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Section 50C6 Section 2(14)2

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-3(1), VISAKHAPATNAM vs. SRI BHUPATHI RAJU RAVI VARMA, VISAKHAPATNAM

In the result, appeal of the revenue is allowed

ITA 654/VIZ/2019[2009-2010]Status: DisposedITAT Visakhapatnam28 Jul 2022AY 2009-2010

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./I.T.A.No.654/Viz/2019 (ननधधारण वर्ा / Assessment Year : 2009-10) Deputy Commissioner Of Vs. Sri Bhupathi Raju Ravi Varma Income Tax D.No.50-1-23, Flat No.103 Circle-3(1) Ksr Complex Visakhapatnam Block A, Seethammadhara Visakhapatnam [Pan : Aggpb6021L] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

For Appellant: Shri S.P.G.Mudaliar, DRFor Respondent: Shri K.Venkata Praveen, AR

Section 143(3)Section 2(14)Section 50C

depreciation on the asset though it was found as fixed asset in the balance sheet as on 31.03.2007. The Ld.CIT(A) held that the AO could not contradict the submissions of the assessee and hence treated the cinema theatre as business asset and held that the provisions of section 50C