SOUTHERN AGRIFURANE INDUSTRIES PVT. LTD.,CHENNAI vs. ACIT, CENTRAL CIRCLE-2(2),, CHENNAI

In the result, both the appeals filed by the Revenue and the\nassessee are dismissed

Section 132 was conducted or a requisition under\nSection 132A of the Act was made. Plainly, the said controversy is\nrequired to be addressed by referring to Section 153A of the Act.\nSection 153A(1) of the Act is set out below:.......\n12. It is apparent from the above that Section 153A of the Act refers to\ntime periods within

SOUTHERN AGRIFURANE INDUSTRIES PVT.. LTD.,CHENNAI vs. ACIT, CENTRAL CIRCLE-2(2), CHENNAI

In the result, both the appeals filed by the Revenue and the\nassessee are dismissed

purchase expenses represent asset as per the\nExplanation 2 to section 153A of the Act.\n6.3.19 At this juncture, it is appropriate to analyse the Explanation 2\nto section 153A of the Act which describes the inclusions in the term\nAsset in the Act. The undersigned is of the view that an asset represents\nan economic resource, either immovable

DCIT CC 2 2 , CHENNAI, CHENNAI vs. SOUTHERN AGRIFURANE INDUSTRIES PVT LTD, CHENNAI

In the result, both the appeals filed by the Revenue and the\nassessee are dismissed

purchase expenses represent asset as per the\nExplanation 2 to section 153A of the Act.\n6.3.19 At this juncture, it is appropriate to analyse the Explanation 2\nto section 153A of the Act which describes the inclusions in the term\nAsset in the Act. The undersigned is of the view that an asset represents\nan economic resource, either immovable

DCIT CC 2 2 , CHENNAI, CHENNAI vs. SOUTHERN AGRIFURANE INDUSTRIES PVT LTD, CHENNAI

In the result, both the appeals filed by the Revenue and the\nassessee are dismissed

Section 153A of the Act.\nSection 153A(1) of the Act is set out below:.......\n12. It is apparent from the above that Section 153A of the Act refers to\ntime periods within which the assessments could be reopened. In terms\nof Section 153A(1) of the Act, the assessments can be reopened for a\nblock of six years preceding

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2 (2), CHENNAI, CHENNAI vs. SOUTHERN AGRIFURANE INDUSTRIES PVT LTD, CHENNAI

purchase expenses represent asset as per the\nExplanation 2 to section 153A of the Act.\n6.3.19 At this juncture, it is appropriate to analyse the Explanation 2\nto section 153A of the Act which describes the inclusions in the term\nAsset in the Act. The undersigned is of the view that an asset represents\nan economic resource, either immovable

SOUTHERN AGRIFURANE INDUSTRIES PVT. LTD.,CHENNAI vs. ACIT, CENTRAL CIRCLE-2(2),, CHENNAI

purchase expenses represent asset as per the\nExplanation 2 to section 153A of the Act.\n6.3.19 At this juncture, it is appropriate to analyse the Explanation 2\nto section 153A of the Act which describes the inclusions in the term\nAsset in the Act. The undersigned is of the view that an asset represents\nan economic resource, either immovable

SOUTHERN AGRIFURANE INDUSTRIES PVT. LTD.,CHENNAI vs. ACIT, CENTRAL CIRCLE-2(2),, CHENNAI

In the result, both the both the appeals filed by the Revenue and the Revenue and the

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

bogus purchases. Apart from the gus purchases. Apart from the ITA Nos.1254, 1255, 1258, 1260 1254, 1255, 1258, 1260/Chny/2025 & ITA Nos.1233, 1235, 1237, 1238 1233, 1235, 1237, 1238/Chny/2025 (AYs 2014 s 2014-15 to 2017-18) Southern Agrifurane Industries Pvt. Ltd. M/s. Southern Agrifurane Industries Pvt :: 4 :: foregoing, the AO is also noted to have made addition(s)/disallowance

DCIT CC 2 2 , CHENNAI, CHENNAI vs. SOUTHERN AGRIFURANE INDUSTRIES PVT LTD, CHENNAI

In the result, both the both the appeals filed by the Revenue and the Revenue and the

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

bogus purchases. Apart from the gus purchases. Apart from the ITA Nos.1254, 1255, 1258, 1260 1254, 1255, 1258, 1260/Chny/2025 & ITA Nos.1233, 1235, 1237, 1238 1233, 1235, 1237, 1238/Chny/2025 (AYs 2014 s 2014-15 to 2017-18) Southern Agrifurane Industries Pvt. Ltd. M/s. Southern Agrifurane Industries Pvt :: 4 :: foregoing, the AO is also noted to have made addition(s)/disallowance

SOUTHERN AGRIFURANE INDUSTRIES PVT. LTD.,CHENNAI vs. ACIT, CENTRAL CIRCLE-2(2),, CHENNAI

In the result, both the appeals filed by the Revenue and the\nassessee are dismissed

Section 153A of the Act is\nfound to be absent and the AO is noted to have usurped jurisdiction u/s\n153C r.w.s 153A of the Act on wrong assumption of jurisdictional fact. As\na consequence, we uphold the Ld. CIT(A)'s order that, the AO could not\nhave legally proceeded further with the reassessment for AYs 2014-15 &\n2015

DCIT CC 2 2 , CHENNAI, CHENNAI vs. SOUTHERN AGRIFURANE INDUSTRIES PVT LTD, CHENNAI

In the result, both the appeals filed by the Revenue and the\nassessee are dismissed

Section 153A of the Act is\nfound to be absent and the AO is noted to have usurped jurisdiction u/s\n153C r.w.s 153A of the Act on wrong assumption of jurisdictional fact. As\na consequence, we uphold the Ld. CIT(A)'s order that, the AO could not\nhave legally proceeded further with the reassessment for AYs 2014-15 &\n2015

SOUTHERN AGRIFURANE INDUSTRIES PVT. LTD.,CHENNAI vs. ACIT, CENTRAL CIRCLE-2(2),, CHENNAI

In the result, both the appeals filed by the Revenue and the\nassessee are dismissed

bogus purchases. Notices under Section 153C were issued to the assessee for Assessment Years 2014-15 to 2017-18.", "held": "The Tribunal held that the notices issued under Section 153C were invalid because the satisfaction note recorded by the Assessing Officer did not establish a nexus between the seized material and the relevant Assessment Years. The Tribunal found a complete

SOUTHERN AGRIFURANE INDUSTRIES PVT. LTD.,CHENNAI vs. ACIT, CENTRAL CIRCLE-2(2),, CHENNAI

In the result, both the appeals filed by the Revenue and the\nassessee are dismissed

bogus purchases. Apart from the\nforegoing, the AO is also noted to have made addition(s)/disallowance(s)\non account of deduction(s) claimed u/s 80G / 80GGB, disallowance u/s\n14A of the Act and disallowance of certain items of expenses.\n3.\nAggrieved by the above order(s) of the AO, the assessee preferred\nappeal before

DEPUTY COMMISSIONER OF INCOME-TAX, MADURAI vs. M/S INDUSTRIAL MINERAL CO., 100% EOU, TUTICORIN

In the result, the assessee’s appeal ITA No

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm 1. आयकरअपील सं./ Ita No.390/Chny/2023 (िनधा(रण वष( / Assessment Year: 2012-13) M/S. Industrial Mineral Co. 100% Eou Acit बनाम/ 1/1C, Harbour Express Highway, Central Circle-(1), Vs. Thermal Nagar So, Tuticorin-628 006. Madurai "थायीलेखासं./जीआइआरसं./Pan/Tan No. Aaafi-9714-R (अपीलाथ"/Appellant) : (""थ" / Respondent) & 2. आयकरअपील सं./ Ita No.529/Chny/2023 (िनधा(रण वष( / Assessment Year: 2012-13) Acit M/S. Industrial Mineral Co. 100% Eou बनाम/ Central Circle-(1), 1/1C, Harbour Express Highway, Vs. Madurai Thermal Nagar So, Tuticorin 628006 "थायीलेखासं./जीआइआरसं./Pan/Tan No. Aaafi-9714-R (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओर से/ Assessee By : Shri N. Arjun Raj (Advocate) – Ld.Ar ""थ" की ओर से/Revenue By : Shri R. Clement Ramesh Kumar (Cit) -Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 26-02-2025 घोषणाकीतारीख /Date Of Pronouncement : 21-05-2025 आदेश / O R D E R

Section 153A is limited to only undisclosed income on the basis of seized materials 3.2 The Ld.CIT(A) erred in failing to appreciate that on the issue of addition to be made in the assessments framed u/s.153A on the basis of seized materials, the SLP filed by the Revenue has been accepted the Hon'ble Apex Court in the case

INDUSTRIAL MINERAL CO, 100%EOU,TUTICORIN vs. ACIT,CENTRAL CIRCLE-1, MADURAI, MADURAI

In the result, the assessee’s appeal ITA No

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm 1. आयकरअपील सं./ Ita No.390/Chny/2023 (िनधा(रण वष( / Assessment Year: 2012-13) M/S. Industrial Mineral Co. 100% Eou Acit बनाम/ 1/1C, Harbour Express Highway, Central Circle-(1), Vs. Thermal Nagar So, Tuticorin-628 006. Madurai "थायीलेखासं./जीआइआरसं./Pan/Tan No. Aaafi-9714-R (अपीलाथ"/Appellant) : (""थ" / Respondent) & 2. आयकरअपील सं./ Ita No.529/Chny/2023 (िनधा(रण वष( / Assessment Year: 2012-13) Acit M/S. Industrial Mineral Co. 100% Eou बनाम/ Central Circle-(1), 1/1C, Harbour Express Highway, Vs. Madurai Thermal Nagar So, Tuticorin 628006 "थायीलेखासं./जीआइआरसं./Pan/Tan No. Aaafi-9714-R (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओर से/ Assessee By : Shri N. Arjun Raj (Advocate) – Ld.Ar ""थ" की ओर से/Revenue By : Shri R. Clement Ramesh Kumar (Cit) -Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 26-02-2025 घोषणाकीतारीख /Date Of Pronouncement : 21-05-2025 आदेश / O R D E R

Section 153A is limited to only undisclosed income on the basis of seized materials 3.2 The Ld.CIT(A) erred in failing to appreciate that on the issue of addition to be made in the assessments framed u/s.153A on the basis of seized materials, the SLP filed by the Revenue has been accepted the Hon'ble Apex Court in the case

DCIT CC 2 2 , CHENNAI, CHENNAI vs. SOUTHERN AGRIFURANE INDUSTRIES PVT LTD, CHENNAI

bogus purchases. Apart from the\n:: 3 ::\nITA Nos.1254, 1255, 1258, 1260/Chny/2025 &\nITA Nos.1233, 1235, 1237, 1238/Chny/2025\n(AYs 2014-15 to 2017-18)\nM/s. Southern Agrifurane Industries Pvt. Ltd.\nforegoing, the AO is also noted to have made addition(s)/disallowance(s)\non account of deduction(s) claimed u/s 80G / 80GGB, disallowance u/s\n14A of the Act and disallowance

DCIT CC 2 2 , CHENNAI, CHENNAI vs. SOUTHERN AGRIFURANE INDUSTRIES PVT LTD, CHENNAI

bogus purchases. Apart from the\n:: 3 ::\nITA Nos.1254, 1255, 1258, 1260/Chny/2025 &\nITA Nos.1233, 1235, 1237, 1238/Chny/2025\n(AYs 2014-15 to 2017-18)\nM/s. Southern Agrifurane Industries Pvt. Ltd.\nforegoing, the AO is also noted to have made addition(s)/disallowance(s)\non account of deduction(s) claimed u/s 80G / 80GGB, disallowance u/s\n14A of the Act and disallowance

ARVIND NANDAGOPAL,CHENNAI vs. ACIT, CC-3(1), CHENNAI

In the result, all appeals filed by the assessee are allowed

Bench: Shri Aby T. Varkey & Shri S.R.Raghunatha

153A. However, the initiation of action under Section 153C is significantly premised upon the AO being satisfied that the books of account or documents and assets seized or requisitioned having "a bearing on the determination of the total income of such other person". This is manifest from the provision employing the expression "if, that Assessing Officer is satisfied". It would

ARVIND NANDAGOPAL,CHENNAI vs. ACIT, CC-3(1), CHENNAI

In the result, all appeals filed by the assessee are allowed

Bench: Shri Aby T. Varkey & Shri S.R.Raghunatha

153A. However, the initiation of action under Section 153C is significantly premised upon the AO being satisfied that the books of account or documents and assets seized or requisitioned having "a bearing on the determination of the total income of such other person". This is manifest from the provision employing the expression "if, that Assessing Officer is satisfied". It would