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57 results for “capital gains”+ Section 41(1)clear

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Key Topics

Addition to Income29Section 143(3)21Section 14814Section 54F13Deduction13Capital Gains12Depreciation10Section 143(1)9Section 80P(2)(a)

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

ITA 482/VIZ/2024[2020-21]Status: DisposedITAT Visakhapatnam10 Oct 2025AY 2020-21

Bench: Us:

Section 143(3)Section 144BSection 48

41,320/- was received in his bank account. 4. The A.O observed, that the assessee while computing the “capital gain” on the sale of the subject properties during the year under consideration, had reduced the abovementioned payments aggregating to Rs. 9 crores (supra) as an expenditure that was claimed by him to have been incurred “wholly and exclusively in connection

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

ITA 506/VIZ/2019[2016-17]Status: DisposedITAT Visakhapatnam

Showing 1–20 of 57 · Page 1 of 3

8
Disallowance8
Section 1477
Section 1447
15 Dec 2022
AY 2016-17

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

For Appellant: Sri GVN Hari, AdvocateFor Respondent: Sri MN Murthy Naik, CIT-DR
Section 142(1)Section 144Section 148Section 2(47)Section 46ASection 53A

section 53A of the Transfer of Property Act considered the property as 3 transferred during the assessment year 2016-17. The Ld. AO noticing that the assessee has not filed return of income for the AY 2016-17 believed that the income chargeable to tax escaped assessment and notice u/s. 148 of the Act was issued and served

THE INCOME TAX OFFICER, WARD-3, , SRIKAKAULAM vs. SRI VASAVI POLYMERS PRIVATE LIMITED`, RAJAM,

In the result, appeal of the revenue is dismissed

ITA 606/VIZ/2018[2013-14]Status: DisposedITAT Visakhapatnam03 Jun 2020AY 2013-14

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.606/Viz/2018 (ननधधारण वर्ा/Assessment Year:2013-14) Income Tax Officer Vs M/S Sri Vasavi Polymers P.Ltd. Ward-3 S.No.125 & 126, Anthakapalli Srikakulam Rajam [Pan : Aaecs1849J] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri S.Ravi Shankar Narayan, Cit, Dr प्रत्यधथी की ओर से / Respondent By : Shri Y.A.Rao, Ar सुनवधई की तधरीख / Date Of Hearing : 12.03.2020 घोर्णध की तधरीख/Date Of Pronouncement : 05.06.2020 आदेश /O R D E R Per Shri D.S.Sunder Singh: This Appeal Is Filed By The Revenue Against The Order Of The Commissioner Of Income Tax (Appeals) [Cit(A)]-9, Hyderabad In Ita No.10300/Cit(A)-9, Hyd/2017-18 Dated 09.08.2018 For The Assessment Year (A.Y.)2013-14. With The Delay Of 1 Day. The Department Has Filed Condonation Petition & Submitted That The Delay Was Due To The 2

For Appellant: Shri S.Ravi Shankar NarayanFor Respondent: Shri Y.A.Rao, AR
Section 143(3)Section 28Section 41(1)Section 43B

capital u/s 41(1) of the Act, therefore, argued that the Ld.CIT(A) has rightly deleted the addition and no interference is called for. The Ld.AR further argued that the AO’s case is the addition u/s 41(1) of the Act, but not the case of section 28(i)/(iv) of the Act, hence, submitted that the department

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, , ELURU vs. SIRIUS OVERSEAS PRIVATE LIMITED, TANUKU

In the result, cross objections of the assessee for the A

ITA 522/VIZ/2019[2012-13]Status: DisposedITAT Visakhapatnam24 Sept 2021AY 2012-13

Bench: Shri N.K.Choudhry, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleआयकरअपीलसं./I.T.A.No.521 /Viz/2019 To 523/Viz/2019 (निर्धारण वर्ा/Assessment Year:2009-10, 2012-13 & 2013-14) Asst.Commissioner Of Income Tax Vs. M/S Sirius Overseas Private Circle-1 Limited Eluru D.No.2-152, Rice Mill Street Velpur, Tanuku Mandal West Godavari District [Pan : Aafcs5054C] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection No.142/Viz/2019 To 144/Viz/2019 (Arising Out Of I.T.A. No.521/Viz/2019 To 523/Viz/2019) M/S Sirius Overseas Private Limited Vs. Asst.Commissioner Of D.No.2-152, Rice Mill Street Income Tax Velpur, Tanuku Mandal Circle-1, Eluru West Godavari District [Pan : Aafcs5054C] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri D.K.Sonowal, Cit(Dr) प्रत्यधथी की ओर से / Respondent By : Shri G.V.N.Hari, Ar सुिवधई की तधरीख / Date Of Hearing : 15.09.2021 घोर्णध कीतधरीख/Dt. Of Pronouncement : 24 .09.2021

For Appellant: Shri D.K.Sonowal, CIT(DR)For Respondent: Shri G.V.N.Hari, AR

capital receipt, neither can be taxed u/s 28(iv) nor u/s 41(1) of the Act. In the instant case, the AO made the addition without invoking any of the sections of the Act. The Ld.AR relied on the decision of this Tribunal in the case of Vasavi Polymers and also the decision of Sahuwala High Pressure Cylinder

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, , ELURU vs. SIRIUS OVERSEAS PRIVATE LIMITED, TANUKU

In the result, cross objections of the assessee for the A

ITA 523/VIZ/2019[2013-14]Status: DisposedITAT Visakhapatnam24 Sept 2021AY 2013-14

Bench: Shri N.K.Choudhry, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleआयकरअपीलसं./I.T.A.No.521 /Viz/2019 To 523/Viz/2019 (निर्धारण वर्ा/Assessment Year:2009-10, 2012-13 & 2013-14) Asst.Commissioner Of Income Tax Vs. M/S Sirius Overseas Private Circle-1 Limited Eluru D.No.2-152, Rice Mill Street Velpur, Tanuku Mandal West Godavari District [Pan : Aafcs5054C] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection No.142/Viz/2019 To 144/Viz/2019 (Arising Out Of I.T.A. No.521/Viz/2019 To 523/Viz/2019) M/S Sirius Overseas Private Limited Vs. Asst.Commissioner Of D.No.2-152, Rice Mill Street Income Tax Velpur, Tanuku Mandal Circle-1, Eluru West Godavari District [Pan : Aafcs5054C] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri D.K.Sonowal, Cit(Dr) प्रत्यधथी की ओर से / Respondent By : Shri G.V.N.Hari, Ar सुिवधई की तधरीख / Date Of Hearing : 15.09.2021 घोर्णध कीतधरीख/Dt. Of Pronouncement : 24 .09.2021

For Appellant: Shri D.K.Sonowal, CIT(DR)For Respondent: Shri G.V.N.Hari, AR

capital receipt, neither can be taxed u/s 28(iv) nor u/s 41(1) of the Act. In the instant case, the AO made the addition without invoking any of the sections of the Act. The Ld.AR relied on the decision of this Tribunal in the case of Vasavi Polymers and also the decision of Sahuwala High Pressure Cylinder

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1),, GUNTUR vs. ANDHRA TRADE DEVELOPMENT CORPORATION PRIVATE LIMITED, GUNTUR

In the result, appeal filed by the Revenue and the cross objection filed by the assessee are dismissed

ITA 434/VIZ/2019[2015-16]Status: DisposedITAT Visakhapatnam05 May 2021AY 2015-16

Bench: Shri N.K. Choudhry, Hon’Ble & Shri D.S. Sunder Singh, Hon'Ble

For Appellant: Shri G.V.N. Hari, AdvocateFor Respondent: Shri K.S. Rajendra Kumar, CIT DR
Section 143(1)Section 250(6)Section 50

1) and also the decision of the ITAT, Mumbai in the case of C.O.No. 05/VIZ/2020 (M/s. Andhra Trade Development Corporation Pvt. Ltd.) Digital Electronics Ltd. Vs. Addl.CIT [(2011) 16 taxmann.com 316 (Mumbai)]and M/s.Nirmal Plastic Industries (ITA No.6428/MUM /2009) and allowed the appeal of the assessee. 4. We have heard both the parties and perused the material available on record

SRINIVASA HAIR INDUSTRIES,ELURU vs. ASSISTANT COMMISSIONER OF INCOME TAX., ELURU

In the result, appeal of the assessee is allowed

ITA 194/VIZ/2018[2013-14]Status: DisposedITAT Visakhapatnam03 Jan 2019AY 2013-14

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.194/Viz/2018 (ननधधारण वर्ा/Assessment Year:2013-2014) M/S Srinivasa Hair Industries Asst.Commissioner Of P.B.No.8 Income Tax Eastern Street Circle-1 Eluru Eluru [Pan : Aalfs8434M] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri G.V.N.Hari, Ar प्रत्यधथी की ओर से/ Respondent By : Shri D.K.Sonowal, Citdr

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri D.K.Sonowal, CITDR
Section 143(3)Section 263Section 36(1)(iii)Section 41(1)

section 41.” 15.1. Similarly in the case of Satpal & Sons (HUF)v. ACIT Circle-38(1), New Delhi* 85 taxman.com 283, the Coordinate Bench of ITAT Delhi has also taken similar view. In the instant case, the assessee has transferred the trade credit balances to the capital accounts without any confirmation from the trade creditor for cessation or remission

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

ITA 173/VIZ/2015[2011-12]Status: DisposedITAT Visakhapatnam28 May 2018AY 2011-12

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

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Shri Deba Kumar Sonawal – CIT DR
Section 143(3)Section 144Section 148Section 43Section 43B

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

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

ITA 517/VIZ/2014[2010-11]Status: DisposedITAT Visakhapatnam28 May 2018AY 2010-11

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

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Shri Deba Kumar Sonawal – CIT DR
Section 143(3)Section 144Section 148Section 43Section 43B

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

ITA 195/VIZ/2013[2009-10]Status: DisposedITAT Visakhapatnam28 May 2018AY 2009-10

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

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Shri Deba Kumar Sonawal – CIT DR
Section 143(3)Section 144Section 148Section 43Section 43B

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

ITA 177/VIZ/2013[2009-10]Status: DisposedITAT Visakhapatnam28 May 2018AY 2009-10

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

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Shri Deba Kumar Sonawal – CIT DR
Section 143(3)Section 144Section 148Section 43Section 43B

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

CHINTALA RAMBABU,VISAKHAPATNAM vs. THE INCOME TAX OFFICER, WARD-3(3), , VISAKHAPATNAM

In the result, appeal filed by the assessee is partly allowed

ITA 121/VIZ/2019[2007-08]Status: DisposedITAT Visakhapatnam26 Feb 2020AY 2007-08

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

For Appellant: Shri G.V.N. Hari, AdvocateFor Respondent: Smt. U.Mini Chandran,Sr.DR
Section 50C

41,000/- through Sale Agreement-cum-GPA and received Rs.23,21,000/- on the same day and handover the possession to GPA holder and he received remaining balance amount of Rs.20,000/- on 26/07/2004. 9. From the above, it is very clear that assessee has sold the property as a Sale Agreement-cum-GPA in 2004 and full consideration

NATTA SURYA RAO,TANUKU vs. THE INCOME TAX OFFICER, WARD-1, TANUKU

In the result, appeal of the assessee is allowed

ITA 404/VIZ/2019[2009-10]Status: DisposedITAT Visakhapatnam04 Oct 2019AY 2009-10

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.404/Viz/2019 (ननधधारण वर्ा/Assessment Year : 2009-10) Natta Suryarao Vs. Income Tax Officer S/O Late Manganna Ward-1 D.No.2-20-5 Tanuku Ambati Vari Street Old Town, Tanuku [Pan :Ahrpn 9648M] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri.Y.Ratnakar, Ar प्रत्यधथी की ओर से / Respondent By : Smt.Suman Malik, Dr सुनवधई की तधरीख / Date Of Hearing : 05.09.2019 घोर्णध की तधरीख/Date Of Pronouncement : 04 .10.2019 आदेश /O R D E R

For Appellant: Shri.Y.Ratnakar, ARFor Respondent: Smt.Suman Malik, DR
Section 148Section 45(2)Section 54F

41 taxmann.com 50 and the decision of Hon’ble Madras High Court in the case of C.Aryama Sundaram Vs. CIT [2018] 407 ITR 1 (Mad.) and various other decisions. 7. Per contra, the Ld.DR vehemently supported the orders of the lower authorities. 8. We have heard both the parties and perused the material placed on record. In the instant case

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

In the result, appeals filed by the assessee in ITA No

ITA 510/VIZ/2014[2010-11]Status: DisposedITAT Visakhapatnam28 May 2018AY 2010-11

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble & The Jampeta Co-Operative Vs. Acit, Circle-1, Urban Bank Ltd., Jampeta, Rajahmundry. Rajahmundry. Pan No. Aaaat 4048 E (Appellant) (Respondent)

For Appellant: Shri G.V.N. Hari, AdvocateFor Respondent: Shri S. Ravi Shankar Narayan, Sr.DR
Section 143(1)Section 143(3)Section 16Section 45

41,009/- and paid interest on share capital to its members at Rs. 31,94,377/- and debited interest at 15%. The Assessing Officer further noted that the assessee-society can pay interest or dividend at a minimum rate at 6%. It was contended before the Assessing Officer that there was no maximum ceiling limit prescribed in the said

M/S. THE JAMPETA CO- OP URBAN BANK LTD,,RAJAHMUNDRY vs. THE JOIT CIT,, RAJAHMUNDRY

In the result, appeals filed by the assessee in ITA No

ITA 160/VIZ/2017[2011-2012]Status: DisposedITAT Visakhapatnam28 May 2018AY 2011-2012

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble & The Jampeta Co-Operative Vs. Acit, Circle-1, Urban Bank Ltd., Jampeta, Rajahmundry. Rajahmundry. Pan No. Aaaat 4048 E (Appellant) (Respondent)

For Appellant: Shri G.V.N. Hari, AdvocateFor Respondent: Shri S. Ravi Shankar Narayan, Sr.DR
Section 143(1)Section 143(3)Section 16Section 45

41,009/- and paid interest on share capital to its members at Rs. 31,94,377/- and debited interest at 15%. The Assessing Officer further noted that the assessee-society can pay interest or dividend at a minimum rate at 6%. It was contended before the Assessing Officer that there was no maximum ceiling limit prescribed in the said

ITO, WARD-3(3),, VISAKHAPATNAM vs. SIRIPURAPU CHINATALLI,, VISAKHAPATNAM

In the result, the appeals of the revenue are dismissed

ITA 375/VIZ/2017[2008-2009]Status: DisposedITAT Visakhapatnam13 Feb 2019AY 2008-2009

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.375/Viz/2017 (ननधधारण वर्ा/Assessment Year:2008-09) Income Tax Officer Vs. Smt.Siripurapu Chinatalli Ward-3(3) D.No.9-16-37/2 Visakhapatnam Gurajada Enclave Cbm Compound Visakhapatnam [Pan : Agrpc1150E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.T.A.No.457/Viz/2017 (ननधधारण वर्ा/Assessment Year: 2008-09) Income Tax Officer Vs. Shri K.V.V.Prasad Ward-3(3) Plot No.301, Vytla Residency Visakhapatnam Balajinagar Siripuram Visakhapatnam (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri D.K.Sonowal, Cit Dr प्रत्यधथी की ओर से/ Respondent By : Shri G.V.N.Hari, Ar सुनवधई की तधरीख / Date Of Hearing : 24.01.2019 : 13.02.2019 घोर्णध की तधरीख/Date Of Pronouncement

For Appellant: Shri D.K.Sonowal, CIT DRFor Respondent: Shri G.V.N.Hari, AR
Section 271(1)(c)

41 ITR718(Punj). The assessee contended that the amount received from M/s Fortuna Infrastructure India Private Limited has to be treated as advance in the impugned assessment year and cannot be treated as income pending settlement of dispute. According to the assessee, the sum received by the assessee is also not taxable as capital gains, since the cost

ITO, WARD-3(3),, VISAKHAPATNAM vs. SHRI K V V PRASAD,, VISAKHAPATNAM

In the result, the appeals of the revenue are dismissed

ITA 457/VIZ/2017[2008-2009]Status: DisposedITAT Visakhapatnam13 Feb 2019AY 2008-2009

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.375/Viz/2017 (ननधधारण वर्ा/Assessment Year:2008-09) Income Tax Officer Vs. Smt.Siripurapu Chinatalli Ward-3(3) D.No.9-16-37/2 Visakhapatnam Gurajada Enclave Cbm Compound Visakhapatnam [Pan : Agrpc1150E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.T.A.No.457/Viz/2017 (ननधधारण वर्ा/Assessment Year: 2008-09) Income Tax Officer Vs. Shri K.V.V.Prasad Ward-3(3) Plot No.301, Vytla Residency Visakhapatnam Balajinagar Siripuram Visakhapatnam (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri D.K.Sonowal, Cit Dr प्रत्यधथी की ओर से/ Respondent By : Shri G.V.N.Hari, Ar सुनवधई की तधरीख / Date Of Hearing : 24.01.2019 : 13.02.2019 घोर्णध की तधरीख/Date Of Pronouncement

For Appellant: Shri D.K.Sonowal, CIT DRFor Respondent: Shri G.V.N.Hari, AR
Section 271(1)(c)

41 ITR718(Punj). The assessee contended that the amount received from M/s Fortuna Infrastructure India Private Limited has to be treated as advance in the impugned assessment year and cannot be treated as income pending settlement of dispute. According to the assessee, the sum received by the assessee is also not taxable as capital gains, since the cost

YENUGULA CHANDRA RAO,,VIJAYAWADA vs. ITO, WARD-1(1),, VIJAYAWADA

In the result, appeal filed by the assessee is partly allowed

ITA 556/VIZ/2017[2013-14]Status: DisposedITAT Visakhapatnam07 Feb 2020AY 2013-14

Bench: Shri V. Durga Rao, Hon’Bleyenugula Chandra Rao, Vs. Ito, Ward-1(1), Prop : M/S. Rajanu Jewellers, Vijayawada. D.No. 11-49-336B, Sivalayam Street, Vijayawada. Pan No. Aadpy 5910 C (Appellant) (Respondent)

For Appellant: Shri M.Madhusudana Rao, CAFor Respondent: Smt. U.Mini Chandran, Sr.DR
Section 142(1)Section 143(1)Section 143(3)Section 50C

1) dated 24/11/2015 was issued to the assessee to furnish the details of computation of capital gains. In response thereto, assessee filed a reply dated 26/02/2016 by stating that he had sold the property jointly with his wife Mrs.Yenugula Kumari at D.No. 36-11-7 at Mogalraja Puram, Vijayawada on 23/07/2004 to Paturi Krishna Babu through Sale Agreement

CHINTAPALLI SUBHAKARA RAO(HUF) ,VIJAYAWADA vs. ACIT, CIRCLE-(2)1, VIJAYAWADA

In the result, appeal of the assessee is allowed

ITA 554/VIZ/2017[2008-09]Status: DisposedITAT Visakhapatnam28 Nov 2018AY 2008-09

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.554/Viz/2017 (धििाारण िर्ा/ Assessment Year :2008-09) Dr.Chintapalli Subhakara Rao (Huf) Vs. Asst. Commissioner Of Represented By Smt. C.Leela (Kartha) Income Tax D.No.29-10-1, Narasimhanaidu Street Circle-2(1) Suryaraopet Vijayawada Vijayawada [Pan : Aadhc1772N] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से/ Appellant By : Shri G.V.N.Hari, Ar प्रत्यर्थी की ओर से / Respondent By : Smt. Suman Malik, Dr

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Smt. Suman Malik, DR
Section 143(3)Section 54F

1) The appellant has derived LTCG on sale of the impugned commercial property as evident from the partition deeds, sale deed and other relevant material evidences; 2) The investment for purchase of residential flat was made by Sri C.Subhakar Rao in his individual capacity but not in his HUF capacity; 8 I.T.A. No.554/Viz/2017 Dr. Chintapalli Subhakara Rao (HUF), Vijayawada

NYMISH KUNDUM,VISAKHAPATNAM vs. INCOME TAX OFFICER, WARD-1(1), RAJAMAHENDRAVARAM

In the result, appeal of the assessee is allowed

ITA 210/VIZ/2022[2016-7]Status: DisposedITAT Visakhapatnam28 May 2024

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

For Appellant: Sri GVN Hari, ARFor Respondent: Dr. Aparna Villuri, Sr. AR
Section 143(3)Section 269SSection 271D

capital gains on the sale consideration of the said property. Accordingly, the Ld. AO completed the assessment U/s. 143(3) of the Act on 24/11/2018 and determined the total income at Rs. 5,78,580/-. Thereafter, by observing that on sale of the immovable property, the assessee has received full value of consideration in cash of Rs. 15,41