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

195 Taxman 277 (Delhi) in para 6 of its order by relying on the decision of the Division Bench of Delhi High Court in the case of CIT vs. S.K. Katyal [2009] 308 ITR 168 which is as follows: 26 “5. In CIT v. S.K. Katyal[2009] 308 ITR 168 a Division Bench of this Court observed as under

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

195 Taxman 277 (Delhi) in para 6 of its order by relying on the decision of the Division Bench of Delhi High Court in the case of CIT vs. S.K. Katyal [2009] 308 ITR 168 which is as follows: 26 “5. In CIT v. S.K. Katyal[2009] 308 ITR 168 a Division Bench of this Court observed as under

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

195 Taxman 277 (Delhi) in para 6 of its order by relying on the decision of the Division Bench of Delhi High Court in the case of CIT vs. S.K. Katyal [2009] 308 ITR 168 which is as follows: 26 “5. In CIT v. S.K. Katyal[2009] 308 ITR 168 a Division Bench of this Court observed as under

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

195 Taxman 277 (Delhi) in para 6 of its order by relying on the decision of the Division Bench of Delhi High Court in the case of CIT vs. S.K. Katyal [2009] 308 ITR 168 which is as follows: 26 “5. In CIT v. S.K. Katyal[2009] 308 ITR 168 a Division Bench of this Court observed as under

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

195 Taxman 277 (Delhi) in para 6 of its order by relying on the decision of the Division Bench of Delhi High Court in the case of CIT vs. S.K. Katyal [2009] 308 ITR 168 which is as follows: 26 “5. In CIT v. S.K. Katyal[2009] 308 ITR 168 a Division Bench of this Court observed as under

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

195 Taxman 277 (Delhi) in para 6 of its order by relying on the decision of the Division Bench of Delhi High Court in the case of CIT vs. S.K. Katyal [2009] 308 ITR 168 which is as follows: 26 “5. In CIT v. S.K. Katyal[2009] 308 ITR 168 a Division Bench of this Court observed as under

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

195 Taxman 277 (Delhi) in para 6 of its order by relying on the decision of the Division Bench of Delhi High Court in the case of CIT vs. S.K. Katyal [2009] 308 ITR 168 which is as follows: 26 “5. In CIT v. S.K. Katyal[2009] 308 ITR 168 a Division Bench of this Court observed as under

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

195 Taxman 277 (Delhi) in para 6 of its order by relying on the decision of the Division Bench of Delhi High Court in the case of CIT vs. S.K. Katyal [2009] 308 ITR 168 which is as follows: 26 “5. In CIT v. S.K. Katyal[2009] 308 ITR 168 a Division Bench of this Court observed as under

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

195) We extract below the observations made by the Hon’ble Supreme Court in this regard: “The Tribunal also referred to the decision of the Supreme Court in Poona Electric Supply Co. Ltd.’s case (supra) in support of their view. In that case, the Electricity Act provided for creating a reserve for the customers, in case the profit

THE ARYAPURAM CO-OPERATIVE URBAN BANK LTD.,,RAJAHMUNDRY vs. THE ACIT, CIRCLE - 1, 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

195) We extract below the observations made by the Hon’ble Supreme Court in this regard: “The Tribunal also referred to the decision of the Supreme Court in Poona Electric Supply Co. Ltd.’s case (supra) in support of their view. In that case, the Electricity Act provided for creating a reserve for the customers, in case the profit

THE ACIT,CIRCLE - 1,, RAJAHMUNDRY vs. M/STHE ARYAPURAM CO-OPRATIVE URBAN BANK LTD.,, 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

195) We extract below the observations made by the Hon’ble Supreme Court in this regard: “The Tribunal also referred to the decision of the Supreme Court in Poona Electric Supply Co. Ltd.’s case (supra) in support of their view. In that case, the Electricity Act provided for creating a reserve for the customers, in case the profit

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

195) We extract below the observations made by the Hon’ble Supreme Court in this regard: “The Tribunal also referred to the decision of the Supreme Court in Poona Electric Supply Co. Ltd.’s case (supra) in support of their view. In that case, the Electricity Act provided for creating a reserve for the customers, in case the profit

HERMON EDUCATIONAL SOCIETY,VISAKHAPATNAM vs. INCOME TAX OFFICER (EXEMPTION WARD), VISAKHAPATNAM

In the result, appeal of the assessee is partly allowed

Bench: Shri G. Manjunatha & Shri K. Narasimha Chary

Section 68 does not need any introduction. To summarise, it taxes any credit appearing in the books of an assessee, where the assessee is not able to or not satisfactorily able to explain the nature and source of 10 ITA.No.347/VIZ./2024 such credit. It is a deeming fiction, which taxes a credit as income on unsatisfactory explanation about

ARABOLU VENKATA NAGA DEEPATHI REPRESENTED BY POWER OF ATTORNEY HOLDER, N. SATYARAMANUJAMM ,VISAKHAPATNAM vs. INCOME TAX OFFICER(INTERNATIONAL TAXATION), VISAKHAPATNAM

In the result, the appeal fails and the same is hereby dismissed

Bench: Shri Laliet Kumar, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./I.T.A.No.178/Viz/2018 (ननधधारण वर्ा/ Assessment Year : 2010-11) Smt.Arabolu Venkata Naga Deepthi Vs. Income Tax Officer Rep. By Power Of Attorney Holder (International Taxation) Smt. N.Satyaramanujam Visakhapatnam Flat No.403, Dhanna Apartments Seethammadhara Visakhapatnam [Pan : Atcpa6413A] (अपीलाथी/ Appellant) (प्रत्यथी/ Respondent)

195 of the Income Tax Act, 1961 (in short ‘Act’) on the payments made by him to the assessee. Subsequently, the assessee filed her income tax return for the A.Y.2010-11 on 17.05.2013 admitting sale consideration of Rs.39,69,000/-, towards her share on account of the above transfer of property and claimed exemption u/s 54F for the entire long term

DCIT, CENTRAL CIRCLE-1, VISAKHAPATNAM vs. GVA INDUSTRIES PVT. LTD., DHAMTARI

1,59,55,961/- as the assessee company could not\nsatisfactorily explain the claim of alleged purchases at the time of scrutiny\nproceedings, when the discrepancies were confronted by the AO.\n21. The Ld. CIT(A) ought to have considered the decision of the\nHon'bleGujarat High Court in the case of N.K.IndustriesItd Vs\nDy.CIT(2016)72Taxmann 289(Gujarat

GVA INDUSTRIES PRIVATE LIMITED,CHHATTISGARH vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

1,59,55,961/- as the assessee company could not\nsatisfactorily explain the claim of alleged purchases at the time of scrutiny\nproceedings, when the discrepancies were confronted by the AO.\n21. The Ld. CIT(A) ought to have considered the decision of the\nHon'bleGujarat High Court in the case of N.K.IndustriesItd Vs\nDy.CIT(2016)72Taxmann 289(Gujarat

DCIT, CENTRAL CIRCLE-1, VISAKHAPATNAM vs. GVA INDUSTRIES PVT. LTD., DHAMTARI

1,59,55,961/- as the assessee company could not\nsatisfactorily explain the claim of alleged purchases at the time of scrutiny\nproceedings, when the discrepancies were confronted by the AO.\n21. The Ld. CIT(A) ought to have considered the decision of the\nHon'bleGujarat High Court in the case of N.K.IndustriesItd Vs\nDy.CIT(2016)72Taxmann 289(Gujarat

GVA INDUSTRIES PRIVATE LIMITED,CHHATTISGARH vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1, VISAKHAPATNAM

1,59,55,961/- as the assessee company could not\nsatisfactorily explain the claim of alleged purchases at the time of scrutiny\nproceedings, when the discrepancies were confronted by the AO.\n21. The Ld. CIT(A) ought to have considered the decision of the\nHon'bleGujarat High Court in the case of N.K.IndustriesItd Vs\nDy.CIT(2016)72Taxmann 289(Gujarat