ST.JOSEPHS EDUCATIONAL TRUST,CHENNAI vs. DCIT, CENTRAL CIRCLE-193), CHENNAI

In the result, all the appeals filed by the assessees are allowed

Bench: Shri Aby T. Varkey & Shri Jagadish

270A(9) is quashed. Ground of appeal #4: PENALTY LEVIABLE UNDER SECTION 271AAB IS OPTIONAL AND NOT MANDATORY The Ld. AO erred in levying penalty u/s 271AAB of the Act vide order dated 30- 03-2022 without considering the appellants submission that the levy of penalty under Section 271AAB of the Act is discretionary and not mandatory in nature

ST. JOSEPHS EDUCATIONAL TRUST,CHENNAI vs. DCIT, CENTRAL CIRCLE-193), CHENNAI

270A(9) is quashed.\nGround of appeal #4: PENALTY LEVIABLE UNDER SECTION 271AAB IS\nOPTIONAL AND NOT MANDATORY\nThe Ld. AO erred in levying penalty u/s 271AAB of the Act vide order dated 30-\n03-2022 without considering the appellants submission that the levy of penalty\nunder Section 271AAB of the Act is discretionary and not mandatory in nature

ST. JOSHEPHS INSTITUTE OF SCIENCE AND TECHNOLOGY TRUST,CHENNAI vs. DCIT, CENTRAL CIRCLE-193), CHENNAI

270A(9) is quashed.\nGround of appeal #4: PENALTY LEVIABLE UNDER SECTION 271AAB IS\nOPTIONAL AND NOT MANDATORY\nThe Ld. AO erred in levying penalty u/s 271AAB of the Act vide order dated 30-\n03-2022 without considering the appellants submission that the levy of penalty\nunder Section 271AAB of the Act is discretionary and not mandatory in nature

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, TIRUVANNAMALAI,

Capital\nGain (LTCG) in his return of income filed under section 139 on\nbasis of seized papers and Assessing Officer completed\nassessment by accepting said LTCG, since income assessed was\nnot greater than income determined in return processed under\nsection 143(1)(a),there was no case of under reporting of income\nas per provisions of section 270A

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, CHENNAI

In the result, all the six appeals of the Revenue are\ndismissed

Capital\nGain (LTCG) in his return of income filed under section 139 on\nbasis of seized papers and Assessing Officer completed\nassessment by accepting said LTCG, since income assessed was\nnot greater than income determined in return processed under\nsection 143(1)(a),there was no case of under reporting of income\nas per provisions of section 270A

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, TIRUVANNAMALAI

In the result, all the six appeals of the Revenue are\ndismissed

Capital\nGain (LTCG) in his return of income filed under section 139 on\nbasis of seized papers and Assessing Officer completed\nassessment by accepting said LTCG, since income assessed was\nnot greater than income determined in return processed under\nsection 143(1)(a),there was no case of under reporting of income\nas per provisions of section 270A

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, THIRUVANNAMALAI

In the result, all the six appeals of the Revenue are\ndismissed

Capital\nGain (LTCG) in his return of income filed under section 139 on\nbasis of seized papers and Assessing Officer completed\nassessment by accepting said LTCG, since income assessed was\nnot greater than income determined in return processed under\nsection 143(1)(a),there was no case of under reporting of income\nas per provisions of section 270A

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, TIRUVANNAMALAI

Capital\nGain (LTCG) in his return of income filed under section 139 on\nbasis of seized papers and Assessing Officer completed\nassessment by accepting said LTCG, since income assessed was\nnot greater than income determined in return processed under\nsection 143(1)(a),there was no case of under reporting of income\nas per provisions of section 270A

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, THIRUVANNAMALAI

Capital\nGain (LTCG) in his return of income filed under section 139 on\nbasis of seized papers and Assessing Officer completed\nassessment by accepting said LTCG, since income assessed was\nnot greater than income determined in return processed under\nsection 143(1)(a),there was no case of under reporting of income\nas per provisions of section 270A

M/S. AVM PRODUCTIONS,CHENNAI vs. ACIT, NON CORPORATE CIRCLE-20(1), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T. Varkey & Ms. Padmavathy. S

gainful to reproduce the relevant part of the impugned penalty order of the AO levying penalty which is reproduced as under: 1. Analysis of issues involved Description of issue: The Assessing Officer noticed that the assessee had added an amount of Rs 3 crores qua "building block" alleged to have been paid to Sri M. Balasubramanian on 27.01.2007 consequent

MELAKANDY PUTHALATH FAROOK,CHENNAI vs. ACIT, CORPORATE CIRCLE-2(1), CHENNAI

The appeal stands partly allowed in terms of our above order

Bench: Hon’Ble Shri Aby T. Varkey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.1890/Chny/2024 (िनधा*रणवष* / Assessment Year: 2017-18) Shri Melekandy Puthalath Farook Acit बनाम/ Faraz No.9 Sbi Colony, Corporate Circle-2(1) Vs. Sastri Nagar, Adyar, Chennai-600 020. Chennai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaapf-2644-P (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri D. Anand (Advocate) - Ld. Ar " थ"कीओरसे/Respondent By : Ms. R. Anita (Addl.Cit) -Ld. Sr. Dr

Capital Gains (LTCG) was not offered to tax. The Ld. AO computed LTCG of Rs.112.06 Lacs and framed the assessment. Consequently, in the assessment order, Ld. AO initiated penalty u/s 270A for misreporting of income. 4. During penalty proceedings, a show-cause notice was issued to the assessee u/s 274 r.w.s. 270A on 18-12-2019, a copy of which

PALLAVA TEXTILES PRIVATE LIMITED ,PALLIPALAYAM vs. ITO , NFAC , DELHI

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

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. No.862/Chny/2022 िनधा"रण वष"/Assessment Year: 2017-2018 M/S. Pallava Textiles Private Limited, Vs. The Income Tax Officer, 27-C, Sankari Bye Pass Road, National Faceless Assessment Pallipalayam – 638 006, Centre [Nafac], Delhi. Tamil Nadu. [Pan:Aabcp9105F] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri S. Sridhar, Advocate ""थ" की ओर से/Respondent By : Shri D. Hema Bhupal, Jcit सुनवाई की तारीख/ Date Of Hearing : 27.02.2023 घोषणा की तारीख /Date Of Pronouncement : 10.03.2023 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre [Nfac], Delhi, Dated 05.07.2022 Relevant To The Assessment Year 2017-2018 In Confirming Levy Of Penalty Under Section 270A Of The Income Tax Act, 1961 [“Act” In Short].

270A of the Income Tax Act, 1961 [“Act” in short]. 2. The appeal filed by the assessee is delayed by 52 days in filing the appeal before the Tribunal. The assessee has filed a petition for 2 I.T.A. No.862/Chny/22 condonation of delay in the form of an affidavit and the submissions are reproduced as under: “1) That we received

S RAMESH,TRUNELVELI vs. DCIT, CENTRAL CIRCLE-1(3), CHENNAI

In the result, appeals filed by the assessees are allowed

Bench: Shri George George K & Shri S.R. Raghunathaआयकर अपील सं./Ita No.: 3169/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Pothiraj, Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acxpp-8538-R Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3170/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Mahesh, Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acvpm-6890-K Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3171/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Murugesh Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acvpm-6963-D Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3172/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Ashok Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax

capital gains, is only a presumption. If the assessee has provided all relevant information and the difference arises due to the deemed value, this cannot be treated as concealment of income or furnishing inaccurate particulars. ITA Nos.3169 to 3173/CHNY/2024 8. Recent developments Moreover the addition u/s 153C read with section 56 (2) (b) was rendered unlawful by the Honourable ITAT

S. POTHYRAJ,TIUNELVELI vs. DCIT, CENTRAL CIRCLE01(3), CHENNAI

In the result, appeals filed by the assessees are allowed

Bench: Shri George George K & Shri S.R. Raghunathaआयकर अपील सं./Ita No.: 3169/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Pothiraj, Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acxpp-8538-R Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3170/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Mahesh, Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acvpm-6890-K Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3171/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Murugesh Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acvpm-6963-D Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3172/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Ashok Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax

capital gains, is only a presumption. If the assessee has provided all relevant information and the difference arises due to the deemed value, this cannot be treated as concealment of income or furnishing inaccurate particulars. ITA Nos.3169 to 3173/CHNY/2024 8. Recent developments Moreover the addition u/s 153C read with section 56 (2) (b) was rendered unlawful by the Honourable ITAT

S ASHOK,TIRUNELVEL vs. DCIT, CENTRAL CIRCLE-1(3), CHENNAI

In the result, appeals filed by the assessees are allowed

Bench: Shri George George K & Shri S.R. Raghunathaआयकर अपील सं./Ita No.: 3169/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Pothiraj, Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acxpp-8538-R Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3170/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Mahesh, Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acvpm-6890-K Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3171/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Murugesh Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acvpm-6963-D Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3172/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Ashok Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax

capital gains, is only a presumption. If the assessee has provided all relevant information and the difference arises due to the deemed value, this cannot be treated as concealment of income or furnishing inaccurate particulars. ITA Nos.3169 to 3173/CHNY/2024 8. Recent developments Moreover the addition u/s 153C read with section 56 (2) (b) was rendered unlawful by the Honourable ITAT

S MAGESH,TIRUNELVELI vs. DCIT, CENTRAL CIRCLE-1(3), CHENNAI

In the result, appeals filed by the assessees are allowed

Bench: Shri George George K & Shri S.R. Raghunathaआयकर अपील सं./Ita No.: 3169/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Pothiraj, Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acxpp-8538-R Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3170/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Mahesh, Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acvpm-6890-K Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3171/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Murugesh Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acvpm-6963-D Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3172/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Ashok Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax

capital gains, is only a presumption. If the assessee has provided all relevant information and the difference arises due to the deemed value, this cannot be treated as concealment of income or furnishing inaccurate particulars. ITA Nos.3169 to 3173/CHNY/2024 8. Recent developments Moreover the addition u/s 153C read with section 56 (2) (b) was rendered unlawful by the Honourable ITAT

S MURUGESH,TIRUNELVELI vs. DCIT, CENTRAL CIRCLE-1(3), CHENNAI

In the result, appeals filed by the assessees are allowed

Bench: Shri George George K & Shri S.R. Raghunathaआयकर अपील सं./Ita No.: 3169/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Pothiraj, Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acxpp-8538-R Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3170/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Mahesh, Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acvpm-6890-K Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3171/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Murugesh Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax, Tirunelveli Town-627 006. Central Circle-1(3) Pan: Acvpm-6963-D Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 3172/Chny/2024 "नधा"रण वष"/Assessment Years: 2017-18 Shri S.Ashok Deputy Commissioner # 3, North Car Street, Vs. Of Income Tax

capital gains, is only a presumption. If the assessee has provided all relevant information and the difference arises due to the deemed value, this cannot be treated as concealment of income or furnishing inaccurate particulars. ITA Nos.3169 to 3173/CHNY/2024 8. Recent developments Moreover the addition u/s 153C read with section 56 (2) (b) was rendered unlawful by the Honourable ITAT

ASSISTANT COMMISSIONER OF INCOME TAX LTU CIRCLE 1 CHENNAI, CHENNAI vs. PRUDENTIAL SUGAR CORPORATION LIMITED, CHITOOR

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.:2298/Chny/2024 िनधा"रण वष" / Assessment Year: 2018-19 The Assistant Commissioner Of Prudential Sugar Corporation Income Tax, Vs. Limited, Ltu, Circle -1, Prudential Nagar, Chennai. Koppedu Post, Nindra, Mandal – 517 587. [Pan:Aaacp-4338-D] (अपीलाथ"/Appellant) (""थ"/Respondent)

3) of section 50B of the Act, the consideration received for slump sale was Rs.1,30,15,59,570/- and net worth of undertaking was determined at Rs.77,68,31,171/-. :-3-: ITA. No.:2298/Chny/2024 4. The assessee entered into business transfer agreement with the buyer on 04.04.2015. During the same time i.e. in 2014, the assessee had purchased shares

ASIRVAD MICRO FINANCE LIMITED,ANNA SALAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE -1(1), CHENNAI

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.1140/Chny/2025 Assessment Years: 2016-17 Asirvad Micro Finance Limited, Assistant Commissioner Of No.9, 9Th Floor, Club House Road, Income Tax, Annasalai, Corporate Circle-1(1), Chennai-600 002 Chennai. [Pan: Aagca5275J] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलार्थी की ओर से/ Assessee By : Mr.P.R.Prasanna Varma, Fca & Mr.Arjun Rajagopalan, C.A. प्रत्यर्थी की ओर से /Revenue By : Mr.Bipin C.N, Cit सुनवाई की तारीख/Date Of Hearing : 25.09.2025 घोषणा की तारीख /Date Of Pronouncement : 05.12.2025 आदेश / O R D E R Per Amitabh Shukla, A.M :

3,00,00,000 (Three Crores) equity shares of Rs.10 (Rupees Ten) each ("Equity Shares") and 10,00,000 (Ten Lakhs) redeemable preference shares of Rs. 100 each (Rupees Hundred) each. The issued. subscribed and paid-up share capital of the Company on a Fully Diluted Basis is Rs.26,27,66,360/- (Rupees Twenty Six Crores Twenty Seven Lakhs Sixty