2015 (1) TMI 249

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.... Sri J V Prasad, SC ORDER (Per the Honble Sri Justice L. Narasimha Reddy) This appeal is preferred by the assessee feeling aggrieved by the order dated 18.06.2003, passed by the Hyderabad Bench B of the Income Tax Appellate Tribunal (for short the Tribunal) in I.T.A.No.945/Hyd/94. The appellant is a firm registered under the Indian Partnership Act, 1932, through a document dated 19.01.....

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....M/s.Hymavathi Enterprises as part of the return of the appellant firm. Accordingly, he took into account, the net profit and loss of the appellant alone and passed an order of assessment. Aggrieved by that, the appellant filed an appeal before the Commissioner of Income Tax (Appeals) II, Hyderabad. The appeal was allowed through order dated 17.02.1994. Challenging the order of the Commissioner (Ap....

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.... firms were brought into existence through separate deeds of partnership, the question of the financial affairs of the one firm being treated as part of the other does not arise. He contends that the appellant itself maintained the difference between the affairs of the two firms by maintaining separate books of account and that the Assessing Officer and the Tribunal have taken correct view of the ....

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.... rate of Rs. 71,001/- and that of M/s.Hymavathi Enterprises at Rs. 5,79,852/-. The combined figure of these losses was pitted against the house property income of the appellant firm of Rs. 6,04,480/-. As a result, the net loss of Rs. 46,420/- was shown. This was not accepted by the Assessing Officer and his view was upheld by the Tribunal. The mere fact that the same partners happened to be the....