UNITED INDIA INSURANCE CO LTD,CHENNAI vs. PCIT, CHENNAI

15) of the Act have been allowed for all assessment years without any\ndispute, and argued, it is amply clear that deduction under section 10 of\nthe Act is allowable to insurance companies, prayed for quashing the\nrevision order passed under section 263 of the Act.\n16. The Id. Senior Standing Counsel Ms. V. Pushpa for Respondent-\nRevenue submits that

UNITED INDIA INSURANCE CO.LIMITED,CHENNAI vs. PCIT-3, CHENNAI

15) of the Act have been allowed for all assessment years without any\ndispute, and argued, it is amply clear that deduction under section 10 of\nthe Act is allowable to insurance companies, prayed for quashing the\nrevision order passed under section 263 of the Act.\n16.\nThe Id. Senior Standing Counsel Ms. V. Pushpa for Respondent-\nRevenue submits that

UNITED INDIA INSUANCE CO LIMITED,CHENNAI vs. PCIT 3, CHENNAI

15) of the Act have been allowed for all assessment years without any\ndispute, and argued, it is amply clear that deduction under section 10 of\nthe Act is allowable to insurance companies, prayed for quashing the\nrevision order passed under section 263 of the Act.\n16.\nThe Id. Senior Standing Counsel Ms. V. Pushpa for Respondent-\nRevenue submits that

UNITED INDIA INSURANCE CO.LTD,CHENNAI vs. PCIT-3,, CHENNAI

15) of the Act have been allowed for all assessment years without any\ndispute, and argued, it is amply clear that deduction under section 10 of\nthe Act is allowable to insurance companies, prayed for quashing the\nrevision order passed under section 263 of the Act.\n16.\nThe Id. Senior Standing Counsel Ms. V. Pushpa for Respondent-\nRevenue submits that

T.L.SRITHARAN,CHENNAI vs. ACIT NON CORPORATE CIRCLE-14, CHENNAI

In the result, appeal filed by the assessee is dismissed

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./Ita No.: 1596/Chny/2019 िनधा"रण वष" / Assessment Year: 2014-15 T.L. Sritharan, The Assistant Commissioner Of New No. 13, (Old No. 1), V. Income Tax, Swaminathan Street, Non-Corporate Circle -14, West Mambalam, Chennai – 600 034. Chennai – 600 033. [Pan: Aepps-6766-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. R. Vijayaraghavan, Advocate & Shri. Saroj Kumar Parida, Advocate ""यथ" क" ओर से/Respondent By : Shri. Ar.V. Sreenivasan, Addl. Cit सुनवाई क" तारीख/Date Of Hearing : 22.12.2022 घोषणा क" तारीख/Date Of Pronouncement : 04.01.2023 आदेश /O R D E R

15, 10,400/-. (Hereinafter referred to as Property B) 3.6 Since the above two transactions fall within the ambit of "transfer", Section 45 of the Income Tax Act, 1961 shall be applicable and the gains arising thereon shall be :-7-: ITA. No:1596/Chny/2019 chargeable under the head "Capital

ADHI KUMARA GURU,CHENNAI vs. DCIT, NCC-22(1), CHENNAI

In the result, the appeal filed by the assessee is allowed

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri Amitabh Shuklaमाननीय "ी मनु कुमार िग"र, "ाियक सद" एवं माननीय "ी अिमताभ शु"ा, लेखा सद" के सम"

15) are not furnished by the assessee. As such the deduction claimed uls 54F on the total amount of Rs. 1,02,54,584/ claimed uls 54F on the total amount of Rs. 1,02,54,584/- was not was not correct. Further, the capital gains ac correct. Further, the capital gains accrues to the assessee for the rues

ARTHI BALIGA,CHENNAI vs. ACIT, NFAC, , DELHI

In the result, the appeal filed by the assessee is dismissed

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. No.1559/Chny/2024 िनधा"रण वष"/Assessment Year: 2017-18 Arthi Baliga, Vs. The Principal Commissioner Of No. 15, Flat No. 3-C, Coral Woods Income Tax, Chennai-4, Apartment, Sri Ram Nagar, South Chennai. Street, Alwarpet, Chennai 600 018. [Pan:Bkjpb5416P] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri Ravi Kannan, Advocate & Shri Varun Ranganathan, Advocate ""थ" की ओर से/Respondent By : Shri Nilay Baran Som, Cit सुनवाई की तारीख/ Date Of Hearing : 05.12.2024 घोषणा की तारीख /Date Of Pronouncement : 28.02.2025 आदेश /O R D E R Per S.S. Viswanethra Ravi: This Appeal Filed By The Assessee Is Directed Against The Order Dated 19.03.2024 Passed By The Ld. Principal Commissioner Of Income Tax, Chennai-4, Chennai For The Assessment Year 2017-18 Under Section 263 Of The Income Tax Act, 1961 [“Act” In Short].

10 I.T.A. No.1559/Chny/24 (4) The profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm or other association of persons or body of individuals (not being a company or a co-operative society) or otherwise, shall be chargeable to tax as the income of the firm

ACIT, LTU-2,, CHENNAI vs. ASHOK LEYLAND LIMITED, CHENNAI

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

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

15 of DTAA between India & USA and therefore the disallowance made by the AO u/s 40(a)(i) for alleged non-deduction of TDS was deleted. 8.4 The Ld. CIT, DR however argued that, even if the assessee was of the view that no TDS was deductible on the impugned payment as it was not liable to tax India, then

M/S INNOVTIVE MICROFINANCE FOR POVERTY ALLEVIATION,CHENNAI vs. DCIT(EXEMPTIONS),CHENNAI CIRCLE, CHENNAI

In the result, the appeal filed by the assessee is dismissed

Bench: Shri Mahavir Singhand Shri Jagadish

capital for small entrepreneurs; iv. improves the well being of children as the families have income generation; v. Provides100% of its loan ONLY for Income generation activities; vi. Targets the scheduled castes, Schedule tribes, landless small and marginal farmers; vii. Offers dignity of life by freeing people from the clutches of moneylenders. viii. Does not charge any processing fees, Documentation

M/S. INNOVATIVE MICRFINANCE FOR POVERTY ALLEVIATION & COMMUNITY TRANSFORMATION,CHENNAI vs. CIT, EXEMPTIONS,, CHENNAI

In the result, the appeal of the assessee is dismissed

gains of\nbusiness, unless the business is incidental to the attainment of the objectives of\nthe assessee and separate books of account are maintained by such trust or\ninstitution in respect of such business. In the present case, there is no dispute on\nthe fact that the assessee is carrying on the business of micro finance. The\nassessee is maintaining

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. MANIKANDAN, CHENNAI

The appeal of the Revenue is dismissed

10 -:\nITA No.2986/Chny/2025\nManikandan\nassessable entity apart from its partners. This is clear from Sections 45(1),\n(3) and (4), of the Income Tax Act which reads as under:\n\"45. [(1)] Any profits or gains arising from the transfer of a capital\nasset effected in the previous year shall, save as otherwise\nprovided in sections

V RAMAKRISHNAN,CHENNAI vs. DCIT CENTRAL CIRCLE III(4) , CHENNAI

In the result, the appeal for the A

Bench: Shri Manu Kumar Giri & Shri S. R. Raghunatha

capital gains." In other words, he was proceeding with the scope of the assessment and was not really addressing himself as to the scope of exercising jurisdiction under Chapter XIV-B and section 158BA. The Tribunal, on analysis of the materials placed before it, has recorded the following finding : "In the case in hand admittedly undisclosed income

V RAMAKRISHNAN,CHENNAI vs. DCIT CENTRAL CIRCLE III(4), CHENNAI

In the result, the appeal for the A

Bench: Shri Manu Kumar Giri & Shri S. R. Raghunatha

capital gains." In other words, he was proceeding with the scope of the assessment and was not really addressing himself as to the scope of exercising jurisdiction under Chapter XIV-B and section 158BA. The Tribunal, on analysis of the materials placed before it, has recorded the following finding : "In the case in hand admittedly undisclosed income

M/S. MAHINDRA RESIDENTIAL DEVELOPERS LTD.,,KANCHIPURAM vs. ITO, CORPORATE WARD - 4 (1),, CHENNAI

In the result, the appeals of the assessee for AYs 2012-13, 2013-14

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.870/Chny/2017 िनधा"रणवष"/Assessment Year: 2012-13 & आयकर अपील सं./Ita Nos.338 & 339/Chny/2020 िनधा"रणवष"/Assessment Years: 2013-14 & 2014-15

15 years from the date of SEZ Notification. 4. Payment of minimum alternate tax under section 115 JB of the Income Tax Act. 5. Payment of dividend distribution tax under section 115 O of the Income Tax Act 6. Payment of Central Sales Tax for its authorized operations. ITA No.870/Chny/2017 for AY 2012-13 & ITA Nos.338 & 339/Chny/2020

PALANISAMY RANI,ERODE vs. PCIT-1, COIMBATORE, COIMBATORE

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 1490/Chny/2023 िनधा"रणवष" / Assessment Year: 2017-18 Principal Commissioner Of Palanisamy Rani, V. Income Tax, 38, Emm Road-2, Chennimalai Coimbatore. Road, Erode – 638 001. [Pan:Biqpr-2991-L] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Shri. T. Vasudevan, Advocate ""यथ"क"ओरसे/Respondent By : Shri. V. Nandakumar, Cit सुनवाई क" तारीख/Date Of Hearing : 09.05.2024 घोषणा क" तारीख/Date Of Pronouncement : 10.07.2024 आदेश /O R D E R

15,560, but has allowed the claim of deduction u/s 54EC of the Act. As against the capital gain admitted in the return of income amounting to Rs.39,17,794, the AO adopted the sale consideration as per section SOC of the Act amounting to Rs.2,63,04,214 and from there, recomputed the LTCG at Rs.1

SMT.RITA AGARWAL ,CHENAI vs. PCIT , CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 433/Chny/2022 िनधा"रण वष" / Assessment Year: 2012-13

15. Thus, it could be seen very early that the AO was in possession of information and evidence that the assessee had benefitted from bogus long term capital gains transaction from the accommodation entry provided by the broker Shri Ashok Kumar Kayan, who is a known bogus entry operator. The said Ashok Kumar Kayan had deposed that the assessee

SMT. BIMALA DEVI AGARWAL,CHENNAI vs. ACIT,CENTRAL CIRCLE3(1), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 422/Chny/2022 िनधा"रण वष" / Assessment Year: 2012-13

15. In this regard, it is relevant to refer to the Explanation 2 to sec. 263 which reads as under: Explanation 2. -- For the purposes of this section, it is hereby declared that an order passed by the Assessing Officer shall be deemed to be erroneous in so far as it is prejudicial to the interests of the revenue

SMT. SHOBA AGARWAL,CHENNAI vs. ACIT CENT CIRCLE 3(2), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 421/Chny/2022 िनधा"रण वष" / Assessment Year: 2012-13

15. In this regard, it is relevant to refer to the Explanation 2 to sec. 263 which reads as under: Explanation 2. -- For the purposes of this section, it is hereby declared that an order passed by the Assessing Officer shall be deemed to be erroneous in so far as it is prejudicial to the interests of the revenue