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.

23 I.T.A. No.744/Chny/17 profits or gains arising from the transfer by way of conversion by the owner of capital asset into stock in trade of business carried on by it. In such circumstances, the incidence of sale occurs only when such stock in trade is sold or otherwise transferred. For the purposes of Section 45, the fair market value

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

10. ….In our view, section 195(2) is based on the "principle of proportionality". The said sub-section gets attracted only in cases where the payment made is a composite payment in which a certain proportion of payment has an element of "income" chargeable to tax in India. It is in this context that the Supreme Court stated

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

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

gains are to be derived from the business of developing SEZ. The Ld. AR for the assessee invited our attention to the letter of approval issued by Ministry of Commerce and Industry dated 25.04.2008, copy of which was placed at Pages 106-109 of the paper- book and contended that the assessee was a ‘co-developer’ and therefore it qualified

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

section 153A r.w.s 153C of the Income Tax Act was re-opened under the same pretext under which the assessment order is subjected to revision and that the learned AO after duly examining the documentary evidence filed by the assessed has considered the transaction in shares as genuine in nature. 6. The learned Principal Commissioner Of Income tax ought

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

CHANDRA BHAVANI SANKAR,CHENNAI vs. ITO, NON CORP WARD 16(2), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T. Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.101/Chny/2024 िनधा"रण वष"/Assessment Year: 2012-13 V. Shri Chandra Bhavani Sankar, The Ito, 1/3A, Vinayakar Koil Street, Ncw-16(2), Thalambur, Chennai. Chennai-600 130. [Pan: Aeypb 1764 J] (अपीलाथ"/Appellant) (""यथ"/Respondent)

23. At the cost of repetition, it it reiterated that exemption of capital gain from being charged to income tax as income of the previous year is attracted when another residential house has been purchased within a period of one year before or two years after the date of transfer or has been constructed within a period of three years

M.B.VENKATESH,CHENNAI vs. ITO COMPANY WARD II(1), CHENNAI

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

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./Ita No.668/Chny/2018 "नधा"रण वष" /Assessment Year : 2010-11

23. At the cost of repetition, it it reiterated that exemption of capital gain from being charged to income tax 8 I.T.A. No.668/Chny/18 as income of the previous year is attracted when another residential house has been purchased within a period of one year before or two years after the date of transfer or has been constructed within a period

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

10 to page 15 of the appellate order / impugned order. 18. With regard to the third addition of unexplained investment / expenditure, the same was also deleted by the Ld.CIT(Appeals) in view of the same being :-9-: IT(SS)A Nos. 153 & 162/Chny/2003 & ITA. Nos:744 & 2197/Chny/2005 assessed to tax under regular assessment proceedings vide para No.8.0 of the appellate

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

10 to page 15 of the appellate order / impugned order. 18. With regard to the third addition of unexplained investment / expenditure, the same was also deleted by the Ld.CIT(Appeals) in view of the same being :-9-: IT(SS)A Nos. 153 & 162/Chny/2003 & ITA. Nos:744 & 2197/Chny/2005 assessed to tax under regular assessment proceedings vide para No.8.0 of the appellate

MAHINDRA RESIDENTIAL DEVELOPERS LTD.,CHENGALPUT vs. ITO, CHENNAI

gains are to be derived from the business of\ndeveloping SEZ. The Ld. AR for the assessee invited our attention to the\nletter of approval issued by Ministry of Commerce and Industry dated\n25.04.2008, copy of which was placed at Pages 106-109 of the paper-\nbook and contended that the assessee was a 'co-developer' and therefore\nit qualified

LATE S. YOGARATHINAM, REP. BY L/H Y. SHANMUGA DURAI,CHENNAI vs. ACIT, CIRCLE-1(2), CHENNAI

In the result the appeal of the assessee is allowed

Bench: Shri George George Kand Shri S.R. Raghunathaआयकर अपील सं./Ita No.:626/Chny/2024 िनधा"रण वष"/Assessment Year:2010-11 Shri Y. Shanmuga Durai, L/H Of Acit Late S.Yogarathinam Vs. Circle -1(2) Old No.24, No.14, Chennai. 17/24, Ramanathan Street, T.Nagar, Chennai-600 017. Pan: Aakpy-9845-P (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Mr. N. Arjun Raj, Advocate ""यथ"क"ओरसे/Respondent By : Mr. Ar.V. Sreenivasan, Cit सुनवाई क" तारीख/Date Of Hearing : 06.03.2025 घोषणा क" तारीख/Date Of Pronouncement : 17.03.2025

10. The CIT (Appeals) -18, Chennai failed to appreciate that having not scrupulously followed the directions of the Madras High Court in TCA No. 234 of 2018 dated 08.07.2020 with regard to question of chargeability of capital gains on the account of transfer of properties between the two, if any, the consequential order passed by them should be reckoned

NATESAN EKAMBARAM,CHENNAI vs. DCIT CENTRAL CIRCLE 1(2), CHENNAI

In the result, the ground of appeal raised by the assessee on this issue stands allowed

Bench: Shri Ss Viswanethra Ravi & Shri S.R. Raghunathaआयकरअपीलसं./Ita No.:2873/Chny/2024 धनिाारणिर्ा / Assessment Year: 2014-15 Natesan Ekambaram, Dcit, 1/115, Bajanai Kovil Vs. Central Circle -1(2), Street, Chennai. Perumbakkam, Medavakkam Post, Chennai – 601 302 [Pan:Ackpe-6757-C] (प्रत्यथी/Respondent) (अपीलाथी/Appellant) अपीलाथीकीओरसे/Appellant By : Mr.K.Vishwa Padmanabhan, Ca. प्रत्यथीकीओरसे/Respondent By : Mr.C.Sivakumar , Addl.Cit.

10 lakhs, the land in question falls squarely within the ambit of Section 2(14)(iii) of the Act as “urban agricultural land” and, therefore, constitutes a capital asset exigible to capital gains tax. 21. We have heard the rival contentions, perused the orders of the lower authorities, and examined the written submission and paper book placed on record

M.KIRAN KUMAR,CHENNAI vs. ACIT CENTRAL CIRCLE-1(4), CHENNAI

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

Bench: Shri V. Durga Rao & Shri G. Manjunatha

section 2(22)(e) of the Act. The assessee had also challenged additions made towards long term capital gain derived from sale of shares on the ground that although the AO has alleged that the assessee is beneficiary of bogus long term capital gain derived from sale of penny stocks, but failed to link the transactions of the assessee with

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\n& 2014-15 stands dismissed

gains are to be derived from the business of\ndeveloping SEZ. The Ld. AR for the assessee invited our attention to the\nletter of approval issued by Ministry of Commerce and Industry dated\n25.04.2008, copy of which was placed at Pages 106-109 of the paper-\nbook and contended that the assessee was a 'co-developer' and therefore\nit qualified

DCIT, CHENNAI vs. GOPAL SRINIVASAN, CHENNAI

In the result, appeal of the assessee is partly allowed for 16

Bench: Shri Abraham P.George & Shri George Mathan

gains of "1,36,16,621/-, on which assessee had claimed exemption, arose from its investments in a Venture Capital Fund called ICICI Emerging Sector Fund. Sec. 115U of the Act which deals with income accruing or arising or received by a person out of investments made in a Venture Capital Fund is reproduced hereunder:- Section 115U:- ‘’1) Notwithstanding anything

GOPAL SRINIVASAN,CHENNAI vs. DCIT, CHENNAI

In the result, appeal of the assessee is partly allowed for 16

Bench: Shri Abraham P.George & Shri George Mathan

gains of "1,36,16,621/-, on which assessee had claimed exemption, arose from its investments in a Venture Capital Fund called ICICI Emerging Sector Fund. Sec. 115U of the Act which deals with income accruing or arising or received by a person out of investments made in a Venture Capital Fund is reproduced hereunder:- Section 115U:- ‘’1) Notwithstanding anything