Dismissed

Commissioner of Income Tax-Ii, v. M/s. Kanumuri Holdings Pvt. Ltd.

Telangana HC13 Feb 2013ITTA/596/2012

Case brief

AI extract

What is this about?

The Income Tax Appellate Tribunal and Appellate Commissioner found sufficient evidence in confirmatory letters to reject additions regarding unsecured loans. The High Court found no perversity or substantial question of law and dismissed the revenue appeal.

What did the court decide?

The income tax appeal by the Revenue is dismissed without allowing any benefit of prayer.

Commissioner of Income Tax-Ii, Vs M/s. Kanumuri Holdings Pvt… — Income Tax | Telangana HC (2013)

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THE HONOURABLE SRI JUSTICE GODA RAGHURAM AND

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THE HONOURABLE SRI JUSTICE M.S.RAMACHANDRA RAO

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ITTA No. 596 of 2012

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Dated: 13-02-2013

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Between: Commissioner of Income Tax-II Hyderabad. …Appellant And M/s Kunumuri Holdings Pvt.Ltd Hyderabad..

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…Respondent.

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THE HONOURABLE SRI JUSTICE GODA RAGHURAM AND THE HONOURABLE SRI JUSTICE M.S.RAMACHANDRA RAO

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ITTA No. 596 of 2012

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Judgment: (Per Hon’ble Sri Justice Goda Raghuram)

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Concurrent findings of fact by the Appellate Commissioner of Income Tax and the Income Tax Appellate Tribunal, Hyderabad ‘B’ Bench are assailed by the Revenue in this appeal under Section 260A of the Income Tax Act,1961.

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The Tribunal, by the order impugned dated 8-8-2008 in ITA No. 632/Hyd/2001 confirmed the Order of the Appellate Commissioner of Income Tax dated 29-5-2001 reversing the Order of Assessment dated 30-3-2000 passed by the Deputy Commissioner of Income Tax, Central Circle-I, Hyderabad.

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The Assessment Order had made an addition of Rs.29,71,100/towards unsecured loans not proved and interest thereon of Rs.5,05,047/-, for the Assessment Year 1997-98 of the respondentassessee, an Investment Company carrying on Investment business. The Appellate Commissioner analyzed the Assessment Order appealed against and observed that the Assessing Authority had placed much reliance on non-production of evidence by the assessee to substantiate the source of income of persons who had given confirmatory letters corroborating the claim of the assessee as to the source of its investments. The Appellate Commissioner found that the Assessing Authority had no material on record to dispute the confirmatory letters other than the enquiries made in respect of 18 persons. In the absence of asking the appellant to produce the said parties for his examination and examining persons who had given

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confirmatory letters, no case was made out for rejecting the assessee’s claim corroborated by the confirmatory letters. The Tribunal concurred. We find no perversity or error in the concurrent findings on fact, let alone a substantial question of law arising for consideration in this appeal by the Revenue.

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The appeal is dismissed at the stage of admission.

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_________________________ GODA RAGHURAM, J

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13^th February, 2013

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_______________________________ M.S.RAMACHANDRA RAO, J

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GRR

Commissioner of Income Tax-Ii, v. M/s. Kanumuri Holdings Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Commissioner of Income Tax-Ii, v. M/s. Kanumuri Holdings Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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