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
section 50C are not applicable.
4. Aggrieved by the order of the Ld.CIT(A), the revenue filed an appeal before the Tribunal by raising the following grounds :
1. The order of the Ld.CIT(A)-1, Visakhapatnam is erroneous both on facts and in law.
2. The Ld.CIT(A) has erred in holding that the asset (cinema hall) is a business
