SANTOSH AGRAWAL,CHATTISGARH vs. DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRLCE-1, VISAKHAPATNAM

68,980/-. The\nreturn was summarily processed under section 143(1) of the Income Tax Act,\n1961 [hereinafter in short “the Act"]. Assessee is the Chairman-cum-\nManaging Director of M/s. Maa Mahamaya Industries Limited.\n5. M/s. Maa Mahamaya Industries Limited is a company engaged in the\nbusiness of manufacturing of Steel and TMT Bars, filed its return of income

ASHOK KUMAR AGRAWAL,VISAKHAPATNAM vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

exemption under Section 10(38). The AO suspected penny stock trading where prices were artificially inflated, and such transactions were considered accommodation entries. Additions were made under Section 68

VISAKHAPATNAM PORT AUTHORITY,,VISAKHAPATNAM vs. THE ACIT, CIRCLE - 1(1),, VISAKHAPATNAM

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

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)

section 43B by the Finance Act, 2023, w.e.f. 1-4-2024: (g) “small enterprise” shall have the meaning assigned to it in clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006).” 87. From the bare reading of the above provisions and Explanation to Section 43B, the terms “public financial institutions”; “scheduled

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

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

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)

section 43B by the Finance Act, 2023, w.e.f. 1-4-2024: (g) “small enterprise” shall have the meaning assigned to it in clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006).” 87. From the bare reading of the above provisions and Explanation to Section 43B, the terms “public financial institutions”; “scheduled

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

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

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)

section 43B by the Finance Act, 2023, w.e.f. 1-4-2024: (g) “small enterprise” shall have the meaning assigned to it in clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006).” 87. From the bare reading of the above provisions and Explanation to Section 43B, the terms “public financial institutions”; “scheduled

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

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

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)

section 43B by the Finance Act, 2023, w.e.f. 1-4-2024: (g) “small enterprise” shall have the meaning assigned to it in clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006).” 87. From the bare reading of the above provisions and Explanation to Section 43B, the terms “public financial institutions”; “scheduled

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

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)

section 43B by the Finance Act, 2023, w.e.f. 1-4-2024: (g) “small enterprise” shall have the meaning assigned to it in clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006).” 87. From the bare reading of the above provisions and Explanation to Section 43B, the terms “public financial institutions”; “scheduled

THE VISAKHAPATNAM PORT AUTHORITY,,VISAKHAPATNAM vs. THE ASST. CIT,, VISAKHAPATNAM

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

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)

section 43B by the Finance Act, 2023, w.e.f. 1-4-2024: (g) “small enterprise” shall have the meaning assigned to it in clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006).” 87. From the bare reading of the above provisions and Explanation to Section 43B, the terms “public financial institutions”; “scheduled

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

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)

section 43B by the Finance Act, 2023, w.e.f. 1-4-2024: (g) “small enterprise” shall have the meaning assigned to it in clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006).” 87. From the bare reading of the above provisions and Explanation to Section 43B, the terms “public financial institutions”; “scheduled

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

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

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)

section 43B by the Finance Act, 2023, w.e.f. 1-4-2024: (g) “small enterprise” shall have the meaning assigned to it in clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006).” 87. From the bare reading of the above provisions and Explanation to Section 43B, the terms “public financial institutions”; “scheduled

VISAKHAPATNAM PORT AUTHORITY,,VISAKHAPATNAM vs. THE ADDL. CIT.,, VISAKHAPATNAM

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

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)

section 43B by the Finance Act, 2023, w.e.f. 1-4-2024: (g) “small enterprise” shall have the meaning assigned to it in clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006).” 87. From the bare reading of the above provisions and Explanation to Section 43B, the terms “public financial institutions”; “scheduled

THE ACIT, CIRCLE - 1(1),, VISAKHAPATNAM vs. VISAKHAPATNAM PORT AUTHORITY,, VISAKHAPATNAM

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

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)

section 43B by the Finance Act, 2023, w.e.f. 1-4-2024: (g) “small enterprise” shall have the meaning assigned to it in clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006).” 87. From the bare reading of the above provisions and Explanation to Section 43B, the terms “public financial institutions”; “scheduled

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

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

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)

section 43B by the Finance Act, 2023, w.e.f. 1-4-2024: (g) “small enterprise” shall have the meaning assigned to it in clause (m) of section 2 of the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006).” 87. From the bare reading of the above provisions and Explanation to Section 43B, the terms “public financial institutions”; “scheduled

ACE URBAN DEVELOPERS PRIVATE LIMITED,HYDERABAD vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1), VIJAYAWADA

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

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./I.T.A.Nos.79, 118 & 284/Viz/2024 (निर्धारणवर्ा/ Assessment Year: 2016-17, 2018-19 & 2016-17) Ace Urban Developers Private Limited V. The Asst. Cit- Circle-2(1) Module No. A1, A2,A3 Vijayawada – 520002 Quadrant No. 4, 4Thfloor Andhra Pradesh Cyber Tower, Hitech City Madhapur B.O. Sheikpet, Hyderabad-500081, Telangana [Pan: Aanca4001H] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) करदाता का प्रतततितित्व/ Assessee Represented By : Shri Sk Gupta,Ar राजस्व का प्रतततितित्व / Department Represented By : Dr. Satyasai Rath, Sr.Ar

68 of the Act while passing the order under section 143(3)r.w.s. 263 of the Act. 5. Being aggrieved by the said assessment order, assessee filed an appeal before the Ld.CIT(A). Before the Ld. CIT(A), assessee made written submissions contesting the addition of unsecured loans of Rs. 1,06,27,000/-. After examining the written submissions made

ACE URBAN DEVELOPERS PRIVATE LIMITED,HYDERABAD vs. AO, VIJAYAWADA

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

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./I.T.A.Nos.79, 118 & 284/Viz/2024 (निर्धारणवर्ा/ Assessment Year: 2016-17, 2018-19 & 2016-17) Ace Urban Developers Private Limited V. The Asst. Cit- Circle-2(1) Module No. A1, A2,A3 Vijayawada – 520002 Quadrant No. 4, 4Thfloor Andhra Pradesh Cyber Tower, Hitech City Madhapur B.O. Sheikpet, Hyderabad-500081, Telangana [Pan: Aanca4001H] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) करदाता का प्रतततितित्व/ Assessee Represented By : Shri Sk Gupta,Ar राजस्व का प्रतततितित्व / Department Represented By : Dr. Satyasai Rath, Sr.Ar

68 of the Act while passing the order under section 143(3)r.w.s. 263 of the Act. 5. Being aggrieved by the said assessment order, assessee filed an appeal before the Ld.CIT(A). Before the Ld. CIT(A), assessee made written submissions contesting the addition of unsecured loans of Rs. 1,06,27,000/-. After examining the written submissions made

ACE URBAN DEVELOPERS PRIVATE LIMITED,HYDERABAD vs. AO, NFAC

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

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./I.T.A.Nos.79, 118 & 284/Viz/2024 (निर्धारणवर्ा/ Assessment Year: 2016-17, 2018-19 & 2016-17) Ace Urban Developers Private Limited V. The Asst. Cit- Circle-2(1) Module No. A1, A2,A3 Vijayawada – 520002 Quadrant No. 4, 4Thfloor Andhra Pradesh Cyber Tower, Hitech City Madhapur B.O. Sheikpet, Hyderabad-500081, Telangana [Pan: Aanca4001H] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) करदाता का प्रतततितित्व/ Assessee Represented By : Shri Sk Gupta,Ar राजस्व का प्रतततितित्व / Department Represented By : Dr. Satyasai Rath, Sr.Ar

68 of the Act while passing the order under section 143(3)r.w.s. 263 of the Act. 5. Being aggrieved by the said assessment order, assessee filed an appeal before the Ld.CIT(A). Before the Ld. CIT(A), assessee made written submissions contesting the addition of unsecured loans of Rs. 1,06,27,000/-. After examining the written submissions made

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

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

exempted from the definition of “Association of Persons” in section 40(ba), meaning thereby the Income tax Act does not debar deduction of payment of interest to the members of a co-operative society. (g) The interest expenditure is allowed under section 36(1)(iii) of the Act . The said section states that the amount of interest paid in respect

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

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

exempted from the definition of “Association of Persons” in section 40(ba), meaning thereby the Income tax Act does not debar deduction of payment of interest to the members of a co-operative society. (g) The interest expenditure is allowed under section 36(1)(iii) of the Act . The said section states that the amount of interest paid in respect