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

73,57,200/- under the head ‘capital gains’ being the revaluation surplus, in the hands of the assessee as well as the Firm [M/s. Amudha, LLP]. According to the Ld.AR, the settled position of law is that the profit or gain arising from the transfer of a capital asset by a Firm to a partner on dissolution or otherwise would

M.K.VITHYA,THIRUVANNAMALAI vs. ITO WARD 1, THIRUVANNAMALAI

In the result, the appeal of the assessee is allowed for 5

Bench: Shri Abraham P.George & Shri George Mathanआयकर अपील सं./I.T.A. No. 2739/Mds/2017 "नधा"रण वष" /Assessment Year : 2014-2015

73,230/-, while computing capital gains arising on sale of a property. :- 2 -: 2. Ld. Counsel for the assessee submitted that assessee had sold equity shares held by her in M/s. Aar Vee Hotels Pvt. Ltd during the relevant previous year for a total consideration of "81,00,000/-. As per the ld. Authorised Representative, whole of such consideration

M.KIRAN KUMAR,CHENNAI vs. ACIT CENTRAL CIRCLE-1(4), CHENNAI

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

Bench: Shri V. Durga Rao & Shri G. Manjunatha

section 2(22)(e) of the Act. The assessee had also challenged additions made towards long term capital gain derived from sale of shares on the ground that although the AO has alleged that the assessee is beneficiary of bogus long term capital gain derived from sale of penny stocks, but failed to link the transactions of the assessee with

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

4 are not pressed and accordingly dismissed as not pressed. 61. Ground Nos. 5 to 11 [issue No. 1 as per assessee] raised in the appeal of the assessee in challenging the action of the ld. CIT(A) in sustaining the addition made by the Assessing Officer on account of long term capital gains in respect of land claiming

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

4 are not pressed and accordingly dismissed as not pressed. 61. Ground Nos. 5 to 11 [issue No. 1 as per assessee] raised in the appeal of the assessee in challenging the action of the ld. CIT(A) in sustaining the addition made by the Assessing Officer on account of long term capital gains in respect of land claiming

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

4 are not pressed and accordingly dismissed as not pressed. 61. Ground Nos. 5 to 11 [issue No. 1 as per assessee] raised in the appeal of the assessee in challenging the action of the ld. CIT(A) in sustaining the addition made by the Assessing Officer on account of long term capital gains in respect of land claiming

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

4 are not pressed and accordingly dismissed as not pressed. 61. Ground Nos. 5 to 11 [issue No. 1 as per assessee] raised in the appeal of the assessee in challenging the action of the ld. CIT(A) in sustaining the addition made by the Assessing Officer on account of long term capital gains in respect of land claiming

ITO, CORPORATE WARD-2(1), CHENNAI vs. EUROFLORA BIOLAND PVT LTD, CHENNAI

In the result, the appeal of Revenue is allowed for statistical purposes

Bench: Shri Chandra Poojari

capital gains. Therefore the exception carved out in explanation to Section 73 of the Act is applicable. Accordingly, the purchase and sale of shares of other companies will not be treated as speculation business even as per the provisions of explanation to Section 73 of 10 the Act. Therefore, Ld.CIT(A) deleted the addition made by ld. Assessing Officer. Against

SRI K.SRIKANTH,,CHENNAI vs. ACIT,, CHENNAI

In the result, all the four appeals adjudicated by us in this order are partly allowed

Bench: Shri George Mathan & Shri Ramit Kochar

Section 147 will come into play and only tangible material is required to reopen the concluded assessment and there is no requirement of having fresh material to reopen concluded assessment. It was submitted that if audit objections is based on factual errors, then it can be a valid ground for reopening of the concluded assessment

SRI K.SRIKANTH,,CHENNAI vs. ACIT,, CHENNAI

In the result, all the four appeals adjudicated by us in this order are partly allowed

Bench: Shri George Mathan & Shri Ramit Kochar

Section 147 will come into play and only tangible material is required to reopen the concluded assessment and there is no requirement of having fresh material to reopen concluded assessment. It was submitted that if audit objections is based on factual errors, then it can be a valid ground for reopening of the concluded assessment

ACIT,, CHENNAI vs. SRI. K.SRIKANTH,, CHENNAI

In the result, all the four appeals adjudicated by us in this order are partly allowed

Bench: Shri George Mathan & Shri Ramit Kochar

Section 147 will come into play and only tangible material is required to reopen the concluded assessment and there is no requirement of having fresh material to reopen concluded assessment. It was submitted that if audit objections is based on factual errors, then it can be a valid ground for reopening of the concluded assessment

SHRI K.SRIKANTH,CHENNAI vs. ACIT, CHENNAI

In the result, all the four appeals adjudicated by us in this order are partly allowed

Bench: Shri George Mathan & Shri Ramit Kochar

Section 147 will come into play and only tangible material is required to reopen the concluded assessment and there is no requirement of having fresh material to reopen concluded assessment. It was submitted that if audit objections is based on factual errors, then it can be a valid ground for reopening of the concluded assessment

K.R.JAYARAM,CHENNAI vs. ACIT, COIMBATORE

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

Bench: Shri Chandra Poojari & Shri Duvvuru Rl Reddy

4,03,73,125/- by adding difference in capital gains earlier omitted. It is against the assessment of gain on transfer of land as capital gains by invoking section

ITO, VIRUDHUNAGAR vs. M/S. P.R. VENKETARAMA RAJA (HUF), RAJAPALAYAM

In the result, the appeal of the revenue is partly allowed for

Bench: Shri Duvvuru Rl Reddy & Shri D.S.Sunder Singh

4), where, in the case of an assessee being an individual or a Hindu undivided family], the capital gain arises from the transfer of any long- term capital asset, not being a 85residential house (hereafter in this section referred to as the original asset), and the assessee has, within a period of one year before or 86[two years] after

K.R.MURALIDHAR,CHENNAI vs. ITO, CHENNAI

In the result, the appeal of the assessee is dismissed

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1097/Mds/2015 & S.P. No.338/Mds/2015 (In I.T.A. No.1097/Mds/2015) "नधा"रण वष" / Assessment Year : 2009-10 Shri K.R. Muralidhar, Old No.120, New No.246, The Income Tax Officer, Room No.24 & 25, 1St Floor, V. Non-Corporate Circle – 13, Govindappa Naicken Street, Chennai - 600 034. Chennai - 600 001. Pan : Aagpm 9070 N (Appellant & Petitioner) (""यथ"/Respondent)

73,345/- on sale of factory land and building at 141, Kottivakkam Village, Nehru Nagar, Chennai, Kancheepuram District. The assessee also claimed exemption in respect of long-term capital gain in view of the investment in Rural Electrification Corporation Limited bonds and investment in residential house property. The assessee also claimed short-term capital loss

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

In the result, the appeal of the assessee is allowed

capital account of the assessee for the assessment year under consideration reflected an increase of Rs.115,26,13,606/-, which was treated as unexplained and added by the AO u/s.68 of the Act. Out of the said addition, an amount of Rs.113,46,87,657/- comprises the following two components: i. a sum of Rs.93,63,20,420/- representing gain

LALITHA KUMARI PRAKASH CHAND,CHENNAI vs. ACIT NON CORP. WARD 10(1), CHENNAI

In the result, appeal filed by the assessee is treated as

Bench: Shri V. Durga Rao & Shri G. Manjunatha

4. The learned A.R for the assessee submitted that the learned CIT(A) erred in sustaining additions made by the Assessing Officer towards computation of capital gain on transfer of 27% share in constructed flats for the assessment year 2015-16, even though, flats have been sold for assessment year 2012-13 to 2014-15. It is an admitted fact

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

4. The details of consideration paid to shareholders and tax deducted at source is as follows: No. of Share Gross Consideration Tax deducted at shares Capital gains (INR) holder (INR) source (INR) bought-back Cognizant Technology Solutions 37,00,747 7,511,40,61,859 7,496,38,22,485 810,73,37,402 Corporation, USA marketRx