When does the principle of swap investment apply to an assessee?

Last updated: 24 July 2021

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This Income Tax Appellate Tribunal order addresses multiple appeals concerning M/s Vibha Agrotech Ltd. The core issues revolve around claims for Section 10(1) agricultural income exemption and Section 35(2AB) weighted deductions. This is a second round of proceedings for some assessment years, with a previous tribunal order remitting the matter back to the Assessing Officer for a fresh examination. The AO was directed to investigate whether the assessee effectively carried out agricultural operations itself, considering factors like leasing land, engaging farmers, and reimbursing cultivation expenses.

Court :
ITAT Hyderabad

Brief :
The instant batch of 5 appeals pertains to a single assessee M/s Vibha Agrotech Limited. The first and foremost AY 2009-10 involves assessee’s and Revenue’s cross appeals ITA 317 & 591/Hyd/2017 arising against the CIT(A)-5 Hyderabad’s order dated 30th January, 2017 in case no. 291/2015-16. The taxpayer’s appeal ITA 1900/Hyd/19 for AY 2010-11 is directed against the CIT(A)-1 Hyderabad’s order dated 11.10.2019 passed in case no.325/2016-17. Last AY 2012-13 contains assessee’s and Revenue’s cross appeals ITA 318 & 592/Hyd/2017 against the CIT(A)-5 Hyderabad’s order dated 30th January, 2017 passed in case nos.54/2015-16 Relevant proceedings are u/s 143(3) r.w.s. 254, sec.144 r.w.s. 254 and sec143(3) of the Income Tax Act, 1961 [for short ‘the Act’]; assessment year wise respectively. Heard both the parties. Case files perused.

Citation :
I.T.A. No. 591/Hyd./2017

Daily Limit Reached