PADMINI RAJAN, L/R OF LATE (SHRI) NAREN RAJAN,COIMBATORE vs. DCIT CORPORATE CIRCLE 2, COIMBATORE

In the result, the appeal filed by the assessee for assessment year 2012-13 is partly allowed and appeal filed by the Revenue for assessment year 2012-13 is dismissed

Bench: Shri Mahavir Singh & Shri G. Manjunatha

d) The Karnataka High Court in the case of CCIT Vs Sarva Equity (P) Ltd — 225 Taxmann 172 at Para 17 held; “17. Section 2(22)(e) of the Act is designed to strike balance, i.e., advance or loan to a shareholder and that the word shareholder can mean only a registered shareholder. A beneficial owner of shares whose name

ACIT CORPORATE CIRCLE 2, COIMBATORE vs. LATE SHRI NAREN RAJAN, REP.BY L/H SMT. PADMINI V.R, COIMBATORE

In the result, the appeal filed by the assessee for assessment year 2012-13 is partly allowed and appeal filed by the Revenue for assessment year 2012-13 is dismissed

Bench: Shri Mahavir Singh & Shri G. Manjunatha

d) The Karnataka High Court in the case of CCIT Vs Sarva Equity (P) Ltd — 225 Taxmann 172 at Para 17 held; “17. Section 2(22)(e) of the Act is designed to strike balance, i.e., advance or loan to a shareholder and that the word shareholder can mean only a registered shareholder. A beneficial owner of shares whose name

NAREN RAJAN,COIMBATORE vs. ACIT, COIMBATORE

In the result, the appeal filed by the assessee for assessment year 2012-13 is partly allowed and appeal filed by the Revenue for assessment year 2012-13 is dismissed

Bench: Shri Mahavir Singh & Shri G. Manjunatha

d) The Karnataka High Court in the case of CCIT Vs Sarva Equity (P) Ltd — 225 Taxmann 172 at Para 17 held; “17. Section 2(22)(e) of the Act is designed to strike balance, i.e., advance or loan to a shareholder and that the word shareholder can mean only a registered shareholder. A beneficial owner of shares whose name

BHARATHAN ANAND,CHENNAI vs. ITO, CHENNAI

In the result, the appeal of the assessee is allowed

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singh

D E R PER D.S.SUNDER SINGH, ACCOUNTANT MEMBER This is an appeal filed by the assessee against an Order dated 21.06.2016 of Commissioner of Income Tax (Appeals)-16, Chennai, in ITA No.97/CIT(A)-16/2013-14 for AY 2013-14 on the following grounds of appeal: Grounds: 1. On the facts and in the circumstances of the case

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

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

22] As we deal with this aspect of the matter, it is necessary to take a quick look at Section 42 of the Act and consider whether it applies to the situation before us. It is so for the reason that taxability of the impugned receipts as profits and gains form business and profession has been upheld because these receipts

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.

22. That the purpose of introducing Sub-Cl(v) in conjunction with sub-cl(vi) in Section 2(47) defining the term ‘transfer’ was to widen the net of taxation of capital gains and include transactions that closely resembled transfers but were not treated as such under the general law. Any avoidance or postponement of tax or capital gains

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

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

22 :: assessee had accordingly computed the capital gains arising from such slump sale u/s 50B of the Act, which was supported by certificate obtained in Form 3CEA, and which we find placed at Page 39 of the Paper Book. The assessee is noted to have computed the full value of consideration at Rs.100,86,53,504/- and the net worth

EMPEE HOLDINGS LTD.,CHENNAI vs. DCIT, CHENNAI

Bench: Shri George Mathan & Shri Ramit Kochar

capital gains arising before the 1st day of April, 1946, or after the 31st day of March, 1948, and before the 1st day of April, 1956. Explanation 2.—The expression “accumulated profits” in sub-clauses (a), (b), (d) and (e), shall include all profits of the company up to the date of distribution or payment referred to in those

ACIT, CHENNAI vs. ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED, CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

d) a foreign company engaged in re-insurance business through a branch established in India. Explanation – For the purposes of this sub-clause, the expression “foreign company” shall mean a company or body established or incorporated under a law of any country outside India and includes 28 I.T.A. Nos.1622 to 1630/Chny/11 I.T.A. No.1356/Chny/13 I.T.A. No.2310/Chny/14 I.T.A. Nos.1662 to 1670/Chny/11 I.T.A

DCIT, CHENNAI vs. M/S. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD., CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

d) a foreign company engaged in re-insurance business through a branch established in India. Explanation – For the purposes of this sub-clause, the expression “foreign company” shall mean a company or body established or incorporated under a law of any country outside India and includes 28 I.T.A. Nos.1622 to 1630/Chny/11 I.T.A. No.1356/Chny/13 I.T.A. No.2310/Chny/14 I.T.A. Nos.1662 to 1670/Chny/11 I.T.A

DCIT, CHENNAI vs. M/S. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD., CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

d) a foreign company engaged in re-insurance business through a branch established in India. Explanation – For the purposes of this sub-clause, the expression “foreign company” shall mean a company or body established or incorporated under a law of any country outside India and includes 28 I.T.A. Nos.1622 to 1630/Chny/11 I.T.A. No.1356/Chny/13 I.T.A. No.2310/Chny/14 I.T.A. Nos.1662 to 1670/Chny/11 I.T.A

M/S. ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED,CHENNAI vs. ACIT, CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

d) a foreign company engaged in re-insurance business through a branch established in India. Explanation – For the purposes of this sub-clause, the expression “foreign company” shall mean a company or body established or incorporated under a law of any country outside India and includes 28 I.T.A. Nos.1622 to 1630/Chny/11 I.T.A. No.1356/Chny/13 I.T.A. No.2310/Chny/14 I.T.A. Nos.1662 to 1670/Chny/11 I.T.A

DCIT, CHENNAI vs. M/S. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD., CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

d) a foreign company engaged in re-insurance business through a branch established in India. Explanation – For the purposes of this sub-clause, the expression “foreign company” shall mean a company or body established or incorporated under a law of any country outside India and includes 28 I.T.A. Nos.1622 to 1630/Chny/11 I.T.A. No.1356/Chny/13 I.T.A. No.2310/Chny/14 I.T.A. Nos.1662 to 1670/Chny/11 I.T.A

M/S. ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED,CHENNAI vs. ACIT, CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

d) a foreign company engaged in re-insurance business through a branch established in India. Explanation – For the purposes of this sub-clause, the expression “foreign company” shall mean a company or body established or incorporated under a law of any country outside India and includes 28 I.T.A. Nos.1622 to 1630/Chny/11 I.T.A. No.1356/Chny/13 I.T.A. No.2310/Chny/14 I.T.A. Nos.1662 to 1670/Chny/11 I.T.A

M/S. ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED,CHENNAI vs. ACIT, CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

d) a foreign company engaged in re-insurance business through a branch established in India. Explanation – For the purposes of this sub-clause, the expression “foreign company” shall mean a company or body established or incorporated under a law of any country outside India and includes 28 I.T.A. Nos.1622 to 1630/Chny/11 I.T.A. No.1356/Chny/13 I.T.A. No.2310/Chny/14 I.T.A. Nos.1662 to 1670/Chny/11 I.T.A

M/S. ROYAL SUNDARAM ALLIANCE INSURANCE COMPANY LIMITED,CHENNAI vs. ACIT, CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

d) a foreign company engaged in re-insurance business through a branch established in India. Explanation – For the purposes of this sub-clause, the expression “foreign company” shall mean a company or body established or incorporated under a law of any country outside India and includes 28 I.T.A. Nos.1622 to 1630/Chny/11 I.T.A. No.1356/Chny/13 I.T.A. No.2310/Chny/14 I.T.A. Nos.1662 to 1670/Chny/11 I.T.A

DCIT, CHENNAI vs. M/S. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD., CHENNAI

In the result, the appeals filed by both the Revenue and the assessee are partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George

d) a foreign company engaged in re-insurance business through a branch established in India. Explanation – For the purposes of this sub-clause, the expression “foreign company” shall mean a company or body established or incorporated under a law of any country outside India and includes 28 I.T.A. Nos.1622 to 1630/Chny/11 I.T.A. No.1356/Chny/13 I.T.A. No.2310/Chny/14 I.T.A. Nos.1662 to 1670/Chny/11 I.T.A