PLR TEXTILES LTD.,CHENNAI vs. THE ACIT ,CORPORATE CIRCLE-5(2), CHENNAI
In the result the appeal of the assessee is partly allowed
ITA 133/CHNY/2021[2005-06]Status: DisposedITAT Chennai27 Mar 2025AY 2005-06
Bench: Shri Aby T Varkey & Shri S. R. Raghunathaआयकरअपीलसं./Ita No.: 133/Chny/2021 िनधा"रणवष" / Assessment Year: 2005-06 Plr Textiles Ltd., The Acit, 8K, Century Plaza, V. Corporate Circle -5(2), 560-562, Mount Road, Chennai – 641 034. Chennai – 600 018. [Pan: Aaacp-6536-D] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ"कीओरसे/Appellant By : Mr. R. Vijayaraghavan, Advocate ""थ"कीओरसे/Respondent By : Ms. Anitha, Addl. Cit सुनवाई की तारीख/Date Of Hearing : 06.02.2025 घोषणा की तारीख/Date Of Pronouncement : 27.03.2025 आदेश /O R D E R Per S. R. Raghunatha: This Appeal By The Assessee Is Filed Against The Order Of The Commissioner Of Income Tax (Appeals)-3, Chennai, Vide Ita No.153/Cit(A)-3/2018-19For The Assessment Year 2005-06, Dated 13.03.2020. 2. At The Outset, We Find That There Is A Delay Of 346 Days In Appeal Filed By The Assessee, For Which Petition For Condonation Of Delay Along With Reasons For Delay Has Been Filed. After Considering The Petition Filed By The Assessee, Reason For Delay In Filing The Appeal Was Due To Covid-19 Pandemic & Also Hearing Both The :-2-:
For Appellant: Mr. R. Vijayaraghavan, AdvocateFor Respondent: Ms. Anitha, Addl. CIT
Section 143(1)Section 143(3)Section 41(1)
section 47A and the capital gains originally exempt requires to be charged in the hands of KICL for AY 1997-98.Consequently, as per section 49(3) of the Act, the cost of acquisition of the assets in the hands of KOIL/PLI will be the actual cost of acquisition i.e. cost ... assessee, is the cost of acquisition of the Transferor
Company(KOIL/PLI), which as explained above is Rs.6.07 Crores applying provisions of section 49(3) read with section 47A.
Thus, the assessee claimed the cost of acquisition of land and building at Rs.6.07 Crores indexed from 1997 to 2005 being
