M/S. MAHINDRA RESIDENTIAL DEVELOPERS LTD.,,KANCHIPURAM vs. ITO, CORPORATE WARD - 4 (1),, CHENNAI

In the result, the appeals of the assessee for AYs 2012-13, 2013-14

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.870/Chny/2017 िनधा"रणवष"/Assessment Year: 2012-13 & आयकर अपील सं./Ita Nos.338 & 339/Chny/2020 िनधा"रणवष"/Assessment Years: 2013-14 & 2014-15

capital gains and in the case of self-generated good will it is not possible to determine the same. The third reason for holding that the good will generated in a newly commenced business cannot be described as an 'asset' within the terms of section 45 of the Act was that it is impossible to determine its cost of acquisition

CHANDRA BHAVANI SANKAR,CHENNAI vs. ITO, NON CORP WARD 16(2), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T. Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.101/Chny/2024 िनधा"रण वष"/Assessment Year: 2012-13 V. Shri Chandra Bhavani Sankar, The Ito, 1/3A, Vinayakar Koil Street, Ncw-16(2), Thalambur, Chennai. Chennai-600 130. [Pan: Aeypb 1764 J] (अपीलाथ"/Appellant) (""यथ"/Respondent)

capital gain is not to be charged under Section 45 of the said Act. 24. For the reasons discussed above, the appeal is allowed. The questions framed above are answered in favour of the appellant assessee and against the respondent revenue. The first question is answered in the affirmative and the second question is answered in the negative. No costs

V RAMAKRISHNAN,CHENNAI vs. DCIT CENTRAL CIRCLE III(4), CHENNAI

In the result, the appeal for the A

Bench: Shri Manu Kumar Giri & Shri S. R. Raghunatha

capital gains." In other words, he was proceeding with the scope of the assessment and was not really addressing himself as to the scope of exercising jurisdiction under Chapter XIV-B and section 158BA. The Tribunal, on analysis of the materials placed before it, has recorded the following finding : "In the case in hand admittedly undisclosed income

V RAMAKRISHNAN,CHENNAI vs. DCIT CENTRAL CIRCLE III(4) , CHENNAI

In the result, the appeal for the A

Bench: Shri Manu Kumar Giri & Shri S. R. Raghunatha

capital gains." In other words, he was proceeding with the scope of the assessment and was not really addressing himself as to the scope of exercising jurisdiction under Chapter XIV-B and section 158BA. The Tribunal, on analysis of the materials placed before it, has recorded the following finding : "In the case in hand admittedly undisclosed income

NATESAN EKAMBARAM,CHENNAI vs. DCIT CENTRAL CIRCLE 1(2), CHENNAI

In the result, the ground of appeal raised by the assessee on this issue stands allowed

Bench: Shri Ss Viswanethra Ravi & Shri S.R. Raghunathaआयकरअपीलसं./Ita No.:2873/Chny/2024 धनिाारणिर्ा / Assessment Year: 2014-15 Natesan Ekambaram, Dcit, 1/115, Bajanai Kovil Vs. Central Circle -1(2), Street, Chennai. Perumbakkam, Medavakkam Post, Chennai – 601 302 [Pan:Ackpe-6757-C] (प्रत्यथी/Respondent) (अपीलाथी/Appellant) अपीलाथीकीओरसे/Appellant By : Mr.K.Vishwa Padmanabhan, Ca. प्रत्यथीकीओरसे/Respondent By : Mr.C.Sivakumar , Addl.Cit.

gains accordingly.” 26. Per contra, the ld.DR argued that the entire sum of Rs.2,50,00,000/- is taxable in the hands of the assessee on receipt basis and vehemently objected to the prayer of the ld.AR in restricting the sale consideration only to the extent of Rs.1,00,44,000/-. 27. We have carefully considered the rival submissions advanced

M/S. MAHINDRA RESIDENTIAL DEVELOPERS LTD.,,KANCHIPURAM vs. ITO, CORPORATE WARD - 4 (1),, CHENNAI

In the result, the appeals of the assessee for AYs 2012-13, 2013-14\n& 2014-15 stands dismissed

gains are to be derived from the business of\ndeveloping SEZ. The Ld. AR for the assessee invited our attention to the\nletter of approval issued by Ministry of Commerce and Industry dated\n25.04.2008, copy of which was placed at Pages 106-109 of the paper-\nbook and contended that the assessee was a 'co-developer' and therefore\nit qualified

MAHINDRA RESIDENTIAL DEVELOPERS LTD.,CHENGALPUT vs. ITO, CHENNAI

gains are to be derived from the business of\ndeveloping SEZ. The Ld. AR for the assessee invited our attention to the\nletter of approval issued by Ministry of Commerce and Industry dated\n25.04.2008, copy of which was placed at Pages 106-109 of the paper-\nbook and contended that the assessee was a 'co-developer' and therefore\nit qualified

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE - 1(3), CHENNAI vs. M. MAHADEVAN, CHENNAI

In the result, the appeals of the Revenue are decided as under:-\nITA Nos\nAssessment\nResult\nYear\nPartly allowed

capital gain on sale of\nshares - Rs.2,94,33,160/-\nAs regards the issue of Tax residency of the assessee, during the course\nof assessment proceedings, upon verification of the documents,\nInformation obtained from the FRRO, copies of Visa and Passport etc,\nLd.AO noted that Shri. Mahadevan had stayed / resided in India as per\nbelow mentioned details:-\nSL.\nAsst. Year

SAMARJIT SINGH CHABRA,CHENNAI vs. ITO NON CORPORATE WARD 14(1), CHENNAI

In the result, all the appeals filed by the assessee in ITA No

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.1623, 1624, 1625 & 1646/Chny/2018 िनधा"रण वष"/Assessment Years: 2007-08, 2009-10, 2010-11 & 2008-09 & W.T.A. Nos. 43 & 44/Chny/2018 Assessment Years: 2007-08, 2008-09 Shri Samarijit Singh Chabra, Vs. The Income Tax Officer/ No. K-10, Sangath Apartments, Wealth Tax Officer, Mgr Nagar, Velachery, Non Corporate Ward – 14(1), Chennai 600 042. Chennai. [Pan: Bfops1703Q] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri N. Arjun Raj, Advocate ""थ" की ओर से/Respondent By : Shri P. Sajit Kumar, Jcit सुनवाई की तारीख/ Date Of Hearing : 08.05.2024 घोषणा की तारीख /Date Of Pronouncement : 31.07.2024 आदेश /O R D E R Per S.S. Viswanethra Ravi: These Four Income Tax Appeals Filed By The Assessee Are Directed Against Different Orders All Dated 26.02.2018 Passed By The Ld. Commissioner Of Income Tax (Appeals) 14, Chennai For The Assessment Years 2007-08, 2009-10, 2010-11 & 2008-09. 2. Since, Issues Raised In All The Appeals Are Similar Based On The Same Identical Facts, With The Consent Of The Both The Parties, We Proceed

section 281B of the Act was issued to the assessee attaching this part of land. Thus, the Assessing Officer held that the assessee is liable for long term capital gains. Accordingly, the Assessing Officer determined long term capital gains at ₹.1,50,00,000/- and added to the income of the assessee. 63. Having aggrieved by the order

SAMARJIT SINGH CHABRA,CHENNAI vs. ITO NON CORPORATE WARD 14(1), CHENNAI

In the result, all the appeals filed by the assessee in ITA No

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.1623, 1624, 1625 & 1646/Chny/2018 िनधा"रण वष"/Assessment Years: 2007-08, 2009-10, 2010-11 & 2008-09 & W.T.A. Nos. 43 & 44/Chny/2018 Assessment Years: 2007-08, 2008-09 Shri Samarijit Singh Chabra, Vs. The Income Tax Officer/ No. K-10, Sangath Apartments, Wealth Tax Officer, Mgr Nagar, Velachery, Non Corporate Ward – 14(1), Chennai 600 042. Chennai. [Pan: Bfops1703Q] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri N. Arjun Raj, Advocate ""थ" की ओर से/Respondent By : Shri P. Sajit Kumar, Jcit सुनवाई की तारीख/ Date Of Hearing : 08.05.2024 घोषणा की तारीख /Date Of Pronouncement : 31.07.2024 आदेश /O R D E R Per S.S. Viswanethra Ravi: These Four Income Tax Appeals Filed By The Assessee Are Directed Against Different Orders All Dated 26.02.2018 Passed By The Ld. Commissioner Of Income Tax (Appeals) 14, Chennai For The Assessment Years 2007-08, 2009-10, 2010-11 & 2008-09. 2. Since, Issues Raised In All The Appeals Are Similar Based On The Same Identical Facts, With The Consent Of The Both The Parties, We Proceed

section 281B of the Act was issued to the assessee attaching this part of land. Thus, the Assessing Officer held that the assessee is liable for long term capital gains. Accordingly, the Assessing Officer determined long term capital gains at ₹.1,50,00,000/- and added to the income of the assessee. 63. Having aggrieved by the order

SAMARJIT SINGH CHABRA,CHENNAI vs. ITO NON CORPORATE WARD 14(1), CHENNAI

In the result, all the appeals filed by the assessee in ITA No

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.1623, 1624, 1625 & 1646/Chny/2018 िनधा"रण वष"/Assessment Years: 2007-08, 2009-10, 2010-11 & 2008-09 & W.T.A. Nos. 43 & 44/Chny/2018 Assessment Years: 2007-08, 2008-09 Shri Samarijit Singh Chabra, Vs. The Income Tax Officer/ No. K-10, Sangath Apartments, Wealth Tax Officer, Mgr Nagar, Velachery, Non Corporate Ward – 14(1), Chennai 600 042. Chennai. [Pan: Bfops1703Q] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri N. Arjun Raj, Advocate ""थ" की ओर से/Respondent By : Shri P. Sajit Kumar, Jcit सुनवाई की तारीख/ Date Of Hearing : 08.05.2024 घोषणा की तारीख /Date Of Pronouncement : 31.07.2024 आदेश /O R D E R Per S.S. Viswanethra Ravi: These Four Income Tax Appeals Filed By The Assessee Are Directed Against Different Orders All Dated 26.02.2018 Passed By The Ld. Commissioner Of Income Tax (Appeals) 14, Chennai For The Assessment Years 2007-08, 2009-10, 2010-11 & 2008-09. 2. Since, Issues Raised In All The Appeals Are Similar Based On The Same Identical Facts, With The Consent Of The Both The Parties, We Proceed

section 281B of the Act was issued to the assessee attaching this part of land. Thus, the Assessing Officer held that the assessee is liable for long term capital gains. Accordingly, the Assessing Officer determined long term capital gains at ₹.1,50,00,000/- and added to the income of the assessee. 63. Having aggrieved by the order

SAMARJIT SINGH CHABRA,CHENNAI vs. ITO NON CORPORATE WARD 14(1), CHENNAI

In the result, all the appeals filed by the assessee in ITA No

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.1623, 1624, 1625 & 1646/Chny/2018 िनधा"रण वष"/Assessment Years: 2007-08, 2009-10, 2010-11 & 2008-09 & W.T.A. Nos. 43 & 44/Chny/2018 Assessment Years: 2007-08, 2008-09 Shri Samarijit Singh Chabra, Vs. The Income Tax Officer/ No. K-10, Sangath Apartments, Wealth Tax Officer, Mgr Nagar, Velachery, Non Corporate Ward – 14(1), Chennai 600 042. Chennai. [Pan: Bfops1703Q] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri N. Arjun Raj, Advocate ""थ" की ओर से/Respondent By : Shri P. Sajit Kumar, Jcit सुनवाई की तारीख/ Date Of Hearing : 08.05.2024 घोषणा की तारीख /Date Of Pronouncement : 31.07.2024 आदेश /O R D E R Per S.S. Viswanethra Ravi: These Four Income Tax Appeals Filed By The Assessee Are Directed Against Different Orders All Dated 26.02.2018 Passed By The Ld. Commissioner Of Income Tax (Appeals) 14, Chennai For The Assessment Years 2007-08, 2009-10, 2010-11 & 2008-09. 2. Since, Issues Raised In All The Appeals Are Similar Based On The Same Identical Facts, With The Consent Of The Both The Parties, We Proceed

section 281B of the Act was issued to the assessee attaching this part of land. Thus, the Assessing Officer held that the assessee is liable for long term capital gains. Accordingly, the Assessing Officer determined long term capital gains at ₹.1,50,00,000/- and added to the income of the assessee. 63. Having aggrieved by the order

PENUPETRUNI CHINNA RAO,CHENNAI vs. ITO, INTERNATIONAL TAXATION, WARD-1(1), CHENNAI

In the result, the appeal stand partly allowed

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.401/Chny/2022 (िनधा*रण वष* / Assessment Year: 2016-17) Mr. Penupatruni Chinna Rao Ito बनाम 8, Pughs Road, Sundaram Salai, International Taxation, / Vs. R.A. Puram, Chennai-600 028. Ward-1(1), Chennai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aecpc-1481-R (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Ms. N.V. Lakshmi (Advocate) - Ld. Ar " थ"कीओरसे/Respondent By : Shri D. Hema Bhupal (Jcit)- Ld. Sr. Dr सुनवाईकीतारीख/Date Of Final Hearing : 04-03-2024 घोषणाकीतारीख /Date Of Pronouncement : 25-04-2024 आदेश / O R D E R

section 143(3) of the Income Tax Act, 1961 ["Act"] vide assessment order dated 30.12.2018 wherein the assessing officer disallowed part of the indexed cost of land and building claimed by the petitioner in calculating the capital gains and also disallowed part of the deduction claimed by the petitioner u/s 54 of the Act. The said capital gain and deduction

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LTD.,CHENNAI vs. ACIT, LARGE TAXPAYER UNIT-1, CHENNAI

Bench: Shri Mahavir Singh, Hon’Ble & Shrimanjunatha.G, Hon’Bleआयकरअपीलसं./Ita No.269/Chny/2022 िनधा"रणवष"/Assessment Year: 2017-18 V. M/S.Cognizant Technology- The Asst. Commissioner- Solutions India Pvt. Ltd., Of Income Tax, 5/535, Okkiam, Thoriapakkam, Large Taxpayer Unit-1, Old Mahabalipuram Road, Chennai. Chennai-600 096. [Pan:Aaacd 3312 M] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri Ajay Vohra, Sr.Counsel For Shri N.V. Balaji, Adv. ""यथ" क" ओर से /Respondent By : Shri R.Shankaranarayanan, Additional Solicitor – General Of India For Shri A.P.Srinivas, Sr. Standing Counsel : सुनवाईक"तारीख/Date Of Hearing 03.07.2023 घोषणाक"तारीख /Date Of Pronouncement : 13.09.2023

section 115-O of the Act and the consequent demand raised by the learned AO are in contravention to the provisions of the Double Taxation Avoidance Agreement ('DTAA') entered by India with USA and Mauritius and the principles laid down by the Hon'ble Supreme Court in UOI vs Azadi Bachao Andolan [2003] 263 ITR 706 (SC). 12. Without prejudice

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 :

section 43A with effect from 1-4-2003 and gain arising on account of exchange fluctuation is not liable to tax as it is on capital account. This case law is about external commercial borrowing for the purpose of acquiring capital asset. The Hon’ble Supreme Court held that foreign exchange rate fluctuation should be adjusted to the actual cost

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

gain on FEFC on the strength of loan\ngiven to foreign subsidiary was to be treated as capital, then the loss on FEFC too\non the strength of loan given to foreign subsidiary should be treated as capital.\nWithout prejudice to the decision in the previous paragraphs the facts are not\nforthcoming from the appellant to make a point

PLR TEXTILES LTD.,CHENNAI vs. THE ACIT ,CORPORATE CIRCLE-5(2), CHENNAI

In the result the appeal of the assessee is partly allowed

Bench: Shri Aby T Varkey & Shri S. R. Raghunathaआयकरअपीलसं./Ita No.: 133/Chny/2021 िनधा"रणवष" / Assessment Year: 2005-06 Plr Textiles Ltd., The Acit, 8K, Century Plaza, V. Corporate Circle -5(2), 560-562, Mount Road, Chennai – 641 034. Chennai – 600 018. [Pan: Aaacp-6536-D] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ"कीओरसे/Appellant By : Mr. R. Vijayaraghavan, Advocate ""थ"कीओरसे/Respondent By : Ms. Anitha, Addl. Cit सुनवाई की तारीख/Date Of Hearing : 06.02.2025 घोषणा की तारीख/Date Of Pronouncement : 27.03.2025 आदेश /O R D E R Per S. R. Raghunatha: This Appeal By The Assessee Is Filed Against The Order Of The Commissioner Of Income Tax (Appeals)-3, Chennai, Vide Ita No.153/Cit(A)-3/2018-19For The Assessment Year 2005-06, Dated 13.03.2020. 2. At The Outset, We Find That There Is A Delay Of 346 Days In Appeal Filed By The Assessee, For Which Petition For Condonation Of Delay Along With Reasons For Delay Has Been Filed. After Considering The Petition Filed By The Assessee, Reason For Delay In Filing The Appeal Was Due To Covid-19 Pandemic & Also Hearing Both The :-2-:

capital gains originally exempt requires to be charged in the hands of KICL for AY 1997-98.Consequently, as per section 49(3) of the Act, the cost of acquisition of the assets in the hands of KOIL/PLI will be the actual cost of acquisition i.e. cost at which KOIL/PLI acquired the asset at the value as determined by Stamp Authorities

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

section 68 of the\nAct was inapplicable was held to be untenable. The Ld.CIT(A) identified that\nthe addition comprised three components: (i) Rs.2.54 crores pertaining to income\nof the current year, (ii) Rs.19.83 crores representing gifts/settlements from\nrelatives, and (iii) Rs.93.63 crores representing consideration arising on transfer\nof the assessee's proprietary business to M/s.Amar Prakaash Developers\nPrivate Limited