VENKATARAM SPINNING MILLS PRIVATE LIMITED,GUNTUR vs. INCOME TAX OFFICER, WARD-2(1), GUNTUR
In the result, assessee appeal is partly allowed
ITA 87/VIZ/2024[2017-18]Status: DisposedITAT Visakhapatnam04 Feb 2025AY 2017-18
Bench: Shri Laliet Kumar & Shri Balakrishnan. Sassessment Year: 2017-18 Venkataram Spinning Mills Vs. The Income Tax Officer, Ward – 2(1), Private Limited, Guntur. Guntur. Pan : Aafcv2151H. (Appellant) (Respondent) Assessee By: Shri Gvn Hari, Ar. Revenue By: Shri Ld.Dr. Satyasai Rath, Cit- Dr. Date Of Hearing: 20.01.2025 Date Of Pronouncement: 04.02.2025
For Appellant: Shri GVN Hari, ARFor Respondent: Shri Ld.DR. Satyasai Rath, CIT-
Section 142(1)Section 147Section 148Section 2(47)Section 45
1), calling for financial details and property-related documents. In response, the assessee submitted that the land was initially purchased to construct a spinning mill but was later sold due to non-materialization of the project and claimed that the land was agricultural and not a capital asset. However, the Assessing
Officer observed that the land was situated within