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62 results for “transfer pricing”+ Section 37(1)clear

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Key Topics

Section 143(3)69 Section 153A24 Addition to Income22 Disallowance18 Section 13216 Section 14816 Section 153C15 Section 143(2)8 Section 133A

THE DY. CIT,, VISAKHAPATNAM vs. M/S. SNF (INDIA) LIMITED,, VISAKHAPATNAM

In the result, appeals filed by the Revenue and the Cross objections filed by the assessee are dismissed

ITA 280/VIZ/2017[2008-2009]Status: DisposedITAT Visakhapatnam04 Oct 2019AY 2008-2009

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

For Appellant: Shri Ajit Kumar Jain – ARFor Respondent: Smt. Suman Malik – Sr.DR

transfer pricing scheme, the expenditure wholly and exclusively laid out for the purpose of business is the allowable expenditure as per section 37(1

THE DY. CIT,, VISAKHAPATNAM vs. M/S. SNF (INDIA) LIMITED,, VISAKHAPATNAM

In the result, appeals filed by the Revenue and the Cross objections filed by the assessee are dismissed

ITA 279/VIZ/2017[2007-2008]Status: DisposedITAT Visakhapatnam04 Oct 2019AY 2007-2008

Showing 1–20 of 62 · Page 1 of 4

8

Transfer Pricing8

Unexplained Cash Credit8

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

For Appellant: Shri Ajit Kumar Jain – ARFor Respondent: Smt. Suman Malik – Sr.DR

transfer pricing scheme, the expenditure wholly and exclusively laid out for the purpose of business is the allowable expenditure as per section 37(1

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, , KAKINADA vs. SAR CHANDRA ENVIRON SOLUTIONS PRIVATE LIMITED, , KAKINADA

In the result, appeals filed by the Revenue and the cross objections filed by the assessee are dismissed

ITA 147/VIZ/2018[2010-11]Status: DisposedITAT Visakhapatnam28 Nov 2018AY 2010-11

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

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Mrs. Suman Malik – Sr.DR

Section 143(1)Section 148

transferred to a storage tank for treatment. SLOPs are allowed to settle or sometime to facilitate natural separation of oil, water and sediment phases. This waste is mechanically processed and treated under different stages till it reaches the levels set by Pollution Control Board (PCB), and the final clean water can be re-used as washing water, or discharged into

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, , KAKINADA vs. SAR CHANDRA ENVIRON SOLUTIONS PRIVATE LIMITED, , KAKINADA

In the result, appeals filed by the Revenue and the cross objections filed by the assessee are dismissed

ITA 148/VIZ/2018[2013-14]Status: DisposedITAT Visakhapatnam28 Nov 2018AY 2013-14

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

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Mrs. Suman Malik – Sr.DR

Section 143(1)Section 148

transferred to a storage tank for treatment. SLOPs are allowed to settle or sometime to facilitate natural separation of oil, water and sediment phases. This waste is mechanically processed and treated under different stages till it reaches the levels set by Pollution Control Board (PCB), and the final clean water can be re-used as washing water, or discharged into

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, , KAKINADA vs. SAR CHANDRA ENVIRON SOLUTIONS PRIVATE LIMITED, , KAKINADA

In the result, appeals filed by the Revenue and the cross objections filed by the assessee are dismissed

ITA 149/VIZ/2018[2014-15]Status: DisposedITAT Visakhapatnam28 Nov 2018AY 2014-15

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

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Mrs. Suman Malik – Sr.DR

Section 143(1)Section 148

transferred to a storage tank for treatment. SLOPs are allowed to settle or sometime to facilitate natural separation of oil, water and sediment phases. This waste is mechanically processed and treated under different stages till it reaches the levels set by Pollution Control Board (PCB), and the final clean water can be re-used as washing water, or discharged into

YADLA SRINIVASA RAO,VIJAYAWADA vs. THE INCOME TAX OFFICER, WARD-3(2), , VIJAYAWADA

In the result, appeal of the assessee is dismissed

ITA 78/VIZ/2021[2011-12]Status: DisposedITAT Visakhapatnam17 Mar 2023AY 2011-12

Bench: Shri Duvvuru Rl Reddy, Hon’Bleआयकर अपील सं./I.T.A.No.78/Viz/2021 (ननधधारण वर्ा / Assessment Year : 2011-12) Yadla Srinivasa Rao Vs. Income Tax Officer D.No.20-04-190/7A Ward-3(2) Basavataraka Nagar Vijayawada Ayodhya Nagar Vijayawada [Pan : Abfpy5447F] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)

For Appellant: Shri M.Madhusudan, ARFor Respondent: Shri O.N.Hari Prasada Rao, DR

Section 139Section 148Section 2(47)(v)Section 50C

37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. Explanation 1.—For the purposes of this section, "Valuation Officer" shall have the same meaning

GVR POWER & INFRASTRUCTURE LIMITED,KADIYAM vs. ACIT, CIRCLE - 2(1), RAJAHMUNDRY

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

ITA 530/VIZ/2017[2013-14]Status: DisposedITAT Visakhapatnam18 May 2018AY 2013-14

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

For Appellant: Shri Deba Kumar Sonowal

transfer pricing officer found GVK Power & Infrastructure Ltd., Jegurupadu that the assessee has receivables of Rs.7,32,97,465/- as at the end of the year. The TPO requested the assessee to submit the details of raising the invoice and subsequent receipt of the amount and also called for an explanation as to why notional interest should not be charged

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

ITA 173/VIZ/2015[2011-12]Status: DisposedITAT Visakhapatnam28 May 2018AY 2011-12

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

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Shri Deba Kumar Sonawal – CIT DR

Section 143(3)Section 144Section 148Section 43Section 43B

transfer or sell the shares to any other person in order to realize his investment. Only recently, the Limited companies are permitted to purchase their own shares and such purchase cannot be equated to refund of share capital. In our view, the Co- operative Societies are permitted to refund the share capital in tune with its objective of providing services

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

ITA 195/VIZ/2013[2009-10]Status: DisposedITAT Visakhapatnam28 May 2018AY 2009-10

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

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Shri Deba Kumar Sonawal – CIT DR

Section 143(3)Section 144Section 148Section 43Section 43B

transfer or sell the shares to any other person in order to realize his investment. Only recently, the Limited companies are permitted to purchase their own shares and such purchase cannot be equated to refund of share capital. In our view, the Co- operative Societies are permitted to refund the share capital in tune with its objective of providing services

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

ITA 517/VIZ/2014[2010-11]Status: DisposedITAT Visakhapatnam28 May 2018AY 2010-11

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

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Shri Deba Kumar Sonawal – CIT DR

Section 143(3)Section 144Section 148Section 43Section 43B

transfer or sell the shares to any other person in order to realize his investment. Only recently, the Limited companies are permitted to purchase their own shares and such purchase cannot be equated to refund of share capital. In our view, the Co- operative Societies are permitted to refund the share capital in tune with its objective of providing services

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

ITA 177/VIZ/2013[2009-10]Status: DisposedITAT Visakhapatnam28 May 2018AY 2009-10

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

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Shri Deba Kumar Sonawal – CIT DR

Section 143(3)Section 144Section 148Section 43Section 43B

transfer or sell the shares to any other person in order to realize his investment. Only recently, the Limited companies are permitted to purchase their own shares and such purchase cannot be equated to refund of share capital. In our view, the Co- operative Societies are permitted to refund the share capital in tune with its objective of providing services

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

ITA 553/VIZ/2018[2014-15]Status: DisposedITAT Visakhapatnam03 Apr 2019AY 2014-15

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

Section 139Section 143(3)Section 14ASection 36Section 5

37(1) and disallowance of interest expenditure u/s 36(1)(iii) are unsustainable, accordingly deleted. The orders of the lower authorities in respect of ground No.1 and 2 are set aside and the appeal of the assessee is allowed. In the result appeal of the assessee on ground No.1 and 2 are allowed. 20. Ground No.3 is related

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

In the result, appeal of the Revenue is dismissed

ITA 191/VIZ/2023[2009-10]Status: DisposedITAT Visakhapatnam25 Mar 2024AY 2009-10

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.191/Viz/2023 (निर्धारणवर्ा/ Assessment Year :2009-10) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.193/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.200/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Deputy Commissioner Of Income Vs. Visakhapatnam Port Authority, Tax, Circle-1, Range-1, Administrative Office Building, Visakhapatnam. Port Area, Visakhapatnam, Andhra Pradesh-530001. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent)

Section 142(2)Section 143(3)

transferred to the lessee. It was submitted by the Ld. AR that in the mercantile system of accounting being regularly followed by the assessee recognizing the rent 9 which was received on upfront for a period of 30 years over the lease period is in accordance with the accounting policy and also complying with the provisions of section

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

In the result, appeal of the Revenue is dismissed

ITA 193/VIZ/2023[2013-14]Status: DisposedITAT Visakhapatnam25 Mar 2024AY 2013-14

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.191/Viz/2023 (निर्धारणवर्ा/ Assessment Year :2009-10) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.193/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.200/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Deputy Commissioner Of Income Vs. Visakhapatnam Port Authority, Tax, Circle-1, Range-1, Administrative Office Building, Visakhapatnam. Port Area, Visakhapatnam, Andhra Pradesh-530001. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent)

Section 142(2)Section 143(3)

transferred to the lessee. It was submitted by the Ld. AR that in the mercantile system of accounting being regularly followed by the assessee recognizing the rent 9 which was received on upfront for a period of 30 years over the lease period is in accordance with the accounting policy and also complying with the provisions of section

DEPUTY COMMISSIONER OF INCOME TAX, VISAKHAPATNAM vs. M/S. VISAKHAPATNAM PORT AUTHORITY, VISAKHAPATNAM

In the result, appeal of the Revenue is dismissed

ITA 125/VIZ/2023[2018-19]Status: DisposedITAT Visakhapatnam25 Mar 2024AY 2018-19

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.191/Viz/2023 (निर्धारणवर्ा/ Assessment Year :2009-10) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.193/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.200/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Deputy Commissioner Of Income Vs. Visakhapatnam Port Authority, Tax, Circle-1, Range-1, Administrative Office Building, Visakhapatnam. Port Area, Visakhapatnam, Andhra Pradesh-530001. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent)

Section 142(2)Section 143(3)

transferred to the lessee. It was submitted by the Ld. AR that in the mercantile system of accounting being regularly followed by the assessee recognizing the rent 9 which was received on upfront for a period of 30 years over the lease period is in accordance with the accounting policy and also complying with the provisions of section

DEPUTY COMMISSIONER OF INCOME TAX, VISAKHAPATNAM vs. VISAKHAPATNAM PORT AUTHORITY, VISAKHAPATNAM

In the result, appeal of the Revenue is dismissed

ITA 201/VIZ/2023[2014-15]Status: DisposedITAT Visakhapatnam25 Mar 2024AY 2014-15

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.191/Viz/2023 (निर्धारणवर्ा/ Assessment Year :2009-10) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.193/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.200/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Deputy Commissioner Of Income Vs. Visakhapatnam Port Authority, Tax, Circle-1, Range-1, Administrative Office Building, Visakhapatnam. Port Area, Visakhapatnam, Andhra Pradesh-530001. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent)

Section 142(2)Section 143(3)

transferred to the lessee. It was submitted by the Ld. AR that in the mercantile system of accounting being regularly followed by the assessee recognizing the rent 9 which was received on upfront for a period of 30 years over the lease period is in accordance with the accounting policy and also complying with the provisions of section

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

In the result, appeal of the Revenue is dismissed

ITA 106/VIZ/2023[2018-19]Status: DisposedITAT Visakhapatnam25 Mar 2024AY 2018-19

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.191/Viz/2023 (निर्धारणवर्ा/ Assessment Year :2009-10) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.193/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.200/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Deputy Commissioner Of Income Vs. Visakhapatnam Port Authority, Tax, Circle-1, Range-1, Administrative Office Building, Visakhapatnam. Port Area, Visakhapatnam, Andhra Pradesh-530001. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent)

Section 142(2)Section 143(3)

transferred to the lessee. It was submitted by the Ld. AR that in the mercantile system of accounting being regularly followed by the assessee recognizing the rent 9 which was received on upfront for a period of 30 years over the lease period is in accordance with the accounting policy and also complying with the provisions of section

DEPUTY COMMISSIONER OF INCOME TAX, VISAKHAPATNAM vs. VISAKHAPATNAM PORT AUTHORITY, VISAKHAPATNAM

In the result, appeal of the Revenue is dismissed

ITA 200/VIZ/2023[2013-14]Status: DisposedITAT Visakhapatnam25 Mar 2024AY 2013-14

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकरअपीलसं./ I.T.A. No.191/Viz/2023 (निर्धारणवर्ा/ Assessment Year :2009-10) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.193/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Visakhapatnam Port Authority, Vs. The Asst. Commissioner Of Administrative Office Building, Income Tax, Port Area, Visakhapatnam, Circle-1(1), Andhra Pradesh-530001. Visakhapatnam. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) आयकरअपीलसं./ I.T.A. No.200/Viz/2023 (निर्धारणवर्ा/ Assessment Year : 2013-14) Deputy Commissioner Of Income Vs. Visakhapatnam Port Authority, Tax, Circle-1, Range-1, Administrative Office Building, Visakhapatnam. Port Area, Visakhapatnam, Andhra Pradesh-530001. Pan: Aaalv 0035 C (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent)

Section 142(2)Section 143(3)

transferred to the lessee. It was submitted by the Ld. AR that in the mercantile system of accounting being regularly followed by the assessee recognizing the rent 9 which was received on upfront for a period of 30 years over the lease period is in accordance with the accounting policy and also complying with the provisions of section

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

ITA 26/VIZ/2014[2011-12]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2011-12

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)

transferred to the lessee. It was submitted by the Ld. AR that in the mercantile system of accounting being regularly followed by the assessee recognizing the rent which was received on upfront for a period of 30 years over the lease period is in accordance with the accounting policy and also complying with the provisions of section

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

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

ITA 25/VIZ/2014[2010-11]Status: DisposedITAT Visakhapatnam27 Sept 2023AY 2010-11

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)

transferred to the lessee. It was submitted by the Ld. AR that in the mercantile system of accounting being regularly followed by the assessee recognizing the rent which was received on upfront for a period of 30 years over the lease period is in accordance with the accounting policy and also complying with the provisions of section