DCIT, MADURAI vs. PENGUIN APPARELS P LTD., MADURAI

In the result, the appeal of the Revenue in ITA

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. Nos.2230/Mds/2013 & 390/Mds/2014 "नधा"रण वष" /Assessment Years : 2010-2011 & 2009-2010. The Assistant Commissioner M/S. Penguin Apparels P. Ltd. Of Income Tax, Vs. Plot No.2, Meenakshmi Nagar, Circle I(1) Gst Road, Pasumalai, Madurai Madurai 625 004. [Pan Aabcp 7832P] (अपीलाथ"/Appellant) (""यथ"/Respondent)

dividend within Sec.2(22) (e) of the Act. Considering the apparent facts and also deeming provisions, we are not inclined to interfere with the order of Commissioner of Income Tax (Appeals) on this issue as ld. Commissioner of Income Tax (Appeals) discussed elaborately and examined the details. Therefore, we upheld the same and dismiss the ground of the Revenue

ACIT, MADURAI vs. M/S. PENGUIN APPARELS P. LTD., MADURAI

In the result, the appeal of the Revenue in ITA

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. Nos.2230/Mds/2013 & 390/Mds/2014 "नधा"रण वष" /Assessment Years : 2010-2011 & 2009-2010. The Assistant Commissioner M/S. Penguin Apparels P. Ltd. Of Income Tax, Vs. Plot No.2, Meenakshmi Nagar, Circle I(1) Gst Road, Pasumalai, Madurai Madurai 625 004. [Pan Aabcp 7832P] (अपीलाथ"/Appellant) (""यथ"/Respondent)

dividend within Sec.2(22) (e) of the Act. Considering the apparent facts and also deeming provisions, we are not inclined to interfere with the order of Commissioner of Income Tax (Appeals) on this issue as ld. Commissioner of Income Tax (Appeals) discussed elaborately and examined the details. Therefore, we upheld the same and dismiss the ground of the Revenue

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LTD.,CHENNAI vs. ACIT, LARGE TAXPAYER UNIT-1, CHENNAI

Bench: Shri Mahavir Singh, Hon’Ble & Shrimanjunatha.G, Hon’Bleआयकरअपीलसं./Ita No.269/Chny/2022 िनधा"रणवष"/Assessment Year: 2017-18 V. M/S.Cognizant Technology- The Asst. Commissioner- Solutions India Pvt. Ltd., Of Income Tax, 5/535, Okkiam, Thoriapakkam, Large Taxpayer Unit-1, Old Mahabalipuram Road, Chennai. Chennai-600 096. [Pan:Aaacd 3312 M] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri Ajay Vohra, Sr.Counsel For Shri N.V. Balaji, Adv. ""यथ" क" ओर से /Respondent By : Shri R.Shankaranarayanan, Additional Solicitor – General Of India For Shri A.P.Srinivas, Sr. Standing Counsel : सुनवाईक"तारीख/Date Of Hearing 03.07.2023 घोषणाक"तारीख /Date Of Pronouncement : 13.09.2023

dividend us 2(22) and brought into the purview of Sec. 46A is the 77A buy-back of shares and not any other 'purchase of own shares'". 5. The order under section 115-O of the Act passed by the learned AO, and upheld by the learned CIT(A), fails to appreciate that consideration paid by the Appellant for purchase

DCIT CORPORATE CIRCLE 1 (1), CHENNAI vs. M/S ABAN VENTURES PVT LTD, CHENNAI

In the result the appeal of the Revenue and the appeals of the assessee are dismissed

Bench: Shri N.R.S. Ganesan & Shri A.Mohan Alankamony

deemed to be dividend would be those which were capable of being accumulated and which would also be capable of being capitalized. The amount should, in other words, be in the nature of profits which the company could have distributed to its shareholders. This would clearly exclude return of part of a capital to the company as the same cannot

REJI ABRAHAM,CHENNAI vs. DCIT CORPORATE CIRCLE 1(1), CHENNAI

In the result the appeal of the Revenue and the appeals of the assessee are dismissed

Bench: Shri N.R.S. Ganesan & Shri A.Mohan Alankamony

deemed to be dividend would be those which were capable of being accumulated and which would also be capable of being capitalized. The amount should, in other words, be in the nature of profits which the company could have distributed to its shareholders. This would clearly exclude return of part of a capital to the company as the same cannot

DCIT CORPORATE CIRCLE 1, COIMBATORE vs. INDO SHELL AUTOMOTIVE SYSTEMS INDIA PVT. LTD., COIMBATORE

In the result, appeal filed by revenue is dismissed

Bench: Shri V.Durga Rao & Shri G.Manjunathaआयकर अपील सं./I.T.A.No.1882/Chny/2018 ("नधा"रणवष" / Assessment Year: 2013-14) Deputy Commissioner Of Income Tax, Vs M/S. Indo Shell Automative Corporate Circle-1, Systems India Pvt. Ltd. Coimbatore. A-9, Sidco Industrial Estate, Kurichi,Coimbatore-641 021. Pan: Aabci 3140D (अपीलाथ"/Appellant) (""यथ"/Respondent)

deemed dividend u/s.2(22)(e) of the Act and belated payments of PF & ESI u/s.36(1)(va) r.w.s 43B(b) of the Act. Aggrieved by the learned CIT(A) order, the revenue is in appeal before us. 4 4. The first issue that came up for consideration from ground No.2 to 4 of revenue appeal is deletion of additions made

DCIT CORPORATE CIRCLE 2(1), CHENNAI vs. ESSEL FINANCE VKC FOREX LTD., CHENNAI

Appeal stands allowed

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

deemed dividend u/s 2(22)(e), there was no liability to deduct tax at source since there was no declaration or payment of dividend u/s 194. However, rejecting the same, Ld. AO held that the assessee was liable for TDS

ITO, COIMBATORE vs. INDO SHELL AUTOMOTIVE SYSTEMS INDIA PRIVATE LTD., COIMBATORE

In the result, the appeal of the Revenue is dismissed

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy]

deemed dividend in assessee’s hand and assessment completed accordingly. Aggrieved, assessee moved in appeal before ld. 4. Commissioner of Income Tax (Appeals). Arguments taken by the ld. Commissioner of Income Tax (Appeals) could be summarized as under:- (i) Money received by it from M/s. ISML was in the nature of trade advances and would not come within the preview

INDOSHELL AUTOMOTIVE SYSTEMS INDIA P LTD.,CHENNAI vs. ITO, COIMBATORE

In the result, the appeal of the Revenue is dismissed

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy]

deemed dividend in assessee’s hand and assessment completed accordingly. Aggrieved, assessee moved in appeal before ld. 4. Commissioner of Income Tax (Appeals). Arguments taken by the ld. Commissioner of Income Tax (Appeals) could be summarized as under:- (i) Money received by it from M/s. ISML was in the nature of trade advances and would not come within the preview

TVH ENERGY RESOURCES PVT LTD.,CHENNAI vs. DCIT CENTRAL CIRCLE 1(2), CHENNAI

In the result the appeal of the assessee is allowed and the appeal of the Revenue is allowed for statistical purposes

Bench: Shri A.Mohan Alankamony & Shri Duvvuru Rl Reddy

deemed dividend invoking the provisions of Section 2(22)(e) of the Act. Thus the ground raised by the assessee is allowed in its favour. 6. Ground No.2(ii) : Addition of Rs.7,60,32,100/- towards unaccounted cash expenditure under Section 69C of the Act:- During the course of scrutiny assessment it was observed by the Ld.AO that the Ld.DDIT

ACIT CENTRAL CIRCLE 1(2), CHENNAI vs. TVH ENERGY RESOURCES PRIVATE LIMITED, CHENNAI

In the result the appeal of the assessee is allowed and the appeal of the Revenue is allowed for statistical purposes

Bench: Shri A.Mohan Alankamony & Shri Duvvuru Rl Reddy

deemed dividend invoking the provisions of Section 2(22)(e) of the Act. Thus the ground raised by the assessee is allowed in its favour. 6. Ground No.2(ii) : Addition of Rs.7,60,32,100/- towards unaccounted cash expenditure under Section 69C of the Act:- During the course of scrutiny assessment it was observed by the Ld.AO that the Ld.DDIT

ACIT, COIMBATORE vs. SHRI A.SENTHILKUMAR, COIMBATORE

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

deemed dividend by invoking the provisions of section 2(22)(e) of the Act amounting to Rs.30,08,190/-. This transaction was reflected in the books of 24 44 Appeals of S/Shri M.Palanisamy, A. Senthilkumar, T.M.Muthukumar, O. Arumugasamy & others accounts and the AO while framing assessment has considered this amount from the very books of accounts and not pertaining

ACIT, COIMBATORE vs. SHRI A.SENTHILKUMAR, COIMBATORE

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

deemed dividend by invoking the provisions of section 2(22)(e) of the Act amounting to Rs.30,08,190/-. This transaction was reflected in the books of 24 44 Appeals of S/Shri M.Palanisamy, A. Senthilkumar, T.M.Muthukumar, O. Arumugasamy & others accounts and the AO while framing assessment has considered this amount from the very books of accounts and not pertaining

DCIT, COIMBATORE vs. M/S. SENTHIL PAPAIN & FOOD PRODUCTS PVT. LTD., COIMBATORE

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

deemed dividend by invoking the provisions of section 2(22)(e) of the Act amounting to Rs.30,08,190/-. This transaction was reflected in the books of 24 44 Appeals of S/Shri M.Palanisamy, A. Senthilkumar, T.M.Muthukumar, O. Arumugasamy & others accounts and the AO while framing assessment has considered this amount from the very books of accounts and not pertaining

ACIT, COIMBATORE vs. SHRI A.SENTHILKUMAR, COIMBATORE

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

deemed dividend by invoking the provisions of section 2(22)(e) of the Act amounting to Rs.30,08,190/-. This transaction was reflected in the books of 24 44 Appeals of S/Shri M.Palanisamy, A. Senthilkumar, T.M.Muthukumar, O. Arumugasamy & others accounts and the AO while framing assessment has considered this amount from the very books of accounts and not pertaining

M.PALANISAMY,COIMBATORE vs. DCIT, COIMBATORE

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

deemed dividend by invoking the provisions of section 2(22)(e) of the Act amounting to Rs.30,08,190/-. This transaction was reflected in the books of 24 44 Appeals of S/Shri M.Palanisamy, A. Senthilkumar, T.M.Muthukumar, O. Arumugasamy & others accounts and the AO while framing assessment has considered this amount from the very books of accounts and not pertaining

DCIT, COIMBATORE vs. M/S. SENTHIL BUILDING MATERIAL MANUFACTURING CO. (P) LTD., COIMBATORE

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

deemed dividend by invoking the provisions of section 2(22)(e) of the Act amounting to Rs.30,08,190/-. This transaction was reflected in the books of 24 44 Appeals of S/Shri M.Palanisamy, A. Senthilkumar, T.M.Muthukumar, O. Arumugasamy & others accounts and the AO while framing assessment has considered this amount from the very books of accounts and not pertaining

DCIT, COIMBATORE vs. M/S. SENTHIL PAPAIN & FOOD PRODUCTS PVT. LTD., COIMBATORE

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

deemed dividend by invoking the provisions of section 2(22)(e) of the Act amounting to Rs.30,08,190/-. This transaction was reflected in the books of 24 44 Appeals of S/Shri M.Palanisamy, A. Senthilkumar, T.M.Muthukumar, O. Arumugasamy & others accounts and the AO while framing assessment has considered this amount from the very books of accounts and not pertaining