Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2006)104TTJ(Hyd.)736
1. These appeals filed at the instance of the Revenue are directed against the orders passed by the CIT(A)-V, Hyderabad. The issue involved in all these appeals being identical, we proceed to dispose of these appeals by a combined order for the sake of convenience. 2. At the time of hearing, both the parties stated that in the case of M/s Panchavati Mall, learned CIT(A) has passed a detailed order and the reasons given therein were adopted in the appeals of other assessees.We, therefore, briefly set out the facts in the cases of four assessees and in particular the detailed facts mentioned in the order passed in the case of Panchavati Mall.2. Family members of four have constituted themselves into partnership firms, i.e., (i) Panchavati Arcade (ii) Panchavati Shopping Complex (iii) Panchavati Mall and (iv) Panchavati Estates. On 19th July, 1989, the four partnership firms purchased land with the following measurements: (b) M/s Panchavati Estates 427 sq. yds. (c) M/s Panchavati Mall 44...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)106ITD350(Hyd.)
1. This is an appeal by the assessee, challenging the order dated 27.7.2003 of the CIT(A), as erroneous.2.1 Facts of the case in brief are THAT: In connection with scrutiny assessment proceedings in the case of the assessee for the assessment years 1997-98 onwards, summons under Section 131 of the Act were issued to the Managing Partners, Smt. S. Laxmi and Shri K. Ramulu. Sworn statements of the above two persons were also recorded on 3.8.1999 and 12.8.1999. While recording the sworn statements, details of the partners of the firm during the accounting year relevant to the assessment year 1998-99 and also on the date of recording the statements, have been ascertained. The said sworn statements revealed that as on 3^rd August, 1999, there were only three partners, viz. Smt.S. Laxmi with 75% share, her husband Shri K. Ramuloo with 5% and S.Mata with 20% share; that S. Mata was not a living person, but Goddess Santoshi Matha; and that her share of profit would be utilized for spiritual p...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)106ITD256(Hyd.)
1. This is an appeal of the assessee challenging as erroneous the order dated July 26, 2004, of the Commissioner of Income-tax(Central), Hyderabad, cancelling the registration granted to the assessee under Section 12AA of the Income Tax Act, 1961.2.2 The Appellant-assessee, Sri Chaitanya Educational Committee(SCEC), is a Society registered (No. 26/87) with the Registrar of Societies, Machilipatnam, Krishna district, Andhra Pradesh, under the Societies Registration Act, 1860. It is engaged in academic: field. It was formed with Shri Boppana Satyanarayana Rao as the President and his wife Smt.Boppana Jhansi Lakshmi Bai, as the Secretary. Other members of the Society consist of their close relatives like daughters Ms. Sushmasree and Ms. Seema and brother Shri B. Rajendra Prasad. It was formed with various objects, more specifically set out in the trust deed dated 26,1.1987, and noted in para 1.2 of the impugned order dated 26.7.2004 of the Commissioner. The assessee Society had applied f...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2006)99TTJ(Hyd.)582
1. These two appeals by the assessee are directed against the consolidated order of the learned CIT(A)-III, Hyderabad, dt. 13th Aug., 2003 pertaining to asst. yrs. 2000-01 and 2001-02. As common issues are involved in both these appeals of the assessee, they are being disposed of by this common order for the sake of convenience.2. The issue involved in these two appeals relate to deduction under Section 80-IA/ 33AC of the Act on the income derived by the assessee from the business of operation and maintenance of ports. Originally, the assessee raised grounds which were narrative in nature.Subsequently, the assessee filed revised grounds of appeal on the same issue, which are reproduced below : 1. The learned CIT(A) has erred in law and in the facts and circumstances of the case in confirming the disallowance of the claim of the assessee for deduction under Section 80-IA of Rs. 2,96,09,123 on the income derived by it from the business of O&M of ports. 2(a) That the learned AO and C...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)104ITD15(Hyd.)
1. This is an appeal of the assessee challenging the order dated 8.9.2004 of the CIT(A)-I, Hyderabad, as erroneous.2. Facts of the case are briefly THESE: On merits, the assessee appealed before the CIT (A) that the ACIT ought to have established the escapement of income before resorting to reassessment proceedings under Section 147 read with Section 148 of the Act, besides failing in all respects to prove that the sale agreement in question partakes the character of a contract of a nature contemplated under Section 53A of the Transfer of Property Act, before invoking the definition of "Transfer" in terms of Section 2(47)(v) of the Income-tax Act, 1961.While so, the CIT(A) dismissed the assessee's appeal in limine as not maintainable, objecting and observing that the grounds of appeal raised being very lengthy and argumentative, as well as the appeal-form No. 35 not having been signed and verified by the Managing Director or even a Director, are opposed to the provisions of relevant R...
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