ACIT, CHENNAI vs. M/S. TAMILNADU GENERATION AND DISTRIBUTION CORPN. LTD., CHENNAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकरअपीलसं./I.T.A.No.2323/Chny/2016 ("नधा"रणवष" / Assessment Year: 2005-06) Assistant Commissioner Of Income Tax, Vs M/S.Tamil Nadu Generation & Corporate Circle-3(1) Distribution Corporation Ltd. Chennai-600 034. 800, Npkrr Maligai, Electricity Avenue, Anna Salai, Chennai-600 002. Pan: Aacct 1245M (अपीलाथ"/Appellant) (""यथ"/Respondent)

carry forward of loss mentioned in the revised return.” 4.6 In view of the facts and circumstances of the case as well as the legal proposition profounded in the judgements supra. we are of the view that the defect of non—filing of audit report under section 44AB as well as audited accounts, profit and loss account and balance—sheet

DEPUTY COMMISSIONER OF INCOME-TAX, CORPORATE CIRCLE 1(1), CHENNAI vs. ASTROTECH STEELS PRIVATE LIMITED, CHENNAI

The appeal stand dismissed in terms of our above order

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.1150/Chny/2023 (िनधा)रण वष) / Assessment Year: 2018-19) Dcit M/S Astrotech Steels Private Limited बनाम/ Corporate Circle-1(1) 19, Ii Floor, Right Wing, Ghatala Towers, Chennai. Avenue Road, Nungambakkam Vs. Chennai-34. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aakca-0128-L (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri P. Sajit Kumar (Jcit)- Ld. Sr. Dr " थ"कीओरसे/Respondent By : Shri T. Vasudevan (Advocate) -Ld. Ar सुनवाईकीतारीख/Date Of Final Hearing : 27-06-2024 घोषणाकीतारीख /Date Of Pronouncement : 03-07-2024 आदेश / O R D E R

condone the delay and admit the appeal for adjudication on merits. 3. The Ld. Sr. DR, at the outset, referred to the recent judgment of Hon'ble Supreme Court in the case of Pr. CIT Vs Wipro Ltd. (2022) 140 Taxmann.com 223 (SC) as well as other decisions in Checkmate Services P. Ltd Vs. CIT (2022) 143 Taxmann.com

RAGHAVAN RAMANATHAN,CHENNAI vs. JCIT NON CORP CIRCLE 7(1), CHENNAI

Appeal of the assessee is allowed in terms of our above order

Bench: Shri Manu Kumar Giri & Shri Amitabh Shukla

condone the delay and treat the reasons as ‘sufficient cause’ and admit the appeal for adjudication. 3. In this case, the assessee has claimed the set off of Brought Forward Short Term Capital Loss of Rs.13,01,749/- for AY 2018-19 as on 31.03.2019 from the Long Term Capital Gain of this year, which the CPC has not allowed

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE -1, VELLORE vs. THE GENERAL MANAGER, M/S. THE VELLORE TIRUVANNAMALAI DISTRICT CO-OP MILK PRODUCERS UNION LIMITED, VELLORE

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

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

condone the delay in filing of this appeal by Revenue and admit the appeal for adjudication. 4. At the outset, the ld. Senior DR filed a letter from ACIT, Circle- 1, Vellore to the assessee dated 20.03.2014 for assessment year 2011-12, wherein the depreciation loss and business loss carried forward

JOINT COMMISSIONER OF INCOME TAX(OSD), CORPORATE CIRCLE-1(1), CHENNAI vs. M/S CASAGRAND BUILDER PRIVATE LIMITED, CHENNAI

Appeal stands allowed in terms of our above order

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.720/Chny/2023 (िनधा*रणवष* / Assessment Year: 2016-17) Jcit(Osd) M/S. Casagrand Premier Builder Limited बनाम Corporate Circle-1(1) (Earlier Known As M/S Casa Grand Builder P. Ltd.) 5Th Floor, Npl Devi, New No.111, Old No.59. Lb Chennai. / Vs. Road, Thiruvanmiyur,Chennai-600 041 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaccc-2758-A (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ" की ओर से/ Revenue By : Mrs. Swapna Nanu Ambath & Sh. V. Nanda Kumar Ld. Cit-Drs A/W Shri D. Hema Bhupal (Jcit) – Ld. Sr. Dr " थ" की ओर से/ Assessee By : Shri B. Ramakrishnan (Ca) - Ld.Ar

delay is condoned. 1.2 The grounds raised by the revenue read as under: - 1. The order of the CIT(A) is contrary to law, facts and circumstances of the case. 2. Whether the Ld.CIT(A) has erred in holding that the reassessment proceedings are bad in law by observing that the AO has initiated the reassessment proceedings after the expiry

ACIT CIRCLE 1, TRICHY vs. DALMIA CEMENT BHARAT LTD., DALMIAPURAM

Bench: Ms. Madhumita Roy & Shri Amitabh Shukla, Accountnat Member [Assessment Year: 2013-14] The Assistant Commissioner Of M/S Dalmia Cement Bharat Ltd. Income Tax, Circle-1, Dalmiapuram, Williams Road, Vs Tamilnadu, 621651 Cantonment, Trichy, Tamil Nadu-620001 Pan-Aadca9414C Assessee Revenue Cross Objection No.63/Chny/2018 (Arising Out Of Ita No.3157/Chny2017) [Assessment Year: 2013-14] M/S Dalmia Cement Bharat Ltd. The Assistant Commissioner Of Dalmiapuram, Income Tax, Circle-1, Tamilnadu-621651 Vs Williams Road, Cantonment, Trichy, Tamil Nadu-620001 Pan- Aadca9414C Assessee Revenue [Assessment Year: 2014-15] The Assistant Commissioner Of M/S Dalmia Cement Bharat Ltd. Income Tax, Circle-1, Dalmiapuram, Williams Road, Vs Tamilnadu, 621651 Cantonment, Trichy, Tamil Nadu-620001 Pan-Aadca9414C Assessee Revenue

condone the delay in the appeals of the Revenue and proceed to adjudicate the same. 3. Both the contesting parties have informed that the appeals and the Cross objections in relevant years being AY 2013-14 and 2014-15, hover around common issues and hence for the purposes of convenience were heard and are being adjudicated by this common order

ACIT CIRCLE 1, TRICHY vs. DALMIA CEMENT BHARAT LTD., DALMIAPURAM

Bench: Ms. Madhumita Roy & Shri Amitabh Shukla, Accountnat Member [Assessment Year: 2013-14] The Assistant Commissioner Of M/S Dalmia Cement Bharat Ltd. Income Tax, Circle-1, Dalmiapuram, Williams Road, Vs Tamilnadu, 621651 Cantonment, Trichy, Tamil Nadu-620001 Pan-Aadca9414C Assessee Revenue Cross Objection No.63/Chny/2018 (Arising Out Of Ita No.3157/Chny2017) [Assessment Year: 2013-14] M/S Dalmia Cement Bharat Ltd. The Assistant Commissioner Of Dalmiapuram, Income Tax, Circle-1, Tamilnadu-621651 Vs Williams Road, Cantonment, Trichy, Tamil Nadu-620001 Pan- Aadca9414C Assessee Revenue [Assessment Year: 2014-15] The Assistant Commissioner Of M/S Dalmia Cement Bharat Ltd. Income Tax, Circle-1, Dalmiapuram, Williams Road, Vs Tamilnadu, 621651 Cantonment, Trichy, Tamil Nadu-620001 Pan-Aadca9414C Assessee Revenue

condone the delay in the appeals of the Revenue and proceed to adjudicate the same. 3. Both the contesting parties have informed that the appeals and the Cross objections in relevant years being AY 2013-14 and 2014-15, hover around common issues and hence for the purposes of convenience were heard and are being adjudicated by this common order

AKSHAYA PVT. LTD.,CHENNAI vs. ITO, CORPORATE CIRCLE-1(1),, CHENNAI

In the result, appeal filed by the assessee is allowed

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

loss of current year to be carried forward” to the tune of Rs.34,78,60,276/- [as reduced by Rs.46,15,565/- representing depreciation] is per-se erroneous being based on wrong assumption of facts; and therefore, the adjustment made by the CPC is erroneous, and hence needs to be deleted and we order accordingly. Further, it was brought

SRINIVASA FASHIONS PVT. LTD.,CHENNAI vs. DCIT, CORPORATE CIRCLE-6(2), CHENNAI

In the result, the assessee’s appeals in ITA Nos 1965, 1966 & 1967 are

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 1965, 1966, 1967, 1968 /Mds/2016 & 2096/Mds/2017 "नधा"रण वष"/Assessment Years : 2008-09, 2008-09, 2010-11, 2011-12& 2009-10 M/S. Srinivasa Fashions Pvt. Ltd., Deputy Commissioner Of Income Tax, 1A, Regency Apartments, Vs. Corporate Circle -6(2), No. 5, 1St Lane, Aayakar Bhavan, New Block, 7Th Floor, 121 M.G. Road, Nungambakkam High Road, Chennai - 600 034. Chennai - 600 034. [Pan: Aaics 9511R]

condone the delay and admit these appeals/CO. M/s. Srinivasa Fashions Pvt. Ltd, the assessee , an export garment 3. manufacturing company is in Special economic Zone (SEZ) and is eligible for tax exemption u/s 10A. It took over all the assets and liabilities of M/s Srinivas Exports International, a partnership firm and a garment manufacturing unit in a domestic tariff area

SRINIVASA FASHIONS PVT LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the assessee’s appeals in ITA Nos 1965, 1966 & 1967 are

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 1965, 1966, 1967, 1968 /Mds/2016 & 2096/Mds/2017 "नधा"रण वष"/Assessment Years : 2008-09, 2008-09, 2010-11, 2011-12& 2009-10 M/S. Srinivasa Fashions Pvt. Ltd., Deputy Commissioner Of Income Tax, 1A, Regency Apartments, Vs. Corporate Circle -6(2), No. 5, 1St Lane, Aayakar Bhavan, New Block, 7Th Floor, 121 M.G. Road, Nungambakkam High Road, Chennai - 600 034. Chennai - 600 034. [Pan: Aaics 9511R]

condone the delay and admit these appeals/CO. M/s. Srinivasa Fashions Pvt. Ltd, the assessee , an export garment 3. manufacturing company is in Special economic Zone (SEZ) and is eligible for tax exemption u/s 10A. It took over all the assets and liabilities of M/s Srinivas Exports International, a partnership firm and a garment manufacturing unit in a domestic tariff area

SRINIVASA FASHIONS PVT LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the assessee’s appeals in ITA Nos 1965, 1966 & 1967 are

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 1965, 1966, 1967, 1968 /Mds/2016 & 2096/Mds/2017 "नधा"रण वष"/Assessment Years : 2008-09, 2008-09, 2010-11, 2011-12& 2009-10 M/S. Srinivasa Fashions Pvt. Ltd., Deputy Commissioner Of Income Tax, 1A, Regency Apartments, Vs. Corporate Circle -6(2), No. 5, 1St Lane, Aayakar Bhavan, New Block, 7Th Floor, 121 M.G. Road, Nungambakkam High Road, Chennai - 600 034. Chennai - 600 034. [Pan: Aaics 9511R]

condone the delay and admit these appeals/CO. M/s. Srinivasa Fashions Pvt. Ltd, the assessee , an export garment 3. manufacturing company is in Special economic Zone (SEZ) and is eligible for tax exemption u/s 10A. It took over all the assets and liabilities of M/s Srinivas Exports International, a partnership firm and a garment manufacturing unit in a domestic tariff area

DCIT, CHENNAI vs. SRINIVASA FASHIONS LTD., CHENNAI

In the result, the assessee’s appeals in ITA Nos 1965, 1966 & 1967 are

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 1965, 1966, 1967, 1968 /Mds/2016 & 2096/Mds/2017 "नधा"रण वष"/Assessment Years : 2008-09, 2008-09, 2010-11, 2011-12& 2009-10 M/S. Srinivasa Fashions Pvt. Ltd., Deputy Commissioner Of Income Tax, 1A, Regency Apartments, Vs. Corporate Circle -6(2), No. 5, 1St Lane, Aayakar Bhavan, New Block, 7Th Floor, 121 M.G. Road, Nungambakkam High Road, Chennai - 600 034. Chennai - 600 034. [Pan: Aaics 9511R]

condone the delay and admit these appeals/CO. M/s. Srinivasa Fashions Pvt. Ltd, the assessee , an export garment 3. manufacturing company is in Special economic Zone (SEZ) and is eligible for tax exemption u/s 10A. It took over all the assets and liabilities of M/s Srinivas Exports International, a partnership firm and a garment manufacturing unit in a domestic tariff area

SRINIVASA FASHIONS PVT LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the assessee’s appeals in ITA Nos 1965, 1966 & 1967 are

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 1965, 1966, 1967, 1968 /Mds/2016 & 2096/Mds/2017 "नधा"रण वष"/Assessment Years : 2008-09, 2008-09, 2010-11, 2011-12& 2009-10 M/S. Srinivasa Fashions Pvt. Ltd., Deputy Commissioner Of Income Tax, 1A, Regency Apartments, Vs. Corporate Circle -6(2), No. 5, 1St Lane, Aayakar Bhavan, New Block, 7Th Floor, 121 M.G. Road, Nungambakkam High Road, Chennai - 600 034. Chennai - 600 034. [Pan: Aaics 9511R]

condone the delay and admit these appeals/CO. M/s. Srinivasa Fashions Pvt. Ltd, the assessee , an export garment 3. manufacturing company is in Special economic Zone (SEZ) and is eligible for tax exemption u/s 10A. It took over all the assets and liabilities of M/s Srinivas Exports International, a partnership firm and a garment manufacturing unit in a domestic tariff area

SRINIVASA FASHIONS PVT LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the assessee’s appeals in ITA Nos 1965, 1966 & 1967 are

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 1965, 1966, 1967, 1968 /Mds/2016 & 2096/Mds/2017 "नधा"रण वष"/Assessment Years : 2008-09, 2008-09, 2010-11, 2011-12& 2009-10 M/S. Srinivasa Fashions Pvt. Ltd., Deputy Commissioner Of Income Tax, 1A, Regency Apartments, Vs. Corporate Circle -6(2), No. 5, 1St Lane, Aayakar Bhavan, New Block, 7Th Floor, 121 M.G. Road, Nungambakkam High Road, Chennai - 600 034. Chennai - 600 034. [Pan: Aaics 9511R]

condone the delay and admit these appeals/CO. M/s. Srinivasa Fashions Pvt. Ltd, the assessee , an export garment 3. manufacturing company is in Special economic Zone (SEZ) and is eligible for tax exemption u/s 10A. It took over all the assets and liabilities of M/s Srinivas Exports International, a partnership firm and a garment manufacturing unit in a domestic tariff area

PENTA MEDIA GRAPHICS LTD.,CHENNAI vs. DCIT, CHENNAI

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

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

condone the delay and admit the appeal. I.T.A. No.1405/Chny/2015 3 3. The only issue in this appeal of assessee is as regards to the order of CIT(A) confirming of levy of penalty u/s.271(1)(c) of the Act in regard to claim of deduction u/s.10B of the Act and Non application of provisions of Sec 50C while claiming carry

M/S MERCANTILE VENTURES LIMITED,CHENNAI vs. ACIT, CORPORATE CIRCLE-4(1), CHENNAI

In the result, appeal filed by the assessee is dismissed

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.623/Chny/2022 िनधा"रण वष"/Assessment Year: 2017-18 V. M/S.Mercantile Ventures Ltd., The Asst. Commissioner Of- No.88, Spic House, Income Tax, Mount Road, Corporate Circle-4(1), Guindy, Chennai-600 032. Chennai. [Pan: Aaicm 6095 N] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" क" ओर से/ Appellant By Shri P.V.Sudhakar, Advocate : ""यथ" क" ओर से /Respondent By Shri V. Nandakumar, Cit : सुनवाईक"तारीख/Date Of Hearing 02.01.2024 घोषणाक"तारीख /Date Of : 14.02.2024 Pronouncement

delay in filing of above appeal is condoned and appeal filed by the assessee is admitted for adjudication. 4. The brief facts of the case are that the assessee is engaged in the business of leasing of immovable properties, investments and man power supply services. The assessee formerly known as M/s.MCC Finance Ltd., had provided unsecured loans to eight investment

THIRUMAGAL ALLOYS PVT. LTD.,HARUR vs. ACIT CIRCLE 1 , HOSUR

In the result, both the appeals filed by the assessee are dismissed

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. No. 2913/Chny/2018 िनधा"रण वष"/Assessment Year:2013-14 M/S. Thirumagal Alloys Pvt Ltd., Vs. The Principal Commissioner Of No. 5/95, Cmelbatchhapet, Income Tax, Salem. Sennimalai Gardens, Harur, Tamil Nadu 636 903. [Pan:Aabck1431D] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.3243/Chny/2019 िनधा"रण वष"/Assessment Year:2013-14 M/S. Thirumagal Alloys Pvt Ltd., Vs. The Assistant Commissioner Of No. 5/95, Cmelbatchhapet, Income Tax, Sennimalai Gardens, Harur, Circle I, Salem. Tamil Nadu 636 903. (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri T. Vasudevan, Advocate ""थ" की ओर से/Respondent By : Shri M. Murali, Cit सुनवाई की तारीख/ Date Of Hearing : 21.09.2022 घोषणा की तारीख /Date Of Pronouncement : 12.10.2022 आदेश /O R D E R Per V. Durga Rao,: Both The Appeals Filed By The Assessee Are Directed Against Different Orders Of The Ld. Principal Commissioner Of Income Tax, Salem, Dated 01.03.2018 Passed Under Section 263 Of The Income Tax Act, 1961

carry forward the loss of 3 I.T.A. Nos.2913/Chny/18 & 3243/Chny/19 ₹.1,47,33,032/-. Moreover, Shri Vijay, K.S., Director who appeared on behalf of the company was not able to explain the transaction resulting in capital gains. Regarding the other issues also, he has not produced any material evidence in support of his claim. Therefore, the ld. PCIT set aside

M/S. THIRUMAGAL ALLOYS PVT. LTD.,,DHARMAPURI vs. ACIT, CIRCLE-1,, HOSUR

In the result, both the appeals filed by the assessee are dismissed

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. No. 2913/Chny/2018 िनधा"रण वष"/Assessment Year:2013-14 M/S. Thirumagal Alloys Pvt Ltd., Vs. The Principal Commissioner Of No. 5/95, Cmelbatchhapet, Income Tax, Salem. Sennimalai Gardens, Harur, Tamil Nadu 636 903. [Pan:Aabck1431D] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.3243/Chny/2019 िनधा"रण वष"/Assessment Year:2013-14 M/S. Thirumagal Alloys Pvt Ltd., Vs. The Assistant Commissioner Of No. 5/95, Cmelbatchhapet, Income Tax, Sennimalai Gardens, Harur, Circle I, Salem. Tamil Nadu 636 903. (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri T. Vasudevan, Advocate ""थ" की ओर से/Respondent By : Shri M. Murali, Cit सुनवाई की तारीख/ Date Of Hearing : 21.09.2022 घोषणा की तारीख /Date Of Pronouncement : 12.10.2022 आदेश /O R D E R Per V. Durga Rao,: Both The Appeals Filed By The Assessee Are Directed Against Different Orders Of The Ld. Principal Commissioner Of Income Tax, Salem, Dated 01.03.2018 Passed Under Section 263 Of The Income Tax Act, 1961

carry forward the loss of 3 I.T.A. Nos.2913/Chny/18 & 3243/Chny/19 ₹.1,47,33,032/-. Moreover, Shri Vijay, K.S., Director who appeared on behalf of the company was not able to explain the transaction resulting in capital gains. Regarding the other issues also, he has not produced any material evidence in support of his claim. Therefore, the ld. PCIT set aside