Joji Reddy Yeruva & Y. Lourdu Reddy v. Asst. Commissioner of Income-Tax

Parties Involved

Facts Summary

The assessees, Joji Reddy Yeruva and Y. Lourdu Reddy, filed appeals against the orders of the Commissioner of Income Tax (Appeals) for the assessment years 2007-08, 2008-09, and 2009-10. The appeals were related to the addition of unexplained investments and loans. The revenue filed appeals against the orders of the Commissioner of Income Tax (Appeals) for the same assessment years. The assessees also filed cross objections against the orders of the Commissioner of Income Tax (Appeals).…

Legal Issues

• 1. Explanation of sources of unsecured loans
• 2. Allowance of improvement cost
• 3. Validity of cross objections

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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