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Since no incriminating documents were found during the course of search u/s 153A, thus no addition can be made.
ASST. COMMISSIONER OF INCOME-TAX, CIRCLE – 1 (1) , HYDERABAD. VERSUS SNJ SUGARS AND ALLIED PRODUCTS LTD.
(2021) TaxCorp(LJ) 26900 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=90735&Category=ITAT&CategoryType=Zip
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Being govt. employee, the assessee is not permitted to enter in chit fund.
KISHAN KOTHWAL VERSUS INCOME TAX OFFICER, WARD-1
(2021) TaxCorp(LJ) 26871 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=90574&Category=ITAT&CategoryType=Zip
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Just because the assessee had made payments through banking channels to the vendors and recorded the diamonds purchased in its stock book does not make the transactions to be genuine with conclusive evidence.
Karni Jewellers Vs Asst. Commissioner of Income Tax
(2021) TaxCorp(LJ) 24928 (ITAT-HYDERABAD)
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Though no development activity was undertaken as confirmed by Revenue, the development agreement was not cancelled and possession of property was not handed over to assesse.
Santosh Kumar Subbani Vs Income-tax Officer
(2020) TaxCorp(LJ) 24777 (ITAT-HYDERABAD)
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ITAT - The whole transactions are to be understood in a holistic manner and cannot be construed as a colourable device or a sham transaction as admittedly there is no element of any income within the meaning of Section 2(24) of the Act in this entire gamut of transaction.
Income Tax Officer Vs M/s. Shrilekha Business Consultancy Pvt. Ltd.
(2020) TaxCorp(LJ) 24610 (ITAT-HYDERABAD)
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The commission retained by the credit card company is therefore in the nature of normal banking charges and not in the nature of commission for acting on behalf of the merchant establishment.
Asst. Commissioner of Income – tax Vs Head Infotech India Pvt. Ltd.
(2020) TaxCorp(LJ) 24439 (ITAT-HYDERABAD) · Section 194H
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The amount spent on renovation of such residential house by an assessee according to his requirements is allowable as exempt u/s.54F of the Act as it would amount to construction of a residential house.
Ms. Juveria Begum Vs Income Tax Officer
(2020) TaxCorp(LJ) 23178 (ITAT-HYDERABAD) · Section 54F
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Since income from business and income from profession falls under the same head, set off of loss from one source of income with another source of income under the same head is allowable as per the provisions of section 70 of the Act.
Vishanji Khimji Karani Vs ACIT
(2020) TaxCorp(LJ) 23046 (ITAT-HYDERABAD)
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Sale value declared by the assessee is only 46% of the SRO value of ₹ 16,54,500/-. Since the property sold by the assessee is a litigated property, I am of the considered view that the market value of the property cannot exceed the actual sale consideration received by the assessee of ₹ 7,56,250/-.
ARUNA KOMMURI, HYDERABAD VERSUS ASST. COMMISSIONER OF INCOME-TAX, CIRCLE – 4 (1), HYDERABAD.
(2020) TaxCorp(LJ) 22999 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=84211&Category=ITAT&CategoryType=Zip
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It is an undisputed fact that both assessee's father and brother own substantial areas of agricultural land. Therefore, the agricultural income disclosed by them cannot be disputed unless some facts emerged that they have not carried on agricultural activities or have suffered losses in the agricultural activities. Normally farmers do not rely on the banking channel for conducting their day to day activities and do accumulate cash balance.
LOKADRI NAIDU GEDDAM, CHITTOOR. VERSUS INCOME-TAX OFFICER, WARD – 2 (1) , TIRUPATI
(2020) TaxCorp(LJ) 22998 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=84215&Category=ITAT&CategoryType=Zip
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It would be appropriate and just to estimate the expenditure, taking cue from Sec.44ADA.
Amitabh Verma Vs Dy. Commissioner of Income-tax
(2020) TaxCorp(LJ) 22974 (ITAT-HYDERABAD) · Section 44ADA
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ITAT - Sec.50C can not be invoked in case of sale of property engulfed in litigation.
Vanaja T. Nair Vs ITO
(2020) TaxCorp(LJ) 22797 (ITAT-HYDERABAD) · Section 50C
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Genuineness of the trade payables or creditors has to be examined in the year in which they originate and that unless the liability becomes unenforceable or is written off by the assessee or is given up by the other party or something is brought on record that there is cessation of liability, the same cannot be brought to tax u/s 41(1) of the Act.
M/S. NAMA PROPERTIES LTD HYDERABAD VERSUS DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2 (1), HYDERABAD
(2020) TaxCorp(LJ) 22686 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=83635&Category=ITAT&CategoryType=Zip
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Having regard to the rival contentions and Rule 9B of the I.T.Rules, we find that the assessee is not claiming the expenditure incurred on the acquisition of movies but the assessee is claiming loss due to non-recovery of advances paid. Rule 9B only provides a method of computing deduction available in respect of expenditure on acquisition of distribution rights of feature films, but does not address the sequence in which deductions are to be allowed.
M/S. ASIAN THEATRES PRIVATE LIMITED VERSUS ASST. COMMISSIONER OF INCOME TAX, CIRCLE 13 (1) HYDERABAD
(2020) TaxCorp(LJ) 22634 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=83495&Category=ITAT&CategoryType=Zip
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In the case of a capital asset, if it is transfer under any of the provisions of section 2(47), coupled with handing over of possession of the capital asset, capital gain is to be offered on mercantile basis in the year in which the possession is given. As rightly pointed out by the CIT(A) in the case of the assessee, the land has been treated as stock-in-trade and the assessee has only contributed its portion of land to the JDA and is liable to offer business income in the year in which the stock-in-trade is sold. The CIT(A) has observed that the assessee has offered business profits in the AYs 2015-16 and 2016-17 i.e. the years in which the Villas have been sold.
DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE – 2 (4) , HYDERABAD. VERSUS CLEAN CITY ESTATES PVT. LTD., HYDERABAD
(2020) TaxCorp(LJ) 22563 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=83395&Category=ITAT&CategoryType=Zip
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By virtue of the said agreement cum GPA, assessee has parted with his right in the property because he had received the entire sale consideration and has also handed over the possession of the said property. The vendee becomes the owner of the property u/s.53A of the TP Act and u/s.2(47) of the IT Act, it is a transfer of the property.
Sama Om Reddy Vs The Income Tax Officer
(2020) TaxCorp(LJ) 22545 (ITAT-HYDERABAD)
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Capital contribution by the partners cannot be treated as income of the assessee and if the partners are not able to explain the sources for their investment, the AO can only make the addition in the hands of the partners and not in the hands of the assessee firm.
Jayashree Anand Enterprises Vs ITO
(2020) TaxCorp(LJ) 22517 (ITAT-HYDERABAD) · Section 69
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The assessee is not benefitting in any way by not filing the appeal in time before the Tribunal. The assessee has explained the reasons as misplacement of papers by one of the office staff. This is one of the possible reasons for not being able to file the appeal within the time. Further, after hearing the assessee on merits also, we find that the assessee has an arguable case on merits.
M/S. SHAKTI HORMANN PVT. LTD. (FORMERLY KNOWN AS SHAKTI MET DOR LTD) VERSUS DCIT, CIRCLE-3 (1) , HYDERABAD
(2020) TaxCorp(LJ) 22493 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=83283&Category=ITAT&CategoryType=Zip
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Hon'ble Bombay High Court in the case of CIT vs. KF Bioplants (P) Ltd has condoned the delay of 1845 days in filing of the appeal by the Revenue on the ground that the failure of the revenue to remove the objection within time was an unintentional lapse and admission of the appeal by itself would not cause any prejudice to the assessee therein.
SHRI D. PEDDA REDDAIAH VERSUS INCOME TAX OFFICER WARD-1 PRODDATUR
(2020) TaxCorp(LJ) 22489 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=83290&Category=ITAT&CategoryType=Zip
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Where any assessee had not carried on any business activity, it cannot be presumed to have earned any income. Assessee has not carried on any business activity and earned any income. In such circumstances, it could only have received capital contribution from the partners.
JAYASHREE ANAND ENTERPRISES, HYDERABAD. VERSUS INCOME-TAX OFFICER, WARD – 11 (3) , HYDERABAD.
(2020) TaxCorp(LJ) 22459 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=83179&Category=ITAT&CategoryType=Zip
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