Nanesh Finance Corporation V. Assistant Commissioner of Income Tax, Central Circle-1(2) Hyderabad

ITTA/32/2023

AI Insights

The case involves M/s. Nanesh Finance Corporation, which appealed against the order of the Income Tax Appellate Tribunal, Hyderabad, concerning the assessment year 2019-20. The primary issue in the appeal was the acceptance by the Department regarding the cash seizure from the assessee, which was reflected in the books of accounts. The appellant contended that although the entries were accepted, they were not properly appreciated, and the amounts were not unaccounted or reintroduced. The High Court, after reviewing the findings of the ITAT, concluded that the matter raised was a question of fact and not a question of law, leading to the dismissal of the appeal.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 798109 (HC-TELANGANA)
• Appeal Type: Others
• Pronouncement Date: 28-07-2023
• Assessment Year: misc
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: HIGH COURT
• Assessee Lawyers: MALLU NETHAN REDDY
• Keywords: Appeal; Books of Accounts; Cash seizure; Income Tax
• Section: 260-4

Judgement Text

"[ 337e ] IN THE HIGH COURT FOR THE STATE OF TELANGANA AT HYDERABAD FRIDAY, THE TWENry EIGHTH DAY OF JULY TWO THOUSAND AND TWENTY THREE PRESENT THE HONOURABLE SRI JUSTICE P.SAM KOSHY AND THE HONOURABLE SRI JUSTICE N.TUKARAMJI INCOME TAX TRIBUNAL APPEAL No: 32 OF 2023 lncome Tax Tribunal Appeal Under Section 260-4 of the lncome Tax Act, against the order of the Income Tax Appellate Tribunal, Hyderabad Bench ' B ', Hyderabad in lrA No.465/HYD12021, for assessment Year 2019-20 dated 26-10-2022 preferred against the Order of the Commissioner of lncome Tax (Appeals)-1 1, Hyderabad, Appeal No. 1036912018-19 dated:06-09-2021, preterred against the Order of the Assistant Commissioner of lncome Tax, Central Circle-1(2) Hyderabad, pAN/GlR No.AAlFN2B56M dated 21 -04-2021. Between: M/s. Nanesh Finance Corporation, G-7, Upper Ground Floor, Maheshwari Chamber, 6-3-65, Beside Medinova, Somajiguda, Hyderabad, Telangana 5O0Og2 Represgnted by-its Partner Smt. Anita Jatn Wo. Sdjjan Raj Jain, A{ed about 5.1 years, Office at.6-3-650, G 7, Maheshwari Chamberd, Somdjiguda - SOOOAZ ...Appellant AND Counsel for the Appellant: SRI MALLU NETHAN REDDY Counsel for the Respondent: None Appeared The Court made the following: ORAL ORDER Assistant Commissioner of lncome Tax Central Circle-1(2) Hyderabad (Amended as per Court Order dated:2316123 in lA.1 ot 2023) ... Respondent i i THE HONOURABLE SRI JUSTICE P. SAM KOSHY AND THE HONOURABLE SRI JUSTICE N. TUKARAMJI I.T.T.A.No. 32 OF 2o23 ORAL ORDER : 1P(rr Hon'ble Sri Iusticc P. Sam l(oshy) This Appeal is filed under Section 2604. of the Income Tax Act, 1 96 I (for short Act, 196 1 ') . The challenge is to the Ordcr date ct 26.I O.2O22 passed b1' the Income Tax Appellate Tribunal 'B', Hyclcrabad (for short'ITAT') in I.T.A.No.465/ HYD 12O2L ' t i appcllan t 3. The only point of issue raised by the learne