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 Income Tax Addition Made Towards Unsubstantiated Share Capital Is Eligible For Section 80-IC Deduction: Delhi High Court

Sri R. Jagdish Reddy Hyderabad Vs. The Dy. CIT Central Circle-2 Hyderabad
July, 27th 2012
              IN THE INCOME TAX APPELLATE TRIBUNAL
                  HYDERABAD BENCH `B', HYDERABAD

     BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER and
         SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER

                              ITA No. 1419/Hyd/2011
                              Assessment year 2005-06

Sri R. Jagdish Reddy                    Vs.    The Dy. CIT
Hyderabad                                      Central Circle-2
PAN: AAGHR0701M                                Hyderabad
Appellant                                      Respondent

                          Appellant by: None
                         Respondent by: Smt. Alka R. Jain

                        Date of hearing: 24.07.2012
                Date of pronouncement: 24.07.2012






                                     ORDER

PER CHANDRA POOJARI, AM:

       This appeal by the assessee is directed against the order of the CIT(A),
Guntur dated 28.4.2011 for assessment year 2005-06.

2.      This appeal was last posted for hearing on 5.3.2012. As the Bench did not
function on that day, hearing of the appeal was adjourned and posted for hearing
on 24.7.2012 with notice to both the parties. The notice was served on the
assessee and Acknowledgement Card is placed on record. However, on
24.7.2012 none appeared on behalf of the assessee or any petition seeking
adjournment of hearing is submitted. This conduct of the assessee shows that he
is not interested in prosecuting his appeal. Following the ratio laid down by the
Delhi Bench of this Tribunal in CIT v. Multiplan India Limited reported in 38
ITD 320, the appeal filed by the assessee is not admitted and dismissed in limine.

3.      However, the assessee is at liberty to file a petition for recalling this order,
if there is sufficient cause for non-appearance on the date of hearing i.e., on
24.7.2012.

4.      In the result, appeal of the assessee is dismissed.

              Order pronounced in the open court on 24th July, 2012.


               Sd/-                                      Sd/-
     (ASHA VIJAYARAGHAVAN)                         (CHANDRA POOJARI)
        JUDICIAL MEMBER                           ACCOUNTANT MEMBER
[
Hyderabad, dated the 24th July, 2012
                                        2                    ITA No. 1419/Hyd/2011
                                                                Sri R. Jagdish Reddy
                                                             =================







Copy forwarded to:

1.      Sri R. Jagdish Reddy, Flat No. 207, Ashoka Ornata Apts., Street No. 2,
        Ashoknagar, Hyderabad-500 020.
2.      The Deputy Commissioner of Income-tax, Central Circle-2, Aayakar
        Bhavan, Basheerbagh, Hyderabad-500 004.
3.      The CIT(A), Guntur
4.      The CIT (Central), Hyderabad.
5.      The DR ­ B Bench, ITAT, Hyderabad.

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