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105 results for “capital gains”+ Section 43(5)clear

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Key Topics

Section 271(1)(c)98Addition to Income61Section 143(3)50Section 14836Penalty34Section 27422Section 14720Capital Gains20Section 234A

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

5,082 Sq. yards]. However, as the loan given by the banks to the aforementioned companies became a Non-Performing Asset (for short, “NPA”), therefore, both the banks invoked the provisions of Section 13(2) of the SARFASI Act, 2002 against the assessee on 04.07.2012. Also, the banks had put the subject property of the assessee that was mortgaged with

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 Visakhapatnam15 Dec 2022

Showing 1–20 of 105 · Page 1 of 6

18
Deduction17
Limitation/Time-bar16
Section 153C15
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

ARAVINDA BHUPATHIRAJU REP BY GPA HOLDER SRI KAR BAHADUR SRI RAJA,VISAKHAPATNAM vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE (INTERNAL TAXATION), VISAKHAPATNAM

In the result, appeal of the assessee is allowed

ITA 262/VIZ/2025[2015-16]Status: DisposedITAT Visakhapatnam18 Jul 2025AY 2015-16

Bench: Shri Ravish Sood, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपीलसं./I.T.A. (It). No.262/Viz/2025 (निर्धारण वर्ा/ Assessment Year: 2015-16) Aravinda Bhupathiraju Vs. Asst. Cit (International Taxation) Rep. By. Gpa Holder Income Tax Office, Infinity Towers, K.A.R. Bahadur Sri Raja Sankaramatam Road Falt No. 502, Sky Aditya Apartment Visakhapatnam- 530016 Gitams Road, Yendada Andhra Pradesh Visakhapatnam – 530045 Andhra Pradesh [Pan:Bjopb0898P] (अपीलधर्थी/Appellant) (प्रत्यर्थी/Respondent) करदाता का प्रतततितित्व/ Assessee Represented By : Smt A. Aruna, Advocate राजस्व का प्रतततितित्व/ Department Represented By : Dr.Aparna Villuri, Sr. Ar

Section 144Section 148Section 271(1)(c)

43,28,000/- while framing the assessment under section 144 of the Act. Ld. AO determined the Long-Term Capital Gain as Rs.85,75,795/-. Assessee, aggrieved by the order of the Ld. AO filed an appeal before Ld.CIT(A). Before Ld. CIT(A), assessee submitted additional evidences which was forwarded for Ld. AO for a Remand Report

THE DEPUTY COMMISSIONER OF INCOME TAX OFFICER (INTERNATIONAL TAXATION), VISAKHAPATNAM vs. BABU RAJENDRA PRASAD VADLAMUDI, GUNTUR

In the result, appeal of the Revenue is allowed

ITA 154/VIZ/2019[2011-12]Status: DisposedITAT Visakhapatnam23 May 2023AY 2011-12

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.154/Viz/2019 ("नधा"रणवष"/ Assessment Year : 2011-12) The Deputy Commissioner Of Vs. Sri Babu Rajendra Prasad Income Tax (International Vadlamudi, Taxation), Visakhapatnam. Guntur. (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Assessee By : Sri A. Chaitanya, Ar ""याथ"क"ओरसे/ Revenue By : Sri On Hari Prasada Rao, Sr. Ar सुनवाईक"तार"ख/ Date Of Hearing : 30/03/2023 घोषणाक"तार"ख/Date Of : 23/05/2023 Pronouncement O R D E R

For Appellant: Sri A. Chaitanya, ARFor Respondent: Sri ON Hari Prasada Rao
Section 142(1)Section 143(2)Section 143(3)Section 148Section 54F

43,894 U/s. 54F Total 2,49,63,891 Aggrieved by the order of the Ld. AO, the assessee filed an appeal before the Ld. CIT(A). 3. Before the Ld. CIT(A), the assessee made written submissions on 13/12/2018 & 14/12/2018. Considering the assessee’s written submissions, the Ld. CIT(A) allowed the appeal of the assessee. Aggrieved

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-3(1), VISAKHAPATNAM vs. GANTA SRINIVASA RAO, VISAKHAPATNAM

In the result, appeal of the assessee is allowed

ITA 417/VIZ/2019[2013-14]Status: DisposedITAT Visakhapatnam17 Sept 2021AY 2013-14

Bench: Shri N.K.Choudhry, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleआयकर अपील सं./I.T.A.No.417/Viz/2019 (निर्धारण वर्ा/Assessment Year:2013-14) Asst.Commissioner Of Income Tax Vs. Shri Ganta Srinivasa Rao Circle-3(1) D.No.1-84-16/1/1, Plot Visakhapatnam No.231/4, Mvp Colony Visakhapatnam [Pan : Adypg4435G] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection No.04/Viz/2020 (Arising Out Of I.T.A.No.417/Viz/2019) (निर्धारण वर्ा/Assessment Year:2013-14) Shri Ganta Srinivasa Rao Vs. Asst.Commissioner Of D.No.1-84-16/1/1, Plot No.231/4 Income Tax Mvp Colony Circle-3(1) Visakhapatnam Visakhapatnam [Pan : Adypg4435G] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.T.A.No.423/Viz/2019 & 424/Viz/2019 (निर्धारण वर्ा/Assessment Year:2013-14 & 2014-15) Shri Ganta Srinivasa Rao Vs. Asst.Commissioner Of D.No.1-84-16/1/1, Plot No.231/4 Income Tax Mvp Colony Circle-3(1) Visakhapatnam Visakhapatnam [Pan : Adypg4435G] रधजस्व की ओर से /Revenue By : Shri D.K.Sonowal, Cit(Dr) निर्धाऩरती की ओरसे / Assessee By : Shri G.V.N.Hari, Ar सुिवधई की तधरीख / Date Of Hearing : 07.09.2021 घोर्णध की तधरीख/Date Of Pronouncement : 17.09.2021

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri D.K.Sonowal, CIT(DR)
Section 148

43,59,249/- and claimed the deductions towards the share of development charges, indexed cost of acquisition and arrived at the capital gains and accordingly filed the return of income. In the assessment proceedings, the AO observed that the assessee had transferred the land of 19602 sq.ft to the developer, therefore, viewed that the entire land of 19602 sq.ft need

GANTA SRINIVASA RAO,VISAKHAPATNAM vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-3(1), VISAKHAPATNAM

In the result, appeal of the assessee is allowed

ITA 423/VIZ/2019[2013-14]Status: DisposedITAT Visakhapatnam17 Sept 2021AY 2013-14

Bench: Shri N.K.Choudhry, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleआयकर अपील सं./I.T.A.No.417/Viz/2019 (निर्धारण वर्ा/Assessment Year:2013-14) Asst.Commissioner Of Income Tax Vs. Shri Ganta Srinivasa Rao Circle-3(1) D.No.1-84-16/1/1, Plot Visakhapatnam No.231/4, Mvp Colony Visakhapatnam [Pan : Adypg4435G] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection No.04/Viz/2020 (Arising Out Of I.T.A.No.417/Viz/2019) (निर्धारण वर्ा/Assessment Year:2013-14) Shri Ganta Srinivasa Rao Vs. Asst.Commissioner Of D.No.1-84-16/1/1, Plot No.231/4 Income Tax Mvp Colony Circle-3(1) Visakhapatnam Visakhapatnam [Pan : Adypg4435G] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.T.A.No.423/Viz/2019 & 424/Viz/2019 (निर्धारण वर्ा/Assessment Year:2013-14 & 2014-15) Shri Ganta Srinivasa Rao Vs. Asst.Commissioner Of D.No.1-84-16/1/1, Plot No.231/4 Income Tax Mvp Colony Circle-3(1) Visakhapatnam Visakhapatnam [Pan : Adypg4435G] रधजस्व की ओर से /Revenue By : Shri D.K.Sonowal, Cit(Dr) निर्धाऩरती की ओरसे / Assessee By : Shri G.V.N.Hari, Ar सुिवधई की तधरीख / Date Of Hearing : 07.09.2021 घोर्णध की तधरीख/Date Of Pronouncement : 17.09.2021

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri D.K.Sonowal, CIT(DR)
Section 148

43,59,249/- and claimed the deductions towards the share of development charges, indexed cost of acquisition and arrived at the capital gains and accordingly filed the return of income. In the assessment proceedings, the AO observed that the assessee had transferred the land of 19602 sq.ft to the developer, therefore, viewed that the entire land of 19602 sq.ft need

GANTA SRINIVASA RAO,VISAKHAPATNAM vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-3(1),, VISAKHAPATNAM

In the result, appeal of the assessee is allowed

ITA 424/VIZ/2019[2014-15]Status: DisposedITAT Visakhapatnam17 Sept 2021AY 2014-15

Bench: Shri N.K.Choudhry, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleआयकर अपील सं./I.T.A.No.417/Viz/2019 (निर्धारण वर्ा/Assessment Year:2013-14) Asst.Commissioner Of Income Tax Vs. Shri Ganta Srinivasa Rao Circle-3(1) D.No.1-84-16/1/1, Plot Visakhapatnam No.231/4, Mvp Colony Visakhapatnam [Pan : Adypg4435G] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection No.04/Viz/2020 (Arising Out Of I.T.A.No.417/Viz/2019) (निर्धारण वर्ा/Assessment Year:2013-14) Shri Ganta Srinivasa Rao Vs. Asst.Commissioner Of D.No.1-84-16/1/1, Plot No.231/4 Income Tax Mvp Colony Circle-3(1) Visakhapatnam Visakhapatnam [Pan : Adypg4435G] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकर अपील सं./I.T.A.No.423/Viz/2019 & 424/Viz/2019 (निर्धारण वर्ा/Assessment Year:2013-14 & 2014-15) Shri Ganta Srinivasa Rao Vs. Asst.Commissioner Of D.No.1-84-16/1/1, Plot No.231/4 Income Tax Mvp Colony Circle-3(1) Visakhapatnam Visakhapatnam [Pan : Adypg4435G] रधजस्व की ओर से /Revenue By : Shri D.K.Sonowal, Cit(Dr) निर्धाऩरती की ओरसे / Assessee By : Shri G.V.N.Hari, Ar सुिवधई की तधरीख / Date Of Hearing : 07.09.2021 घोर्णध की तधरीख/Date Of Pronouncement : 17.09.2021

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri D.K.Sonowal, CIT(DR)
Section 148

43,59,249/- and claimed the deductions towards the share of development charges, indexed cost of acquisition and arrived at the capital gains and accordingly filed the return of income. In the assessment proceedings, the AO observed that the assessee had transferred the land of 19602 sq.ft to the developer, therefore, viewed that the entire land of 19602 sq.ft need

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)

capital gains since the investment was made for purchase of land. The assessee 17 I.T.A. Nos.375/Viz/2017 and 457/Viz/2017 Smt. Siripurapu Chinatalli and Shri K.V.V.Prasad, Visakhapatnam has given her interpretation and supported her view with various case laws in the note itself. The department has taken a different view which was not foreseen by the assessee and taxed the entire amount

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)

capital gains since the investment was made for purchase of land. The assessee 17 I.T.A. Nos.375/Viz/2017 and 457/Viz/2017 Smt. Siripurapu Chinatalli and Shri K.V.V.Prasad, Visakhapatnam has given her interpretation and supported her view with various case laws in the note itself. The department has taken a different view which was not foreseen by the assessee and taxed the entire amount

SHAMROCK APPARELS,VISAKHAPATANAM vs. INCOME TAX OFFICER, WARD-1(1), VISAKHAPATNAM

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

ITA 346/VIZ/2025[2023-24]Status: DisposedITAT Visakhapatnam25 Jul 2025AY 2023-24

Bench: Shri Vijay Pal Rao, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपीलसं./I.T.A.No.346/Viz/2025 (निर्धारणवर्ा/ Assessment Year: 2023-24) Vs. Income Tax Officer-Ward – 1(1) Shamrock Apparels D.No. 9-29-20, 2Nd Floor Income Tax Office Siripuram, Visakhapatnam Pratyakshakar Bhavan Pin Code: 530003 Mvp Double Road Andhra Pradesh Visakhapatnam – 530017 Andhra Pradesh [Pan:Acpfs3513B] (अपीलधर्थी/Appellant) (प्रत्यर्थी/Respondent) करदाता का प्रतततितित्व/ Assessee Represented By : Shri Gvn Hari, Advocate राजस्व का प्रतततितित्व/ Department Represented By : Dr. Aparna Villuri, Sr. Ar

Section 143(1)

section 143(1) of the Act on 07.11.2024. In the Intimation, the CPC made adjustment of Rs.31,22,331/- under the head Long term capital gains. The CPC computed the Long-term capital gains at Rs.13,43,99,752/- as against the Long term capital gains of Rs.13,12,77,421/-. 3. On being aggrieved by the adjustment made

THE ACIT, CIRCLE - 1,, RAJAHMUNDRY vs. THE ANDHRA PRADESH PAPER MILLS LTD.,, HYDERABAD

In the result, appeals filed by the Revenue are partly allowed and the cross objections filed by the assessee are partly allowed

ITA 5/VIZ/2014[2008-09]Status: DisposedITAT Visakhapatnam30 Oct 2019AY 2008-09

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

For Appellant: Shri T.M. Shiv Kumar – AdvFor Respondent: Shri T.S.N. Murthy – CIT DR
Section 263Section 32

5,82,80,040/-. Subsequently, the assessee filed revised return of income on 26/09/2009 revising the total income (loss) to Rs. 23,83,95,220/-. The assessee further revised the return of income by filing revised return of income at the fag end of the assessment year which was not considered by the Assessing Officer. As per second revised return

THE ACIT, CIRCLE - 1,, RAJAHMUNDRY vs. THE ANDHRA PRADESH PAPER MILLS LTD.,, HYDERABAD

In the result, appeals filed by the Revenue are partly allowed and the cross objections filed by the assessee are partly allowed

ITA 6/VIZ/2014[2009-10]Status: DisposedITAT Visakhapatnam30 Oct 2019AY 2009-10

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

For Appellant: Shri T.M. Shiv Kumar – AdvFor Respondent: Shri T.S.N. Murthy – CIT DR
Section 263Section 32

5,82,80,040/-. Subsequently, the assessee filed revised return of income on 26/09/2009 revising the total income (loss) to Rs. 23,83,95,220/-. The assessee further revised the return of income by filing revised return of income at the fag end of the assessment year which was not considered by the Assessing Officer. As per second revised return

THE ACIT, CIRCLE - 1,, RAJAHMUNDRY vs. THE ANDHRA PRADESH PAPER MILLS LTD.,, HYDERABAD

In the result, appeals filed by the Revenue are partly allowed and the cross objections filed by the assessee are partly allowed

ITA 4/VIZ/2014[2007-08]Status: DisposedITAT Visakhapatnam30 Oct 2019AY 2007-08

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

For Appellant: Shri T.M. Shiv Kumar – AdvFor Respondent: Shri T.S.N. Murthy – CIT DR
Section 263Section 32

5,82,80,040/-. Subsequently, the assessee filed revised return of income on 26/09/2009 revising the total income (loss) to Rs. 23,83,95,220/-. The assessee further revised the return of income by filing revised return of income at the fag end of the assessment year which was not considered by the Assessing Officer. As per second revised return

R SUHASINI,BHEEMUNIPATNAM vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1 (I/C),, VISAKHAPATNAM

In the result, appeal filed by the assessee is dismissed

ITA 352/VIZ/2018[2007-08]Status: DisposedITAT Visakhapatnam05 Apr 2019AY 2007-08

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Blesmt. Rajulapalli Suhasini, Vs. Dcit, Central Circle-1, D.No. 12-24-117, Thota Visakhapatnam. Veedhi, Bheemunipatnam, Visakhapatnam District. Pan No. Agfpr 7302 D (Appellant) (Respondent)

For Appellant: Shri C. Subrahmanyam, FCAFor Respondent: Smt. Suman Malik, Sr.DR
Section 132Section 143(3)Section 148Section 50C

capital gain calculated by the Assessing Officer is not correct. The ld. CIT(A) by considering the entire arguments of the assessee, confirmed the order of the Assessing Officer. 5. On being aggrieved, assessee carried the matter in appeal before this Tribunal. 6. Ld. Authorized Representative for the assessee has submitted that the property purchased by the assessee

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 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

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

VISAKHAPATNAM PORT AUTHORITY, ,VISAKHAPATNAM vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1),, VISAKHAPATNAM

In the result, CO raised by the assessee is disposed off as discussed herein above

ITA 235/VIZ/2020[2015-16]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2015-16

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.25/Viz/2014 ("नधा"रणवष"/ Assessment Year :2010-11) Visakhapatnam Port Authority, Vs. Addl. Cit, (Formerly Known As M/S. Range-1, Visakhapatnam Port Trust) Visakhapatnam. Visakhapatnam. Pan: Aaalv0035C (अपीलाथ"/ Appellant) (""यथ"/ Respondent)

gains of business or profession” wherein the disallowance U/s. 43B has been made becomes irrelevant and as such no consequentialeffect would be given to the disallowed amount on payment basis in the subsequent year. Therefore, the Ld. CIT-1, Visakhapatnam was of the opinion that such expenditure having no correlation with the income of the assessee earned during the relevant

VISAKHAPATNAM PORT AUTHORITY,,VISAKHAPATNAM vs. THE ACIT,, VISAKHAPATNAM

In the result, CO raised by the assessee is disposed off as discussed herein above

ITA 397/VIZ/2014[2011-12]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2011-12

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.25/Viz/2014 ("नधा"रणवष"/ Assessment Year :2010-11) Visakhapatnam Port Authority, Vs. Addl. Cit, (Formerly Known As M/S. Range-1, Visakhapatnam Port Trust) Visakhapatnam. Visakhapatnam. Pan: Aaalv0035C (अपीलाथ"/ Appellant) (""यथ"/ Respondent)

gains of business or profession” wherein the disallowance U/s. 43B has been made becomes irrelevant and as such no consequentialeffect would be given to the disallowed amount on payment basis in the subsequent year. Therefore, the Ld. CIT-1, Visakhapatnam was of the opinion that such expenditure having no correlation with the income of the assessee earned during the relevant