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of <h1>Tax Appeal Outcomes: Additions, Deletions, & Allowances under Income Tax Act</h1> The appeals in the case involved various tax issues such as unexplained investments, cash credits, expenditures, and exemptions under different sections ... - Issues involved:1. Addition of unexplained investment u/s 68 of Income Tax Act.2. Disallowance of exemption u/s 54 of the Act.3. Addition of unexplained cash credit u/s 68 of the Act.4. Disallowance of expenditure and creditors for expenses.5. Addition of unexplained investment in purchase of land.6. Addition of unexplained expenditure u/s 69C of the Act.7. Addition of unexplained money u/s 69A of the Act.8. Addition of unexplained investment in gold and diamonds u/s 69 of the Act.9. Addition of unexplained cash credit in bank accounts.10. Addition of profit on sale of plots.11. Treatment of agricultural income as income from other sources.12. Addition of unexplained cash credit in the form of gifts.Summary:1. Addition of unexplained investment u/s 68 of Income Tax Act:- For Smt. G. Venkatalakshmi (ITA No. 1361/HYD/2010 & ITA No. 1362/HYD/2010), the additions of Rs. 4,81,009/- and Rs. 23,14,953/- were restored to the assessing officer for reconsideration. The appeals were allowed for statistical purposes.- For Smt. G. Venkatalakshmi (ITA No. 759/HYD/2011 & ITA No. 899/HYD/2011), the addition of Rs. 2,99,52,000/- was allowed under section 54 of the Act. The appeal of the assessee was allowed and the appeal of the revenue was dismissed.- For Smt. C. Swapna (ITA No. 1315/HYD/2010 & ITA No. 1316/HYD/2010), the additions of Rs. 8,17,140/- and Rs. 6,00,000/- were remitted back to the assessing officer for fresh consideration. The appeals were partly allowed.- For Smt. C. Swapna (ITA No. 1317/HYD/2010 & ITA No. 1329/HYD/2010), the addition of Rs. 20,00,000/- was sustained and the appeal was dismissed.- For Smt. C. Swapna (ITA No. 672/HYD/2011 & ITA No. 1015/HYD/2011), the addition of Rs. 5,32,48,000/- was allowed under section 54 of the Act. The appeal of the assessee was partly allowed for statistical purposes and the appeal of the revenue was dismissed.- For Shri. G. Sanjay Chowdary (ITA No. 1318/HYD/2010), the additions of Rs. 45,79,691/- and Rs. 13,80,194/- were remitted back to the assessing officer for fresh consideration. The appeal was partly allowed for statistical purposes.- For Shri. G. Sanjay Chowdary (ITA No. 463/HYD/2011 & ITA No. 761/HYD/2011), the addition of Rs. 17,50,00,000/- was deleted. The appeal of the revenue was dismissed.- For Shri. G. Sanjay Chowdary (ITA No. 464/HYD/2011 & ITA No. 762/HYD/2011), the addition of Rs. 29,75,00,000/- was deleted. The appeal of the revenue was dismissed.- For Shri. G. Sanjay Chowdary (ITA No. 1689/HYD/2011 & ITA No. 1777/HYD/2011), the addition of Rs. 32,81,40,000/- was deleted. The appeal of the revenue was dismissed.- For Shri. G. Sanjay Chowdary (ITA No. 1690/HYD/2011), the addition of Rs. 1,26,60,000/- was remitted back to the CIT[A] for fresh consideration. The appeal was allowed for statistical purposes.2. Disallowance of exemption u/s 54 of the Act:- For Smt. G. Venkatalakshmi (ITA No. 759/HYD/2011 & ITA No. 899/HYD/2011), the exemption under section 54 of the Act was allowed. The appeal of the assessee was allowed and the appeal of the revenue was dismissed.3. Addition of unexplained cash credit u/s 68 of the Act:- For Smt. C. Swapna (ITA No. 672/HYD/2011 & ITA No. 1015/HYD/2011), the addition of Rs. 9,80,50,507/- was partly sustained by the CIT [A]. The appeal of the assessee was partly allowed for statistical purposes and the appeal of the revenue was dismissed.4. Disallowance of expenditure and creditors for expenses:- For M/s. Swapna Lahari Films P. Ltd (ITA No. 573/H/11 & ITA No. 574/H/11), the disallowance of expenditure was restricted to 10% and the disallowance of creditors for expenses was deleted. The appeals were partly allowed.5. Addition of unexplained investment in purchase of land:- For Shri. G. Sanjay Chowdary (ITA No. 463/HYD/2011 & ITA No. 761/HYD/2011), the addition of Rs. 17,50,00,000/- was deleted. The appeal of the revenue was dismissed.- For Shri. G. Sanjay Chowdary (ITA No. 464/HYD/2011 & ITA No. 762/HYD/2011), the addition of Rs. 29,75,00,000/- was deleted. The appeal of the revenue was dismissed.- For Shri. G. Sanjay Chowdary (ITA No. 1689/HYD/2011 & ITA No. 1777/HYD/2011), the addition of Rs. 32,81,40,000/- was deleted. The appeal of the revenue was dismissed.6. Addition of unexplained expenditure u/s 69C of the Act:- For Shri. G. Sanjay Chowdary (ITA No. 1689/HYD/2011), the addition of Rs. 4,80,000/- was sustained by the CIT [A]. The appeal was partly allowed for statistical purposes.7. Addition of unexplained money u/s 69A of the Act:- For Smt. C. Swapna (ITA No. 672/HYD/2011 & ITA No. 1015/HYD/2011), the addition of Rs. 2,62,000/- was sustained by the CIT [A]. The appeal of the assessee was dismissed.8. Addition of unexplained investment in gold and diamonds u/s 69 of the Act:- For Smt. C. Swapna (ITA No. 1315/HYD/2010), the addition of Rs. 8,17,140/- was remitted back to the assessing officer for fresh consideration. The appeal was partly allowed.9. Addition of unexplained cash credit in bank accounts:- For Shri. G. Sanjay Chowdary (ITA No. 1318/HYD/2010), the additions of Rs. 45,79,691/- and Rs. 13,80,194/- were remitted back to the assessing officer for fresh consideration. The appeal was partly allowed for statistical purposes.- For Shri. G. Sanjay Chowdary (ITA No. 463/HYD/2011 & ITA No. 761/HYD/2011), the addition of Rs. 6,13,025/- and Rs. 33,92,295/- were remitted back to the assessing officer for fresh consideration. The appeal was partly allowed for statistical purposes.10. Addition of profit on sale of plots:- For Shri. G. Sanjay Chowdary (ITA No. 1689/HYD/2011), the addition of Rs. 11,44,583/- was remitted back to the assessing officer for fresh consideration. The appeal was partly allowed for statistical purposes.11. Treatment of agricultural income as income from other sources:- For Shri. C. Harish (ITA No. 700/Hyd/2011, ITA No. 668/Hyd/2011, ITA No. 701/Hyd/2011, ITA No. 702/Hyd/2011, ITA No. 669/Hyd/2011, ITA No. 670/Hyd/2011), the agricultural income was allowed as such and not treated as income from other sources. The appeals were allowed.12. Addition of unexplained cash credit in the form of gifts:- For Shri. C. Harish (ITA No. 701/Hyd/2011), the addition of Rs. 1,35,000/- was deleted. The appeal was allowed.
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