GEENA GARMENTS,TIRUPPUR vs. ACIT, CIRCLE-1, TIRUPPUR, TIRUPPUR

In the result, the appeal of the assessee is allowed

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.3326/Chny/2019 & 326/Chny/2024 िनधा"रण वष"/Assessment Years: 2017-18 & 2018-19 The Assistant Commissioner Of Vs. Eastman Exports Global Clothing (P) Ltd., No. 10, 12, 2Nd Street, Kumar Income Tax, Circle 1(1), 121, Adams Buildings, 60 Feet Road, Nagar South, Tirupur 641 603. Tirupur 641 602. [Pan: Aaccc0952E] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.706/Chny/2022 िनधा"रण वष"/Assessment Year: 2017-18 Victus Dyeings, The Assistant Commissioner Of 410, P.N. Road, R.K. Nagar, Income Tax, Circle 1, Vs. Tirupur 641 601. Tirupur. [Pan: Aacfv4420D] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.768/Chny/2022 िनधा"रण वष"/Assessment Year: 2017-18 The Deputy Commissioner Of M/S. K.M. Knit Wear, Income Tax, Circle 1, 14, E.F. Lakshmi Nagar, First Street, Vs. Tirupur. City Garden, Tirupur 641 602. [Pan: Aacfk3053B] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.358/Chny/2022 िनधा"रण वष"/Assessment Year: 2018-19 M/S. K.M. Knit Wear, The Assistant Commissioner Of 14, E.F. Lakshmi Nagar, First Street, Income Tax, Circle 1, Vs. City Garden, Tirupur 641 602. Tirupur. (अपीलाथ"/Appellant) (""थ"/Respondent)

capital receipt, not chargeable to tax. 24. Further, a contention was raised by the ld. AR that a reference to the applicability of sub-clause (xviii) to section 2(24) of the Act, wherein, he argued that there was no corresponding amendment to section 28 of the Act. We note that the Assessing Officer discussed the provision under section

ACIT, CIRCLE-1, , TIRUPUR vs. EASTMAN EXPORTS GLOBAL CLOTHING (P) LTD., TIRUPUR

In the result, the appeal of the assessee is allowed

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.3326/Chny/2019 & 326/Chny/2024 िनधा"रण वष"/Assessment Years: 2017-18 & 2018-19 The Assistant Commissioner Of Vs. Eastman Exports Global Clothing (P) Ltd., No. 10, 12, 2Nd Street, Kumar Income Tax, Circle 1(1), 121, Adams Buildings, 60 Feet Road, Nagar South, Tirupur 641 603. Tirupur 641 602. [Pan: Aaccc0952E] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.706/Chny/2022 िनधा"रण वष"/Assessment Year: 2017-18 Victus Dyeings, The Assistant Commissioner Of 410, P.N. Road, R.K. Nagar, Income Tax, Circle 1, Vs. Tirupur 641 601. Tirupur. [Pan: Aacfv4420D] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.768/Chny/2022 िनधा"रण वष"/Assessment Year: 2017-18 The Deputy Commissioner Of M/S. K.M. Knit Wear, Income Tax, Circle 1, 14, E.F. Lakshmi Nagar, First Street, Vs. Tirupur. City Garden, Tirupur 641 602. [Pan: Aacfk3053B] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.358/Chny/2022 िनधा"रण वष"/Assessment Year: 2018-19 M/S. K.M. Knit Wear, The Assistant Commissioner Of 14, E.F. Lakshmi Nagar, First Street, Income Tax, Circle 1, Vs. City Garden, Tirupur 641 602. Tirupur. (अपीलाथ"/Appellant) (""थ"/Respondent)

capital receipt, not chargeable to tax. 24. Further, a contention was raised by the ld. AR that a reference to the applicability of sub-clause (xviii) to section 2(24) of the Act, wherein, he argued that there was no corresponding amendment to section 28 of the Act. We note that the Assessing Officer discussed the provision under section

M/S. GEENA GARMENTS,TIRUPPUR vs. ACIT, CIRCLE-1,, TIRUPPUR

Bench: Shri S.S. Viswanethra Ravi & Shri Amitabh Shuklaआयकर अपील सं./I.T.A. No.1823/Chny/2024 निर्धारण वर्ष/Assessment Year: 2018-19 Geena Garments Vs. The Assistant Commissioner Of S.F. No. 410, R.K. Nagar, Income Tax, Circle 1, Pichampalayampudur B.O., Tirupur. Tiruppur 641 603. [Pan: Aagfg6962K] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलार्थी की ओर से / Appellant By : Shri Suraj Nahar, C.A. प्रत्यर्थी की ओर से/Respondent By : Ms. Gouthami Manivasagam, Jcit सुनवाई की तारीख / Date Of Hearing : 09.10.2024 घोषणा की तारीख /Date Of Pronouncement : 16.10.2024 आदेश/Order Per S.S. Viswanethra Ravi: This Appeal Filed By The Assessee Is Directed Against The Order Dated 29.04.2024 Passed By The Id. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre [Nfac], Delhi For The

capital receipt and is not chargeable to tax under the head profits and gains of business or profession. He argued that the receipt on transfer of MEIS license is not an incentive as per the provisions of section 2(24)(xviii

ACIT , CIRCLE - 1 , TIRUPUR vs. M/S K.M.KNIT WEARS , TIRUPUR

Gains of Business or Profession”?\n5.\nBrief facts emanating from the record are that the assessee is a\nprivate limited company, engaged in the business of manufacture and\nexport of knitted hosiery garments and generation and sale of power\nthrough wind mill. The assessee filed return of income declaring total\nincome of ₹.8,99,90,600/-. The assessee paid

GATES WEARS,TIRUPPUR vs. DCIT CIRCLE 1, TIRUPPUR

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.3326/Chny/2019 & 326/Chny/2024 निर्धारण वर्ष/Assessment Years: 2017-18 & 2018-19 The Assistant Commissioner Of Vs. Eastman Exports Global Clothing (P) Income Tax, Circle 1(1), 121, Adams Ltd., No. 10, 12, 2Nd Street, Kumar Buildings, 60 Feet Road, Nagar South, Tirupur 641 603. Tirupur 641 602. [Pan: Aaccc0952E] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) Victus Dyeings, आयकर अपील सं./I.T.A. No.706/Chny/2022 410, P.N. Road, R.K. Nagar, निर्धारण वर्ष/Assessment Year: 2017-18 Tirupur 641 601. The Assistant Commissioner Of [Pan: Aacfv4420D] Vs. Income Tax, Circle 1, (अपीलार्थी/Appellant) Tirupur. (प्रत्यर्थी/Respondent) आयकर अपील सं./I.T.A. No.768/Chny/2022 निर्धारण वर्ष/Assessment Year: 2017-18 The Deputy Commissioner Of M/S. K.M. Knit Wear, Income Tax, Circle 1, 14, E.F. Lakshmi Nagar, First Street, Tirupur. Vs. City Garden, Tirupur 641 602. [Pan: Aacfk3053B] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं./I.T.A. No.358/Chny/2022 निर्धारण वर्ष/Assessment Year: 2018-19 M/S. K.M. Knit Wear, 14, E.F. Lakshmi Nagar, First Street, City Garden, Tirupur 641 602. The Assistant Commissioner Of Vs. Income Tax, Circle 1, Tirupur. (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) San Tex Inc., 2

gains from business. The Id. DR drew our attention to para 7 of the impugned order and submits that the Id. CIT(A) held the said incentive received from the Government as a capital receipt by placing reliance on the order of the Tribunal in assessee's own case in ITA Nos. 47 & 48/Mds/2016 dated

VICTUS DYEINGS ,TIRUPUR vs. ACIT , CIRCLE-1, TIRUPUR

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.3326/Chny/2019 & 326/Chny/2024 निर्धारण वर्ष/Assessment Years: 2017-18 & 2018-19 The Assistant Commissioner Of Income Tax, Circle 1(1), 121, Adams Buildings, 60 Feet Road, Tirupur 641 602. (अपीलार्थी/Appellant) Vs. Eastman Exports Global Clothing (P) Ltd., No. 10, 12, 2Nd Street, Kumar Nagar South, Tirupur 641 603. [Pan: Aaccc0952E] (प्रत्यर्थी/Respondent) Victus Dyeings, 410, P.N. Road, R.K. Nagar, Tirupur 641 601. [Pan: Aacfv4420D] (अपीलार्थी/Appellant) आयकर अपील सं./I.T.A. No.706/Chny/2022 निर्धारण वर्ष/Assessment Year: 2017-18 Vs. The Assistant Commissioner Of Income Tax, Circle 1, Tirupur. (प्रत्यर्थी/Respondent) The Deputy Commissioner Of Income Tax, Circle 1, Tirupur. आयकर अपील सं./I.T.A. No.768/Chny/2022 निर्धारण वर्ष/Assessment Year: 2017-18 M/S. K.M. Knit Wear, 14, E.F. Lakshmi Nagar, First Street, Vs. City Garden, Tirupur 641 602. [Pan: Aacfk3053B] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) M/S. K.M. Knit Wear, आयकर अपील सं./I.T.A. No.358/Chny/2022 निर्धारण वर्ष/Assessment Year: 2018-19 14, E.F. Lakshmi Nagar, First Street, City Garden, Tirupur 641 602. The Assistant Commissioner Of Vs. Income Tax, Circle 1, Tirupur. (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) 2

gains from business. The Id. DR drew our attention to para 7 of the impugned order and submits that the Id. CIT(A) held the said incentive received from the Government as a capital receipt by placing reliance on the order of the Tribunal in assessee's own case in ITA Nos. 47 & 48/Mds/2016 dated

SAN TEX INC.,TIRUPUR vs. ACIT CIRCLE 1, TIRUPUR

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.3326/Chny/2019 & 326/Chny/2024 निर्धारण वर्ष/Assessment Years: 2017-18 & 2018-19 The Assistant Commissioner Of Income Tax, Circle 1(1), 121, Adams Buildings, 60 Feet Road, Tirupur 641 602. Vs. Eastman Exports Global Clothing (P) Ltd., No. 10, 12, 2Nd Street, Kumar Nagar South, Tirupur 641 603. [Pan: Aaccc0952E] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं./I.T.A. No.706/Chny/2022 निर्धारण वर्ष/Assessment Year: 2017-18 Victus Dyeings, 410, P.N. Road, R.K. Nagar, Tirupur 641 601. [Pan: Aacfv4420D] The Assistant Commissioner Of Vs. Income Tax, Circle 1, Tirupur. (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं./I.T.A. No.768/Chny/2022 निर्धारण वर्ष/Assessment Year: 2017-18 The Deputy Commissioner Of Income Tax, Circle 1, Tirupur. M/S. K.M. Knit Wear, 14, E.F. Lakshmi Nagar, First Street, Vs. City Garden, Tirupur 641 602. [Pan: Aacfk3053B] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं./I.T.A. No.358/Chny/2022 निर्धारण वर्ष/Assessment Year: 2018-19 M/S. K.M. Knit Wear, 14, E.F. Lakshmi Nagar, First Street, City Garden, Tirupur 641 602. The Assistant Commissioner Of Vs. Income Tax, Circle 1, Tirupur. (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) 2

gains from business. The Id. DR drew our attention to para 7 of the impugned order and submits that the Id. CIT(A) held the said incentive received from the Government as a capital receipt by placing reliance on the order of the Tribunal in assessee's own case in ITA Nos. 47 & 48/Mds/2016 dated

KM KNIT WEAR,TIRUPUR vs. ADIT,CPC, BANGALORE

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.3326/Chny/2019 & 326/Chny/2024 निर्धारण वर्ष/Assessment Years: 2017-18 & 2018-19 The Assistant Commissioner Of Income Tax, Circle 1(1), 121, Adams Buildings, 60 Feet Road, Tirupur 641 602. Vs. Eastman Exports Global Clothing (P) Ltd., No. 10, 12, 2Nd Street, Kumar Nagar South, Tirupur 641 603. [Pan: Aaccc0952E] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं./I.T.A. No.706/Chny/2022 निर्धारण वर्ष/Assessment Year: 2017-18 Victus Dyeings, 410, P.N. Road, R.K. Nagar, Tirupur 641 601. [Pan: Aacfv4420D] The Assistant Commissioner Of Vs. Income Tax, Circle 1, Tirupur. (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) आयकर अपील सं./I.T.A. No.768/Chny/2022 निर्धारण वर्ष/Assessment Year: 2017-18 The Deputy Commissioner Of Income Tax, Circle 1, Tirupur. M/S. K.M. Knit Wear, 14, E.F. Lakshmi Nagar, First Street, Vs. City Garden, Tirupur 641 602. [Pan: Aacfk3053B] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) M/S. K.M. Knit Wear, आयकर अपील सं./I.T.A. No.358/Chny/2022 निर्धारण वर्ष/Assessment Year: 2018-19 14, E.F. Lakshmi Nagar, First Street, City Garden, Tirupur 641 602. The Assistant Commissioner Of Vs. Income Tax, Circle 1, Tirupur. (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) 2

gains from business. The Id. DR drew our attention to para 7 of the impugned order and submits that the Id. CIT(A) held the said incentive received from the Government as a capital receipt by placing reliance on the order of the Tribunal in assessee's own case in ITA Nos. 47 & 48/Mds/2016 dated

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1 TIRUPUR, TIRUPPUR vs. ARMSTRONG KNITTING MILLS, TIRUPUR

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri George George Kand Ms Padmavathy Sआयकर अपील सं./Ita No.: 1422/Chny/2025 िनधा"रण वष"/Assessment Year: 2018-19

gain made by the appellant falls under provisions of section 28(iiia), 28(iiib) and 28(iiic) was analyzed. Similarly the provisions of section 2(24)(xvii) were also discussed from the angle whether this amount received by the appellant is subsidy, grant or cash incentive etc., mentioned in this sub section and whether it falls under the definition

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1 TIRUPUR, TIRUPUR vs. ARMSTRONT KNITTING MILLS, TIRUPUR

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri George George Kand Ms Padmavathy Sआयकर अपील सं./Ita No.: 1429/Chny/2025 िनधा"रण वष"/Assessment Year: 2019-20

gain made by the appellant falls) under provisions of section 28(iiia), 28(iiib) and 28(iiic) was analyzed. Similarly the provisions of section 2(24)(xvii) were also discussed from the angle whether this amount received by the appellant is subsidy, grant or cash incentive etc., mentioned in this sub section and whether it falls under the definition

THE INDIA CEMENTS LIMITED,CHENNAI vs. DCIT CORPORATE CIRCLE 2(1) CHENNAI, CHENNAI

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

2(24)(xviii) is of widest amplitude and it is an inclusive definition and not an exhaustive definition. The scope of total income includes all types of income that is received or that accrues or arises to the assessee. The income has to be divided into five distinct heads one of which is 'Profits and Gains of Business or Profession

HYUNDAI MOTOR INDIA LIMITED,KANCHEEPURAM vs. DCIT NON CORP CIRCLE 8(1), , CHENNAI

In the result, appeal filed by the assessee is dismissed

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 609/Chny/2024 िनधा"रणवष" / Assessment Year: 2016-17 Deputy Commissioner Of Income M/S. Hyundai Motor India V. Tax, Limited, Non Corporate Circle – 8(1), Plot No. H-1, Sipcot Chennai – 600 034. Industrial Park, Irungatukottai, Sriperumbudurtaluk, Kancheepuram District, Tamil Nadu – 602 117. [Pan: Aaach-2364-M] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Shri. S.P. Chidambaram, Advocate ""यथ"क"ओरसे/Respondent By : Shri. V. Nanda Kumar, Cit सुनवाई क" तार"ख/Date Of Hearing : 06.06.2024 घोषणा क" तार"ख/Date Of Pronouncement : 21.08.2024 आदेश /O R D E R

capital receipt and the same has been upheld by the Tribunal upto the assessment year 2015-16. However, the definition of income as provided in section 2(24) has been amended by Finance Act, 2015 w.e.f. 01.04.2016 wherein sub-clause 18 has been inserted in the definition of income, which reads as under: “2(24) Income includes…. xxxx xxxx (xviii

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1(4), CHENNAI, CHENNAI vs. SHRIRAM CHITS PRIVATE LIMITED, HYDERABAD

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.942, 943, 944, 945 & 953/Chny/2023 िनधा"रण वष"/Assessment Years: 2015-16, 2017-18, 2018-19 & 2020-21 The Deputy Commissioner Of Vs. Shriram Chits Private Limited, Income Tax, Central Circle 1(4), 3-6-478, Iii Floor, Anand Estates, Chennai -600 034. Opp. Indian Bank, Liberty Road, Himayat Nagar, Hyderabad 500 029. [Pan:Aafcs44916D] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By Shri A. Sasi Kumar, Cit : ""थ" की ओर से/Respondent By Shri R. Sivaraman, Advocate : सुनवाई की तारीख/ Date Of Hearing 24.01.2024 : घोषणा की तारीख /Date Of Pronouncement : 21.02.2024 आदेश /O R D E R Per V. Durga Rao: The Four Appeals In Ita Nos. 942 To 945/Chny/2023 Filed By The Revenue Are Directed Against The Common Order Of The Ld. Commissioner Of Income Tax (Appeals) 18, Chennai, Dated 28.06.2023 Relevant The Assessment Years 2015-16, 20-17-18, 2018-19 & 2020-21. The Common Grounds Raised In The Appeals Of The Revenue Are Reproduced As Under: 1. The Order Of The Ld. Commissioner Of I.T. (Appeals) Is Opposed To Law & Facts Of The Case.

xviii) The funds of the foreman are involved only to the extent of defaults both by the prized and non- prized subscribers. The claim of the foreman to the extent his funds are involved can be considered as an allowable claim. A future liability that may arise to the foreman due to continuing default in paying instalments by a prized

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1(4), CHENNAI, CHENNAI vs. SHRIRAM CHITS PRIVATE LIMITED, HYDERABAD

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.942, 943, 944, 945 & 953/Chny/2023 िनधा"रण वष"/Assessment Years: 2015-16, 2017-18, 2018-19 & 2020-21 The Deputy Commissioner Of Vs. Shriram Chits Private Limited, Income Tax, Central Circle 1(4), 3-6-478, Iii Floor, Anand Estates, Chennai -600 034. Opp. Indian Bank, Liberty Road, Himayat Nagar, Hyderabad 500 029. [Pan:Aafcs44916D] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By Shri A. Sasi Kumar, Cit : ""थ" की ओर से/Respondent By Shri R. Sivaraman, Advocate : सुनवाई की तारीख/ Date Of Hearing 24.01.2024 : घोषणा की तारीख /Date Of Pronouncement : 21.02.2024 आदेश /O R D E R Per V. Durga Rao: The Four Appeals In Ita Nos. 942 To 945/Chny/2023 Filed By The Revenue Are Directed Against The Common Order Of The Ld. Commissioner Of Income Tax (Appeals) 18, Chennai, Dated 28.06.2023 Relevant The Assessment Years 2015-16, 20-17-18, 2018-19 & 2020-21. The Common Grounds Raised In The Appeals Of The Revenue Are Reproduced As Under: 1. The Order Of The Ld. Commissioner Of I.T. (Appeals) Is Opposed To Law & Facts Of The Case.

xviii) The funds of the foreman are involved only to the extent of defaults both by the prized and non- prized subscribers. The claim of the foreman to the extent his funds are involved can be considered as an allowable claim. A future liability that may arise to the foreman due to continuing default in paying instalments by a prized

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE- 1(4), CHENNAI, CHENNAI vs. SHRIRAM CHITS PRIVATE LIMITED, HYDERABAD

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.942, 943, 944, 945 & 953/Chny/2023 िनधा"रण वष"/Assessment Years: 2015-16, 2017-18, 2018-19 & 2020-21 The Deputy Commissioner Of Vs. Shriram Chits Private Limited, Income Tax, Central Circle 1(4), 3-6-478, Iii Floor, Anand Estates, Chennai -600 034. Opp. Indian Bank, Liberty Road, Himayat Nagar, Hyderabad 500 029. [Pan:Aafcs44916D] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By Shri A. Sasi Kumar, Cit : ""थ" की ओर से/Respondent By Shri R. Sivaraman, Advocate : सुनवाई की तारीख/ Date Of Hearing 24.01.2024 : घोषणा की तारीख /Date Of Pronouncement : 21.02.2024 आदेश /O R D E R Per V. Durga Rao: The Four Appeals In Ita Nos. 942 To 945/Chny/2023 Filed By The Revenue Are Directed Against The Common Order Of The Ld. Commissioner Of Income Tax (Appeals) 18, Chennai, Dated 28.06.2023 Relevant The Assessment Years 2015-16, 20-17-18, 2018-19 & 2020-21. The Common Grounds Raised In The Appeals Of The Revenue Are Reproduced As Under: 1. The Order Of The Ld. Commissioner Of I.T. (Appeals) Is Opposed To Law & Facts Of The Case.

xviii) The funds of the foreman are involved only to the extent of defaults both by the prized and non- prized subscribers. The claim of the foreman to the extent his funds are involved can be considered as an allowable claim. A future liability that may arise to the foreman due to continuing default in paying instalments by a prized

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1(4), CHENNAI, CHENNAI vs. SHRIRAM CHITS PRIVATE LIMITED, HYDERABAD

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.942, 943, 944, 945 & 953/Chny/2023 िनधा"रण वष"/Assessment Years: 2015-16, 2017-18, 2018-19 & 2020-21 The Deputy Commissioner Of Vs. Shriram Chits Private Limited, Income Tax, Central Circle 1(4), 3-6-478, Iii Floor, Anand Estates, Chennai -600 034. Opp. Indian Bank, Liberty Road, Himayat Nagar, Hyderabad 500 029. [Pan:Aafcs44916D] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By Shri A. Sasi Kumar, Cit : ""थ" की ओर से/Respondent By Shri R. Sivaraman, Advocate : सुनवाई की तारीख/ Date Of Hearing 24.01.2024 : घोषणा की तारीख /Date Of Pronouncement : 21.02.2024 आदेश /O R D E R Per V. Durga Rao: The Four Appeals In Ita Nos. 942 To 945/Chny/2023 Filed By The Revenue Are Directed Against The Common Order Of The Ld. Commissioner Of Income Tax (Appeals) 18, Chennai, Dated 28.06.2023 Relevant The Assessment Years 2015-16, 20-17-18, 2018-19 & 2020-21. The Common Grounds Raised In The Appeals Of The Revenue Are Reproduced As Under: 1. The Order Of The Ld. Commissioner Of I.T. (Appeals) Is Opposed To Law & Facts Of The Case.

xviii) The funds of the foreman are involved only to the extent of defaults both by the prized and non- prized subscribers. The claim of the foreman to the extent his funds are involved can be considered as an allowable claim. A future liability that may arise to the foreman due to continuing default in paying instalments by a prized

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 1(4), CHENNAI, CHENNAI vs. SHRIRAM CHITS PRIVATE LIMITED, HYDERABAD

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. Nos.942, 943, 944, 945 & 953/Chny/2023 िनधा"रण वष"/Assessment Years: 2015-16, 2017-18, 2018-19 & 2020-21 The Deputy Commissioner Of Vs. Shriram Chits Private Limited, Income Tax, Central Circle 1(4), 3-6-478, Iii Floor, Anand Estates, Chennai -600 034. Opp. Indian Bank, Liberty Road, Himayat Nagar, Hyderabad 500 029. [Pan:Aafcs44916D] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By Shri A. Sasi Kumar, Cit : ""थ" की ओर से/Respondent By Shri R. Sivaraman, Advocate : सुनवाई की तारीख/ Date Of Hearing 24.01.2024 : घोषणा की तारीख /Date Of Pronouncement : 21.02.2024 आदेश /O R D E R Per V. Durga Rao: The Four Appeals In Ita Nos. 942 To 945/Chny/2023 Filed By The Revenue Are Directed Against The Common Order Of The Ld. Commissioner Of Income Tax (Appeals) 18, Chennai, Dated 28.06.2023 Relevant The Assessment Years 2015-16, 20-17-18, 2018-19 & 2020-21. The Common Grounds Raised In The Appeals Of The Revenue Are Reproduced As Under: 1. The Order Of The Ld. Commissioner Of I.T. (Appeals) Is Opposed To Law & Facts Of The Case.

xviii) The funds of the foreman are involved only to the extent of defaults both by the prized and non- prized subscribers. The claim of the foreman to the extent his funds are involved can be considered as an allowable claim. A future liability that may arise to the foreman due to continuing default in paying instalments by a prized

REGEN POWERTECH PRIVATE LMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal of the Assessee and Department are allowed for statistical purpose

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

xviii) w.e.f. 01.04.2015 subsidy or a grant defined was made taxable under Income Tax. So, considering the apparent facts, provisions of law, industrial policy regulations, and relY on decision of Shree Balaji Alloys vs. CIT (2011) 198 Taxmann 122 (J & K), subsequently Hon’ble Supreme Court has upheld the decision in Civil Appeal No.10061/2011, dated 19.04.2016 by dismissing the Revenue

DCIT, CHENNAI vs. REGEN POWERTECH (P) LTD., CHENNAI

In the result, the appeal of the Assessee and Department are allowed for statistical purpose

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

xviii) w.e.f. 01.04.2015 subsidy or a grant defined was made taxable under Income Tax. So, considering the apparent facts, provisions of law, industrial policy regulations, and relY on decision of Shree Balaji Alloys vs. CIT (2011) 198 Taxmann 122 (J & K), subsequently Hon’ble Supreme Court has upheld the decision in Civil Appeal No.10061/2011, dated 19.04.2016 by dismissing the Revenue