IL&FS TAMILNADU POWER COMPANY LTD,CHENNAI vs. DCIT CORP CIRCLE 1(1), CHENNAI

In the result, the appeal of the revenue is partly allowed for statistical purposes

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri Amitabh Shuklaआयकर अपील सं./Ita No.1332/Chny/2024, Assessment Years: 2018-19 आयकर अपील सं./Ita No.1694/Chny/2024, Assessment Years: 2018-19 Il & Fs Tamil Nadu Power Company Deputy Commissioner Of Income Limited, Tax, Old No.21, New No.2, Kpr Tower, Corporate Circle-1(1), 4Th Floor, Greams Road, Chennai S.O, Nungambakkam Chennai-600 006. [Pan: Aabcf1176A] आयकर अपील सं./Ita No.1694/Chny/2024, Assessment Years: 2018-19 Deputy Commissioner Of Income Il & Fs Tamil Nadu Power Company Tax, Limited, Corporate Circle-1(1), Old No.21, New No.2, Kpr Tower, Chennai 4Th Floor, Greams Road, S.O, Nungambakkam Chennai-600 006. [Pan: Aabcf1176A] (प्रत्यर्थी/Respondent) (अपीलार्थी/Appellant) अपीलार्थी की ओर से/ Assessee By : Shri.Ashwin, Ca प्रत्यर्थी की ओर से /Revenue By : Shri Shivanand K Kalakeri, Cit सुनवाई की तारीख/Date Of Hearing : 26.03.2025 घोषणा की तारीख /Date Of Pronouncement : 25.04.2025 आदेश / O R D E R Per Amitabh Shukla, A.M :

145. Page - 15 - of 33 ITA No.1332 & 1694 /Chny/2025 (2) For the purposes of sub-section (1), gain or loss arising on account of the effects of change in foreign exchange rates shall be in respect of all foreign currency transactions, including those relating to— (i) monetary items and non-monetary items; (ii) translation of financial statements of foreign operations

ASSISTANT COMMISSIONER OF INCOME TAX CORPORATE CIRCLE 1 1, CHENNAI vs. IL AND FS TAMILNADU POWER COMPANY LIMITED, CHENNAI

In the result, the appeal of the revenue is partly allowed for\nstatistical purposes

capital asset under this section shall, in respect of so much of the sum\nspecified in the contract as is available for discharging the liability aforesaid, be\ncomputed with reference to the rate of exchange specified therein.]\n7. 5. 2. Whereas Sec.43AA talks about all other situations of foreign exchange\nfluctuation and its taxation. This section was inserted

AADARSH SURANA, CHENNAI,CHENNAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(1), CHENNAI, CHENNAI

3) of the Act on\n29.12.2019 determining the total income at Rs.122,11,04,812/- after making the\nfollowing additions: -\ni. Unexplained cash credit u/s.68 of the Act on account of increase in capital\namounting to Rs.115,26,13,606/-;\nii. Unexplained investment u/s.69 of Rs.4,30,62,000/-;\niii. Disallowance u/s.14A of Rs.25,152/-.\n15. Aggrieved by the assessment

NATESAN KRISHNAMURTHY ,CHENNAI vs. ITO NON CORPORATE WARD 9(2) , CHENNAI

In the result, the appeal of the assessee stands dismissed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George] आयकर अपील सं./I.T.A. No. 1672/Chny/2017 "नधा"रण वष" /Assessment Year : 2013-2014. Natesan Krishnamurthy, Vs. The Income Tax Officer, 24/60, Mookathal Street, Non Corporate Ward 9(2) Purasawalkam, Chennai 600 034. Chennai 600 007. [Pan Ancpk 2634B] (अपीलाथ"/Appellant) (""यथ"/Respondent)

capital in the business was only "22,67,797/-. Thereupon assessee submitted that a group of persons who wanted to participate in the auctions held by M/s. Manappuram Finance Ltd formed a syndicate. As per the assessee, he was participating in the auction for such syndicate. Contention of the assessee was that if the bid made by him was successful

M/S. V.V.V. & SONS EDIBLE OILS LTD.,,VIRUDHUNAGAR vs. DCIT, CENTRAL-1,, MADURAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

gains tax. 7. Per Contra, ld.CIT-DR stating that the brand value was created in the books of accounts of the partnership firm as on 30.04.2008 and this firm was converted into a Public Ltd. Co. i.e. the assessee company. He stated that the so called brand value was never existed in the books of the partnership firm V.V.Vanniaperumal & Sons

M/S. V.V.V. & SONS EDIBLE OILS LTD.,,VIRUDHUNAGAR vs. DCIT, CENTRAL-1,, MADURAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

gains tax. 7. Per Contra, ld.CIT-DR stating that the brand value was created in the books of accounts of the partnership firm as on 30.04.2008 and this firm was converted into a Public Ltd. Co. i.e. the assessee company. He stated that the so called brand value was never existed in the books of the partnership firm V.V.Vanniaperumal & Sons

M/S. V.V.V. & SONS EDIBLE OILS LTD.,,VIRUDHUNAGAR vs. DCIT, CENTRAL-1,, MADURAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

gains tax. 7. Per Contra, ld.CIT-DR stating that the brand value was created in the books of accounts of the partnership firm as on 30.04.2008 and this firm was converted into a Public Ltd. Co. i.e. the assessee company. He stated that the so called brand value was never existed in the books of the partnership firm V.V.Vanniaperumal & Sons

M/S. V.V.V. & SONS EDIBLE OILS LTD.,,VIRUDHUNAGAR vs. DCIT, CENTRAL-1,, MADURAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

gains tax. 7. Per Contra, ld.CIT-DR stating that the brand value was created in the books of accounts of the partnership firm as on 30.04.2008 and this firm was converted into a Public Ltd. Co. i.e. the assessee company. He stated that the so called brand value was never existed in the books of the partnership firm V.V.Vanniaperumal & Sons

M/S. V.V.V. & SONS EDIBLE OILS LTD.,,VIRUDHUNAGAR vs. DCIT, CENTRAL-1,, MADURAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

gains tax. 7. Per Contra, ld.CIT-DR stating that the brand value was created in the books of accounts of the partnership firm as on 30.04.2008 and this firm was converted into a Public Ltd. Co. i.e. the assessee company. He stated that the so called brand value was never existed in the books of the partnership firm V.V.Vanniaperumal & Sons

M/S. V.V.V. & SONS EDIBLE OILS LTD.,,VIRUDHUNAGAR vs. DCIT, CENTRAL-1,, MADURAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

gains tax. 7. Per Contra, ld.CIT-DR stating that the brand value was created in the books of accounts of the partnership firm as on 30.04.2008 and this firm was converted into a Public Ltd. Co. i.e. the assessee company. He stated that the so called brand value was never existed in the books of the partnership firm V.V.Vanniaperumal & Sons

M/S. V.V.VANNIAPERUMAL & SONS,VIRUDHUNAGAR vs. PCIT-2, CHENNAI, CHENNAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

gains tax. 7. Per Contra, ld.CIT-DR stating that the brand value was created in the books of accounts of the partnership firm as on 30.04.2008 and this firm was converted into a Public Ltd. Co. i.e. the assessee company. He stated that the so called brand value was never existed in the books of the partnership firm V.V.Vanniaperumal & Sons

M/S. V.V.V. & SONS EDIBLE OILS LTD.,,VIRUDHUNAGAR vs. DCIT, CENTRAL-1,, MADURAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

gains tax. 7. Per Contra, ld.CIT-DR stating that the brand value was created in the books of accounts of the partnership firm as on 30.04.2008 and this firm was converted into a Public Ltd. Co. i.e. the assessee company. He stated that the so called brand value was never existed in the books of the partnership firm V.V.Vanniaperumal & Sons

S.ARJUN,CHENNAI vs. ACIT NON CORPORATE WARD 20(1), CHENNAI

In the result, the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy]

capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head ' Profits and gains of business or profession' . Explanation.—For the removal of doubts, it is hereby declared that any expenditure incurred by an assessee

ACIT CORPORATE CIRCLE 4(1), CHENNAI vs. MANGAL TIRTH ESTATE LTD., CHENNAI

In the result, appeal filed by the revenue is dismissed

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./Ita No.: 1965/Chny/2018 िनधा"रण वष" / Assessment Year: 2014-15 Assistant Commissioner Of M/S. Mangal Tirth Estate Ltd., Income-Tax, V. No. 769, Spencer Plaza, Corporate Circle-4(1), Anna Salai, Chennai – 600 002. Chennai. [Pan: Aaacm-4614-R] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. P. Sajit Kumar, Jcit ""यथ" क" ओर से/Respondent By : Shri. N.V. Balaji, Advocate सुनवाई क" तारीख/Date Of Hearing : 29.11.2022 घोषणा क" तारीख/Date Of Pronouncement : 31.01.2023

section 50C of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) and adopted deemed consideration for computation of long term capital gains. The relevant findings of the AO are as under: From the above noting the following points emerged : 1. As on 31.03.1999, Out of 1,50,000 sq.ft. the assessee company had handed over

SOCKALINGAM (HUF),MADURAI vs. ACIT, CIRRCLE - 1, MADURAI

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.: 1849/Chny/2024 िनधा"रणवष" / Assessment Year: 2013-14 Assistant Commissioner Of Sockalingam (Huf), V. Income Tax, Plot No.423, Kk Nagar East, Circle -1, 9Th Street, Madurai – 625 020. Madurai. [Pan: Aaxhs-5962-C] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Shri. T. Vasudevan, Advocate ""यथ"क"ओरसे/Respondent By : Ms. R. Anita, Addl. Cit सुनवाई क" तारीख/Date Of Hearing : 06.02.2025 घोषणा क" तारीख/Date Of Pronouncement : 11.02.2025 आदेश /O R D E R

145/- to the Long Term Capital Gains returned by assessee. 8. The CIT(A) NFAC failed to appreciate that sec. 50C value of the demised property was well within the tolerance limit of 10% as per the amended provisions of sec.50C and hence did not call for any adjustment to the returned value for capital gains purposes

DCIT, CHENNAI vs. ACCEL LIMITED, CHENNAI

In the result, the appeal of the assessee is allowed for 38

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

145, 146 & 147/Mds/2015 "नधा"रण वष" /Assessment year : 2002-03, 2005-06, 2007-08 & 2008-09 M The Deputy Commissioner of Vs. M/s. Accel Limited, Income Tax III floor, Accel House, Company Circle 1(1) 75, Nelson Manickam Road, Chennai. Aminjikarai, Chennai 600 029. [PAN AAACA 3042P ] (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee by : Shri. S.T. Prabhu, Director Department by : Shri

ACCEL LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal of the assessee is allowed for 38

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

145, 146 & 147/Mds/2015 "नधा"रण वष" /Assessment year : 2002-03, 2005-06, 2007-08 & 2008-09 M The Deputy Commissioner of Vs. M/s. Accel Limited, Income Tax III floor, Accel House, Company Circle 1(1) 75, Nelson Manickam Road, Chennai. Aminjikarai, Chennai 600 029. [PAN AAACA 3042P ] (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee by : Shri. S.T. Prabhu, Director Department by : Shri

ACCEL LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal of the assessee is allowed for 38

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

145, 146 & 147/Mds/2015 "नधा"रण वष" /Assessment year : 2002-03, 2005-06, 2007-08 & 2008-09 M The Deputy Commissioner of Vs. M/s. Accel Limited, Income Tax III floor, Accel House, Company Circle 1(1) 75, Nelson Manickam Road, Chennai. Aminjikarai, Chennai 600 029. [PAN AAACA 3042P ] (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee by : Shri. S.T. Prabhu, Director Department by : Shri