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

71 ITR 433 (Mad) and Addl. CIT v. K. S. Sheikh Mohideen [1978] 115 ITR 243 (Mad) [FB]. It is true that in these two decisions it was said that unless the asset had cost something in terms of money for its acquisition, it was not possible to conceive of capital gains as envisaged by the statue though an asset

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

71 ITR 433 (Mad) and Addl. CIT v. K. S.\nSheikh Mohideen [1978] 115 ITR 243 (Mad) [FB]. It is true that in these two\ndecisions it was said that unless the asset had cost something in terms of\nmoney for its acquisition, it was not possible to conceive of capital gains as\nenvisaged by the statue though an asset

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

capital gains.\n2. The assessee preferred an appeal to the AAC. Before the AAC, in addition to\ncontending that the rights transferred under the document cannot be\nconsidered to be a capital asset, it was also contended that there was no\ntransfer of any capital asset. The AAC held that the term \"property\" would\ninclude, in the case of land

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 2(14) of the Income Tax Act,1961, which excludes "Agriculture land", from the definition of "Capital Asset", chargeable to capital gains on transfer of such asset. This exemption of agriculture land from taxation existed in income-tax legislation from the 1922 onwards till date, with slight modifications made to the provisions from time to time. He submits that

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 2(14) of the Income Tax Act,1961, which excludes "Agriculture land", from the definition of "Capital Asset", chargeable to capital gains on transfer of such asset. This exemption of agriculture land from taxation existed in income-tax legislation from the 1922 onwards till date, with slight modifications made to the provisions from time to time. He submits that

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 2(14) of the Income Tax Act,1961, which excludes "Agriculture land", from the definition of "Capital Asset", chargeable to capital gains on transfer of such asset. This exemption of agriculture land from taxation existed in income-tax legislation from the 1922 onwards till date, with slight modifications made to the provisions from time to time. He submits that

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 2(14) of the Income Tax Act,1961, which excludes "Agriculture land", from the definition of "Capital Asset", chargeable to capital gains on transfer of such asset. This exemption of agriculture land from taxation existed in income-tax legislation from the 1922 onwards till date, with slight modifications made to the provisions from time to time. He submits that

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

capital gains in the hands of the shareholders under section 46A of the Act. 6. The learned CIT(A) has erred in alleging that the "distribution of accumulated profits to shareholders and the 'scheme of arrangement and compromise' is a device designed by the assessee" for repatriation of accumulated profits outside the country without paying

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

71,\nCathedral Road, CCMPL cannot be considered as owner of the\nproperty for the purpose of capital gains in regard to the transfer made\nto Badr Unissa.\n3.9 The Id. CIT(A) has erred in holding that the assessee is not a\nparty to the slumpp sale and the understated value of the property is\nonly to be assessed

INCOME TAX OFFICER- WARD-1/JAO, NAGERCOIL vs. ARULANANDHAM BER SYRIL ANTOW, NAGERCOIL

In the result the appeal filed by the Revenue is dismissed

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

capital gain is erroneous and also is in violation of Rule 46A of the Income Tax Rules. Further, the ld.DR relied on the grounds of appeal and prayed for reversing the impugned order and instead confirming the order of the Assessing Officer. :-5-: ITA. No:2079/Chny/2025 7. Per contra the ld.AR for the assessee supported the action of the ld.CIT

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

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

gain of\nRs.93,63,20,420/- arising from business succession is exempt from tax\nu/s 47(xiv) of the Act, and hence the provisions of section 68 are inapplicable\nto such amount.\n4. That the Ld.CIT(A) has erred in law and on facts in upholding the action of\nthe Assessing Officer in invoking section 68 of the Act, despite

PREMA,CHENGALPATTU vs. ITO, NCW-22(1), TAMBARAM

In the result, appeal filed by the assessee in ITA

Bench: Shri Aby T. Varkey & Shri Jagadish

section 50C of the Act] at Rs.9,08,95,000/-; and accordingly, the assessee’s share/interest in the immovable property, ought to be Rs.82,63,181/- (Rs.9,08,95,000/11); and since assessee didn’t offer it for taxation, the AO reopened the assessment for AY 2016-17 and framed assessment by computing Short Term Capital Gain (STCG) from

PREMA,CHENGALPATTU vs. ITO, NCW-22(1), TAMBARAM

In the result, appeal filed by the assessee in ITA

Bench: Shri Aby T. Varkey & Shri Jagadish

section 50C of the Act] at Rs.9,08,95,000/-; and accordingly, the assessee’s share/interest in the immovable property, ought to be Rs.82,63,181/- (Rs.9,08,95,000/11); and since assessee didn’t offer it for taxation, the AO reopened the assessment for AY 2016-17 and framed assessment by computing Short Term Capital Gain (STCG) from

PREMA,CHENGALPATTU vs. ITO, NCQ-22(1), TAMBARAM

In the result, appeal filed by the assessee in ITA

Bench: Shri Aby T. Varkey & Shri Jagadish

section 50C of the Act] at Rs.9,08,95,000/-; and accordingly, the assessee’s share/interest in the immovable property, ought to be Rs.82,63,181/- (Rs.9,08,95,000/11); and since assessee didn’t offer it for taxation, the AO reopened the assessment for AY 2016-17 and framed assessment by computing Short Term Capital Gain (STCG) from

PREMA,CHENGALPATTU vs. ITO, NCW-22(1), TAMBARAM

In the result, appeal filed by the assessee in ITA

Bench: Shri Aby T. Varkey & Shri Jagadish

section 50C of the Act] at Rs.9,08,95,000/-; and accordingly, the assessee’s share/interest in the immovable property, ought to be Rs.82,63,181/- (Rs.9,08,95,000/11); and since assessee didn’t offer it for taxation, the AO reopened the assessment for AY 2016-17 and framed assessment by computing Short Term Capital Gain (STCG) from

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

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