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

72 ITD 552, that once tax is deducted at source from income, the Department has knowledge of the income of the payee and therefore there is no undisclosed income. In view of this it is submitted that the dividend income need not be treated as undisclosed income. Such income can be brought to tax only under regular assessment proceeding

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

72 ITD 552, that once tax is deducted at source from income, the Department has knowledge of the income of the payee and therefore there is no undisclosed income. In view of this it is submitted that the dividend income need not be treated as undisclosed income. Such income can be brought to tax only under regular assessment proceeding

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 131 of the Act to the buyers. According to the Assessing Officer, the said summons returned un-served and by considering the agreement of Sale cum General Power of Attorney dated 24.10.2008, he held that the sale is completed. Accordingly, by allowing indexed cost of acquisition, the Assessing Officer determined the capital gains at ₹.2,34,72

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 131 of the Act to the buyers. According to the Assessing Officer, the said summons returned un-served and by considering the agreement of Sale cum General Power of Attorney dated 24.10.2008, he held that the sale is completed. Accordingly, by allowing indexed cost of acquisition, the Assessing Officer determined the capital gains at ₹.2,34,72

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 131 of the Act to the buyers. According to the Assessing Officer, the said summons returned un-served and by considering the agreement of Sale cum General Power of Attorney dated 24.10.2008, he held that the sale is completed. Accordingly, by allowing indexed cost of acquisition, the Assessing Officer determined the capital gains at ₹.2,34,72

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 131 of the Act to the buyers. According to the Assessing Officer, the said summons returned un-served and by considering the agreement of Sale cum General Power of Attorney dated 24.10.2008, he held that the sale is completed. Accordingly, by allowing indexed cost of acquisition, the Assessing Officer determined the capital gains at ₹.2,34,72

RANJIT V SRIVATSAA,CHENNAI vs. ITO, NCW-3(2), CHENNAI

In the result the appeal of the assessee is allowed

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

section 54 of the Act and confirmed the action of the AO. The ld.AR submitted a paper book containing 72 pages consisting of copy of agreement for construction of new flat, copy of sale deed pertaining to UDS from KGEYES Residency private limited dated 01.02.2019, Capital gain

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

Section 56 of the Income-tax Act, 1961 read with Rule 11UAA and Rule\n11UA. In this context, the appellant has made his submission that the NAV\nof the shares of OCPL as per the Balance sheet as on 31/07/2018 is Rs.11 as\nper Rule 11UA and the same is considered for purposes of business transfer\narrangement. Further

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

SUDARSAN KUMAR,CHENNAI vs. ITO, NCW-18(3), CHENNAI

The appeal of the assessee is allowed for statistical purposes

Bench: Shri George George K & Ms Padmavathy S, Am

72,288 Less: Indexed cost of acquisition: Fair market value as on 01.04.1981 @ Rs.28000/- per ground Cost of 5 grounds 585 Sq.Ft 12585 sq.ft Land sold is 6576 sq.ft 28000/2400-76720 Assesse's share-1/6 = 12780/- 12780x 785/632 (u/s.48(iii)) : Rs. 15,870 Capital gain : Rs.1,77,56,418 Less; Deduction u/s,54 Cost of four new flats

P. SUBRAMANI,CHENNAI vs. ACIT, CORPORATE CRICLE 1(1), CHENNAI

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

section 50C of the Act and brought to tax, of Rs.1,19,98,298/- as long term capital gain and Rs.5,16,528/- as short term capital gain. Aggrieved by the order of AO, the assessee filed appeal before the ld.CIT(A). 4. The assessee filed detailed submissions before the ld.CIT(A)- NFAC for all the three issues

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

DEPUTY COMMISSIONER OF INCOME-TAX, NON-CORPORATE CIRCLE 7(1), CHENNAI vs. KUMARASAMY PILLAI APARNA, CHENNAI

In the result the appeal of the revenue is dismissed

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 999/Chny/2023 िनधा"रणवष" / Assessment Year: 2016-17 Kumarasamy Pillai Aparna, Deputy Commissioner Of V. No. 43, Kannadasan Salai, Income Tax, T.Nagar, Srds, Non-Corporate Circle -7(1), Chennai – 600 017. Chennai. [Pan:Afzpa-9359-N] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Shri. R. Vikneswaran, Jcit ""यथ"क"ओरसे/Respondent By : Shri. T. Vasudevan, Advocate सुनवाई क" तारीख/Date Of Hearing : 03.06.2024 घोषणा क" तारीख/Date Of Pronouncement : 31.07.2024 आदेश /O R D E R

Section 54 of the Act. 23. Consequences of execution of the agreement to sell are also very clear and they are to the effect that the appellants could not have sold the properly to someone else. In practical life, there are events when a person, even after executing an :-7-: ITA. No:999/Chny/2023 agreement to sell an immovable properly

AVANASIYAPPAN ESWARAN,TIRUPPUR vs. ITO,WARD 1(2), TIRUPPUR

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

Bench: Shri George George K & Shri S.R. Raghunatha

Capital Gains Account Scheme (CGAS) is only a Directory provision and not a Mandatory provision. 4) The Ld. CIT(A) failed to notice that are plethora of case laws, including the decisions of the H’ble Jurisdictional Madras High Court, cited before him, in favour of the assessee’s claim for deduction

MOHAMED AKBAR,CHENNAI vs. ITO, NCC-10(3), CHENNAI

In the result, this appeal of the assessee is partly allowed

Bench: Shri Ss Viswanethra Ravi & Shri Ratnesh Nandan Sahaymohamed Akbar, I.T.O., 2/2 1St St., Gf, Apt No. 2, Vs. Non-Corporate Circle 10(3), Jamalia Perambur High Road, Chennai. Chennai-12 Pan No. Afepa 3815 Q Appellant/ Assessee Respondent/ Revenue

Section 54 proposed investment in residential house property. A sum of Rs.2.50 Crores was deposited in an earmarked capital gain scheme account within the due date of filing the return. 3. Hence the deduction claimed in the Asst year 2012-13 is in order as the preconditions for the deduction has been satisfied. 4. However, he was not able

ACIT CORPORATE CIRCLE 4(1), CHENNAI vs. MANGAL TIRTH ESTATE LTD., CHENNAI

In the result, appeal filed by the revenue is dismissed

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./Ita No.: 1965/Chny/2018 िनधा"रण वष" / Assessment Year: 2014-15 Assistant Commissioner Of M/S. Mangal Tirth Estate Ltd., Income-Tax, V. No. 769, Spencer Plaza, Corporate Circle-4(1), Anna Salai, Chennai – 600 002. Chennai. [Pan: Aaacm-4614-R] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. P. Sajit Kumar, Jcit ""यथ" क" ओर से/Respondent By : Shri. N.V. Balaji, Advocate सुनवाई क" तारीख/Date Of Hearing : 29.11.2022 घोषणा क" तारीख/Date Of Pronouncement : 31.01.2023

section 50C of the Income-tax Act, 1961 (hereinafter referred to as “the Act”) and adopted deemed consideration for computation of long term capital gains. The relevant findings of the AO are as under: From the above noting the following points emerged : 1. As on 31.03.1999, Out of 1,50,000 sq.ft. the assessee company had handed over

PATCHIRAJAN LAKSHMANAN,MADURAI vs. PCIT, MADURAI

In the result, appeal of the assessee is allowed

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 597/Chny/2020 िनधा"रणवष" / Assessment Year: 2015-16 The Principal Commissioner Of Patchirajan Lakshmanan, V. Income Tax, No. 102F,/16Z/3, Maduari -1, Dhanasekaran Nagar, Madurai – 625 002. Polepettai (West) – 628 002. [Pan:Aazpl-1396-H] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Shri. S. Sridhar, Advocate ""यथ"क"ओरसे/Respondent By : Shri. V. Nandakumar, Cit सुनवाई क" तारीख/Date Of Hearing : 01.05.2024 घोषणा क" तारीख/Date Of Pronouncement : 28.06.2024 आदेश /O R D E R

Section 263 of the Act and ought to have appreciated that the judicial trend in this regard would vitiate the related findings in the impugned order. 10. The CIT (Appeals) failed to appreciate that there was no proper opportunity given before passing of the impugned order and any order passed in violation of the principles of natural justice would

VENKEDAPATHY VENUGOPAL,COIMBATORE vs. ITO, NON CORP WE 2(1) COIMBATORE, COIMBATORE

In the result, the appeal of the assessee is allowed

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

72,175/-, and the rebate so claimed was attributable to the tax payable on such capital gains. The return of income was processed by the CPC u/s.143(1) of the Act on 15.04.2025, wherein the claim of rebate of Rs.25,000/- u/s.87A of the Act was :-3-: ITA. No.:2064/Chny/2025 denied. The intimation so issued does not spell