PATCHIRAJAN LAKSHMANAN,MADURAI vs. PCIT, MADURAI

In the result, appeal of the assessee is allowed

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 597/Chny/2020 िनधा"रणवष" / Assessment Year: 2015-16 The Principal Commissioner Of Patchirajan Lakshmanan, V. Income Tax, No. 102F,/16Z/3, Maduari -1, Dhanasekaran Nagar, Madurai – 625 002. Polepettai (West) – 628 002. [Pan:Aazpl-1396-H] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Shri. S. Sridhar, Advocate ""यथ"क"ओरसे/Respondent By : Shri. V. Nandakumar, Cit सुनवाई क" तारीख/Date Of Hearing : 01.05.2024 घोषणा क" तारीख/Date Of Pronouncement : 28.06.2024 आदेश /O R D E R

Section 263 of the Act and ought to have appreciated that the judicial trend in this regard would vitiate the related findings in the impugned order. 10. The CIT (Appeals) failed to appreciate that there was no proper opportunity given before passing of the impugned order and any order passed in violation of the principles of natural justice would

ACIT, CHENNAI vs. M/S. TVS MOTOR COMPANY LIMITED, CHENNAI

In the result, appeal of the revenue is dismissed

Bench: S/Shri Shri Chandra Mohan Garg, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2008-09 The The Asst. Asst. Commissioner Commissioner Of Of Vs. M/S. Tvs Motor Company Ltd., M/S. Tvs Motor Company Ltd., Income Tax, Company Circle Income Tax, Company Circle- Jayalakshmi Estates, 29 (Old Jayalakshmi Estates, 29 (Old Iii(2), New Block, 4Th Floor, 121, Iii(2), New Block, 4 No.8), Haddows Road, Chennai No.8), Haddows Road, Chennai Mahatma Mahatma Gandhi Gandhi Road, Road, Nungambakkam, Chennai Nungambakkam, Chennai Pan/Gir No.Aaacs 7032 B Aaacs 7032 B (Appellant) (Appellant .. ( Respondent Respondent) Assessee By : Shri Vikram Vijayaraghavan, Vikram Vijayaraghavan, Ar Revenue By : Dr. S.Palanikumar, Cit ( Cit (Dr) Date Of Hearing : 24 /2/ 2022 2 Date Of Pronouncement : 13/4/20 /2022 O R D E R Per C.M.Garg, Jm , Jm

capital gains, would be entitled to be set off against income from any other sources under the same head. The claim to set off the loss cannot be deferred to subsequent years as held by the Hon'ble Gujarat High Court in the case of CIT v. Milling Trading Co. P. Ltd., 211ITR 690 (Gut.). Hence, the appellant has rightly

DCIT, CHENNAI vs. M/S. TURBO ENERGEY LIMITED, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

gains of the business required to be computed as per provisions of Sec.28 to 43 inclusive of 10B units and allow the deduction u/s.10B from the business income itself. There is no provision in the IT Act not to allow the set off of losses of 10B eligible units from the total income of the assessee and carry forward

DCIT, CHENNAI vs. M/S. TURBO ENERGEY LIMITED, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

gains of the business required to be computed as per provisions of Sec.28 to 43 inclusive of 10B units and allow the deduction u/s.10B from the business income itself. There is no provision in the IT Act not to allow the set off of losses of 10B eligible units from the total income of the assessee and carry forward

TURBO ENERGY LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

gains of the business required to be computed as per provisions of Sec.28 to 43 inclusive of 10B units and allow the deduction u/s.10B from the business income itself. There is no provision in the IT Act not to allow the set off of losses of 10B eligible units from the total income of the assessee and carry forward

DCIT, CHENNAI vs. M/S. TURBO ENERGEY LIMITED, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

gains of the business required to be computed as per provisions of Sec.28 to 43 inclusive of 10B units and allow the deduction u/s.10B from the business income itself. There is no provision in the IT Act not to allow the set off of losses of 10B eligible units from the total income of the assessee and carry forward

TURBO ENERGY LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

gains of the business required to be computed as per provisions of Sec.28 to 43 inclusive of 10B units and allow the deduction u/s.10B from the business income itself. There is no provision in the IT Act not to allow the set off of losses of 10B eligible units from the total income of the assessee and carry forward

DCIT, CHENNAI vs. TURBO ENERGY LIMITED, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

gains of the business required to be computed as per provisions of Sec.28 to 43 inclusive of 10B units and allow the deduction u/s.10B from the business income itself. There is no provision in the IT Act not to allow the set off of losses of 10B eligible units from the total income of the assessee and carry forward

TURBO ENERGY LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

gains of the business required to be computed as per provisions of Sec.28 to 43 inclusive of 10B units and allow the deduction u/s.10B from the business income itself. There is no provision in the IT Act not to allow the set off of losses of 10B eligible units from the total income of the assessee and carry forward

POLYHOSE INDIA RUBBER PVT. LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, appeals of the assessee in ITA No

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकरअपीलसं./I.T.A.Nos.3387, 3388 & 3389/Mds/2016 ("नधा"रणवष" / Assessment Years: 2008-2009, 2009-10 & 2011-12) M/S. Polyhose India (Rubber) Pvt. Vs The Asst. Commissioner Of Ltd., Income Tax, C/O. B. Sivaraman & Associates, Ca Corporate Circle-V(2), 10, E Block, Karthik Apartments, Chennai – 34. 46, Vijayaragava Road, Chennai – 600 017. Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.No.17/Mds/2017 ("नधा"रणवष" / Assessment Year: 2009-2010) Vs M/S. Polyhose India (Rubber) Pvt. The Deputy Commissioner Of Income Tax, Ltd., F-37 To F-42, Corporate Circle-5(2), Sipcot Industrial Park, Chennai – 34. Irungattukottai, Kanchipuram - 602105 Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) : Smt. S. Vijayaprabha, Jcit "नधा"रती क" ओर से /Assessee By : Shri S. Sridhar, Advocate राज"व क" ओर से /Revenue By : 26.09.2017 सुनवाईक"तार"ख/Date Of Hearing : 22.11.2017 घोषणाक"तार"ख /Date Of Pronouncement

gains. At that stage the aggregate of the incomes under other heads and the provisions for set off and carry forward contained in Sections 70, 72 and 74 of the Act would be premature for application. The & ITA No.17/Mds/2017 deductions under Section 10A therefore would be prior to the commencement of the exercise to be undertaken under Chapter

POLYHOSE INDIA RUBBER PVT. LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, appeals of the assessee in ITA No

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकरअपीलसं./I.T.A.Nos.3387, 3388 & 3389/Mds/2016 ("नधा"रणवष" / Assessment Years: 2008-2009, 2009-10 & 2011-12) M/S. Polyhose India (Rubber) Pvt. Vs The Asst. Commissioner Of Ltd., Income Tax, C/O. B. Sivaraman & Associates, Ca Corporate Circle-V(2), 10, E Block, Karthik Apartments, Chennai – 34. 46, Vijayaragava Road, Chennai – 600 017. Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.No.17/Mds/2017 ("नधा"रणवष" / Assessment Year: 2009-2010) Vs M/S. Polyhose India (Rubber) Pvt. The Deputy Commissioner Of Income Tax, Ltd., F-37 To F-42, Corporate Circle-5(2), Sipcot Industrial Park, Chennai – 34. Irungattukottai, Kanchipuram - 602105 Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) : Smt. S. Vijayaprabha, Jcit "नधा"रती क" ओर से /Assessee By : Shri S. Sridhar, Advocate राज"व क" ओर से /Revenue By : 26.09.2017 सुनवाईक"तार"ख/Date Of Hearing : 22.11.2017 घोषणाक"तार"ख /Date Of Pronouncement

gains. At that stage the aggregate of the incomes under other heads and the provisions for set off and carry forward contained in Sections 70, 72 and 74 of the Act would be premature for application. The & ITA No.17/Mds/2017 deductions under Section 10A therefore would be prior to the commencement of the exercise to be undertaken under Chapter

POLYHOSE INDIA RUBBER PVT. LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, appeals of the assessee in ITA No

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकरअपीलसं./I.T.A.Nos.3387, 3388 & 3389/Mds/2016 ("नधा"रणवष" / Assessment Years: 2008-2009, 2009-10 & 2011-12) M/S. Polyhose India (Rubber) Pvt. Vs The Asst. Commissioner Of Ltd., Income Tax, C/O. B. Sivaraman & Associates, Ca Corporate Circle-V(2), 10, E Block, Karthik Apartments, Chennai – 34. 46, Vijayaragava Road, Chennai – 600 017. Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.No.17/Mds/2017 ("नधा"रणवष" / Assessment Year: 2009-2010) Vs M/S. Polyhose India (Rubber) Pvt. The Deputy Commissioner Of Income Tax, Ltd., F-37 To F-42, Corporate Circle-5(2), Sipcot Industrial Park, Chennai – 34. Irungattukottai, Kanchipuram - 602105 Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) : Smt. S. Vijayaprabha, Jcit "नधा"रती क" ओर से /Assessee By : Shri S. Sridhar, Advocate राज"व क" ओर से /Revenue By : 26.09.2017 सुनवाईक"तार"ख/Date Of Hearing : 22.11.2017 घोषणाक"तार"ख /Date Of Pronouncement

gains. At that stage the aggregate of the incomes under other heads and the provisions for set off and carry forward contained in Sections 70, 72 and 74 of the Act would be premature for application. The & ITA No.17/Mds/2017 deductions under Section 10A therefore would be prior to the commencement of the exercise to be undertaken under Chapter

DCIT, CHENNAI vs. POLYHOSE INDIA (RUBBER) PVT. LTD., KANCHEEPURAM

In the result, appeals of the assessee in ITA No

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकरअपीलसं./I.T.A.Nos.3387, 3388 & 3389/Mds/2016 ("नधा"रणवष" / Assessment Years: 2008-2009, 2009-10 & 2011-12) M/S. Polyhose India (Rubber) Pvt. Vs The Asst. Commissioner Of Ltd., Income Tax, C/O. B. Sivaraman & Associates, Ca Corporate Circle-V(2), 10, E Block, Karthik Apartments, Chennai – 34. 46, Vijayaragava Road, Chennai – 600 017. Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.No.17/Mds/2017 ("नधा"रणवष" / Assessment Year: 2009-2010) Vs M/S. Polyhose India (Rubber) Pvt. The Deputy Commissioner Of Income Tax, Ltd., F-37 To F-42, Corporate Circle-5(2), Sipcot Industrial Park, Chennai – 34. Irungattukottai, Kanchipuram - 602105 Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) : Smt. S. Vijayaprabha, Jcit "नधा"रती क" ओर से /Assessee By : Shri S. Sridhar, Advocate राज"व क" ओर से /Revenue By : 26.09.2017 सुनवाईक"तार"ख/Date Of Hearing : 22.11.2017 घोषणाक"तार"ख /Date Of Pronouncement

gains. At that stage the aggregate of the incomes under other heads and the provisions for set off and carry forward contained in Sections 70, 72 and 74 of the Act would be premature for application. The & ITA No.17/Mds/2017 deductions under Section 10A therefore would be prior to the commencement of the exercise to be undertaken under Chapter

VISUAL GRAPHICS COMPUTING SERVICES INDIA (P) LTD,CHENNAI vs. ACIT CO CLE III (4), CHENNAI

In the result, the appeal of the assessee is partly allowed for 28

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George] आयकर अपील सं./I.T.A. No.2340/Mds/2012 "नधा"रण वष" /Assessment Year : 2008-2009

gains as are derived by a 100 per cent. export oriented undertaking from the export of articles or things or computer software for ten consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce. Consequently, it is evident that the basis on which the assessment has sought

RENAULT INDIA PRIVATE LIMITED,SRIPERAMBUDUR vs. DCIT, CHENNAI

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.361/Mds/2014 "नधा"रण वष" / Assessment Year : 2009-10 M/S Renault India Pvt. Ltd., The Deputy Commissioner Of No.37 & 38, Fourth Floor, V. Income Tax, Asv Ramana Towers, Company Circle V(3), Venkatanarayana Road, Chennai - 600 034. T.Nagar, Chennai - 600 017. Pan : Aadcr 2042 M (अपीलाथ"/Appellant) (""यथ"/Respondent)

gain arising out of the foreign exchange fluctuation on account of cancellation of forward contract as capital receipt. 8 I.T.A. No.361/Mds/14 9. The next ground of appeal is with regard to failure of the Assessing Officer to give credit of advance tax to the extent of `54,61,897/-. 10. Shri Sriram Seshadri, the Ld. representative for the assessee, submitted

TITAN COMPANY LIMITED,HOSUR vs. ASSISTANT COMMISSIONER OF INCOME TAX - LTU 2 (IC), CHENNAI

In the result the appeal raised by the assessee is partly allowed

Bench: Shri Ss Viswanethra Ravi & Shri Amitabh Shuklaआयकर अपील सं./Ita No.1742/Chny/2024 निर्धारण वर्ा /Assessment Years: 2011-12 Titan Company Limited, Assistant Commissioner Of No.3, Sipcot Industrial Complex, Income Tax, Hosur, Krishnagiri, Ltu-2, Tamil Nadu-635126 Chennai [Pan: Aaact5131A] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) : Shri Abhay Kumar, C.A अपीलार्थी की ओर से/ Assessee By : Ms.Komali Krishna, Cit प्रत्यर्थी की ओर से /Revenue By सुनवाई की तारीख/Date Of Hearing : 10.09.2024 घोषणा की तारीख /Date Of Pronouncement : 04.12.2024

10B etc. of the Act, the same shall be allowed in computing the total income of the assessee." On perusal of the said circular, it is noted that the said circular is in the context of Section 10A/10B of the Act. It does not discuss the implications of the deeming provisions laid down in the Section

FAIVELEY TRANSPORT TECHNOLOGIES INDIA PVT. LTD.,HOSUR vs. ACIT, CORPORATE CIRCLE-1(1), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: SHRI MANU KUMAR GIRI (Judicial Member), SHRI S.R. RAGHUNATHA (Accountant Member)

gains derived from business carried on at the Baddi unit. The Assessee's case was selected for complete scrutiny assessment under CASS wherein one of the issues which needed further clarification and detailed verification was the deduction claimed for industrial undertaking under section 80-IC of the Act. During the course of assessment proceedings, the Revenue vide notice dated

COMSTAR AUTOMOTIVE TECHNOLOGIES (P) LTD.,CHENNAI vs. DCIT, CHENNAI

Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 827, 828, 829 & 830/Chny/2017 "नधा"रण वष"/Assessment Years : 2005-06, 2005-06, 2007-08 & 2008-09

gains from foreign exchange fluctuations was directly related with export activities and therefore liable to be included in 'export turnover' and 'total turnover' and therefore liable for deduction u/s. 10B. Additional reliance was placed on the full bench decision of the Karnataka High Court in the case of CIT vs Hewlett Packard Global Soft Ltd. in ITA No. 812/2007 wherein