SYED YAKUB SHARIFF,,VISAKHAPATNAM vs. THE DCIT, CENTRAL CIRCLE-1,, VISAKHAPATNAM

In the result, appeals of the assessees are allowed

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.577/Viz/2013 (ननधधारण वर्ा/A.Y : 2007-08) Smt. Sofia Sadique Vs. Dy.Commissioner Of Legal Heir Of Late Syed Income Tax Mohammed Shariff Central Circle-1 C/O I.Kamasastry Visakhapatnam Sri Sai Lalitha Ramam 9-16-29/1, Cbm Compound’ Near Rama Talkies Visakhapatnam आयकर अपील सं./I.T.A.No.578/Viz/2013 (ननधधारण वर्ा/A.Y : 2007-08) Sri Syed Yakub Shariff Vs. Dy.Commissioner Of C/O I.Kamasastry Income Tax Sri Sai Lalitha Ramam Central Circle-1 9-16-29/1, Cbm Compound Visakhapatnam Near Rama Talkies Visakhapatnam आयकर अपील सं./I.T.A.No.579/Viz/2013 (ननधधारण वर्ा/A.Y : 2007-08) Sri Syed Ibrahim Shariff Vs. Dy.Commissioner Of C/O I.Kamasastry Income Tax Sri Sai Lalitha Ramam Central Circle-1 9-16-29/1, Cbm Compound’ Visakhapatnam Near Rama Talkies Visakhapatnam

1. The Ld. AO is not correct in making an assessment under section 143(3) r.w.s.147 of Income-tax Act, instead of under section 153A r.w.s, 143(3). 2. The Notice issued under section 148 has been served on Shri Ambika Prasad, Chartered Accountant instead of on the assessee, hence the entire assessment is void ab initio. 3. The Notice

SYED IBRAHIM SHARIFF,,VISAKHAPATNAM vs. THE DCIT, CENTRAL CIRCLE-1,, VISAKHAPATNAM

In the result, appeals of the assessees are allowed

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.577/Viz/2013 (ननधधारण वर्ा/A.Y : 2007-08) Smt. Sofia Sadique Vs. Dy.Commissioner Of Legal Heir Of Late Syed Income Tax Mohammed Shariff Central Circle-1 C/O I.Kamasastry Visakhapatnam Sri Sai Lalitha Ramam 9-16-29/1, Cbm Compound’ Near Rama Talkies Visakhapatnam आयकर अपील सं./I.T.A.No.578/Viz/2013 (ननधधारण वर्ा/A.Y : 2007-08) Sri Syed Yakub Shariff Vs. Dy.Commissioner Of C/O I.Kamasastry Income Tax Sri Sai Lalitha Ramam Central Circle-1 9-16-29/1, Cbm Compound Visakhapatnam Near Rama Talkies Visakhapatnam आयकर अपील सं./I.T.A.No.579/Viz/2013 (ननधधारण वर्ा/A.Y : 2007-08) Sri Syed Ibrahim Shariff Vs. Dy.Commissioner Of C/O I.Kamasastry Income Tax Sri Sai Lalitha Ramam Central Circle-1 9-16-29/1, Cbm Compound’ Visakhapatnam Near Rama Talkies Visakhapatnam

1. The Ld. AO is not correct in making an assessment under section 143(3) r.w.s.147 of Income-tax Act, instead of under section 153A r.w.s, 143(3). 2. The Notice issued under section 148 has been served on Shri Ambika Prasad, Chartered Accountant instead of on the assessee, hence the entire assessment is void ab initio. 3. The Notice

SYED RAHMAN SHARIFF,,VISAKHAPATNAM vs. THE DCIT, CENTRAL CIRCLE-1,, VISAKHAPATNAM

In the result, appeals of the assessees are allowed

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.577/Viz/2013 (ननधधारण वर्ा/A.Y : 2007-08) Smt. Sofia Sadique Vs. Dy.Commissioner Of Legal Heir Of Late Syed Income Tax Mohammed Shariff Central Circle-1 C/O I.Kamasastry Visakhapatnam Sri Sai Lalitha Ramam 9-16-29/1, Cbm Compound’ Near Rama Talkies Visakhapatnam आयकर अपील सं./I.T.A.No.578/Viz/2013 (ननधधारण वर्ा/A.Y : 2007-08) Sri Syed Yakub Shariff Vs. Dy.Commissioner Of C/O I.Kamasastry Income Tax Sri Sai Lalitha Ramam Central Circle-1 9-16-29/1, Cbm Compound Visakhapatnam Near Rama Talkies Visakhapatnam आयकर अपील सं./I.T.A.No.579/Viz/2013 (ननधधारण वर्ा/A.Y : 2007-08) Sri Syed Ibrahim Shariff Vs. Dy.Commissioner Of C/O I.Kamasastry Income Tax Sri Sai Lalitha Ramam Central Circle-1 9-16-29/1, Cbm Compound’ Visakhapatnam Near Rama Talkies Visakhapatnam

1. The Ld. AO is not correct in making an assessment under section 143(3) r.w.s.147 of Income-tax Act, instead of under section 153A r.w.s, 143(3). 2. The Notice issued under section 148 has been served on Shri Ambika Prasad, Chartered Accountant instead of on the assessee, hence the entire assessment is void ab initio. 3. The Notice

ARYAPURAM CO=OP. URBANK LTD.,,RAJAHMUNDRY vs. THE ACIT,, RAJAHMUNDRY

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes; and the appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

gains are not profits regulated by any statute, but profits in a business computed on business principles. They are business profits and not statutory profits. They are real profits and not notional profits. The real profit of a businessman under s. 10(1) of the IT Act cannot obviously include the amounts returned by him by way of rebate

THE ACIT,CIRCLE - 1,, RAJAHMUNDRY vs. M/STHE ARYAPURAM CO-OPRATIVE URBAN BANK LTD.,, RAJAHMUNDRY

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes; and the appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

gains are not profits regulated by any statute, but profits in a business computed on business principles. They are business profits and not statutory profits. They are real profits and not notional profits. The real profit of a businessman under s. 10(1) of the IT Act cannot obviously include the amounts returned by him by way of rebate

THE ARYAPURAM CO-OPERATIVE URBAN BANK LTD.,,RAJAHMUNDRY vs. THE ACIT, CIRCLE - 1, RAJAHMUNDRY

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes; and the appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

gains are not profits regulated by any statute, but profits in a business computed on business principles. They are business profits and not statutory profits. They are real profits and not notional profits. The real profit of a businessman under s. 10(1) of the IT Act cannot obviously include the amounts returned by him by way of rebate

THE ARYAPURAM CO-OPERATIVE URBAN BANK LTD.,RAJAHMUNDRY vs. THE ACIT,, RAJAHMUNDRY

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes; and the appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

gains are not profits regulated by any statute, but profits in a business computed on business principles. They are business profits and not statutory profits. They are real profits and not notional profits. The real profit of a businessman under s. 10(1) of the IT Act cannot obviously include the amounts returned by him by way of rebate

VIJAYA LAKSHMI RAVULA,GUNTUR vs. INCOME TAX OFFICER, WARD-2(1), GUNTUR

In the result, all the 4 appeals of the assessee are allowed

Bench: Shri Vijay Pal Rao, Vice-A N D Shri S. Balakrishnanappeal No. Assessee Respondent A.Y 209/Viz/2024 Konda Srinivasa Income Tax Officer 2016-17 Reddy, Guntur, Ward 2(1) Pan:Aafhk9821E Guntur 216/Viz/2024 Veerareddy Gogula - Do - -Do- Guntur Pan:Byapg6481J - Do - 217/Viz/2024 Swarajyam -Do- Dontireddy Guntur Pan:Cmmpd3393K - Do - 218/Viz/2024 Vijaya Lakshmi -Do- Ravula, Guntur Pan:Baopr0163G

Capital Gain arising from the transaction of JDA as well as irrevocable GPA. The learned DR has referred to para 7(x) of the impugned order and submitted that in the case in hand, the JDA as well as the GPA are duly registered and therefore, the judgment of the Hon'ble Supreme Court in case of CIT vs. Balbir

SWARAJYAM DONTIREDDY,GUNTUR vs. INCOME TAX OFFICER, WARD-2(1), GUNTUR

In the result, all the 4 appeals of the assessee are allowed

Bench: Shri Vijay Pal Rao, Vice-A N D Shri S. Balakrishnanappeal No. Assessee Respondent A.Y 209/Viz/2024 Konda Srinivasa Income Tax Officer 2016-17 Reddy, Guntur, Ward 2(1) Pan:Aafhk9821E Guntur 216/Viz/2024 Veerareddy Gogula - Do - -Do- Guntur Pan:Byapg6481J - Do - 217/Viz/2024 Swarajyam -Do- Dontireddy Guntur Pan:Cmmpd3393K - Do - 218/Viz/2024 Vijaya Lakshmi -Do- Ravula, Guntur Pan:Baopr0163G

Capital Gain arising from the transaction of JDA as well as irrevocable GPA. The learned DR has referred to para 7(x) of the impugned order and submitted that in the case in hand, the JDA as well as the GPA are duly registered and therefore, the judgment of the Hon'ble Supreme Court in case of CIT vs. Balbir

KONDA SRINIVASA REDDY,GUNTUR vs. INCOME TAX OFFICER, WARD-2(1), GUNTUR

In the result, all the 4 appeals of the assessee are allowed

Bench: Shri Vijay Pal Rao, Vice-A N D Shri S. Balakrishnanappeal No. Assessee Respondent A.Y 209/Viz/2024 Konda Srinivasa Income Tax Officer 2016-17 Reddy, Guntur, Ward 2(1) Pan:Aafhk9821E Guntur 216/Viz/2024 Veerareddy Gogula - Do - -Do- Guntur Pan:Byapg6481J - Do - 217/Viz/2024 Swarajyam -Do- Dontireddy Guntur Pan:Cmmpd3393K - Do - 218/Viz/2024 Vijaya Lakshmi -Do- Ravula, Guntur Pan:Baopr0163G

Capital Gain arising from the transaction of JDA as well as irrevocable GPA. The learned DR has referred to para 7(x) of the impugned order and submitted that in the case in hand, the JDA as well as the GPA are duly registered and therefore, the judgment of the Hon'ble Supreme Court in case of CIT vs. Balbir

VEERAREDDY GOGULA,GUNTUR vs. INCOME TAX OFFICER, WARD-2(1), GUNTUR

In the result, all the 4 appeals of the assessee are allowed

Bench: Shri Vijay Pal Rao, Vice-A N D Shri S. Balakrishnanappeal No. Assessee Respondent A.Y 209/Viz/2024 Konda Srinivasa Income Tax Officer 2016-17 Reddy, Guntur, Ward 2(1) Pan:Aafhk9821E Guntur 216/Viz/2024 Veerareddy Gogula - Do - -Do- Guntur Pan:Byapg6481J - Do - 217/Viz/2024 Swarajyam -Do- Dontireddy Guntur Pan:Cmmpd3393K - Do - 218/Viz/2024 Vijaya Lakshmi -Do- Ravula, Guntur Pan:Baopr0163G

Capital Gain arising from the transaction of JDA as well as irrevocable GPA. The learned DR has referred to para 7(x) of the impugned order and submitted that in the case in hand, the JDA as well as the GPA are duly registered and therefore, the judgment of the Hon'ble Supreme Court in case of CIT vs. Balbir

LINTON PROJECTS PRIVATE LIMITED,VIZIANAGARAM vs. THE INCOME TAX OFFICER, WARD-1, , VIZIANAGARAM

In the result, appeal of the revenue is dismissed in limine and Cross objection filed is assessee is dismissed as infructuous

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

section 131 of the Act, to all the shareholders to examine the sources of investments and the reasons for payment of high share premium. In response to the summons Ld.AR submitted that eight shareholders have not appeared before the Ld.AO for recording the sworn statement. Out of the balance 21 shareholders, Ld.AR submitted that 6 shareholders have not accepted

THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-2, , VISAKHAPATNAM vs. POOSARLA SATYAVATHI, VIZIANAGARAM

In the result, appeal of the revenue is dismissed in limine and Cross objection filed is assessee is dismissed as infructuous

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

section 131 of the Act, to all the shareholders to examine the sources of investments and the reasons for payment of high share premium. In response to the summons Ld.AR submitted that eight shareholders have not appeared before the Ld.AO for recording the sworn statement. Out of the balance 21 shareholders, Ld.AR submitted that 6 shareholders have not accepted

DEPUTY COMMISSIONER OF INCOME TAX, VISAKHAPATNAM vs. SRI NARASIMHARAJU KANUMURI, VISAKHAPATNAM

In the result, the appeal filed by the revenue in ITA No

Bench: Shri Ravish Sood & Shri Balakrishnan S.आ.अपी.सं /Ita No.267/Viz/2025 (िनधा"रण वष"/Assessment Year: 2017-18) Deputy Commissioner Of Vs. Sri Narasimharaju Income Tax, Kanumuri, Visakhapatnam. Visakhapatnam. Pan: Aerpk2717F (Appellant) (Respondent)

capital gains as their income and paid the subject taxes on the same, and hence, immunity under the “proviso” to Section 201 was available; and (v) that in any event the TDS provisions under Section 194H, if any, would be relevant for the payments to the resident intermediaries and no obligation was cast under Section

INCOME TAX OFFICER, WARD-2(3), VIJAYAWADA vs. SREELAKSHMI MUSUNURU, PENAMALURU

Bench: Shri Ravish Sood & Shri Balakrishnan S.आ.अपी.सं /Ita No.278/Viz/2024 (िनधा"रण वष"/Assessment Year: 2013-14) Income Tax Officer, Vs. Sreelakshmi Musunuru, Ward-2(3), Penamaluru. Vijayawada. Pan: Aojpm4884K (Appellant) (Respondent)

Capital Gains (for short, “STCG”) in the hands of the assessee. Accordingly, the AO vide his order passed U/s. 147 r.w.s 144B of the Act, dated 24/03/2022 determined the income of the assessee at Rs. 2,83,28,530/-. 8. Aggrieved, the assessee carried the matter in appeal before the CIT(A), who partly allowed the same. 9. Ostensibly

DEPUTY COMMISSIONER OF INCOME TAX (EXEMPTIONS), VIJAYAWADA vs. KANDULA LAKSHUMMA MEMORIAL EDUCATIONAL SOCIETY, KADAPA

In the result, appeal of the revenue as well as the cross objections of the assessee are dismissed

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.179/Viz/2018 (निर्धारण वर्ा/Assessment Year:2013-14) Deputy Commissioner Of Vs. M/S Smt.Kandula Income Tax (Exemptions) Lakshumma Memorial Vijayawada Educational Society D.No.3/429 Raja Reddy Street Kadapa [Pan :Aadas4432Q] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection No.91/Viz/2018 (Arising Out Of I.T.A. No.179/Viz/2018) (निर्धारण वर्ा/Assessment Year:2013-14) Vs. M/S Smt.Kandula Lakshumma Deputy Commissioner Of Memorial Educational Society Income Tax (Exemptions) D.No.3/429 Vijayawada Raja Reddy Street Kadapa [Pan :Aadas4432Q] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) रधजस्व की ओर से /Revenue By : Shri B.Rama Krishna, Dr निर्धाऩरती की ओ रसे / Assessee By : Shri G.V.N.Hari, Ar सुिवधई की तधरीख / Date Of Hearing : 18.08.2020 घोर्णध की तधरीख/Date Of Pronouncement : 21.09.2020

capital receipts, hence no interference is called in the order of the Ld.CIT(A). 6. We have heard both the parties and perused the material placed on record. In this case, the reason for denial of exemption u/s 11 was the payment made to Sri K.Sivananda Reddy, member of the Trust. The assessee has paid the sum of Rs.10 lakhs

M.V. ANIL KUMAR REDDY, ,RAJAHMUNDRY vs. THE INCOME TAX OFFICER, WARD-1,, RAJAHMUNDRY

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Blem.V. Anil Kumar Reddy, Vs. Ito, Ward-1, D.No. 46-16-18, Danavaipeta, Rajamahendravaram. Rajahmundry, E.G. District. Pan No. Afnpm 0792 H (Appellant) (Respondent)

131, dated 11/03/2011 & 21/03/2013 were issued. The assessee has not appeared before the Assessing Officer on the pretext of one reason or the other. Therefore, the Assessing Officer has completed the assessment and initiated penalty proceedings by issuing a notice under section 274 r.w.s. 271(1)(c) of the Act. 3. On appeal before the ld. CIT(A) also

K. SANTHA KUMARI,,VISAKHAPATNAM vs. THE ITO,, VISAKHAPATNAM

In the result, appeals of the assessees are dismissed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./I.T.A.No.123/Viz/2017 (ननधधारण वर्ा / Assessment Year : 2011-12) Katragadda Muralikrishna Vs. Income Tax Officer D.No.38-37-24, Bhaskar Gardens Ward-4(1) Marripalem Visakhapatnam Visakhapatnam [Pan : Akipk7339L] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

1) were issued to the assessee. A statement u/s 131 of the Act was recorded, during which the assessee confirmed that the assessee executed the sale deed along with 8 others and received his share of Rs.74,71,100/- through cheques from M/s Indus Infra Promoters and 3 ITA No.123 & 124/Viz/2017, A.Y.2011-12 Katragadda Murali Krishna & K.Santha Kumari, Visakhapatnam Builders