MOSBACHER INDIA LLC,CHENNAI vs. ADDL. DIT, CHENNAI

In the result, the appeal is partly allowed in the terms indicated above

20,000 d) Amount allowable as deduction in A.Y.2010-1 1 (b-c) NIL e) Amount allowable as deduction in subsequent years NIL f) Excess of proceeds of transfer over expenditure 13,44,60,035 remaining unallowed g) Difference between the expenditure incurred and the 36,71,63,621 expenditure remaining unallowed (a-b) h) Amount chargeable to income

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

In the result, the appeals for AY 2014-15, 2016-17 & 2017-18 are partly allowed and appeals for AY 2015-16 & 2017-18 (in ITA No

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.1759/Chny/2019, 182 & 183/Chny/2021, 430/Chny/2022 & 683/Chny/2023 िनधा"रण वष"/Assessment Years: 2014-15, 2015-16, 2016-17 & 2017-18 United India Insurance Co. Ltd., Vs. The Principal Commissioner Of O/O The Chief Manager, Cfac Income Tax – 3, Department, Head Office, United India Chennai 600 034. Nalanda, Door No. 19, Ground Floor, 4Th Lane, Utamar Gandhi Salai, Chennai 600 034. [Pan:Aaacu5552C] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri S. Sundararaman, Ca ""थ" की ओर से/Respondent By : Ms. V. Pushpa, Sr. Standing Counsel (Virtual) सुनवाई की तारीख/ Date Of Hearing : 07.10.2025 घोषणा की तारीख /Date Of Pronouncement : 05.01.2026 आदेश /O R D E R Per S.S. Viswanethra Ravi: The Appeal In Ita No. 1759/Chny/2019 Filed By The Assessee Is Directed Against The Order Dated 29.03.2019 Passed By The Ld. Principal Commissioner Of Income Tax-3, Chennai For The Assessment Year 2014- 15. The Appeals In Ita No. 182 & 183/Chny/2021 Are Filed By The Assessee Against Different Orders Both Dated 28.03.2021 Passed By The Ld. Pcit-3, Chennai For The Assessment 2015-16 & 2016-17. The 2

capital gains and not to claim exemption on business income. 18. The ld. Senior Standing Counsel vehemently argued that the assessee cannot claim exemption under section 10(38) of the Act on the profits from sale/investments as the allowance of exemption in the case of other public sector undertakings engaged in the business of insurance, other than life insurance

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

capital gains arising therefrom are exempt under\nspecific provisions of section 10(38) of the Act. The Tribunal further\nplacing reliance on the decision of Hon'ble High Court of Bombay in the\ncase of New India assurance company Limited reported in 254 taxman\n238 [Bombay] and letter dated 21.02.2006 issued by the CBDT to IRDA,\nfurther, taking into account

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

capital gains arising therefrom are exempt under\nspecific provisions of section 10(38) of the Act. The Tribunal further\nplacing reliance on the decision of Hon'ble High Court of Bombay in the\ncase of New India assurance company Limited reported in 254 taxman\n238 [Bombay] and letter dated 21.02.2006 issued by the CBDT to IRDA,\nfurther, taking into account

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

capital gains arising therefrom are exempt under\nspecific provisions of section 10(38) of the Act. The Tribunal further\nplacing reliance on the decision of Hon'ble High Court of Bombay in the\ncase of New India assurance company Limited reported in 254 taxman\n238 [Bombay] and letter dated 21.02.2006 issued by the CBDT to IRDA,\nfurther, taking into account

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

capital gains arising therefrom are exempt under\nspecific provisions of section 10(38) of the Act. The Tribunal further\nplacing reliance on the decision of Hon'ble High Court of Bombay in the\ncase of New India assurance company Limited reported in 254 taxman\n238 [Bombay] and letter dated 21.02.2006 issued by the CBDT to IRDA,\nfurther, taking into account

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

20,533) = Rs.1,69,95,867/- iii. TOTAL LONG TERM CAPITAL GAIN: Rs.2,43,68,627/- 3.8 Against the above working, the assessee has computed the long term capital gain/ loss by adopting the guideline value of the properties received by the assessee in exchange as the cost of acquisition. This is against the provisions of the Income

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

TAMIL NADU BRICK INDUSTRIES,CHENNAI vs. ITO, CHENNAI

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.744/Chny/2017 "नधा"रण वष"/Assessment Year:2013-14 M/S. Tamilnadu Brick Industries, The Income Tax Officer, No. 47, Mangali Nagar 1St Street, Vs. Non Corporate Circle 8(1), Arumbakkam, Chennai 600 106. Chennai. [Pan: Aafft3643P] (अपीलाथ" /Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से / Appellant By : Shri S. Sridhar, Advocate ""यथ" क" ओर से/Respondent By : Shri Vijay Kumar Punna, Jr. Standing Counsel सुनवाई क" तार"ख/ Date Of Hearing : 13.02.2018 घोषणा क" तार"ख /Date Of Pronouncement : 11.05.2018 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 9, Chennai, Dated 27.02.2017 Relevant To The Assessment Year 2013-14. The Assessee Has Raised The Following Grounds: “1. The Order Of The Commissioner Of Income Tax (Appeals) 9, Chennai Dated 27.02.2017 In I.T.A.No.07/Cit(A)-9/2016-17 For The Above Mentioned Assessment Year Is Contrary To Law, Facts & In The Circumstances Of The Case.

20. That the order of the learned CIT(A) affirming the order of the Assessing Officer with a detailed reasoning being consistent with the legislative mandate as required u/s.2(47)(v) and judicial precedents discussed 45 I.T.A. No.744/Chny/17 hereunder, the transaction in question is in nature of transfer u/s.2(47)(v) for the purpose of computing capital gains u/s.50C

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

20 :: expression "sum chargeable under the provisions of the Act." We need to give weightage to those words. Further, section 195 uses the word 'payer' and not the word "assessee". The payer is not an assessee. The payer becomes an assessee-in-default only when he fails to fulfil the statutory obligation under section 195(1). If the payment does

GOKULAKRISHNA,CHENNAI vs. DEPUTY COMMISSIONER OF INCOME TAX, NON CORPORATE CIRCLE 8(1), CHENNAI

In the result, the appeal filed by the assessee is allowed and the stay\napplication is dismissed

10,06,350/-. Subsequently, the\nreturn of income was revised on 15.03.2019 declaring the total income at\n₹.9,98,850/-. On the basis of information collected during the course of\nassessment proceedings in the case of CRCL, where the assessee is a\npartner, the Assessing Office reopened the assessment for AY 2017-18\nunder section

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

20% on the entire share of sale consideration of Rs.41,27,211/- as ‘long term capital gain’. Therefore, the revisional order of the Ld.PCIT is bad in law and it tantamount to change of opinion and hence prayed for quashing the same on legal ground. 8. Further, the Ld.Counsel stated that, based on the facts of the present case

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

20 :: (8) The Developer may allot land in the processing area on lease basis to a person desiring to create infrastructure facilities for use by the prospective Units. (9) The Developer shall not sell the land in a Special Economic Zone. (10) No vacant land in the non-processing area shall be leased for business and social purposes such

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

10. I have considered the submissions and also carefully perused the materials on record. 11. At the outset, it is seen that the following material information was with the AO: (a) Sworn Statement of Beni Prasad Lahoti that he had provided accommodation entries through various shell companies managed and controlled by him. The list of such companies included the names

SHRI VINOD BANSAL,CHENNAI vs. ACI-CENT. CIRCLE-3(2), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T. Varkery, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 445/Chny/2022 िनधा"रण वष" / Assessment Year: 2012-13

10. At the outset, it is seen that the following material information was with the AO: (a) Sworn Statement of Beni Prasad Lahoti that he had provided accommodation entries through various shell companies managed and controlled by him. The list of such companies included the names of Bakra Prathisthan Ltd and M/s. Dhanlab Merchandise Ltd. :-6-: ITA. No:445/Chny/2022

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

10. At the outset, it is seen that the following material information was with the AO: (a) Sworn Statement of Beni Prasad Lahoti that he had provided accommodation entries through various shell companies managed and controlled by him. The list of such companies included the names of Bakra Prathisthan Ltd and M/s. Dhanlab Merchandise Ltd. :-6-: ITA. No:422/Chny/2022

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

10. At the outset, it is seen that the following material information was with the AO: (a) Sworn Statement of Beni Prasad Lahoti that he had provided accommodation entries through various shell companies managed and controlled by him. The list of such companies included the names of Bakra Prathisthan Ltd and M/s. Dhanlab Merchandise Ltd. :-6-: ITA. No:421/Chny/2022

PANKAJ AGARWAL,CHENNAI vs. PCIT , CHENAI

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.: 434/Chny/2022 िनधा"रण वष" / Assessment Year: 2012-13

10. At the outset, it is seen that the following material information was with the AO: (a) Sworn Statement of Beni Prasad Lahoti that he had provided accommodation entries through various shell companies managed and controlled by him. The list of such companies included the names of Bakra Prathisthan Ltd and M/s. Dhanlab Merchandise Ltd. :-6-: ITA. No:434/Chny/2022