JAKHAU SALT COMPANY P LTD.,CHENNAI vs. DCIT, CORPORATE CIRCLE-1(1), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha.G, Hon’Bleआयकरअपीलसं./Ita No.367/Chny/2022 िनधा"रणवष"/Assessment Year: 2017-18 V. M/S. Jakhau Salt Co. P. Ltd., The Dy. Commissioner – No.2, North Crescent Road, Of Income Tax, T. Nagar, Chennai-600 017. Corporate Circle-1(1), Chennai. [Pan:Aaacw 0867 G] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Mr.S.Sridhar, Adv. ""यथ" क" ओर से /Respondent By : Mr.S. Senthil Kumaran, Cit : सुनवाईक"तारीख/Date Of Hearing 09.01.2023 : घोषणाक"तारीख /Date Of Pronouncement 24.02.2023

gains’ from the business or profession. This view is supported by the decision of the Hon’ble Bombay High Court in the case of CIT v. Colgate Palmolive (India) Ltd.(supra), where it has been clearly held that when investment in subsidiary company is for the purpose of its business and the loss on sale of shares

M/S SHRIRAM PROPERTIES LIMITED,CHENNAI vs. PCIT-CENTRAL1, CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 431/Chny/2022 िनधा"रण वष" / Assessment Year: 2017-18

gain on extinguishment of liability and share premium is not a notional entries. He further submitted that, under the provisions of section 263 of the Act, if Assessing Officer not called for any information on the issues then it can be said that it is a case of lack of enquiry. In a case where the Assessing Officer called

ASHOK LEYLAND LIMITED,,CHENNAI vs. ACIT,, CHENNAI

366 ITR 505 wherein it was held that \"where assessee's own\nfunds and other non-interest interest bearing funds were more than\ninvestment in tax free securities, impugned order passed by the\nAssessing Officer disallowing a part of interest payments under section\n14A of the Act read with rule 8D(2)(ii) of I.T Rules, 1962 needs

TEMENOS HEADQUARTERS SA,SWITZERLAND vs. DEPUTY COMMISSIONER OF INCOME TAX, INTERNATIONAL TAXATION 2(2), CHENNAI, CHENNAI

In the result, appeals filed by the assessee for assessment years 2016-17, 2020-21 & 2021-22 are allowed and stay applications filed by the assessee for assessment years

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Ragunatha, Hon’Bleआयकर अपीलसं./Ita Nos.: 1573, 1574 & 1575/Chny/2023 िनधा"रणवष" / Assessment Years: 2016-17, 2020-21 & 2021-22 & S.A. Nos. 20, 21/Chny/2024 [In Ita Nos. 1574 & 1575/Chny/2023] िनधा"रण वष" / Assessment Years : 2020-21, 2021-22 Temenos Headquarters Sa, Deputy Commissioner Of No.2, Rue De Lecole De V. Income Tax, Chimie, International Taxation -2(2), 1205 Geneva, Chennai. Switzerland- 1205. [Pan:Aadct-7868-H] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओरसे/Appellant By : Shri. R. Sivaraman, Advocate ""यथ" क" ओरसे/Respondent By : Shri. V. Nandakumar, Cit सुनवाई क" तारीख/Date Of Hearing : 24.04.2024 घोषणा क" तारीख/Date Of Pronouncement : 12.06.2024

Capital gains'') for- :-6-: ITA. Nos: 1573, 1574 & 1575/Chny/2023 SA Nos: 20 & 21/Chny/2024 (i) the transfer of all or any rights (including the granting of a licence) in respect of a patent, invention, model, design, secret formula or process or trade mark or similar property; (ii) the imparting of any information concerning the working

TEMENOS HEADQUARTERS SA,SWITZERLAND vs. DEPUTY COMMISSIONER OF INCOME TAX, INTERNATIONAL TAXATION 2(2), CHENNAI, CHENNAI

In the result, appeals filed by the assessee for assessment years 2016-17, 2020-21 & 2021-22 are allowed and stay applications filed by the assessee for assessment years

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Ragunatha, Hon’Bleआयकर अपीलसं./Ita Nos.: 1573, 1574 & 1575/Chny/2023 िनधा"रणवष" / Assessment Years: 2016-17, 2020-21 & 2021-22 & S.A. Nos. 20, 21/Chny/2024 [In Ita Nos. 1574 & 1575/Chny/2023] िनधा"रण वष" / Assessment Years : 2020-21, 2021-22 Temenos Headquarters Sa, Deputy Commissioner Of No.2, Rue De Lecole De V. Income Tax, Chimie, International Taxation -2(2), 1205 Geneva, Chennai. Switzerland- 1205. [Pan:Aadct-7868-H] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओरसे/Appellant By : Shri. R. Sivaraman, Advocate ""यथ" क" ओरसे/Respondent By : Shri. V. Nandakumar, Cit सुनवाई क" तारीख/Date Of Hearing : 24.04.2024 घोषणा क" तारीख/Date Of Pronouncement : 12.06.2024

Capital gains'') for- :-6-: ITA. Nos: 1573, 1574 & 1575/Chny/2023 SA Nos: 20 & 21/Chny/2024 (i) the transfer of all or any rights (including the granting of a licence) in respect of a patent, invention, model, design, secret formula or process or trade mark or similar property; (ii) the imparting of any information concerning the working

TEMENOS HEADQUARTERS SA,SWITZERLAND vs. DEPUTY COMMISSIONER OF INCOME TAX, INTERNATIONAL TAXATION 2(2), CHENNAI, CHENNAI

In the result, appeals filed by the assessee for assessment years 2016-17, 2020-21 & 2021-22 are allowed and stay applications filed by the assessee for assessment years

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Ragunatha, Hon’Bleआयकर अपीलसं./Ita Nos.: 1573, 1574 & 1575/Chny/2023 िनधा"रणवष" / Assessment Years: 2016-17, 2020-21 & 2021-22 & S.A. Nos. 20, 21/Chny/2024 [In Ita Nos. 1574 & 1575/Chny/2023] िनधा"रण वष" / Assessment Years : 2020-21, 2021-22 Temenos Headquarters Sa, Deputy Commissioner Of No.2, Rue De Lecole De V. Income Tax, Chimie, International Taxation -2(2), 1205 Geneva, Chennai. Switzerland- 1205. [Pan:Aadct-7868-H] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओरसे/Appellant By : Shri. R. Sivaraman, Advocate ""यथ" क" ओरसे/Respondent By : Shri. V. Nandakumar, Cit सुनवाई क" तारीख/Date Of Hearing : 24.04.2024 घोषणा क" तारीख/Date Of Pronouncement : 12.06.2024

Capital gains'') for- :-6-: ITA. Nos: 1573, 1574 & 1575/Chny/2023 SA Nos: 20 & 21/Chny/2024 (i) the transfer of all or any rights (including the granting of a licence) in respect of a patent, invention, model, design, secret formula or process or trade mark or similar property; (ii) the imparting of any information concerning the working

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

In the result, the appeals filed by the assessees in ITA Nos

366\nWith regard to the seventh issue of addition made u/s.56(2)(vii)(c) of the Act, the Special audit report had observed as follows for the A.Y. 2012-13:\nMrs. Thanushkodi Narayanan\nSpecial Audit u/s 142(2A) of the Income Tax Act 1961 - AY 2012-13\nAnnexure-4: Deemed Dividend -2(22)(e)\nFinancial Year FY 2011-12 Amount

NEURO UPDATE CHENNAI,CHENNAI vs. ITO, EXEMPTION WARD-1, CHENNAI

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T Varkey & Shri S.R.Raghunatha

gains, or other sources, the word "income" should be understood in its commercial sense. Le, book income, after adding back any appropriations or applications thereof towards the purposes of the trust or otherwise, and also after adding back any debits made for capital expenditure incurred for the purposes of the trust or otherwise”. 10. Accordingly, the excess of income over

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

366\nAHMAYYA & Cr\n* CHENNAI * 2 INDIA 5 MARTERED ACCOUN\nWith regard to the seventh issue of addition made u/s.56(2)(vii)(c) of the Act, the\nSpecial audit report had observed as follows for the A.Y. 2012-13:\nMrs. Thanushkodi Narayanan\nSpecial Audit u/s 142(2A) of the Income Tax Act 1961 - AY 2012-13\nAnnexure-4: Deemed Dividend

PALANISAMY RAGHUPATHY,BENGALURU vs. ACIT, CENTRAL CIRCLE-3,, COIMBATORE

In the result, appeal filed by the assessee and department are\nallowed or dismissed as per chart below

gained any advantage by instituting the\nappeals belatedly. Accordingly, the delay is hereby condoned. In\nrespect of the remaining assessees, there is no delay in filing the\nappeals, and proof of receipt of the orders of the ld. CIT(A) has\nbeen duly enclosed with Form No. 36.\nFurther, since all the 61 appeals arise out of the same search

M/S T vs. MOTOR COMPANY LIMITED,CHENNAIVS.ACIT CORPORATE CIRCLE 3 (1), CHENNAI

In the result, the appeal of the Revenue and the assessee are\ndecided as under:-\n\n| ITA Nos\n| Assessment\nYear\nResult\n| IT(TP)A No

366 ITR 505 wherein it was held that \"where assessee's own funds and other non-interest bearing funds were more than investment in tax free securities, impugned order passed by the Assessing Officer disallowing a part of interest payments under Section 14A of the Act (read with rule 8D(2)(ii) of I.T Rules, 1962) needs

SURESH KUMAR,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(3), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 167/Chny/2023 िनधा"रण वष" / Assessment Year: 2019-20 Suresh Kumar, Deputy Commissioner Of 114/10 (Ligh), Gandhi Road, V. Income Tax, West Tambaram, Central Circle 1(3), Chennai – 600 045. Chennai – 600 034. [Pan: Aagps-0396-D] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. D. Anand, Advocate अपीलाथ" क" ओर से/Appellant By ""यथ" क" ओर से/Respondent By : Shri. Ar V Sreenivasan, Addl. Cit सुनवाई क" तारीख/Date Of Hearing : 16.08.2023 घोषणा क" तारीख/Date Of Pronouncement : 31.08.2023 आदेश /O R D E R

366/-. There cannot be any addition on account of notional income as held by the Hon’ble Supreme Court in case of E.D. Sassoon & Co. & Ors. vs. CIT (1954) 26 ITR 27 and Godhra Electricity Co. Ltd. vs. CIT (1997) 225 ITR 746 where it was held that only real income can be taxed, hypothetical income cannot be taxed

ACIT LTU 2 CHENNAI, CHENNAI vs. WHEELS INDIA LIMITED, CHENNAI

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.2701/Chny/2019 (िनधा*रण वष* / Assessment Year: 2015-16) & आयकरअपील सं./ Ita No.2702/Chny/2019 (िनधा*रण वष* / Assessment Year: 2016-17) Acit M/S. Wheels India Pvt. Ltd. बनाम Large Taxpayer Unit-2 21, Pattulos Road, / Vs. Chennai-600 034. Chennai-600 002. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacw-0315-K (अपीलाथ"/Appellant) : (" थ" / Respondent) & आयकरअपील सं./ Ita No.2771/Chny/2019 (िनधा*रण वष* / Assessment Year: 2015-16) & आयकरअपील सं./ Ita No.2772/Chny/2019 (िनधा*रण वष* / Assessment Year: 2016-17) M/S.Wheels India Pvt.Ltd. Acit बनाम 21, Pattulos Road, Large Taxpayer Unit-2 / Vs. Chennai-600 002. Chennai-600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacw-0315-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Assessee By : Shri R.Vijayaraghavan (Advocate)-Ld.Ar " थ"कीओरसे/Revenue By : Shri S.Senthil Kumaran (Cit)- Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 11-07-2023 घोषणाकीतारीख /Date Of Pronouncement : 14-07-2023 आदेश / O R D E R

366 ITR 505 (Bom) where it was held that no ad-hoc disallowance of expenditure u/s 14A was warranted where the assessee had sufficient funds available with it, which was more than the amount it invested for earning dividend income. The same are adjudicated as under. 3. Disallowance of interest on acquisition of fixed assets u/s.36(1)(iii) The assessee

ACIT LTU 2 CHENNAI, CHENNAI vs. WHEELS INDIA LIMITED, CHENNAI

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.2701/Chny/2019 (िनधा*रण वष* / Assessment Year: 2015-16) & आयकरअपील सं./ Ita No.2702/Chny/2019 (िनधा*रण वष* / Assessment Year: 2016-17) Acit M/S. Wheels India Pvt. Ltd. बनाम Large Taxpayer Unit-2 21, Pattulos Road, / Vs. Chennai-600 034. Chennai-600 002. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacw-0315-K (अपीलाथ"/Appellant) : (" थ" / Respondent) & आयकरअपील सं./ Ita No.2771/Chny/2019 (िनधा*रण वष* / Assessment Year: 2015-16) & आयकरअपील सं./ Ita No.2772/Chny/2019 (िनधा*रण वष* / Assessment Year: 2016-17) M/S.Wheels India Pvt.Ltd. Acit बनाम 21, Pattulos Road, Large Taxpayer Unit-2 / Vs. Chennai-600 002. Chennai-600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacw-0315-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Assessee By : Shri R.Vijayaraghavan (Advocate)-Ld.Ar " थ"कीओरसे/Revenue By : Shri S.Senthil Kumaran (Cit)- Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 11-07-2023 घोषणाकीतारीख /Date Of Pronouncement : 14-07-2023 आदेश / O R D E R

366 ITR 505 (Bom) where it was held that no ad-hoc disallowance of expenditure u/s 14A was warranted where the assessee had sufficient funds available with it, which was more than the amount it invested for earning dividend income. The same are adjudicated as under. 3. Disallowance of interest on acquisition of fixed assets u/s.36(1)(iii) The assessee

WHEELS INDIA LIMITED,CHENNAI vs. ACIT LTU 1 CHENNAI, CHENNAI

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.2701/Chny/2019 (िनधा*रण वष* / Assessment Year: 2015-16) & आयकरअपील सं./ Ita No.2702/Chny/2019 (िनधा*रण वष* / Assessment Year: 2016-17) Acit M/S. Wheels India Pvt. Ltd. बनाम Large Taxpayer Unit-2 21, Pattulos Road, / Vs. Chennai-600 034. Chennai-600 002. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacw-0315-K (अपीलाथ"/Appellant) : (" थ" / Respondent) & आयकरअपील सं./ Ita No.2771/Chny/2019 (िनधा*रण वष* / Assessment Year: 2015-16) & आयकरअपील सं./ Ita No.2772/Chny/2019 (िनधा*रण वष* / Assessment Year: 2016-17) M/S.Wheels India Pvt.Ltd. Acit बनाम 21, Pattulos Road, Large Taxpayer Unit-2 / Vs. Chennai-600 002. Chennai-600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacw-0315-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Assessee By : Shri R.Vijayaraghavan (Advocate)-Ld.Ar " थ"कीओरसे/Revenue By : Shri S.Senthil Kumaran (Cit)- Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 11-07-2023 घोषणाकीतारीख /Date Of Pronouncement : 14-07-2023 आदेश / O R D E R

366 ITR 505 (Bom) where it was held that no ad-hoc disallowance of expenditure u/s 14A was warranted where the assessee had sufficient funds available with it, which was more than the amount it invested for earning dividend income. The same are adjudicated as under. 3. Disallowance of interest on acquisition of fixed assets u/s.36(1)(iii) The assessee

WHEELS INDIA LIMITED,CHENNAI vs. ACIT LTU 1 CHENNAI, CHENNAI

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.2701/Chny/2019 (िनधा*रण वष* / Assessment Year: 2015-16) & आयकरअपील सं./ Ita No.2702/Chny/2019 (िनधा*रण वष* / Assessment Year: 2016-17) Acit M/S. Wheels India Pvt. Ltd. बनाम Large Taxpayer Unit-2 21, Pattulos Road, / Vs. Chennai-600 034. Chennai-600 002. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacw-0315-K (अपीलाथ"/Appellant) : (" थ" / Respondent) & आयकरअपील सं./ Ita No.2771/Chny/2019 (िनधा*रण वष* / Assessment Year: 2015-16) & आयकरअपील सं./ Ita No.2772/Chny/2019 (िनधा*रण वष* / Assessment Year: 2016-17) M/S.Wheels India Pvt.Ltd. Acit बनाम 21, Pattulos Road, Large Taxpayer Unit-2 / Vs. Chennai-600 002. Chennai-600 034. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacw-0315-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Assessee By : Shri R.Vijayaraghavan (Advocate)-Ld.Ar " थ"कीओरसे/Revenue By : Shri S.Senthil Kumaran (Cit)- Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 11-07-2023 घोषणाकीतारीख /Date Of Pronouncement : 14-07-2023 आदेश / O R D E R

366 ITR 505 (Bom) where it was held that no ad-hoc disallowance of expenditure u/s 14A was warranted where the assessee had sufficient funds available with it, which was more than the amount it invested for earning dividend income. The same are adjudicated as under. 3. Disallowance of interest on acquisition of fixed assets u/s.36(1)(iii) The assessee

M/S GOOD EARTH FERTILIZERS COMPANY P LTD [CHEMIKAS SPECIALITY LLP],CHENNAI vs. ITO,CORPORATE WARD - 2[2], CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha.G, Hon’Bleआयकरअपीलसं./Ita No.424/Chny/2022 िनधा"रणवष"/Assessment Year: 2017-18 V. M/S.Good Earth Fertilizers- The Income Tax Officer, Co. P. Ltd., Corporate Ward-2(2), (Now Known As Chemikas Chennai. Specialty Llp), No.2, North Crescent Road, T. Nagar,Chennai-600 017. [Pan:Aasfg 6012 G] (अपीलाथ"/Appellant) (""यथ"/Respondent)

gain business advantage and, hence, the investment is not made for the purpose of earning exempted income. Therefore, the disallowance under section 14A cannot be made. Further, during the year under consideration, no exempted income was earned out of the said investments in ACIPL. It has become a settled law that the disallowance under section 14A cannot be made

P KUPPUCHAMY,BENGALURU vs. ACIT, CENTRAL CIRCLE-3, , COIMBATORE

gained any advantage by instituting the appeals belatedly. Accordingly, the delay is hereby condoned. In respect of the remaining assessees, there is no delay in filing the appeals, and proof of receipt of the orders of the ld. CIT(A) has been duly enclosed with Form No. 36. Further, since all the 61 appeals arise out of the same search