KAPIL AHUJA,VISAKHAPTNAM vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCEL - 3(1),, VISAKHAPATNAM

In the result, appeal of the assessee is allowed

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

92,50,000/- on 26/3/2015 and computed the LTCG of Rs. 18,11,240/- and claimed it as deduction U/s. 54 of the Act by investment in a new asset. The Ld. Pr. CIT observed that the assessee has purchased the said property for a consideration of Rs. 45,34,020/- and the same was registered on 12/12/2013

NAGESWARA RAO VISWANADHA,VISAKHAPATNAM vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-3(1), VISAKHAPATNAM

In the result, appeal of the assessee is partly allowed

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

capital gains under the provisions of section 50C of the Act is outside the scope of the limited scrutiny for which the case was selected. 3. The Ld. CIT(A) ought to have held that the provisions of section 50C of the Act are not applicable in respect of the property sold by the appellant to Viswanadha Educational Society

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1),, GUNTUR vs. DANDU BRAHMANANDAM, CHENNAI

In the result, appeals of the revenue in I

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.11/Viz/2019 (ननधधारण वर्ा/Assessment Year : 2014-15) Asst.Commissioner Of Vs. Sri Danda Brahmanandam Income Tax 13Aj Block, 5Th Street Circle-2(1) Santhi Colony Guntur Annanagar, Chennai [Pan : Aespd2628B]

capital gains and income from other sources filed his return of income admitting total income of Rs.168,83,71,070/- on 27.09.2014. The case was selected for scrutiny and during the course of assessment proceedings, the Assessing Officer (AO) found that the assessee was a major stake holder, holding 10.34% of shares in M/s Tirumala Milk Products

THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1),, GUNTUR vs. BATTINI NAGESWARA RAO, NARASARAOPET

In the result, appeals of the revenue in I

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.11/Viz/2019 (ननधधारण वर्ा/Assessment Year : 2014-15) Asst.Commissioner Of Vs. Sri Danda Brahmanandam Income Tax 13Aj Block, 5Th Street Circle-2(1) Santhi Colony Guntur Annanagar, Chennai [Pan : Aespd2628B]

capital gains and income from other sources filed his return of income admitting total income of Rs.168,83,71,070/- on 27.09.2014. The case was selected for scrutiny and during the course of assessment proceedings, the Assessing Officer (AO) found that the assessee was a major stake holder, holding 10.34% of shares in M/s Tirumala Milk Products

ROBBI SRINIVASA RAO.,VISAKHAPATNAM vs. THE PR,. CIT,-1,, VISAKHAPATNAM

In the result, appeal filed by the assessee is dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Blerobbi Srinivasa Rao, Vs. Pr.Cit-1, D.No. 49-50-7/10, Srinivasa Visakhapatnam. Towers, Akkayyapalem, Visakhapatnam. Pan No. Adspr 1884 N (Appellant) (Respondent)

92,992/-. Subsequently, ld.Commissioner while exercising the powers conferred on him under section 263, same is examined and it is noticed that the assessee, who is proprietor of M/s. Sritanuja Builders & Developers was engaged in the business of construction and sale of flats. During the previous year, the assessee purchased an immovable property admeasuring 267 sq.yds for a consideration

KOTU SARAT KUMAR,VISAKHAPATNAM vs. DY.CIT., VISAKHAPATNAM

In the result, appeals filed by the assessees in ITA Nos

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

capital gains under section 71 of the Act, which the Assessing Officer disputed for disallowance. There is no dispute that the assessee has borrowed the funds and made the investments in the business. The Assessing Officer did not make out a case that the assessee has diverted the funds for non-business purpose. Business consideration is the decision

DY CIT, VISAKHAPATNAM vs. KOTU SARATH KUMAR`, VISAKHAPATNAM

In the result, appeals filed by the assessees in ITA Nos

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

capital gains under section 71 of the Act, which the Assessing Officer disputed for disallowance. There is no dispute that the assessee has borrowed the funds and made the investments in the business. The Assessing Officer did not make out a case that the assessee has diverted the funds for non-business purpose. Business consideration is the decision

KOTU ANASUYA (LATE),VISAKHAPATNAM vs. DCIT, VISAKHAPATNAM

In the result, appeals filed by the assessees in ITA Nos

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

capital gains under section 71 of the Act, which the Assessing Officer disputed for disallowance. There is no dispute that the assessee has borrowed the funds and made the investments in the business. The Assessing Officer did not make out a case that the assessee has diverted the funds for non-business purpose. Business consideration is the decision

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

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

Bench: Shri N.K.Choudhry, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleआयकर अपील सं./I.T.A.No.41/Viz/2021 (निर्धारण वर्ा/Assessment Year:2017-18) Dy.Commissioner Of Income Tax Vs. Smt.Devi Tatiparti Circle-3(1) D.No.10-27-7/19 Visakhapatnam Sri Satya Sai Enclave Waltair Uplands Visakhapatnam [Pan : Acipt9989K] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection No.37/Viz/2021 (Arising Out Of I.T.A. No.41/Viz/2021 Smt.Devi Tatiparti Vs. Dy.Commissioner Of Income Tax D.No.10-27-7/19 Circle-3(1) Sri Satya Sai Enclave Visakhapatnam Waltair Uplands, Visakhapatnam [Pan : Acipt9989K] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri V.Srinivasa Rao, Ar प्रत्यधथी की ओर से / Respondent By : Shri G.V.N.Hari, Dr सुिवधई की तधरीख / Date Of Hearing : 09.09.2021 घोर्णध की तधरीख/Date Of Pronouncement : 24.09.2021 आदेश /O R D E R Per Bench: This Appeal Is Filed By The Revenue Against The Order Of The Commissioner Of Income Tax (Appeals) [Cit(A)]-1, Visakhapatnam In Ita

92,199.60 Less : Sale of old car 3,80,090.70 …………………… 9,12,108.90 Since the assessee has reduced the sale proceeds of the old car from the written down value and claimed the correct depreciation from the written down value, the Ld.CIT(A) held that there is no case for making addition for shorter capital gains, hence directed

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 3(1), VISAKHAPATNAM vs. VIZAG RE-BARS PRIVATE LIMITED, VISAKHAPATNAM

In the result, the cross objection filed by the assessee is allowed

Bench: Shri Ravish Sood, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपीलसं./I.T.A.No.428/Viz/2024 (निर्धारणवर्ा/ Assessment Year: 2017-18) Dy. Cit – Circle – 3(1) Vs. M/S. Vizag Re-Bars Private Limited 35, 50-92-35, Sankara Matam Road Plot No. 1 Ida, Edulapaka Bonangi, Opposite Reliance Fresh Parawada Mandal – 531021 Beside Reliance Fresh, Near By Main Road Andhra Pradesh Madhuranagar, Dwaraka Nagar Visakhapatnam – 530016 [Pan:Aabcv2581M] Andhra Pradesh (अपीलधर्थी/Appellant) (प्रत्यर्थी/Respondent)

section 147 r.w.s. 144 of Income Tax Act, 1961 (in short ‘Act’) dated 23.05.2023. Cross objection is filed by the assessee. 2. Brief facts of the case are that, assessee is a Private Limited Company, engaged in trading in Iron & Steel and filed its return of income for the A.Y.2017-18 on 14.10.2017 admitting Nil income and claiming current year loss

THE INCOME TAX OFFICER, WARD-2(2), , VIJAYAWADA vs. IVATURI MAHALAKSHMI, , VIJAYAWADA

In the result, appeal of the Revenue is dismissed and the assesee’s Cross Objection is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अऩीऱ सं./ I.T.A. No.509/Viz/2018 (ननधधारण वषा / Assessment Year : 2006-07) Income Tax Officer, Vs. Sri Ivaturi Mallikharjuan Rao, Ward-2(2), L/R & Son Of Late Smt. Vijayawada. Ivaturi Mahalakshmamma, Vijayawada. Pan: Aatpi 0474 P (अऩीऱधथी/ Appellant) (प्रत्यथी/ Respondent) Co. No.18/Viz/2019 (In आयकर अऩीऱ सं./ I.T.A. No.509/Viz/2018) (ननधधारण वषा / Ay : 2006-07) Sri Ivaturi Mallikharjuan Rao, Vs. Income Tax Officer, L/R & Son Of Late Smt. Ivaturi Ward-2(2), Mahalakshmamma, Vijayawada. Vijayawada. Pan: Aatpi 0474 P (अऩीऱधथी/ Appellant) (प्रत्यथी/ Respondent) अऩीऱधथी की ओर से/ Assessee By : Sri C. Subrahmanyam, Ca प्रत्यधथी की ओर से / Revenue By : Sri Spg Mudaliar, Sr. Ar सुनवधई की तधरीख / Date Of Hearing : 07/06/2022 घोषणध की तधरीख/Date Of : 08/07/2022 Pronouncement

92,929/-. Aggrieved by the order of the Ld. AO, the assessee preferred an appeal before the CIT(A), Vijayawada. The Ld. CIT(A), Vijayawada vide order in appeal No. 429/CIT(A)/VJA/10-11, dated 4/9/2013 allowed the appeal. Aggrieved by the order of the Ld. CIT(A), 3 Vijayawada, the Revenue preferred an appeal before the ITAT

AGRI GOLD FOODS AND FARM PRODUCTS LIMITED,VIJAYAWADA vs. ASST.COMMISSIONER OF INCOME TAX, CIRCLE-2(1), VIJAYAWADA

Bench: Us:

Section 147 of the Act. Apart from that, the assessee company assailed the impugned addition made by the A.O. on the merits of the case. However, we find that the CIT(A) did not find favour with the contentions advanced by the assessee company and dismissed the appeal. For the sake of clarity, the observations

DEPUTY COMMISSIONER OF INCOME TAX, VISAKHAPATNAM vs. VENKATA SITA RAMACHANDRA RAO KANCHUMARTHY, RAJAHMUNDRY

In the result, appeal of the revenue is dismissed

Bench: Shri Ravish Sood, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपीलसं./I.T.A.No.352/Viz/2025 (निर्धारण वर्ा/ Assessment Year:2016-17) Vs. Dy. Commissioner Of Income Tax Venkata Sita Ramachandra Rao Kanchumarty International Taxation, Circle H.No. 26-22-16 Ground Floor, Infinity Tower Near Chinna Anjaneya Swamy Temple Sankarmattam Road Danavaipeta, Rajahmundry Visakhapatnam – 530016 East Godavari District – 533103 Andhra Pradesh Andhra Pradesh [Pan:Edzpk3519Q]

92,55,358/-. In response to notices under section 143(2) and 142(1) of the Act assessee’s representatives filed requisite information called for. Ld.Assessing Officer [hereinafter in short “Ld. AO"] during the course of scrutiny proceedings recomputed the Long-Term Capital Gains

RAMESH SANGHVI,HYDERABAD vs. INCOME TAX OFFICER, WARD-1, ELURU

In the result, appeal of the assessee is dismissed

Bench: Shri K. Narasimha Chary, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपीलसं./I.T.A.No.504/Viz/2024 (निर्धारण वर्ा/ Assessment Year: 2018-19) Ramesh Sanghvi V. Income Tax Officer – Ward – 1 108, 4-4-933 Royal Plaza 23-2-4-6/4 Kks Towers Sultan Bazar, Hyderabad R.R. Pet, Eluru Telangana - 500001 Andhra Pradesh - 534002 [Pan: Ajeps4401J] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

capital gains during the impugned assessment year. Further, it is also noticed that assessee has claimed the interest of Rs. 82,52,623/- which was paid towards the Home Loan from ICICI Bank as loans from business while filing return of income. The claim of the assessee is his Accountant who file the return of income has wrongly declared these

MS USHA TUBUS & PIPES PVT LTD.,,VISAKHAPATNAM vs. THE ACIT,, VISAKHAPATNAM

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.48/Viz/2015 (धििाारण िर्ा/ Assessment Year: 2004-2005) M/S Usha Tubes & Pipes Pvt. Ltd. Vs. Asst.Commissioner Of D.No.11-8-34 Income Tax Daspalla Hills Cicle-5(1) Visakhapatnam Visakhapatnam [Pan : Aaacu4259N] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

92,169/-. Thus the resultant loss on sale of shares and mutual funds was adjusted against the short term capital gain on fixed assets. The Assessing Officer (AO) furnished the details of the sale of shares and the resultant losses as under : Rate Name of Date of Rate and and sale S.No the Quantity purchase/ Quantity Net Loss cost

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

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.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

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

SHRI G VIJAYA RAGHAVA RAJU,KAKINADA vs. ACIT, CENTRAL CIRCLE-2, GUNTUR

In the result, assessee’s appeals in ITA Nos

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

92,856/- made by the Assessing Officer U/s. 17(2)(v) of the Act towards insurance premium paid by the employer. 4. Any other ground that may be urged at the time of appeal hearing.” 8. Further, the assessee also raised the additional legal ground as below: “On the facts and in the circumstances of the case, whether the notice

SRI GOTTUMUKKALA VIJAYA RAGHAVA RAJU,KAKINADA vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 2, GUNTUR

In the result, assessee’s appeals in ITA Nos

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

92,856/- made by the Assessing Officer U/s. 17(2)(v) of the Act towards insurance premium paid by the employer. 4. Any other ground that may be urged at the time of appeal hearing.” 8. Further, the assessee also raised the additional legal ground as below: “On the facts and in the circumstances of the case, whether the notice