रत्यधथी की ओर से / Respondent By : Smt Suman Malik, Dr सुनवधई की तधरीख / Date Of Hearing : 12.06.2019 घोर्णध की तधरीख/Date Of Pronouncement : 19.07.2019 आदेश /O R D E R

property attracts capital gains tax. Having not filed the return of income, the AO rightly held that the income had escaped assessment, accordingly issued notice u/s 148. Hence, we do not find any merit in the ground raised by the assessee regarding validity of issue of notice u/s 148, hence, this ground is dismissed. 8. Ground No.4 is related

R.VENKATA DHANA LAKSHMI LEGAL HEIR OF LATE R. VENKATESWARA RAO,LINGAPALEM MANDAL vs. THE INCOME TAX OFFICER, WARD-2, , ELURU

In the result, appeal of the assessee is partly allowed for statistical purposes

Bench: Shri N.K.Choudhry, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleआयकर अपील सं./I.T.A.No.121/Viz/2020 (निर्धारण वर्ा/Assessment Year:2010-11) R.Venkata Dhana Lakshmi Vs. Income Tax Officer (Wife & Legal Heir Of Late Ward-2 R.Venkateswara Rao) Eluru Prop : Bharthi Teja Constructions D.No.3-158, Western Street Dharmajigudem Lingapalem Mandal West Godavari [Pan : Agfpr6873H] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

House, Kukkatpally for a consideration of Rs. 35.40 lacs as mentioned in his reply dated 26.03.2013 to the AO. The assessee contended that since, the capital gains tax resulted in ‘Nil’ income, he did not mention the same in the return of income. However, the AO found no merit in assessee’s explanation, since, the assessee has neither purchased

GOWTHAM RESIDENTIAL JUNIOR COLLEGE,VIJAYAWADA vs. ACIT, CENTRAL CIRCLE, VIJAYAWADA

In the result, appeals of the assessee are allowed

Bench: Shri Ravish Sood, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपीलसं./I.T.A.Nos.25 & 26/Viz/2022 (निर्धारण वर्ा/ Assessment Years: 2017-18 & 2013-14) Gowtham Residential Junior College V. Asst. Cit-Central Circle Vijayawada 1-87, Gudavalli Village Gudavalli, Vijayawada – 521104 Andhra Pradesh [Pan: Aaefg4399L] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

house property instead of business income claimed by the assessee but could not succeed and the matter reached to this Tribunal. However, the Members of the Division Bench had difference of opinions on the Page No. 7 I.T.A.Nos.25 & 26/VIZ/2022 Gowtham Residential Junior College issue. The learned Judicial Member has decided this issue in para

GOWTHAM RESIDENTIAL JUNIOR COLLEGE,VIJAYAWADA vs. ACIT, CENTRAL CIRCLE, VIJAYAWADA

In the result, appeals of the assessee are allowed

Bench: Shri Ravish Sood, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपीलसं./I.T.A.Nos.25 & 26/Viz/2022 (निर्धारण वर्ा/ Assessment Years: 2017-18 & 2013-14) Gowtham Residential Junior College V. Asst. Cit-Central Circle Vijayawada 1-87, Gudavalli Village Gudavalli, Vijayawada – 521104 Andhra Pradesh [Pan: Aaefg4399L] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

house property instead of business income claimed by the assessee but could not succeed and the matter reached to this Tribunal. However, the Members of the Division Bench had difference of opinions on the Page No. 7 I.T.A.Nos.25 & 26/VIZ/2022 Gowtham Residential Junior College issue. The learned Judicial Member has decided this issue in para

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1), VIJAYAWADA vs. SIVA JYOTHI PALAM, VIJAYAWADA

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./ I.T.A. No.268/Viz/2024 (िनधा"रण वष" / Assessment Year: 2017-18) Assistant Commissioner Of Vs. Siva Jyothi Palam, Income Tax, Vijayawada. Circle-1(1), Pan: Bksps2554L Vijayawada. (अपीलाथ"/ Appellant) (""यथ"/ Respondent) C.O. No. 04/Viz/2024 (In आयकर अपील सं./ I.T.A. No.268/Viz/2024 (िनधा"रण वष" / Assessment Year: 2017-18) Siva Jyothi Palam, Vs. Assistant Commissioner Of Vijayawada. Income Tax, Pan: Bksps2554L Circle-1(1), Vijayawada. (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ" क" ओर से/ Appellant By : Sri C. Subrahmanyam, Ar ""याथ" क" ओर से / Respondent By : Dr. Satyasai Rath, Cit-Dr सुनवाई क" तारीख / Date Of Hearing : 01/10/2024 घोषणा क" तारीख/Date Of : 09/10/2024 Pronouncement O R D E R

capital gains arising from the sale of the property / vacant land which was occurred in the month of October / November, 2016. Considering the time duration between the sale of the property / vacant land and purchase of the house

SMT. T.V. PADMAVATHI,,VIJAYAWADA vs. THE ITO,, VIJAYAWADA

In the result, the appeal of the assessee is dismissed

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.351/Viz/2016 (धििाारण िर्ा/ Assessment Year: 2012-2013) Smt.T.V.Padmavathi Vs. Income Tax Officer 40-15-11, Flat No.3 Ward-2(2) Sudha Apartments Vijayawada Greenland Hotel Road Vijayawada – 520 010 [Pan : Acxpt4644C] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

house property of Rs.1,26,000/-and the income from capital gains on sale of property of Rs.72,44,190/- and claimed

SATYANARAYANA VISWANADHA,MACHILIPATNAM vs. INCOME TAX OFFICER, WARD-1, MACHILIPATNAM

In the result, appeal filed by the assessee is allowed

Bench: Shri K. Narasimha Chary, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./I.T.A.No.223/Viz/2024 (निर्धारण वर्ा/ Assessment Year: 2012-13) Satyanarayana Viswanadha V. Ito – Ward – 1 Machilipatnam D.No. 21/411, Bhaskarapuram Krishna District - 521001 Machilipatnam – 521001 Andhra Pradesh Krishna District Andhra Pradesh [Pan: Aatpv0775E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

house within the period stipulated in Section 54F(1), if the assessee wants the benefit of Section 54F, then he should deposit the said capital gains in an account which is duly notified by the Central Government. In other words if he want of claim exemption from payment of income tax by retaining the cash, then the said amount

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3(1),, VISAKHAPATNAM vs. DATLA SHANTI, VISAKHAPATNAM

In the result, appeal of the Revenue is partly allowed for statistical purposes

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

house property as commercial property whereas as per the GVMC records it is a residential property”. In response to the show cause notice the assessee submitted that it is not a residential property and used only for commercial purposes. Considering the replies of the assessee, the Ld. AO disallowed the deduction claimed

INCOME TAX OFFICER, WARD 3(3) , VISAKHAPATNAM vs. MEENA TANGUDU, VISAKHAPATNAM

In the result, appeal of the revenue is partly allowed

house property\", other than\nthe new asset, the amount of capital gain arising from the transfer of the\noriginal asset

THE ITO,, GUNTUR vs. SRI KALARI VENKATA RASAIAH (HUF), GUNTUR

In the result, the appeal of the revenue is dismissed

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

property vide document No.1030/2010 dated 30.10.2010, the assessee declared capital gain of Rs.22,67,990/- against the sale consideration of Rs.46,08,000/-. The aggregate long term capital gain declared by the assessee was ` 78,79,929/- and claimed the deduction u/s 54F of the Act in respect of purchase of residential house