POLISETTY SOMASUNDARAM,GUNTUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR

In the result, appeal of the assessee for the AY 2020-21 is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.172 To 180/Viz/2023 ("नधा"रणवष"/ Assessment Year : 2012-13 To 2020-21) M/S. Polisetty Somasundaram, Vs. The Deputy Commissioner Of D.No. 8-24-31, Main Road, Income Tax, Mangalagiri Road, Central Circle-1, Guntur – 522001. Guntur. Pan: Aacfp 7251 J (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Appellant By : Sri M.V. Prasad, Ar ""याथ"क"ओरसे/ Respondent By : Sri Mn Murthy Naik, Cit-Dr

153B of the Act. In the present case on hand, admittedly there is no search or seizure on 6/8/2020. The 33 Panchnama was drawn only for the purpose of cancellation of restraint order passed U/s. 132(3). Therefore, it cannot be considered as a last Panchnama drawn for conclusion of search in the absence of any material on the said

POLISETTY SOMASUNDARAM,GUNTUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR

In the result, appeal of the assessee for the AY 2020-21 is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.172 To 180/Viz/2023 ("नधा"रणवष"/ Assessment Year : 2012-13 To 2020-21) M/S. Polisetty Somasundaram, Vs. The Deputy Commissioner Of D.No. 8-24-31, Main Road, Income Tax, Mangalagiri Road, Central Circle-1, Guntur – 522001. Guntur. Pan: Aacfp 7251 J (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Appellant By : Sri M.V. Prasad, Ar ""याथ"क"ओरसे/ Respondent By : Sri Mn Murthy Naik, Cit-Dr

153B of the Act. In the present case on hand, admittedly there is no search or seizure on 6/8/2020. The 33 Panchnama was drawn only for the purpose of cancellation of restraint order passed U/s. 132(3). Therefore, it cannot be considered as a last Panchnama drawn for conclusion of search in the absence of any material on the said

POLISETTY SOMASUNDARAM,GUNTUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR

In the result, appeal of the assessee for the AY 2020-21 is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.172 To 180/Viz/2023 ("नधा"रणवष"/ Assessment Year : 2012-13 To 2020-21) M/S. Polisetty Somasundaram, Vs. The Deputy Commissioner Of D.No. 8-24-31, Main Road, Income Tax, Mangalagiri Road, Central Circle-1, Guntur – 522001. Guntur. Pan: Aacfp 7251 J (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Appellant By : Sri M.V. Prasad, Ar ""याथ"क"ओरसे/ Respondent By : Sri Mn Murthy Naik, Cit-Dr

153B of the Act. In the present case on hand, admittedly there is no search or seizure on 6/8/2020. The 33 Panchnama was drawn only for the purpose of cancellation of restraint order passed U/s. 132(3). Therefore, it cannot be considered as a last Panchnama drawn for conclusion of search in the absence of any material on the said

POLISETTY SOMASUNDARAM,GUNTUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR

In the result, appeal of the assessee for the AY 2020-21 is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.172 To 180/Viz/2023 ("नधा"रणवष"/ Assessment Year : 2012-13 To 2020-21) M/S. Polisetty Somasundaram, Vs. The Deputy Commissioner Of D.No. 8-24-31, Main Road, Income Tax, Mangalagiri Road, Central Circle-1, Guntur – 522001. Guntur. Pan: Aacfp 7251 J (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Appellant By : Sri M.V. Prasad, Ar ""याथ"क"ओरसे/ Respondent By : Sri Mn Murthy Naik, Cit-Dr

153B of the Act. In the present case on hand, admittedly there is no search or seizure on 6/8/2020. The 33 Panchnama was drawn only for the purpose of cancellation of restraint order passed U/s. 132(3). Therefore, it cannot be considered as a last Panchnama drawn for conclusion of search in the absence of any material on the said

POLISETTY SOMASUNDARAM,GUNTUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR

In the result, appeal of the assessee for the AY 2020-21 is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.172 To 180/Viz/2023 ("नधा"रणवष"/ Assessment Year : 2012-13 To 2020-21) M/S. Polisetty Somasundaram, Vs. The Deputy Commissioner Of D.No. 8-24-31, Main Road, Income Tax, Mangalagiri Road, Central Circle-1, Guntur – 522001. Guntur. Pan: Aacfp 7251 J (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Appellant By : Sri M.V. Prasad, Ar ""याथ"क"ओरसे/ Respondent By : Sri Mn Murthy Naik, Cit-Dr

153B of the Act. In the present case on hand, admittedly there is no search or seizure on 6/8/2020. The 33 Panchnama was drawn only for the purpose of cancellation of restraint order passed U/s. 132(3). Therefore, it cannot be considered as a last Panchnama drawn for conclusion of search in the absence of any material on the said

POLISETTY SOMASUNDARAM,GUNTUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR

In the result, appeal of the assessee for the AY 2020-21 is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.172 To 180/Viz/2023 ("नधा"रणवष"/ Assessment Year : 2012-13 To 2020-21) M/S. Polisetty Somasundaram, Vs. The Deputy Commissioner Of D.No. 8-24-31, Main Road, Income Tax, Mangalagiri Road, Central Circle-1, Guntur – 522001. Guntur. Pan: Aacfp 7251 J (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Appellant By : Sri M.V. Prasad, Ar ""याथ"क"ओरसे/ Respondent By : Sri Mn Murthy Naik, Cit-Dr

153B of the Act. In the present case on hand, admittedly there is no search or seizure on 6/8/2020. The 33 Panchnama was drawn only for the purpose of cancellation of restraint order passed U/s. 132(3). Therefore, it cannot be considered as a last Panchnama drawn for conclusion of search in the absence of any material on the said

POLISETTY SOMASUNDARAM,GUNTUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR

In the result, appeal of the assessee for the AY 2020-21 is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.172 To 180/Viz/2023 ("नधा"रणवष"/ Assessment Year : 2012-13 To 2020-21) M/S. Polisetty Somasundaram, Vs. The Deputy Commissioner Of D.No. 8-24-31, Main Road, Income Tax, Mangalagiri Road, Central Circle-1, Guntur – 522001. Guntur. Pan: Aacfp 7251 J (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Appellant By : Sri M.V. Prasad, Ar ""याथ"क"ओरसे/ Respondent By : Sri Mn Murthy Naik, Cit-Dr

153B of the Act. In the present case on hand, admittedly there is no search or seizure on 6/8/2020. The 33 Panchnama was drawn only for the purpose of cancellation of restraint order passed U/s. 132(3). Therefore, it cannot be considered as a last Panchnama drawn for conclusion of search in the absence of any material on the said

POLISETTY SOMASUNDARAM,GUNTUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR

In the result, appeal of the assessee for the AY 2020-21 is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.172 To 180/Viz/2023 ("नधा"रणवष"/ Assessment Year : 2012-13 To 2020-21) M/S. Polisetty Somasundaram, Vs. The Deputy Commissioner Of D.No. 8-24-31, Main Road, Income Tax, Mangalagiri Road, Central Circle-1, Guntur – 522001. Guntur. Pan: Aacfp 7251 J (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Appellant By : Sri M.V. Prasad, Ar ""याथ"क"ओरसे/ Respondent By : Sri Mn Murthy Naik, Cit-Dr

153B of the Act. In the present case on hand, admittedly there is no search or seizure on 6/8/2020. The 33 Panchnama was drawn only for the purpose of cancellation of restraint order passed U/s. 132(3). Therefore, it cannot be considered as a last Panchnama drawn for conclusion of search in the absence of any material on the said

POLISETTY SOMASUNDARAM,GUNTUR vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, GUNTUR

In the result, appeal of the assessee for the AY 2020-21 is allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.172 To 180/Viz/2023 ("नधा"रणवष"/ Assessment Year : 2012-13 To 2020-21) M/S. Polisetty Somasundaram, Vs. The Deputy Commissioner Of D.No. 8-24-31, Main Road, Income Tax, Mangalagiri Road, Central Circle-1, Guntur – 522001. Guntur. Pan: Aacfp 7251 J (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ"क"ओरसे/ Appellant By : Sri M.V. Prasad, Ar ""याथ"क"ओरसे/ Respondent By : Sri Mn Murthy Naik, Cit-Dr

153B of the Act. In the present case on hand, admittedly there is no search or seizure on 6/8/2020. The 33 Panchnama was drawn only for the purpose of cancellation of restraint order passed U/s. 132(3). Therefore, it cannot be considered as a last Panchnama drawn for conclusion of search in the absence of any material on the said

MAA MAHAMAYA INDUSTRIES LIMITED,CHHATTISGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

68,495/- instead of Rs.2,11,55,707/-. Accordingly, the ground no. 7 and additional legal ground raised vide petition dated 02.01.2025 is hereby allowed.” 19. We are therefore of the considered view that various judicial pronouncements have held that only the profit element involved in the shortage of stock can be added to the total income of the assessee

MAA MAHAMAYA INDUSTRIES LIMITED,CHHATTISGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

68,495/- instead of Rs.2,11,55,707/-. Accordingly, the ground no. 7 and additional legal ground raised vide petition dated 02.01.2025 is hereby allowed.” 19. We are therefore of the considered view that various judicial pronouncements have held that only the profit element involved in the shortage of stock can be added to the total income of the assessee

MAA MAHAMAYA INDUSTRIES LIMITED,CHHATTISGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

68,495/- instead of Rs.2,11,55,707/-. Accordingly, the ground no. 7 and additional legal ground raised vide petition dated 02.01.2025 is hereby allowed.” 19. We are therefore of the considered view that various judicial pronouncements have held that only the profit element involved in the shortage of stock can be added to the total income of the assessee

MAA MAHAMAYA INDUSTRIES LIMITED,CHHATTISGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

68,495/- instead of Rs.2,11,55,707/-. Accordingly, the ground no. 7 and additional legal ground raised vide petition dated 02.01.2025 is hereby allowed.” 19. We are therefore of the considered view that various judicial pronouncements have held that only the profit element involved in the shortage of stock can be added to the total income of the assessee

MAA MAHAMAYA INDUSTRIES LIMITED,CHHATTISGARH vs. DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri S Balakrishnan, Hon’Ble

68,495/- instead of Rs.2,11,55,707/-. Accordingly, the ground no. 7 and additional legal ground raised vide petition dated 02.01.2025 is hereby allowed.” 19. We are therefore of the considered view that various judicial pronouncements have held that only the profit element involved in the shortage of stock can be added to the total income of the assessee

GVK POWER & INFRASTRUCTURE LIMITED,KADIYAM vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(1),, RAJAHMUNDRY

In the result, appeal of the assessee is allowed

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकरअपीलसं./I.T.A.No.553/Viz/2018 (ननधधारण वर्ा/Assessment Year:2014-15) M/S Gvk Power & Infrastructure Ltd. Vs. Asst.Commissioner Of D.No.5-48, Gvk Power Plant Income Tax Jegurupadu, Kadiyammandal Circle-2(1) East Godavari Rajamahendravaram [Pan :Aaacj5599A] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओ रसे/ Appellant By Shri G.V.N.Hari, Ar प्रत्यधथी की ओर से/ Respondent By Shri D.K.Sonowal, Cit Dr सुनवधई की तधरीख / Date Of Hearing : 21.03.2019 घोर्णध की तधरीख/Date Of Pronouncement : 03.04.2019

68,138/- towards sponsorship expenses and genuineness of expenses was not disputed by the A.O. As per the details furnished by the assessee the sponsorship fee was paid to Financial Times and for conducting the Second Financial Times -Yes Bank International Banking Summit held in Mumbai and Young Indian National Summit held in Delhi and submitted in the events that

THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, , RAJAHMUNDRY vs. REAL GROW EXIMS PRIVATE LIMITED, BHIMAVARAM

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

B (अपीलाथ"/ Appellant) (""यथ"/ Respondent) आयकर अपील सं./ I.T.A. No. 17/Viz/2021 ("नधा"रण वष" / Assessment Year :2017-18) Asst. Commissioner of Income Vs. Sri Goluguri Srirama Reddy, Tax, Central Circle-1, D.No.4-1-31, Sri Rajahmundry, Vamsikrishna Apartments, Andhra Pradesh. Srirampuram, Bhimavaram. (अपीलाथ"/ Appellant) (""यथ"/ Respondent) आयकर अपील सं./ I.T.A. No.22/Viz/2021 ("नधा"रण वष" / Assessment Year : 2013-14) Asst

THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1,, RAJAHMUNDRY vs. GOLUGURI SRIRAMA REDDY, BHIMAVARAM

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

B (अपीलाथ"/ Appellant) (""यथ"/ Respondent) आयकर अपील सं./ I.T.A. No. 17/Viz/2021 ("नधा"रण वष" / Assessment Year :2017-18) Asst. Commissioner of Income Vs. Sri Goluguri Srirama Reddy, Tax, Central Circle-1, D.No.4-1-31, Sri Rajahmundry, Vamsikrishna Apartments, Andhra Pradesh. Srirampuram, Bhimavaram. (अपीलाथ"/ Appellant) (""यथ"/ Respondent) आयकर अपील सं./ I.T.A. No.22/Viz/2021 ("नधा"रण वष" / Assessment Year : 2013-14) Asst

THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, , RAJAHMUNDRY vs. NUTRIENT MARINE FOODS LIMITED, VISAKHAPATNAM

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

B (अपीलाथ"/ Appellant) (""यथ"/ Respondent) आयकर अपील सं./ I.T.A. No. 17/Viz/2021 ("नधा"रण वष" / Assessment Year :2017-18) Asst. Commissioner of Income Vs. Sri Goluguri Srirama Reddy, Tax, Central Circle-1, D.No.4-1-31, Sri Rajahmundry, Vamsikrishna Apartments, Andhra Pradesh. Srirampuram, Bhimavaram. (अपीलाथ"/ Appellant) (""यथ"/ Respondent) आयकर अपील सं./ I.T.A. No.22/Viz/2021 ("नधा"रण वष" / Assessment Year : 2013-14) Asst