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

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

set off against taxable income in view of CBDT’s Instruction No.03/2010, dated 23-3-2010. Thus, the AO held that the losses incurred by the assessee was Market to Market (MTM) losses and the forward contract was not related to the business activity and the losses claimed by the assessee were not crystalised. Therefore, disallowed

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4(1),, VISAKHAPATNAM vs. SARITA SYNTHETICS & INDUSTRIES LIMITED,, RAJAM

In the result, appeal of the revenue is dismissed

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.488 & 489/Viz/2018 (ननधधारण वर्ा/ Assessment Years: 2012-13 & 2013-2014 Respectively) Dy.Commissioner Of Income Tax, Vs. M/S Sarita Synthetics & Circle-4(1) Industries Ltd. Visakhapatnam D.No.11-8-120 Anthakapalli Village Srikakulam [Pan :Aadcs4025R] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Smt. Suman Malik, Dr प्रत्यधथी की ओर से/ Respondent By : None

set off of business loss. With regard to the issue of disallowance u/s 14A as per the judicial pronouncements no disallowance

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4(1),, VISAKHAPATNAM vs. SARITA SYNTHETICS & INDUSTRIES LIMITED, , SRIKAKULAM

In the result, appeal of the revenue is dismissed

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.488 & 489/Viz/2018 (ननधधारण वर्ा/ Assessment Years: 2012-13 & 2013-2014 Respectively) Dy.Commissioner Of Income Tax, Vs. M/S Sarita Synthetics & Circle-4(1) Industries Ltd. Visakhapatnam D.No.11-8-120 Anthakapalli Village Srikakulam [Pan :Aadcs4025R] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Smt. Suman Malik, Dr प्रत्यधथी की ओर से/ Respondent By : None

set off of business loss. With regard to the issue of disallowance u/s 14A as per the judicial pronouncements no disallowance

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

set off of business loss. With regard to the issue of disallowance u/s 14A as per the judicial pronouncements no disallowance

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

set off of business loss. With regard to the issue of disallowance u/s 14A as per the judicial pronouncements no disallowance

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

set off of business loss. With regard to the issue of disallowance u/s 14A as per the judicial pronouncements no disallowance

SMT. T.V. PADMAVATHI,,VIJAYAWADA vs. THE ITO,, VIJAYAWADA

In the result, the appeal of the assessee is dismissed

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.351/Viz/2016 (धििाारण िर्ा/ Assessment Year: 2012-2013) Smt.T.V.Padmavathi Vs. Income Tax Officer 40-15-11, Flat No.3 Ward-2(2) Sudha Apartments Vijayawada Greenland Hotel Road Vijayawada – 520 010 [Pan : Acxpt4644C] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

set off business loss against the current years income, the assessee has to establish that she has incurred the loss during the course of business. The AO as well as the Ld.CIT(A) have given finding that the borrowals were used for investment or for personal purposes but not for any business purposes. Further, the assessee has not furnished

OPTIMUS COMMODITY FUTURES PRIVATE LIMITED,VIJAYAWADA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1(1), VIJAYAWADA

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.Nos.185/Viz/2018 (ननधधारण वर्ा/ Assessment Year: 2013-14) Optimus Commodity Futures Vs. Dy.Commissioner Of Private Ltd. Income Tax D.No.11-8-29 Circle-1(1) Jagannadam Street Vijayawada Kothapet Vijayawada [Pan : Aaaco6427B] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri C.Subrahmanyam, Ar प्रत्यधथी की ओर से/ Respondent By : Shri D.K.Sonowal, Cit Dr

Disallowance Depreciation u/s 32 : Rs. 34,249 ______________ Loss assessed Rs.9,43,161/- Tax thereon : Nil Note : Unabsorbed loss, depreciation loss for the A.Y. 2013-14 Depreciation Loss : Rs.9,39,162 Business Loss (Speculation Loss) : Rs.37,13,336/- 5.1. From the above computation, it is observed that though the loss assessed including the speculation loss was Rs.9

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1), GUNTUR vs. NSL TEXTILES LIMITED, HYDERABAD

In the result, appeal filed by the Revenue as well as cross objection filed by the assessee is dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleacit, Circle-2(1), Vs. M/S. Nsl Textiles Ltd., Nsl Icon, 4Th Floor, D.No. Guntur. 8-2-684/2/A, Banjara Hills, Road No. 12, Hyderabad. Pan No. Aabcj 1299 A (Appellant) (Respondent)

set off of business loss. With regard to the issue of disallowance u/s 14A as per the judicial pronouncements no disallowance

RAMYA CONSTRUCTIONS LIMITED,,VIJAYAWADA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1),, VIJAYAWADA

In the result, appeal filed by the assessee is allowed for statistical purposes

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Blem/S. Ramya Constructions, Vs. Dcit, Circle-2(1), C/O T. Chaitanyakumar, Adv., Vijayawada. Flat No. 102, Gouri Apartment, Urdu Lane, Himayath Nagar, Hyderabad. Pan No. Aadcr 1165 K (Appellant) (Respondent)

set off of business loss. With regard to the issue of disallowance u/s 14A as per the judicial pronouncements no disallowance

ACIT, CIRCLE-2 (1), GUNTUR vs. SRI MAHALAKSHMI INVESTMENTS,, GUNTUR

In the result, appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleacit, Circle-2(1), Vs. M/S. Sri Mahalakshmi Guntur. Investments, D.No. 8-24-31, Mangalagiri Road, Guntur. Pan No. Abafs 4221 L (Appellant) (Respondent)

set off of business loss. With regard to the issue of disallowance u/s 14A as per the judicial pronouncements no disallowance

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1),, VIJAYAWADA vs. KAPIL INFRA AVENUES PRIVATE LIMITED, VIJAYAWADA

In the result, appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bledcit, Circle-2(1), Vs. M/S. Kapil Infra Avenues Pvt. Vijayawada. Ltd., D.No. 40-14-3/1, Chandramouli Puram, Near Benz Circle, Vijayawada. Pan No. Aadck 4944 P (Appellant) (Respondent)

set off of business loss. With regard to the issue of disallowance u/s 14A as per the judicial pronouncements no disallowance

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)

disallowed the loss. The assessee has furnished all the relevant details relating to purchase and sale of shares with the buyers and sellers and also furnished the account copies before the AO which were enclosed in the paper book as per page No.22 to 29. Scrutiny of the documents indicates that the assessee has furnished the relevant details supporting

SLC PROJECTS PVT.LTD.,,VISAKHAPATNAM vs. ACIT, CENTRAL CIRCLE-2, VISAKHAPATNAM

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

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

loss. With regard SLC Projects Pvt. Ltd., VSKP to the issue of disallowance u/s 14A as per the judicial pronouncements no disallowance is called for when there is no exempt income. Therefore, we are of the considered opinion that there is no case for revision of order u/s 263 and accordingly we set

SREERAMULU PENTAKOTA,VISAKHAPATNAM vs. INCOME TAX OFFICER, WARD-3(3), VISAKHAPATNAM

Bench: Shri Ravish Sood, Hon’Ble & Shri Omkareshwar Chidara, Hon’Ble

set-off of carry forward loss was disallowed to the extent of Page. No 2 I.T.A.No.555/VIZ/2025 Sreeramulu Pentakota Rs.2

M/S. TULASI COTTON INDUSTRIES PVT. LTD,GUNTUR vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1), GUNTUR

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.627/Viz/2019 (ननधधारण वर्ा/Assessment Year:2016-2017) M/S Tulasi Cotton Industries Pvt. Ltd Vs. Asst.Commissioner Of Raj Kamal Complex Income Tax Lakshmipuram Main Road Circle-2(1) Ashok Nagar Guntur Guntur [Pan :Aacct9123A] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri G.V.N.Hari.Ar प्रत्यधथी की ओर से / Respondent By : Smt.U.Mini Chandran, Dr सुनवधई की तधरीख / Date Of Hearing : 24.09.2020 23.11.2020 घोर्णध की तधरीख/Date Of Pronouncement :

set off of losses from business. Thus argued that higher remuneration was paid to the Managing Director with an intention to reduce the tax burden in the hands of the assessee company and to reduce the losses in the hands of the Managing Director, thus the same was colourabe device, hence, argued that the Ld.CIT(A) has rightly restricted

RAJAM POLYPACKS LIMITED,RAJAM vs. INCOME TAX OFFICER, WARD-2, SRIKAKULAM

In the result, the appeal of the assessee is dismissed

Bench: Shri Duvvuru Rl Reddy, Hon’Bleआयकर अपील सं./I.T.A.No.258/Viz/2021 (ननधधारण वर्ा / Assessment Year : 2018-19) Rajam Polypacks Limited Vs. Income Tax Officer Ponduru Road Ward-2 Rajam Srikakulam [Pan : Aabcr0489G] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri Ya Rao, Ar प्रत्यधथी की ओर से / Respondent By : Shri On Hari Prasad Rao, Dr सुनवधई की तधरीख / Date Of Hearing : 16.11.2022 घोर्णध की तधरीख/Date Of Pronouncement : 16.12.2022 आदेश /O R D E R Per Shri Duvvuru Rl Reddy: This Appeal Is Filed By The Assessee Against The Order Of Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi In Din & Order No.Itba/Nfac/S/250/2021-22/ 1036317185(1) Dated 12.10.2021 For The Assessment Year (A.Y.) 2018- 19. 2. The Assessee Raised The Following Grounds Of Appeal : 1. The Order Passed By Learned Commissioner (Appeals), Dated 12.10.2021 Confirming The Disallowance Of Rs.56,448/- & Rs.2,53,947/- By Invoking Provisions Of Sec.36(1A) R.W.S. 43(B) Of I.T.Act Is Illegal & Unjust After Relying On The Amendment Brought By Finance Act, 2021 To Sec.36(5A) R.W.S. (43B).

disallowance of PF which was remitted before the due date for filing return of income. Brief facts of the case are that the assessee filed it’s return of income declaring nil income after claiming set off of unabsorbed business losses

BHARAT HEAVY ELECTRICAL LIMITED (HPVP UNIT) FORMERLY KNOWN AS BHARAT HEAVY PLATE AND VESSELS LIMITED,VISAKHAPATNAM vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX, RANGE-3, , VISAKHAPATNAM

In the result, appeals of the assessee are dismissed

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.128 & 129/Viz/2019 (ननधधारण वर्ा/Assessment Year : 2011-12 & 2012-13 Respectively) M/S Bharat Heavy Electricals Limited Vs. Addl. Commissioner Of (Hpvp) Unit Income Tax Formerly Known As Bharat Heavy Range-3 Plate & Vessels Ltd. Visakhapatnam D.No.10-3, Administrative Building Natayyapalem, Visakhapatnam [Pan :Aaacb7076N] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri I Kama Sastry, Ar प्रत्यधथी की ओर से / Respondent By : Shri V.Appala Raju, Dr सुनवधई की तधरीख / Date Of Hearing : 13.08.2019 25.09.2019 घोर्णध की तधरीख/Date Of Pronouncement : आदेश /O R D E R

disallowance of depreciation on assets taken on lease by the assessee. In this case, for the A.Y. 2011-12 the assessee filed the return of income declaring total income of Rs.Nil after set off of brought forward losses