SARRANGAN ASHOK,CHENNAI vs. ITO NON CORPORATE WARD 15(1), CHENNAI

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

Bench: Shri N.R.S. Ganesan & Shri Inturi Rama Raoआयकर अपील सं./I.T.A.No.544/Chny/2019 ("नधा"रण वष" / Assessment Year: 2015-16) Vs The Income Tax Officer, Shri Sarrangan Ashok, H37/12, Gita Apartments, Non Corporate Ward – 15(1),. Kumanan Street, Kalashektra Chennai. Colony, Besant Nagar, Chennai – 600 090. Pan: Aafpa6211N (अपीलाथ"/Appellant) (""यथ"/Respondent)

section 45(2) is not applicable to the subject property. 2.2 The Learned Commissioner of Income Tax (Appeals) erred in considering the revalued amount as full value of consideration of Rs. 10,42,83,478/- while computing capital gains u/s 45(3

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

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

45, and, therefore, Section 44(2)(b) cannot have any bearing on deciding as to whether a receipt is in the nature of capital receipt leading to capital gains. When under the scheme of the Act, gains on sale of business is liable to be taxed as capital gains, as is the position on the facts of this case, Section

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

45 provides that any profits or gains arising from the transfer of a capital asset in the previous year shall be chargeable to income-tax under the head 'capital gains'. Where the gains arise on transfer of a short-term capital asset as defined under section 2(42A), the gains are taxed as short- term capital gains. Where the gains

GOKULAKRISHNA,CHENNAI vs. DEPUTY COMMISSIONER OF INCOME TAX, NON CORPORATE CIRCLE 8(1), CHENNAI

In the result, the appeal filed by the assessee is allowed and the stay\napplication is dismissed

sections": [ "250", "147", "2(14)", "2(47)", "45(1)", "45(3)", "45(4)" ], "issues": "Whether the amount received by a partner on account of reduction in profit-sharing ratio due to the admission of a new partner is taxable as capital gains

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.

gains does not arise. 3. APPLICABILITY OF SEC. 45(2) - BRICK CHAMBER LANDS OWNED BY THE FIRM AS A BUSINESS ASSET CONVERTED INTO STOCK - IN -TRADE. 4.3.1 In this respect we submit that the capital asset of land belonging to the assessee Firm was treated as stock-in —trade in the year 1996-1997 itself as per Sec.45

ARTHI BALIGA,CHENNAI vs. ACIT, NFAC, , DELHI

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

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. No.1559/Chny/2024 िनधा"रण वष"/Assessment Year: 2017-18 Arthi Baliga, Vs. The Principal Commissioner Of No. 15, Flat No. 3-C, Coral Woods Income Tax, Chennai-4, Apartment, Sri Ram Nagar, South Chennai. Street, Alwarpet, Chennai 600 018. [Pan:Bkjpb5416P] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri Ravi Kannan, Advocate & Shri Varun Ranganathan, Advocate ""थ" की ओर से/Respondent By : Shri Nilay Baran Som, Cit सुनवाई की तारीख/ Date Of Hearing : 05.12.2024 घोषणा की तारीख /Date Of Pronouncement : 28.02.2025 आदेश /O R D E R Per S.S. Viswanethra Ravi: This Appeal Filed By The Assessee Is Directed Against The Order Dated 19.03.2024 Passed By The Ld. Principal Commissioner Of Income Tax, Chennai-4, Chennai For The Assessment Year 2017-18 Under Section 263 Of The Income Tax Act, 1961 [“Act” In Short].

3) from the stage at which the proceedings stood at the time of such discontinuance or dissolution, and all the provisions of this Act shall, so far as may be, apply accordingly. (5) Nothing in this section shall affect the provisions of sub-section (6) of section 159. 11. He argued that even as per section 45(4) r.w.s

JAGANNATHAN SAILAJA CHITTA,CHENNAI vs. ITO, CHENNAI

In the result, the appeal filed by the assessee is partly allowed for statistical purposes

Bench: Shri Sanjay Arora & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.1207/Mds/2017 "नधा"रण वष"/Assessment Year:2012-13 Smt. Jagannathan Sailaja Chitta, The Income Tax Officer, New No. 4, Old No. 33, Vs. International Taxation 2(2), Krishna Street, T. Nagar, Chennai 34. Chennai – 17. [Pan:Biqps3751R] (अपीलाथ" /Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से / Appellant By : Shri B. Ramakrishnan, C.A. ""यथ" क" ओर से/Respondent By : Shri A. Srinivasan, Jcit सुनवाई क" तार"ख/ Date Of Hearing : 13.07.2017 घोषणा क" तार"ख /Date Of Pronouncement : 27.09.2017 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) 16, Chennai, Dated 27.03.2017 Relevant To The Assessment Year 2012-13, Wherein, Besides The Ld. Cit(A) Has Not Adjudicated The Additional Ground Raised By The Assessee With Regard To The Claim Of Exemption Under Section 54F Of The Income Tax Act, 1961 [“Act” In Short], The Ld. Cit(A) Has Erred In Confirming Various Disallowances Made Under Section 50C Of The Act, Confirming Disallowance

3) of the Act has a mandate that subject to the provision contained in sub- section (2), where the value ascertained under sub-section (2) exceeds the value adopted or assessed or assessable by the Stamp Valuation Authority referred to in sub-section (1), the value so adopted or assessed or assessable by such authority shall be taken

ACIT, CHENNAI vs. KANNAN SANTHANAM, CHENNAI

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

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singhआयकर अपील सं./Ita No.636/Mds/2016 "नधा"रण वष" / Assessment Year : 2011-12 The Assistant Commissioner Of Shri Kannan Santhanam, Income Tax, V. 401-A Laures 59-60, Non Corporate Circle 16, C.P. Ramasamy Road, Alwarpet, Chennai - 600 034. Chennai - 600 018. Pan : Aahps 1094 F (अपीलाथ"/Appellant) (""यथ"/Respondent)

3 I.T.A. No.636/Mds/16 the part of the assessee to deposit the capital gain, which was not utilised for the purpose of purchase or construction of residential house in Capital Gains Account Scheme. In the case before us, the assessee has not purchased or constructed a residential house and the capital gain was also not deposited in the Capital Gains Account

RAM KRISHAN KULWANT RAI,CHENNAI vs. ACIT CENTRAL CIRCLE 2(3), CHENNAI

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

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./Ita No.1047/Chny/2018 "नधा"रण वष" / Assessment Year : 2009-10

gain tax is chargeable in the case of succession of the capital asset by a company from the erstwhile partnership firm. The Ld.counsel has also invited our attention to sub-section (3) of Section 45

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

45 read with 48 & 49 of the Act. According to the assessee, under no circumstance, could the capital gains be re- characterized as business income of the assessee. It is noticed that, the Ld. CIT(A) had rejected the arguments of the assessee in the most cryptic manner by observing as under: “12.2.2 During the appellate proceedings, the AR argued

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

3 SCC 549. If transfer of capital asset in section 45 of the Act includes grant of Mining Lease for any period .then obviously the "cost of acquisi- tion" of the land would include the "cost of acquisition" Of the Mining right under the lease. Undisputedly the grant of alease being a transfer of an asset there is no escape

ABUSHA INVESTMENT & MANAGEMENT SERVICES LLP,CHENNAI vs. DCIT NON CORPORATE CIRCLE 7(1), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T. Varkey & Shri Manoj Kumar Aggarwal

capital gains tax by the Finance Act, 1987, has introduced Sub-section (3) to Section 45. The effect of this

INCOME TAX OFFICER NON-CORPORATE WARD-10(6), CHENNAI vs. SHRI ARUN GUPTA,, CHENNAI

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

Bench: Shri Mahavir Singh & Shri G. Manjunathaआयकर अपील सं./Ita No.: 844/Chny/2020 िनधा"रण वष" / Assessment Year: 2016-17 Income-Tax Officer, Shri. Arun Gupta, Non-Corporate Ward -10(6), V. No. 3B, Block, Lloyds Colony, Chennai – 34. Lloyds Road, Royapettah, Chennai – 600 014. [Pan: Agrpa-8340-C] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. Ar V Sreenivasan, Addl. Cit अपीलाथ" क" ओर से/Appellant By ""यथ" क" ओर से/Respondent By : Shri. N.V. Balaji Advocate & Mrs. N.V. Lakshmi, Advocate सुनवाई क" तारीख/Date Of Hearing : 02.11.2022 घोषणा क" तारीख/Date Of Pronouncement : 16.11.2022

section 54 of the Act. In this case, the assessee has :-10-: ITA. No:844 /Chny/2020 satisfied all conditions, except there is a technical breach in one of the conditions of depositing unutilized capital gain amount in capital gains deposit account scheme on or before due date for filing return of income u/s. 139(1) of the Act, however, such

P. ANANTHRAM,COIMBATORE vs. ACIT, NON-CORPORATE CIRCLE-2, COMBATORE MAIN BUILDING, 63, RACE COURSE ROAD, COIMBATORE

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./Ita No.155/Chny/2021 िनधा"रण वष" /Assessment Year: 2016-17 P. Ananth Ram, The Asst. Commissioner Of 36, West Venkataswamy Road, Vs. Income Tax, R.S. Puram, Non Corporate Circle-2, Coimbtore – 641 002. Coimbatore. [Pan: Anxpa-6262-C] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri R. Vijayaraghavan, Advocate ""यथ" क" ओर से /Respondent By : Shri S. Marudhu Pandyan, Cit सुनवाई क" तारीख/Date Of Hearing : 21.12.2022 घोषणा क" तारीख /Date Of Pronouncement : 21.12.2022

gain on transfer of long-term capital assets not to be charged. 9. A reading of Section 54EC shows that it replaced Sections 54EA and 54EB by the Finance Act, 2000 with effect from 01.04.2001, with the result that the benefit of Section 54EA and 54EB ceased to be available with reference to transfer of long term capital assets before

T.L.SRITHARAN,CHENNAI vs. ACIT NON CORPORATE CIRCLE-14, CHENNAI

In the result, appeal filed by the assessee is dismissed

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./Ita No.: 1596/Chny/2019 िनधा"रण वष" / Assessment Year: 2014-15 T.L. Sritharan, The Assistant Commissioner Of New No. 13, (Old No. 1), V. Income Tax, Swaminathan Street, Non-Corporate Circle -14, West Mambalam, Chennai – 600 034. Chennai – 600 033. [Pan: Aepps-6766-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. R. Vijayaraghavan, Advocate & Shri. Saroj Kumar Parida, Advocate ""यथ" क" ओर से/Respondent By : Shri. Ar.V. Sreenivasan, Addl. Cit सुनवाई क" तारीख/Date Of Hearing : 22.12.2022 घोषणा क" तारीख/Date Of Pronouncement : 04.01.2023 आदेश /O R D E R

45 shall be applicable, the next question is how to compute the gain or loss arising from such a transfer. The computation of capital gain or loss is governed by Section 48 wherein it is prescribed that the income chargeable under the head "Capital Gains" shall be computed by deducting from the full value of the consideration received or accruing

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

3 SCC\n549. If transfer of capital asset in section 45 of the Act includes grant of Mining\nLease for any period .then obviously the \"cost of acquisi- tion\" of the land\nwould include the \"cost of acquisition\" Of the Mining right under the lease.\nUndisputedly the grant of alease being a transfer of an asset there is no\nescape

ITO, INTERNATIONAL TAXATION WARD1(2), CHENNAI vs. RAJAMANICKAM ARULSELVAN, CHENNAI

In the result, the appeal filed by the Revenue and the Cross

Bench: Shri Manjunatha. G & Shri Manomohan Dasआयकर अपील सं./I.T.A. No.479/Chny/2023 िनधा"रण वष"/Assessment Year: 2013-14 & C.O. No. 44/Chny/2023 [In I.T.A. No. 479/Chny/2023] The Income Tax Officer, Vs. Shri Rajamanickam Arulselvan, 65, Defence Officer Colony, 2Nd International Taxation Ward 1(2), Bsnl Building Tower-1, 4Th Floor, Avenue, 6Th Cross Street, Guindy, Greams Road, Thousand Light, Guindy Industrial Estate S.O., Chennai 600 006. Chennai 600 032. [Pan:Aappa2346C] (अपीलाथ"/Appellant) (""थ"/Respondent/Cross Objector) Department By : Shri P. Sajit Kumar, Jcit Assessee By : Shri N.V. Balaji, Advocate सुनवाई की तारीख/ Date Of Hearing : 03.01.2024 घोषणा की तारीख /Date Of Pronouncement : 01.04.2024 आदेश /O R D E R Per Manjunatha, G.: This Appeal Filed By The Revenue Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)-16, Chennai, Dated 22.02.2023 Passed In Ita No. 10039/Cit(A)-16/2012-2013 Relevant To The Assessment Year 2013-14. The Revenue Has Raised Following Grounds: 1. That The Order Of The Ld. Cit(A) Is Erroneous On The Facts, The Merits Of The Case & Provisions Of Law As Well & Hence Unsustainable. 2. That The Ld. Cit(A) Erred In Failing To Appreciate That When The Assessee Had Applied For Conversion Of The Vacant Land Into A Plotted

3 I.T.A. No.479/Chny/23 & C.O. No. 44/Chny/23 for the reasons recorded as per which, the income chargeable to tax has escaped assessment of capital gains derived from transfer of capital assets in terms of section 45

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

3) The Development Commissioner shall ensure compliance of the\nrequirements of sub-rule (2).\n(4) The persons authorized by the Development Commissioner shall only\nbe allowed to enter the processing area of a Special Economic Zone.\n(5) The land or built up space in the processing area or Free Trade and\nWarehousing Zone shall be given on lease