DCIT, CHENNAI vs. SUNDARAM BRAKE LININGS LTD., CHENNAI
In the result, all the appeals of the Revenue and cross- objections of the assessee are dismissed
ITA 1302/CHNY/2016[2010-11]Status: DisposedITAT Chennai31 May 2017AY 2010-11
Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.1299, 996, 997, 1302 & 1301/Mds/2016 & C.O. Nos.87, 71, 72, 88 & 89/Mds/2016 (In Ita Nos.1299, 996, 997, 1302 & 1301/Mds/2016) "नधा"रण वष" / Assessment Years : 2009-10, 2008-09, 2011-12, 2010-11 & 2012-13 The Deputy Commissioner Of M/S Sundaram Brake Linings Ltd., Income Tax, V. B-1, Mth Road, Padi, Corporate Circle 6(2), Chennai - 600 050. Chennai - 600 034. Pan : Aadcs 4888 E (अपीलाथ"/Appellant) (Respondent & Cross-Objector)
For Appellant: Shri R. Durai Pandian, JCITFor Respondent: Sh. N. Devanathan, Advocate
Section 43(5)
…the employees. Hence, according to the Ld. D.R., the Assessing Officer disallowed the claim of the assessee and made addition for all the years. The CIT(Appeals), however, by placing reliance on the order of this Tribunal in Majestic Exports v. JCIT (2015) 62 Taxmann.com 307, allowed the claim of the assessee. According to the Ld. D.R., the Department has already filed an appeal before the High Court and the same is pending for adjudication. The Ld. D.R. further submitted that the loss on 4 I.T.A. Nos.1299, 996, 997, 1302 & 1301/Mds/16 C.O. Nos.87, 71, 72, 88 & 89/Mds/16 derivative transaction is a speculat…
