ACIT, Chennai vs. Sri. K.Srikanth, Chennai
In the result, all the four appeals adjudicated by us in this order are partly allowed
ITA 1324/CHNY/2012[2001-02]Status: DisposedITAT Chennai19 May 2020AY 2001-02
Bench: Shri George Mathan & Shri Ramit Kochar
For Appellant: Mr. S.Sridhar, AdvFor Respondent: Dr. M.Srinivasa Rao, CIT
Section 143(3)Section 147Section 263
…rned counsel relied upon decision of tribunal in the case of R. K. Swamy v. ACIT ITA No.307/Chny/2010 & ITA Nos.1015 & 1016/Chny/2012 & :- 61 -: reported in (2004) 88 ITD 185(Chennai-trib.) and decision in the case of G.Raveendran v. CIT reported in (2015)375 ITR 326(Mad. HC) and it was submitted that there was no need to interfere with the orders of the Ld.CIT(A) so far as department appeal is concerned and prayers were made to dismiss the appeal filed by Revenue. It was submitted that there is a separate contract between unrelated parties for non compete fee. It was submitted that the wisdom of businessmen…