DCIT, CENTRAL CIRCLE 2(2), CHENNAI vs. N RAMASAMY, CHENNAI

In the result, the appeal filed by the Revenue in ITA No

Bench: Shri Mahavir Singh & Shri Manjunatha.Gआयकर अपील सं./I.T.A Nos.127 & 128/Chny/2019 िनधा"रण वष" /Assessment Years : 2015-2016 & 2016-2017 The Deputy Commissioner Of Vs. Shri. N. Ramasamy, Income Tax, No.14/19, Saraswathi Street, Central Circle 2(2), Mahaingapuram, Nungambakkam High Road, Chennai 600 034. Chennai 600 034. [Pan Adupr 8003P] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri. Nilay Baran Som, Irs, Cit. ""यथ" क" ओर से /Respondent By : Shri. S. Sridhar, Advocate सुनवाई क" तारीख/Date Of Hearing : 18.12.2023. घोषणा क" तारीख /Date Of Pronouncement : 29.12.2023 आदेश / O R D E R Per Mahavir Singh:

TDS and copies of ledger folio of the corresponding expenditure is available in the assessment records . As the findings is incomplete and unreasonable, there may be documents available in the assessment records and the seized material relating to these expenses, the should have been examined and then this issue could have been decided. Hence in the interest of justice

DCIT, CENTRAL CIRCLE 2(2), CHENNAI vs. N RAMASAMY, CHENNAI

In the result, the appeal filed by the Revenue in ITA No

Bench: Shri Mahavir Singh & Shri Manjunatha.Gआयकर अपील सं./I.T.A Nos.127 & 128/Chny/2019 िनधा"रण वष" /Assessment Years : 2015-2016 & 2016-2017 The Deputy Commissioner Of Vs. Shri. N. Ramasamy, Income Tax, No.14/19, Saraswathi Street, Central Circle 2(2), Mahaingapuram, Nungambakkam High Road, Chennai 600 034. Chennai 600 034. [Pan Adupr 8003P] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri. Nilay Baran Som, Irs, Cit. ""यथ" क" ओर से /Respondent By : Shri. S. Sridhar, Advocate सुनवाई क" तारीख/Date Of Hearing : 18.12.2023. घोषणा क" तारीख /Date Of Pronouncement : 29.12.2023 आदेश / O R D E R Per Mahavir Singh:

TDS and copies of ledger folio of the corresponding expenditure is available in the assessment records . As the findings is incomplete and unreasonable, there may be documents available in the assessment records and the seized material relating to these expenses, the should have been examined and then this issue could have been decided. Hence in the interest of justice

ACIT, CHENNAI vs. M/S. S & P FOUNDATION P. LTD., CHENNAI

In the result, the appeal filed by the assessee is partly allowed and the appeal filed by the Revenue stands allowed

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A. No. 382/Chny/2013 िनधा"रण वष"/Assessment Year: 2007-08 M/S. S&P Foundations Pvt. Ltd., The Assistant Commissioner Of Madley Road, T. Nagar, Vs. Income Tax, Chennai 600 017. Central Circle Iv(2), [Pan:Aaics0224K] Chennai - 34. (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No. 2085/Chny/2013 िनधा"रण वष"/Assessment Year: 2007-08 The Assistant Commissioner Of M/S. S&P Foundations Pvt. Ltd., Income Tax, Central Circle Iv(2), Madley Road, T. Nagar, Vs. Chennai - 34. Chennai 600 017. (अपीलाथ"/Appellant) (""थ"/Respondent) Assessee By : Shri G. Baskar, Advocate Shri J. Pavithran Kumar, Jcit Department By : सुनवाई की तारीख/ Date Of Hearing : 15.10.2019 घोषणा की तारीख /Date Of Pronouncement : 28.11.2019 आदेश /O R D E R Per Duvvuru Rl Reddy: These Cross Appeals Filed By The Assessee As Well As Revenue Are Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) Ii, Chennai, Dated 05.12.2012 Relevant To The Assessment Year 2007-08 Passed Under Section 271(1)(C) Of The Income Tax Act, 1961 [“Act” In Short].

132 of the Act, the unaccounted cash transaction would have escaped assessment. Under these facts and circumstances, we are of the considered opinion that the Assessing Officer has rightly held that the assessee has furnished inaccurate particulars of income warranting levy of penalty under section 271(1)(c) of the Act. Thus, the penalty levied under section 271(1

S & P FOUNDATIONS PVT. LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, the appeal filed by the assessee is partly allowed and the appeal filed by the Revenue stands allowed

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A. No. 382/Chny/2013 िनधा"रण वष"/Assessment Year: 2007-08 M/S. S&P Foundations Pvt. Ltd., The Assistant Commissioner Of Madley Road, T. Nagar, Vs. Income Tax, Chennai 600 017. Central Circle Iv(2), [Pan:Aaics0224K] Chennai - 34. (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No. 2085/Chny/2013 िनधा"रण वष"/Assessment Year: 2007-08 The Assistant Commissioner Of M/S. S&P Foundations Pvt. Ltd., Income Tax, Central Circle Iv(2), Madley Road, T. Nagar, Vs. Chennai - 34. Chennai 600 017. (अपीलाथ"/Appellant) (""थ"/Respondent) Assessee By : Shri G. Baskar, Advocate Shri J. Pavithran Kumar, Jcit Department By : सुनवाई की तारीख/ Date Of Hearing : 15.10.2019 घोषणा की तारीख /Date Of Pronouncement : 28.11.2019 आदेश /O R D E R Per Duvvuru Rl Reddy: These Cross Appeals Filed By The Assessee As Well As Revenue Are Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) Ii, Chennai, Dated 05.12.2012 Relevant To The Assessment Year 2007-08 Passed Under Section 271(1)(C) Of The Income Tax Act, 1961 [“Act” In Short].

132 of the Act, the unaccounted cash transaction would have escaped assessment. Under these facts and circumstances, we are of the considered opinion that the Assessing Officer has rightly held that the assessee has furnished inaccurate particulars of income warranting levy of penalty under section 271(1)(c) of the Act. Thus, the penalty levied under section 271(1

VELLORE INSTITUTE OF TECHNOLOGY,VELLORE vs. DCIT, CC IV(1), CHENNAI

Appeals of the Revenue are dismissed whereas that of assessee are partly allowed

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

132(4A) of the Act. CIT(A) erroneously held that diversion should bring direct benefit and indirect benefit was not sufficient. ITA Nos2125 to 2128 :- 21 -: & 2219 to 2222 /2017 12 Incorrectly directed application of maximum 8 & 8.1 10 & 10.1 12 & 9 & 9.1 marginal rate of tax on 10% of land 12.1 development expenses sustained. 13 Incorrectly held that assessee

DCIT, CENTRAL CIRCLE 1(1), CHENNAI vs. VELLORE INSTITUTE OF TECHNOLOGY, VELLORE

Appeals of the Revenue are dismissed whereas that of assessee are partly allowed

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

132(4A) of the Act. CIT(A) erroneously held that diversion should bring direct benefit and indirect benefit was not sufficient. ITA Nos2125 to 2128 :- 21 -: & 2219 to 2222 /2017 12 Incorrectly directed application of maximum 8 & 8.1 10 & 10.1 12 & 9 & 9.1 marginal rate of tax on 10% of land 12.1 development expenses sustained. 13 Incorrectly held that assessee

VELLORE INSTITUTE OF TECHNOLOGY,VELLORE vs. DCIT, CC IV(1), CHENNAI

Appeals of the Revenue are dismissed whereas that of assessee are partly allowed

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

132(4A) of the Act. CIT(A) erroneously held that diversion should bring direct benefit and indirect benefit was not sufficient. ITA Nos2125 to 2128 :- 21 -: & 2219 to 2222 /2017 12 Incorrectly directed application of maximum 8 & 8.1 10 & 10.1 12 & 9 & 9.1 marginal rate of tax on 10% of land 12.1 development expenses sustained. 13 Incorrectly held that assessee

DCIT, CENTRAL CIRCLE 1(1), CHENNAI vs. VELLORE INSTITUTE OF TECHNOLOGY, VELLORE

Appeals of the Revenue are dismissed whereas that of assessee are partly allowed

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

132(4A) of the Act. CIT(A) erroneously held that diversion should bring direct benefit and indirect benefit was not sufficient. ITA Nos2125 to 2128 :- 21 -: & 2219 to 2222 /2017 12 Incorrectly directed application of maximum 8 & 8.1 10 & 10.1 12 & 9 & 9.1 marginal rate of tax on 10% of land 12.1 development expenses sustained. 13 Incorrectly held that assessee

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

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

132(1). If any books of account or other documents relevant to the assessment had not been produced in the course of original assessment and found in the course of search in our humble opinion such books of account or other documents have to be taken into account while making assessment or reassessment of total income under the aforesaid provision

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

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

132(1). If any books of account or other documents relevant to the assessment had not been produced in the course of original assessment and found in the course of search in our humble opinion such books of account or other documents have to be taken into account while making assessment or reassessment of total income under the aforesaid provision

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

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

132(1). If any books of account or other documents relevant to the assessment had not been produced in the course of original assessment and found in the course of search in our humble opinion such books of account or other documents have to be taken into account while making assessment or reassessment of total income under the aforesaid provision

ACIT, COIMBATORE vs. SRI M.PALANISAMY, COIMBATORE

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

132(1). If any books of account or other documents relevant to the assessment had not been produced in the course of original assessment and found in the course of search in our humble opinion such books of account or other documents have to be taken into account while making assessment or reassessment of total income under the aforesaid provision

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

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

132(1). If any books of account or other documents relevant to the assessment had not been produced in the course of original assessment and found in the course of search in our humble opinion such books of account or other documents have to be taken into account while making assessment or reassessment of total income under the aforesaid provision

M.PALANISAMY,COIMBATORE vs. DCIT, COIMBATORE

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

132(1). If any books of account or other documents relevant to the assessment had not been produced in the course of original assessment and found in the course of search in our humble opinion such books of account or other documents have to be taken into account while making assessment or reassessment of total income under the aforesaid provision

DCIT, COIMBATORE vs. SRI M.PALANISAMY, COIMBATORE

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

132(1). If any books of account or other documents relevant to the assessment had not been produced in the course of original assessment and found in the course of search in our humble opinion such books of account or other documents have to be taken into account while making assessment or reassessment of total income under the aforesaid provision

DCIT, COIMBATORE vs. SRI M.PALANISAMY, COIMBATORE

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

132(1). If any books of account or other documents relevant to the assessment had not been produced in the course of original assessment and found in the course of search in our humble opinion such books of account or other documents have to be taken into account while making assessment or reassessment of total income under the aforesaid provision

ACIT, COIMBATORE vs. SRI M.PALANISAMY, COIMBATORE

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

132(1). If any books of account or other documents relevant to the assessment had not been produced in the course of original assessment and found in the course of search in our humble opinion such books of account or other documents have to be taken into account while making assessment or reassessment of total income under the aforesaid provision

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

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

132(1). If any books of account or other documents relevant to the assessment had not been produced in the course of original assessment and found in the course of search in our humble opinion such books of account or other documents have to be taken into account while making assessment or reassessment of total income under the aforesaid provision

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

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwalassessment

132(1). If any books of account or other documents relevant to the assessment had not been produced in the course of original assessment and found in the course of search in our humble opinion such books of account or other documents have to be taken into account while making assessment or reassessment of total income under the aforesaid provision