V RAMAKRISHNAN,CHENNAI vs. DCIT CENTRAL CIRCLE III(4) , CHENNAI

ITA 744/CHNY/2005Status: DisposedITAT Chennai26 December 2025AY 2000-01Bench: SHRI MANU KUMAR GIRI (Judicial Member), SHRI S. R. RAGHUNATHA (Accountant Member)32 pages
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What did the Tribunal hold?

The Tribunal held that the loss suffered by the assessee from investment in companies should be considered as a capital loss, reversing the capital gains computation. The appeal of the revenue was dismissed, while the appeals of the assessee were allowed.

What were the facts?

The assessee, a Managing Director, had income from salary, dividends, and sitting fees. A search action led to the issuance of a block assessment notice. The Assessing Officer treated certain commission and dividend income as undisclosed income.

What were the issues?

Whether commission and dividend income should be treated as undisclosed income, and whether losses from company investments should be treated as capital loss against capital gains.

Which sections of the Income-tax Act were involved?

Section 132,Section 158BC,Section 15,Section 17,Section 45,Section 55,Section 70,Section 74

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Cases cited in this judgment(12)Show list

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आयकर अपील"य अ"धकरण, ‘सी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL, ‘C’ BENCH, CHENNAI

"ी मनु कुमार "ग"र, "या"यक सद"य एवं "ी एस. आर. रघुनाथा, लेखा सद"य के सम$ BEFORE SHRI MANU KUMAR GIRI, JUDICIAL MEMBER AND SHRI S. R. RAGHUNATHA, ACCOUNTANT MEMBER

आयकर अपील सं./ITA Nos.:744 & 2197/Chny/2005 "नधा%रण वष% / Assessment Years: 2000-01 & 1999 -2000

V. Ramakrishnan, The DCIT, 41, (Old No.49), vs. Central Circle – III(4), 5th Cross Street, Trustpuram, Chennai. Kodambakkam, Chennai – 600 024. [PAN: AAAPR-3927-K] (अपीलाथ'/Appellant) (()यथ'/Respondent)

IT(SS)A No.:162/Chny/2003 Block Period: 1989-90 to 1999-2000

V. Ramakrishnan, The DCIT, 41, (Old No.49), vs. Central Circle – III(4), 5th Cross Street, Trustpuram, Chennai. Kodambakkam, Chennai – 600 024. [PAN: AAAPR-3927-K] (अपीलाथ'/Appellant) (()यथ'/Respondent)

IT(SS)A No.:153/Chny/2003 Block Period: 1989-90 to 1999-2000

The DCIT, V. Ramakrishnan, Central Circle – III(4), vs. 41, (Old No.49), 5th Cross Street, Trustpuram, Chennai. Kodambakkam, Chennai – 600 024. [PAN: AAAPR-3927-K] (अपीलाथ'/Appellant) (()यथ'/Respondent)

:-2-: IT(SS)A Nos. 153 & 162/Chny/2003 & ITA. Nos:744 & 2197/Chny/2005

Assessee by : Shri. N. Arjun Raj

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