Tag: ITAT Hyderabad

First-time experience in filing appeal was a reasonable and bona fide cause for delay – ITAT condoned delay In a recent judgment ITAT Hyderabad condoned the delay in filing appeal observing delay due to assessee’s official deployment during Parliamentary Elections and his first-time experience in filing appeal was …

Once investment amount reflected as payable and receivable in the books of accounts of both parties, no addition can be made towards unexplained money u/s 69A of the Act. In a recent judgment, ITAT Hyderabad deleted addition u/s 69A observing that once the investment amount is reflected in …

Income tax on gross winnings from online games without setting off loss upheld as section 115BBJ is prospective. In a recent judgment, ITAT Hyderabad has upheld tax on gross winnings instead of net winnings from online games holding that provisions of 115BBJ being a new section introduced from …

ITAT confirmed addition u/s 69C as unexplained expenditure over and above Gross Profit addition In a recent judgment, ITAT Hyderabad confirmed addition under section 69C as unexplained expenditure over and above the GP addition holding that the two additions serve different purposes i.e. one addresses the unexplained nature …

ITAT restored the application for approval u/s 80G observing that CIT(E) did not discuss the objects and activities carried-out by the trust In a recent judgment, ITAT Hyderabad observing that CIT(E) did not discuss the objects and activities carried-out by the trust which showed that he dismissed the …

If a contribution is not voluntary, it cannot be taxed as income u/s 11 r.w.s. 12(1) – ITAT In a recent judgment, ITAT Hyderabad has held that under section 12(1), any contribution which is voluntary, can only be treated as income in the hands of the assessee. if …

Addition u/s 69 confirmed when assessee failed to establish link between cash withdrawn and cash found at the time of search In a recent judgment, ITAT Hyderabad has confirmed Addition u/s 69 when assessee failed to establish link between cash withdrawn and cash found at the time of …

Bounced cheque can not be treated unexplained credits u/s 68. Onus to prove identity, genuineness and creditworthiness of the party out of question – ITAT ABCAUS Case Law Citation: ABCAUS 2385 (2018) 06 ITAT In a recent judgment, ITAT Hyderabad has held that bounced cheque can not be …

FMV-No approach road and weaker sections society in colony. DVO directed to give 30% adjustments in calculating fair market value for disadvantages-ITAT Hyderabad Case Law Details: ITA.No.1782/Hyd/2011 Assessment Year 2008-2009 Smt. M. Nagarathnamma Madanapalle vs.  Income Tax Officer date of Judgment/Order: 13/05/2016 Brief Facts of the Case: During …

Deemed consideration us 50C eligible for 54F exemption for capital gain purpose. Net consideration include Fair market value under deeming fiction. This was held by ITAT hyderabad in a recent judgment as under: Case Law Details: ITA.No.848/Hyd/2015 Assessment Year 2010-2011 Income Tax Officer (Appellant) vs. Kondal Reddy Mandal Reddy …