ACIT, NON-CORPORATE CIRCLE 7(1), CHENNAI, CHENNAI vs. LATE SHRI MAHAVEER BHANDARI, LEGAL HEIR- SMT. LALITHA BHANDARI, CHENNAI

ITA 2785/CHNY/2024Status: DisposedITAT Chennai15 October 2025Bench: SHRI MANU KUMAR GIRI (Judicial Member), SHRI S.R. RAGHUNATHA (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal noted that the CIT(A) had deleted the entire assessment order without discussing the merits of the case. The appeal was admitted for adjudication, indicating that the Tribunal would examine the grounds raised by the Revenue.

What were the facts?

The Revenue appealed the deletion of additions made by the Assessing Officer (AO) related to Long Term Capital Gains (LTCG) and non-compete fees. The AO had added back amounts related to the fair market value of shares received in exchange for a private company and a non-compete fee, which the CIT(A) had deleted.

What were the issues?

Whether the CIT(A) erred in deleting additions without discussing the merits and whether the fair market value of shares and non-compete fees were correctly assessed.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 56(2)(vii),Section 28(va)

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Income Tax Appellate Tribunal, ‘C’ BENCH, CHENNAI

Before: SHRI MANU KUMAR GIRI & SHRI S.R. RAGHUNATHA

Hearing: 18.07.2025Pronounced: 15.10.2025

PER MANU KUMAR GIRI, JM: This appeal filed by the Revenue is directed against the order of the Ld. Commissioner of Income Tax(Appeals), National Faceless Appeal Centre (NFAC), Delhi [hereinafter the “Ld.CIT(A)”] dated 12.07.2024 arising out of the order dated 30.12.2018 passed by the Assistant Commissioner of Income Tax, Non Corporate Circle 9(1), Chennai (hereina

The order continues below.

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