DCIT, CENTRAL CIRCLE-2, MADURAI vs. ACHU TRADERS, PALAKKAD

In the result, the appeals filed by the Revenue in I

Bench: Shri Manu Kumar Giri & Shri Amitabh Shuklaआयकर अपील सं./Ita No.355, 356, 357 & 358 /Chny/2019 धििाारण वर्ा /Assessment Year: 2012-13, 2013-14, 2014-15 & 2015-16 & Co 32, 33, 34 & 35 /Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15 & 2015-16 The Deputy Commissioner Of M/S.Achu Traders, Income Tax, Central Circle-2, No. 11/1288, Madurai M.Pudur Main Road, Vs. Govindapuram Post, Palakkad, Kerala-678507 [Pan: Aapfa8131B] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं./Ita No.359, 360, 361 & 362 /Chny/2019 धििाारण वर्ा /Assessment Year: 2012-13, 2013-14, 2014-15 & 2015-16 & Co 36, 37, 38 & 39/Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15 & 2015-16 The Deputy Commissioner Of Shri M.Shahjahan, Income Tax, Central Circle-2, Prop. M/S. Madeena Traders Madurai No.Vii/561, M.Pudur Main Road, Vs Govindapuram Post, Palakkad, Kerala-678507 (अपीलार्थी/Appellant) [Pan: Aiyps1815P]

bogus or there should be inflation of purchases to invoke the provisions of section 40A(3) of the LT. Act. 4. Without prejudice to the above grounds of appeal, it may noted that the assessee and the so called agents could not provide full addresses of the farmers/suppliers of copras nor any details have been maintained with regard to payment

DCIT, CENTRAL CIR-2, MADURAI vs. M SHAHJAHAN, PALAKKAD

In the result, the appeals filed by the Revenue in I

Bench: Shri Manu Kumar Giri & Shri Amitabh Shuklaआयकर अपील सं./Ita No.355, 356, 357 & 358 /Chny/2019 धििाारण वर्ा /Assessment Year: 2012-13, 2013-14, 2014-15 & 2015-16 & Co 32, 33, 34 & 35 /Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15 & 2015-16 The Deputy Commissioner Of M/S.Achu Traders, Income Tax, Central Circle-2, No. 11/1288, Madurai M.Pudur Main Road, Vs. Govindapuram Post, Palakkad, Kerala-678507 [Pan: Aapfa8131B] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं./Ita No.359, 360, 361 & 362 /Chny/2019 धििाारण वर्ा /Assessment Year: 2012-13, 2013-14, 2014-15 & 2015-16 & Co 36, 37, 38 & 39/Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15 & 2015-16 The Deputy Commissioner Of Shri M.Shahjahan, Income Tax, Central Circle-2, Prop. M/S. Madeena Traders Madurai No.Vii/561, M.Pudur Main Road, Vs Govindapuram Post, Palakkad, Kerala-678507 (अपीलार्थी/Appellant) [Pan: Aiyps1815P]

bogus or there should be inflation of purchases to invoke the provisions of section 40A(3) of the LT. Act. 4. Without prejudice to the above grounds of appeal, it may noted that the assessee and the so called agents could not provide full addresses of the farmers/suppliers of copras nor any details have been maintained with regard to payment

DCIT, CENTRAL CIRCLE-2, MADURAI vs. APPU TRADERS, PALAKKAD

In the result, the appeals filed by the Revenue in I

Bench: Shri Manu Kumar Giri & Shri Amitabh Shuklaआयकर अपील सं./Ita No.355, 356, 357 & 358 /Chny/2019 धििाारण वर्ा /Assessment Year: 2012-13, 2013-14, 2014-15 & 2015-16 & Co 32, 33, 34 & 35 /Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15 & 2015-16 The Deputy Commissioner Of M/S.Achu Traders, Income Tax, Central Circle-2, No. 11/1288, Madurai M.Pudur Main Road, Vs. Govindapuram Post, Palakkad, Kerala-678507 [Pan: Aapfa8131B] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं./Ita No.359, 360, 361 & 362 /Chny/2019 धििाारण वर्ा /Assessment Year: 2012-13, 2013-14, 2014-15 & 2015-16 & Co 36, 37, 38 & 39/Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15 & 2015-16 The Deputy Commissioner Of Shri M.Shahjahan, Income Tax, Central Circle-2, Prop. M/S. Madeena Traders Madurai No.Vii/561, M.Pudur Main Road, Vs Govindapuram Post, Palakkad, Kerala-678507 (अपीलार्थी/Appellant) [Pan: Aiyps1815P]

bogus or there should be inflation of purchases to invoke the provisions of section 40A(3) of the LT. Act. 4. Without prejudice to the above grounds of appeal, it may noted that the assessee and the so called agents could not provide full addresses of the farmers/suppliers of copras nor any details have been maintained with regard to payment

DCIT, CENTRAL CIRCLE-2, MADURAI vs. APPU TRADERS, PALAKKAD

In the result, the appeals filed by the Revenue in I

Bench: Shri Manu Kumar Giri & Shri Amitabh Shuklaआयकर अपील सं./Ita No.355, 356, 357 & 358 /Chny/2019 धििाारण वर्ा /Assessment Year: 2012-13, 2013-14, 2014-15 & 2015-16 & Co 32, 33, 34 & 35 /Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15 & 2015-16 The Deputy Commissioner Of M/S.Achu Traders, Income Tax, Central Circle-2, No. 11/1288, Madurai M.Pudur Main Road, Vs. Govindapuram Post, Palakkad, Kerala-678507 [Pan: Aapfa8131B] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं./Ita No.359, 360, 361 & 362 /Chny/2019 धििाारण वर्ा /Assessment Year: 2012-13, 2013-14, 2014-15 & 2015-16 & Co 36, 37, 38 & 39/Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15 & 2015-16 The Deputy Commissioner Of Shri M.Shahjahan, Income Tax, Central Circle-2, Prop. M/S. Madeena Traders Madurai No.Vii/561, M.Pudur Main Road, Vs Govindapuram Post, Palakkad, Kerala-678507 (अपीलार्थी/Appellant) [Pan: Aiyps1815P]

bogus or there should be inflation of purchases to invoke the provisions of section 40A(3) of the LT. Act. 4. Without prejudice to the above grounds of appeal, it may noted that the assessee and the so called agents could not provide full addresses of the farmers/suppliers of copras nor any details have been maintained with regard to payment

DCIT, CENTRAL CIRCLE-2, MADURAI vs. APPU TRADERS, PALAKKAD

In the result, the appeals filed by the Revenue in I

Bench: Shri Manu Kumar Giri & Shri Amitabh Shuklaआयकर अपील सं./Ita No.355, 356, 357 & 358 /Chny/2019 धििाारण वर्ा /Assessment Year: 2012-13, 2013-14, 2014-15 & 2015-16 & Co 32, 33, 34 & 35 /Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15 & 2015-16 The Deputy Commissioner Of M/S.Achu Traders, Income Tax, Central Circle-2, No. 11/1288, Madurai M.Pudur Main Road, Vs. Govindapuram Post, Palakkad, Kerala-678507 [Pan: Aapfa8131B] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं./Ita No.359, 360, 361 & 362 /Chny/2019 धििाारण वर्ा /Assessment Year: 2012-13, 2013-14, 2014-15 & 2015-16 & Co 36, 37, 38 & 39/Chny/2019 Assessment Years : 2012-13, 2013-14, 2014-15 & 2015-16 The Deputy Commissioner Of Shri M.Shahjahan, Income Tax, Central Circle-2, Prop. M/S. Madeena Traders Madurai No.Vii/561, M.Pudur Main Road, Vs Govindapuram Post, Palakkad, Kerala-678507 (अपीलार्थी/Appellant) [Pan: Aiyps1815P]

bogus or there should be inflation of purchases to invoke the provisions of section 40A(3) of the LT. Act. 4. Without prejudice to the above grounds of appeal, it may noted that the assessee and the so called agents could not provide full addresses of the farmers/suppliers of copras nor any details have been maintained with regard to payment

DCIT, CENTRAL CIR-2, MADURAI vs. M SHAHJAHAN, PALAKKAD

In the result, the Cross Objections filed by the assessees in C

bogus or there should be inflation of purchases to invoke\nthe provisions of section 40A(3) of the LT. Act.\n4. Without prejudice to the above grounds of appeal, it may noted that\nthe assessee and the so called agents could not provide full addresses\nof the farmers/suppliers of copras nor any details have been\nmaintained with regard to payment

DCIT, CENTRAL CIRCLE-2, MADURAI vs. ACHU TRADERS, PALAKKAD

In the result, the Cross Objections filed by the assessees in C

bogus or there should be inflation of purchases to invoke\nthe provisions of section 40A(3) of the LT. Act.\n4. Without prejudice to the above grounds of appeal, it may noted that\nthe assessee and the so called agents could not provide full addresses\nof the farmers/suppliers of copras nor any details have been\nmaintained with regard to payment

DCIT, CENTRAL CIRCLE-2, MADURAI vs. ACHU TRADERS, PALAKKAD

In the result, the Cross Objections filed by the assessees in C

bogus or there should be inflation of purchases to invoke\nthe provisions of section 40A(3) of the LT. Act.\n4. Without prejudice to the above grounds of appeal, it may noted that\nthe assessee and the so called agents could not provide full addresses\nof the farmers/suppliers of copras nor any details have been\nmaintained with regard to payment

DCIT, CENTRAL CIRCLE-2, MADURAI vs. ACHU TRADERS, PALAKKAD

In the result, the appeals filed by the Revenue in I

bogus or there should be inflation of purchases to invoke\nthe provisions of section 40A(3) of the LT. Act.\n4. Without prejudice to the above grounds of appeal, it may noted that\nthe assessee and the so called agents could not provide full addresses\nof the farmers/suppliers of copras nor any details have been\nmaintained with regard to payment

DCIT, CENTRAL CIRCLE-2, MADURAI vs. J S NIHAR BANU, PALAKKAD

In the result, the Cross Objections filed by the assessees in C

bogus or there should be inflation of purchases to invoke\nthe provisions of section 40A(3) of the LT. Act.\n4. Without prejudice to the above grounds of appeal, it may noted that\nthe assessee and the so called agents could not provide full addresses\nof the farmers/suppliers of copras nor any details have been\nmaintained with regard to payment

DCIT, CENTRAL CIR-2, MADURAI vs. J S NIHAR BANU, PALAKKAD

In the result, the Cross Objections filed by the assessees in C

bogus or there should be inflation of purchases to invoke\nthe provisions of section 40A(3) of the LT. Act.\n4. Without prejudice to the above grounds of appeal, it may noted that\nthe assessee and the so called agents could not provide full addresses\nof the farmers/suppliers of copras nor any details have been\nmaintained with regard to payment

DEPUTY COMMISSIONER OF INCOME-TAX, COIMBATORE vs. MS VISWA AND DEVJI DIAMONDS PVT LTD, COIMBATORE

In the result, appeal filed by the Revenue stands dismissed

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri S.R. Raghunathaआयकर अपील सं./Ita No.327/Chny/2024 िनधा"रण वष"/Assessment Year: 2017-2018. The Deputy Commissioner Viswa & Devji Diamonds Pvt Ltd, Of Income Tax, Vs. New No.16,Old No.239, Corporate Circle 1, T.V.Swamy Road (East) Coimbatore R.S. Puram, Coimbatore 641 002. Pan: Aaccv 4942M

bogus and fictitious, the Gross Profit admitted in the return of income for the year towards these fictitious sale is reduced. The G.P admitted ITA No.327 /Chny/2024 during the year is 21% and the GP admitted on the fictitious sale amounting to Rs. 1,76,78,010/- is reduced’. 5. Aggrieved by the assessment order of the AO, the assessee

ASSISTANT COMMISSIONER OF INCOME TAX LTU CIRCLE 1 CHENNAI, CHENNAI vs. E I D PARRY INDIA LIMITED, CHENNAI

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes and the appeal filed by the Revenue is dismissed

Bench: Shri George George Kand Shri S.R. Raghunathait(Tp)A. Nos.:105, 106, 107/Chny/2024 & Ita No.3113/Chny/2024 िनधा"रण वष"/Assessment Years: 2011-12, 2012-13, 2013-14 & 2014-15 M/S. E.I.D. Parry India Ltd., The Deputy Commissioner Of No. 234, Dare House, Nsc Vs. Income Tax, Bose Road, Parrys Corner, Large Taxpayer Unit -1, Chennai 600 001. Chennai. [Pan: Aaace-0702-C] (अपीलाथ"/Appellant) (""यथ"/Respondent)

vii) Moreover, in extending the Loc/guarantee, the risks undertaken by the Indian company is vast. The entire credit risks are borne by the Indian company & in the given scenario, the Indian company has to be reimbursed at maximum percentage of fees. The banks are also charging commission for the guarantee extended. But, Banks generally try to mitigate the risk

M/S. EID PARRY INDIA LTD.,CHENNAI vs. DCIT, LTU-1,, CHENNAI

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes and the appeal filed by the Revenue is dismissed

Bench: Shri George George Kand Shri S.R. Raghunathait(Tp)A. Nos.:105, 106, 107/Chny/2024 & Ita No.3113/Chny/2024 िनधा"रण वष"/Assessment Years: 2011-12, 2012-13, 2013-14 & 2014-15 M/S. E.I.D. Parry India Ltd., The Deputy Commissioner Of No. 234, Dare House, Nsc Vs. Income Tax, Bose Road, Parrys Corner, Large Taxpayer Unit -1, Chennai 600 001. Chennai. [Pan: Aaace-0702-C] (अपीलाथ"/Appellant) (""यथ"/Respondent)

vii) Moreover, in extending the Loc/guarantee, the risks undertaken by the Indian company is vast. The entire credit risks are borne by the Indian company & in the given scenario, the Indian company has to be reimbursed at maximum percentage of fees. The banks are also charging commission for the guarantee extended. But, Banks generally try to mitigate the risk

DCIT, CENTRAL CIR-2, MADURAI vs. M SHAHJAHAN, PALAKKAD

In the result, the Cross Objections filed by the assessees in C

bogus or there should be inflation of purchases to invoke\nthe provisions of section 40A(3) of the LT. Act.\n4. Without prejudice to the above grounds of appeal, it may noted that\nthe assessee and the so called agents could not provide full addresses\nof the farmers/suppliers of copras nor any details have been\nmaintained with regard to payment

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(3), CHENNAI vs. M. MAHADEVAN, CHENNAI

In the result, the appeals of the Revenue are decided as under:-\nITA Nos\nAssessment\nResult\nYear\nPartly allowed

bogus and fictitious\ntrail. The Ld AO also observed that the sale of fine dining division of\nOCPL to CCMPL included a significantly valued property at 71 cathedral\nroad in Chennai, which was again sold by OCPL to assessee's wife\nMs.Badrunissa at a much lower value. The Ld.AO concluded that the\nentire share transfer transaction was built to avoid

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

vii) alleging receipt of cash without consideration. He thus urged us that such whimsical action taken by the AO u/s 153C of the Act ought to be struck down. 22. We have heard both the parties and perused the relevant provisions of the Act. Before we advert to the legal issue raised by the assessee, it would first be necessary

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

vii) alleging receipt of cash without consideration. He thus urged us that such whimsical action taken by the AO u/s 153C of the Act ought to be struck down. 22. We have heard both the parties and perused the relevant provisions of the Act. Before we advert to the legal issue raised by the assessee, it would first be necessary