ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. R K M POWERGEN PVT. LTD., CHENNAI

In the result the appeal of the revenue for the both the\n

153C in the instant case have been\ninitiated on correct jurisdiction.\n8.3Unexplained income in the nature of unexplained share premium:\n8.3.1. Share premium is in excess of FMV worked out by the\nassessee:\nM/s.Mudajaya Corporation Berhad and M/s.Enerk International\nHoldings Ltd. invested in the shares of the assessee company\nM/s.R.K.M.Powergen Pvt. Ltd. At a high premium of Rs.240(Rs.250\nincluding

ASSISTANT COMMISSIONER OF INCOME TAX, NUNGAMBAKKAM vs. R K M POWERGEN PRIVATE LIMITED, T NAGAR

In the result the appeal of the revenue for the both the

153C in the instant case have been initiated on correct jurisdiction.\n8.3Unexplained income in the nature of unexplained share premium:\n8.3.1. Share premium is in excess of FMV worked out by the assessee:\nM/s.Mudajaya Corporation Berhad and M/s.Enerk International Holdings Ltd. invested in the shares of the assessee company M/s.R.K.M.Powergen Pvt. Ltd. At a high premium of Rs.240(Rs.250 including

DCIT, CENTRAL CIRCLE-2(1), CHENNAI vs. M/S HILL MAX EXPORT, COIMBATORE

In the result, appeal filed by the revenue is dismissed

Bench: Shri Mahavir Singh, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपीलसं./Ita No.: 742/Chny/2023 & Co No.: 39/Chny/2023 िनधा"रणवष" / Assessment Year: 2016-17 Deputy Commissioner Of Income M/S. Hill Max Export, Tax, V. No. 149/1, Central Circle 2(1), Pollachi Main Road, Room No. B3, Ground Floor, Kattampatti, Investigation Building, Jakkarpalayam-Vaipollachi, Chennai – 34. Coimbatore – 642 202. [Pan:Aahfh-2574-B] (अपीलाथ"/Appellant) (Respondent/Cross Objector) अपीलाथ"क"ओरसे/Appellant By : Shri. V. Nanda Kumar, Cit Respondent/Cross Objector By : Shri. M. V. Prasad, Fca सुनवाई क" तारीख/Date Of Hearing : 28.12.2023 घोषणा क" तारीख/Date Of Pronouncement : 24.01.2024

section 153C, it is held that the assumption of jurisdiction by the AO u/s 153C is unsustainable in law. Consequently, it is held that the assessment order passed u/s 144 r.w.s 153C is legally invalid. The Ground Nos. 2 to 7 and 10 are accordingly allowed. Without prejudice to this finding rendered on legal grounds, the sustainability of the addition

YUGENDIRAN VISHNUPRIYA,CHENNAI vs. ITO, WARD-2(2), CHENNAI

The appeals of the assessee are allowed

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita No.3241 &3242/Chny/2024 (िनधा"रणवष" / Assessment Years: 2016-2017 & 2017-18) Yugendiran Vishnupriya Vs. Income Tax Officer, Door No.284/3, International Tax, Thiruveni Colony, Bellyarea, Ward 2(2) Anna Nagar, Chennai-600040 Chennai. [Pan: Apzpv 9903M] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Mr. Y. Sridhar, F.C.A ""यथ" क" ओर से /Respondent By : Mr. R. Clement Ramesh Kumar, Cit सुनवाई क" तार"ख/Date Of Hearing : 25.02.2025 घोषणा क" तार"ख /Date Of Pronouncement : 25.03.2025 आदेश / O R D E R Per Manu Kumar Giri ()

depreciation allowance or any other allowance, as the case may be, for the concerned assessment year in the case of an assessee if he has reason to believe that income chargeable to tax has escaped assessment, subject to the provisions of Sections 148 to 153. A pre-condition to initiate proceedings under Section 147 is the issuance of notice under

YUGENDIRAN VISHNUPRIYA,CHENNAI vs. ITO, WARD-2(2), CHENNAI

The appeals of the assessee are allowed

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita No.3241 &3242/Chny/2024 (िनधा"रणवष" / Assessment Years: 2016-2017 & 2017-18) Yugendiran Vishnupriya Vs. Income Tax Officer, Door No.284/3, International Tax, Thiruveni Colony, Bellyarea, Ward 2(2) Anna Nagar, Chennai-600040 Chennai. [Pan: Apzpv 9903M] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Mr. Y. Sridhar, F.C.A ""यथ" क" ओर से /Respondent By : Mr. R. Clement Ramesh Kumar, Cit सुनवाई क" तार"ख/Date Of Hearing : 25.02.2025 घोषणा क" तार"ख /Date Of Pronouncement : 25.03.2025 आदेश / O R D E R Per Manu Kumar Giri ()

depreciation allowance or any other allowance, as the case may be, for the concerned assessment year in the case of an assessee if he has reason to believe that income chargeable to tax has escaped assessment, subject to the provisions of Sections 148 to 153. A pre-condition to initiate proceedings under Section 147 is the issuance of notice under

HYUNDAI TRANSYS INC,REPUBLIC OF KOREA vs. DEPUTY COMMISSIONER OF INCOME TAX, INTERNATIONAL TAX, CORPORATE CIRCLE 1(1), CHENNAI, CHENNAI

Appeal of the assessee is allowed

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita No.338/Chny/2024 (िनधा"रणवष" / Assessment Year: 2015-2016) Hyundai Transys Inc, Vs. The Deputy Commissioner Of 105, Sindang Income Tax, 1 Ro Seongyeon, International Tax, Myeon, Corporate Circle 1(1) Seosan, Ccn 356851 Chennai. Korea.

depreciation allowance or any other allowance, as the case may be, for the concerned assessment year in the case of an assessee if he has reason to believe that income chargeable to tax has escaped assessment, subject to the provisions of Sections 148 to 153. A pre-condition to initiate proceedings under Section 147 is the issuance of notice under

JOTHI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-2(2), CHENNAI

153C, all other provisions of this Act shall apply to the assessment made under this section;\n(ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax shall be chargeable at the rate or rates as applicable to such assessment year.”\n\n2.2. It is submitted that when there is a search

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

In the result, the appeals filed by the assessees in ITA Nos

153C, all other provisions of this Act shall apply to the assessment made under this section;\n(ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax shall be chargeable at the rate or rates as applicable to such assessment year.”\n\n2.2. It is submitted that when there is a search

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

In the result, the appeals filed by the assessees in ITA Nos

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

153C, all other provisions of this Act shall apply to the assessment made under this section; :-13-: ITA Nos: 2569, 2570, 2571, 2573 to 2577/Chny/2025 (ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax shall be chargeable at the rate or rates as applicable to such assessment year

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

In the result, the appeals filed by the assessees in ITA Nos

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

153C, all other provisions of this Act shall apply to the assessment made under this section; :-13-: ITA Nos: 2569, 2570, 2571, 2573 to 2577/Chny/2025 (ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax shall be chargeable at the rate or rates as applicable to such assessment year

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

In the result, the appeals filed by the assessees in ITA Nos

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

153C, all other provisions of this Act shall apply to the assessment made under this section; :-13-: ITA Nos: 2569, 2570, 2571, 2573 to 2577/Chny/2025 (ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax shall be chargeable at the rate or rates as applicable to such assessment year

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

In the result, the appeals filed by the assessees in ITA Nos

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

153C, all other provisions of this Act shall apply to the assessment made under this section; :-13-: ITA Nos: 2569, 2570, 2571, 2573 to 2577/Chny/2025 (ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax shall be chargeable at the rate or rates as applicable to such assessment year

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

In the result, the appeals filed by the assessees in ITA Nos

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

153C, all other provisions of this Act shall apply to the assessment made under this section; :-13-: ITA Nos: 2569, 2570, 2571, 2573 to 2577/Chny/2025 (ii) in an assessment or reassessment made in respect of an assessment year under this section, the tax shall be chargeable at the rate or rates as applicable to such assessment year

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

153C,\nall other provisions of this Act shall apply to the assessment made under this section;\n:-12-:\nITA Nos: 2569, 2570, 2571,\n2573 to 2577/Chny/2025\n(ii) in an assessment or reassessment made in respect of an assessment year\nunder this section, the tax shall be chargeable at the rate or rates as applicable\nto such assessment year.”\n2.2

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, TIRUVANNAMALAI

depreciation penalty is not leviable.\nThe additions in assessment proceedings will not automatically lead to\ninference of levying penalty. The Calcutta High Court in the case of CIT v.\nSuresh Chand Bansal [2010] 329 ITR 330 held that where there was an\noffer of additional income in the revised return filed by the assessee and\nsuch offer is in consequence

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, THIRUVANNAMALAI

depreciation penalty is not leviable.\nThe additions in assessment proceedings will not automatically lead to\ninference of levying penalty. The Calcutta High Court in the case of CIT v.\nSuresh Chand Bansal [2010] 329 ITR 330 held that where there was an\noffer of additional income in the revised return filed by the assessee and\nsuch offer is in consequence

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, THIRUVANNAMALAI

In the result, all the six appeals of the Revenue are\ndismissed

depreciation penalty is not leviable.\nThe additions in assessment proceedings will not automatically lead to\ninference of levying penalty. The Calcutta High Court in the case of CIT v.\nSuresh Chand Bansal [2010] 329 ITR 330 held that where there was an\noffer of additional income in the revised return filed by the assessee and\nsuch offer is in consequence

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, TIRUVANNAMALAI,

depreciation penalty is not leviable.\nThe additions in assessment proceedings will not automatically lead to\ninference of levying penalty. The Calcutta High Court in the case of CIT v.\nSuresh Chand Bansal [2010] 329 ITR 330 held that where there was an\noffer of additional income in the revised return filed by the assessee and\nsuch offer is in consequence

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI, CHENNAI vs. ETHIRAJULU VAJRAVEL KUMARAN, TIRUVANNAMALAI

In the result, all the six appeals of the Revenue are\ndismissed

depreciation penalty is not leviable.\nThe additions in assessment proceedings will not automatically lead to\ninference of levying penalty. The Calcutta High Court in the case of CIT v.\nSuresh Chand Bansal [2010] 329 ITR 330 held that where there was an\noffer of additional income in the revised return filed by the assessee and\nsuch offer is in consequence