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

e arrangement and compromise 'involving capital reduction as 'dividends' within the purview of section 2(22)(d)/2(22)(a) of the Income tax Act. Therefore, the AO's determination of DDT u/s 115-O of the Act is clearly in accordance with the provisions of the Income tax Act and justified. 10. The Ld.Sr.Counsel for the assessee, Shri.Ajay Vohra

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)

TDS payment and bank charges on behalf of M/s. Indo Shell Mould Ltd. and debited to their account. The Assessing Officer has treated debit balance in the name of M/s. Indo Shell Mould Ltd. as loans & advances by a company to shareholder and invoked provisions of section 2(22)(e

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

Section 2(22)(e) of the Act, can be invoked. Moreover the Ld.AR has not brought out any convincing materials / explanation before us to establish that the advance made by M/s. Tuticorin Power Company Ltd. to M/s. Aben Ventures Pvt. Ltd. was out of commercial exigencies. In this situation we do not find it necessary to interfere in the orders

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

Section 2(22)(e) of the Act, can be invoked. Moreover the Ld.AR has not brought out any convincing materials / explanation before us to establish that the advance made by M/s. Tuticorin Power Company Ltd. to M/s. Aben Ventures Pvt. Ltd. was out of commercial exigencies. In this situation we do not find it necessary to interfere in the orders

DCIT, MADURAI vs. GLOBAL POLYBAGS IDNUSTRIES (P) LIMITED, VIRUDHUNAGAR

In the result, the appeal of the Revenue in ITA

Bench: Shri N.R.S. Ganesan & Shri Chandra Poojari] आयकर अपील सं./I.T.A.No. 1596/Mds/2015 "नधा"रण वष" /Assessment Year : 2009-2010

section 2(22)(e) would not be applicable’’. The facts of the case are that the assessee has taken loan 3. from their sister concern M/s. Universal Polybags Industries P. Ltd to the tune of "2,53,05,071/-. According to the Assessing Officer, Smt. Sadhana and Smt. Seethalakshmi are holding 49% share in M/s. Global Polybags Industries Ltd. Similarly

DCIT, CHENNAI vs. M/S. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD., CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

e- mail. 8. Shri Percy J. Pardiwala, the Ld. Sr. counsel for the assessee, further submitted that normally the assessee-company deals with re-insurance company outside the country directly. However, in order to distribute the risk to various companies and the assessee may not have the entire list of re-insurance companies across the globe, the assessee

ACIT, CHENNAI vs. ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED, CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

e- mail. 8. Shri Percy J. Pardiwala, the Ld. Sr. counsel for the assessee, further submitted that normally the assessee-company deals with re-insurance company outside the country directly. However, in order to distribute the risk to various companies and the assessee may not have the entire list of re-insurance companies across the globe, the assessee

DCIT, CHENNAI vs. M/S. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD., CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

e- mail. 8. Shri Percy J. Pardiwala, the Ld. Sr. counsel for the assessee, further submitted that normally the assessee-company deals with re-insurance company outside the country directly. However, in order to distribute the risk to various companies and the assessee may not have the entire list of re-insurance companies across the globe, the assessee

DCIT, CHENNAI vs. M/S. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD., CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

e- mail. 8. Shri Percy J. Pardiwala, the Ld. Sr. counsel for the assessee, further submitted that normally the assessee-company deals with re-insurance company outside the country directly. However, in order to distribute the risk to various companies and the assessee may not have the entire list of re-insurance companies across the globe, the assessee

DCIT, CHENNAI vs. M/S. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD., CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

e- mail. 8. Shri Percy J. Pardiwala, the Ld. Sr. counsel for the assessee, further submitted that normally the assessee-company deals with re-insurance company outside the country directly. However, in order to distribute the risk to various companies and the assessee may not have the entire list of re-insurance companies across the globe, the assessee

DCIT, CHENNAI vs. M/S. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD., CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

e- mail. 8. Shri Percy J. Pardiwala, the Ld. Sr. counsel for the assessee, further submitted that normally the assessee-company deals with re-insurance company outside the country directly. However, in order to distribute the risk to various companies and the assessee may not have the entire list of re-insurance companies across the globe, the assessee

M/S. ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED,CHENNAI vs. ACIT, CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

e- mail. 8. Shri Percy J. Pardiwala, the Ld. Sr. counsel for the assessee, further submitted that normally the assessee-company deals with re-insurance company outside the country directly. However, in order to distribute the risk to various companies and the assessee may not have the entire list of re-insurance companies across the globe, the assessee

M/S. ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED,CHENNAI vs. ACIT, CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

e- mail. 8. Shri Percy J. Pardiwala, the Ld. Sr. counsel for the assessee, further submitted that normally the assessee-company deals with re-insurance company outside the country directly. However, in order to distribute the risk to various companies and the assessee may not have the entire list of re-insurance companies across the globe, the assessee

M/S. ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED,CHENNAI vs. ACIT, CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

e- mail. 8. Shri Percy J. Pardiwala, the Ld. Sr. counsel for the assessee, further submitted that normally the assessee-company deals with re-insurance company outside the country directly. However, in order to distribute the risk to various companies and the assessee may not have the entire list of re-insurance companies across the globe, the assessee

M/S. ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED,CHENNAI vs. ACIT, CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

e- mail. 8. Shri Percy J. Pardiwala, the Ld. Sr. counsel for the assessee, further submitted that normally the assessee-company deals with re-insurance company outside the country directly. However, in order to distribute the risk to various companies and the assessee may not have the entire list of re-insurance companies across the globe, the assessee

M/S. ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED,CHENNAI vs. ACIT, CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

e- mail. 8. Shri Percy J. Pardiwala, the Ld. Sr. counsel for the assessee, further submitted that normally the assessee-company deals with re-insurance company outside the country directly. However, in order to distribute the risk to various companies and the assessee may not have the entire list of re-insurance companies across the globe, the assessee

ACIT, CHENNAI vs. CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LTD., CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.1674, 1675, 1759 & 1676/Chny/2011 "नधा"रण वष" / Assessment Years : 2003-04, 2004-05, 2006-07 & 2007-08 आयकर अपील सं./Ita No.40/Chny/2009 "नधा"रण वष" / Assessment Year : 2005-06 आयकर अपील सं./Ita No.1366/Chny/2013 "नधा"रण वष" / Assessment Year : 2008-09 & आयकर अपील सं./Ita No.2372/Chny/2014 "नधा"रण वष" / Assessment Year : 2009-10 The Deputy Commissioner Of M/S Cholamandalam Ms General Income Tax, V. Insurance Co. Ltd., Dare House, No.2, The Assistant Commissioner Of Nsc Bose Road, Income Tax. Chennai - 600 001. Large Taxpayer Unit, Chennai - 600 101. Pan : Aabcc 6633 K (अपीलाथ"/Appellant) (""यथ"/Respondent)

e- mail. 8. Shri Percy J. Pardiwala, the Ld. Sr. counsel for the assessee, further submitted that normally the assessee-company deals with re-insurance company outside the country directly. However, in order to distribute the risk to various companies and the assessee may not have the entire list of re-insurance companies across the globe, the assessee

DCIT, CHENNAI vs. M/S. CHOLAMANDALAM MS GENERAL INSURANCE CO. LTD., CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. Georgeआयकर अपील सं./Ita Nos.1674, 1675, 1759 & 1676/Chny/2011 "नधा"रण वष" / Assessment Years : 2003-04, 2004-05, 2006-07 & 2007-08 आयकर अपील सं./Ita No.40/Chny/2009 "नधा"रण वष" / Assessment Year : 2005-06 आयकर अपील सं./Ita No.1366/Chny/2013 "नधा"रण वष" / Assessment Year : 2008-09 & आयकर अपील सं./Ita No.2372/Chny/2014 "नधा"रण वष" / Assessment Year : 2009-10 The Deputy Commissioner Of M/S Cholamandalam Ms General Income Tax, V. Insurance Co. Ltd., Dare House, No.2, The Assistant Commissioner Of Nsc Bose Road, Income Tax. Chennai - 600 001. Large Taxpayer Unit, Chennai - 600 101. Pan : Aabcc 6633 K (अपीलाथ"/Appellant) (""यथ"/Respondent)

e- mail. 8. Shri Percy J. Pardiwala, the Ld. Sr. counsel for the assessee, further submitted that normally the assessee-company deals with re-insurance company outside the country directly. However, in order to distribute the risk to various companies and the assessee may not have the entire list of re-insurance companies across the globe, the assessee