M/S. V.V.V. & SONS EDIBLE OILS LTD.,,VIRUDHUNAGAR vs. DCIT, CENTRAL-1,, MADURAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

section 43(1), 43(6) and 47(iii) of the Act, finally held as under:- 23. Proceeding to the question of actual cost of goodwill or trade name, it is well established that goodwill is an important asset of business which is acquired over a period of time. There are well-recognized methods of computing value of goodwill/trade name

M/S. V.V.V. & SONS EDIBLE OILS LTD.,,VIRUDHUNAGAR vs. DCIT, CENTRAL-1,, MADURAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

section 43(1), 43(6) and 47(iii) of the Act, finally held as under:- 23. Proceeding to the question of actual cost of goodwill or trade name, it is well established that goodwill is an important asset of business which is acquired over a period of time. There are well-recognized methods of computing value of goodwill/trade name

M/S. V.V.V. & SONS EDIBLE OILS LTD.,,VIRUDHUNAGAR vs. DCIT, CENTRAL-1,, MADURAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

section 43(1), 43(6) and 47(iii) of the Act, finally held as under:- 23. Proceeding to the question of actual cost of goodwill or trade name, it is well established that goodwill is an important asset of business which is acquired over a period of time. There are well-recognized methods of computing value of goodwill/trade name

M/S. V.V.V. & SONS EDIBLE OILS LTD.,,VIRUDHUNAGAR vs. DCIT, CENTRAL-1,, MADURAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

section 43(1), 43(6) and 47(iii) of the Act, finally held as under:- 23. Proceeding to the question of actual cost of goodwill or trade name, it is well established that goodwill is an important asset of business which is acquired over a period of time. There are well-recognized methods of computing value of goodwill/trade name

M/S. V.V.V. & SONS EDIBLE OILS LTD.,,VIRUDHUNAGAR vs. DCIT, CENTRAL-1,, MADURAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

section 43(1), 43(6) and 47(iii) of the Act, finally held as under:- 23. Proceeding to the question of actual cost of goodwill or trade name, it is well established that goodwill is an important asset of business which is acquired over a period of time. There are well-recognized methods of computing value of goodwill/trade name

M/S. V.V.V. & SONS EDIBLE OILS LTD.,,VIRUDHUNAGAR vs. DCIT, CENTRAL-1,, MADURAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

section 43(1), 43(6) and 47(iii) of the Act, finally held as under:- 23. Proceeding to the question of actual cost of goodwill or trade name, it is well established that goodwill is an important asset of business which is acquired over a period of time. There are well-recognized methods of computing value of goodwill/trade name

M/S. V.V.VANNIAPERUMAL & SONS,VIRUDHUNAGAR vs. PCIT-2, CHENNAI, CHENNAI

In the result, the appeals of the assessee in ITA Nos

Bench: Shri Mahavir Singhand Shri G. Manjunatha

section 43(1), 43(6) and 47(iii) of the Act, finally held as under:- 23. Proceeding to the question of actual cost of goodwill or trade name, it is well established that goodwill is an important asset of business which is acquired over a period of time. There are well-recognized methods of computing value of goodwill/trade name

JCIT (OSD) CIRCLE-2, TRICHY vs. THE KARUR VYSYA BANK LTD., KARUR

In the result, appeal filed by the Revenue for assessment year

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita No.: 620/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 Deputy Commissioner Of Income M/S. Karur Vysya Bank, V. Tax, Finance &Control Dept., Circle -2(1), Erode Road, Trichy. Karur – 639 002. [Pan: Aaact-3373-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./Ita No.: 635/Chny/2020 िनधा"रण वष" / Assessment Year: 2017-18 M/S. Karur Vysya Bank, The Joint Commissioner Of V. Finance &Control Dept., Income Tax, Erode Road, Circle -2, Karur – 639 002. No.44, Williams Road, [Pan: Aaact-3373-J] Contanment, Trichy – 620 001. (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By : Shri. Ananthan, Ca & Smt. R. Lalitha, Ca Department By : Shri. Nilay Baran Som, Cit सुनवाई क" तारीख/Date Of Hearing : 05.08.2024 घोषणा क" तारीख/Date Of Pronouncement : 20.09.2024 आदेश /O R D E R Per S. R. Raghunatha:

depreciation on the SRs is allowable based on the provisions of the ICDS. Without prejudice to this submission, the Ld. Counsel for the assessee made a technical objection that the enhancement by the Ld. CIT(A) itself is beyond the powers of the Ld. CIT(A) u/s.251 of the Act. It is the submission of the Ld. Counsel

FLSMITH MINERALS (P) LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the assessee’s appeal is allowed partly

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./I.T.A. No. 1279/Mds/2014 "नधा"रण वष"/Assessment Year : 2003-04 M/S. Flsmidth Minerals P Ltd., Deputy Commissioner Of Income Tax, (Since Merged With Flsmidthpvt. Ltd.) Vs. Company Circle –Ii(1), Flsmidth House, Chennai – 34. 34, Egatoor, Kelambakkam, Old Mahabalipuram Road, Chennai – 600 103. [Pan: Aaacf 1122D] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shrig. Baskar, Advocate अपीलाथ&क'ओरसे/Appellant By *+यथ&क'ओरसे/Respondent By : Ms. Ann Mary Baby, Jcit

section 32 . This is a clear double deduction, which is not permitted in the Act. Further, the fact of claiming depreciation on the let-out buildings has come to the notice of the Assessing Officer only during the course of assessment proceedings. Thus, there is a clear concealment of taxable income, by furnishing inaccurate particulars, on account of claiming depreciation

M/S. TRIVITRON HEALTHCARE PVT. LTD.,CHENNAI vs. PCIT, , CHENNAI-3

In the result, the appeal filed by the assessee is partly\nallowed

depreciation on goodwill shall be disallowed.\n13.\nWe noted that the PCIT has simpliciter carried out unnecessary\nexercise without analyzing that the assessee has been claiming the\ndepreciation from earlier assessment years, which has been upheld\nby this Tribunal in ITA No.97/Chny/2021 dated 24.06.2022 for the\nA.Y. 2015-16 and in ITA No.1340/Chny/2019 dated 12.10.2022 for\nthe

DCIT CIRCLE 2(1), TRICHY vs. THE KARUR VYSYA BANK LTD., KARUR

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita Nos.: 677 & 678/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 M/S. Karur Vysya Bank Ltd, Deputy Commissioner Of Central Office, V. Income Tax, Erode Road, Circle -2(1), Karur – 639 002. Trichy. [Pan: Aaact-3373-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1343 & 1321/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 Deputy Commissioner Of M/S. Karur Vysya Bank Ltd, Income Tax, V. Central Office, Circle -2(1), Erode Road, Trichy. Karur – 639 002. [Pan: Aaact-3373-J (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By : Shri. Anandhan, Ca & Smt. Lalitha, Ca Revenue By : Shri. Nilay Baran Som, Cit सुनवाई क" तारीख/Date Of Hearing : 13.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

depreciation. Without prejudice to this submission, the Ld. Counsel for the assessee made a technical objection that the enhancement by the Ld. CIT(A) itself is beyond the powers of the Ld. CIT(A) u/s 251 of the Act. It is the submission of the Ld. Counsel for the assessee that the :-16-: ITA. Nos: 677, 678, 1321 & 1343/Chny/2019 power

KARUR VYSYA BANK LTD.,KARUR vs. DCIT CIRCLE 2(1), TRICHY

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita Nos.: 677 & 678/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 M/S. Karur Vysya Bank Ltd, Deputy Commissioner Of Central Office, V. Income Tax, Erode Road, Circle -2(1), Karur – 639 002. Trichy. [Pan: Aaact-3373-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1343 & 1321/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 Deputy Commissioner Of M/S. Karur Vysya Bank Ltd, Income Tax, V. Central Office, Circle -2(1), Erode Road, Trichy. Karur – 639 002. [Pan: Aaact-3373-J (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By : Shri. Anandhan, Ca & Smt. Lalitha, Ca Revenue By : Shri. Nilay Baran Som, Cit सुनवाई क" तारीख/Date Of Hearing : 13.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

depreciation. Without prejudice to this submission, the Ld. Counsel for the assessee made a technical objection that the enhancement by the Ld. CIT(A) itself is beyond the powers of the Ld. CIT(A) u/s 251 of the Act. It is the submission of the Ld. Counsel for the assessee that the :-16-: ITA. Nos: 677, 678, 1321 & 1343/Chny/2019 power

DCIT CIRCLE 2(1), TRICHY vs. THE KARUR VYSYA BANK LTD., KARUR

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita Nos.: 677 & 678/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 M/S. Karur Vysya Bank Ltd, Deputy Commissioner Of Central Office, V. Income Tax, Erode Road, Circle -2(1), Karur – 639 002. Trichy. [Pan: Aaact-3373-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1343 & 1321/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 Deputy Commissioner Of M/S. Karur Vysya Bank Ltd, Income Tax, V. Central Office, Circle -2(1), Erode Road, Trichy. Karur – 639 002. [Pan: Aaact-3373-J (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By : Shri. Anandhan, Ca & Smt. Lalitha, Ca Revenue By : Shri. Nilay Baran Som, Cit सुनवाई क" तारीख/Date Of Hearing : 13.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

depreciation. Without prejudice to this submission, the Ld. Counsel for the assessee made a technical objection that the enhancement by the Ld. CIT(A) itself is beyond the powers of the Ld. CIT(A) u/s 251 of the Act. It is the submission of the Ld. Counsel for the assessee that the :-16-: ITA. Nos: 677, 678, 1321 & 1343/Chny/2019 power

KARUR VYSYA BANK LTD.,KARUR vs. DCIT CIRCLE 2(1), TRICHY

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकरअपीलसं./Ita Nos.: 677 & 678/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 M/S. Karur Vysya Bank Ltd, Deputy Commissioner Of Central Office, V. Income Tax, Erode Road, Circle -2(1), Karur – 639 002. Trichy. [Pan: Aaact-3373-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1343 & 1321/Chny/2019 िनधा"रणवष" / Assessment Years: 2014-15 & 2015-16 Deputy Commissioner Of M/S. Karur Vysya Bank Ltd, Income Tax, V. Central Office, Circle -2(1), Erode Road, Trichy. Karur – 639 002. [Pan: Aaact-3373-J (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By : Shri. Anandhan, Ca & Smt. Lalitha, Ca Revenue By : Shri. Nilay Baran Som, Cit सुनवाई क" तारीख/Date Of Hearing : 13.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

depreciation. Without prejudice to this submission, the Ld. Counsel for the assessee made a technical objection that the enhancement by the Ld. CIT(A) itself is beyond the powers of the Ld. CIT(A) u/s 251 of the Act. It is the submission of the Ld. Counsel for the assessee that the :-16-: ITA. Nos: 677, 678, 1321 & 1343/Chny/2019 power

M/S. KARUR VYSYA BANK,,KARUR vs. DCIT, CIRCLE - 2 (1),, TRICHY

Section\n36(1)(viia). However, sustained additions made towards\ndisallowance of bad debts written off and depreciation on\ninvestments. The Id. CIT(A) had also enhanced the assessment and\ndirected the AO to make additions towards disallowance of excess\nclaim of depreciation on security receipts and disallowance of bad\ndebts written off (prudential write off). Aggrieved by the Id.\nCIT

DCIT CORPORATE CIRCLE 6(2), CHENNAI vs. SUNDARAM CLAYTON LTD., CHENNAI

In the result, appeals filed by Revenue and the assessee

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

section 251(1)(a) of the Act, the “power to set aside” are “ examining the issue afresh” has been omitted with effect from 01.06.2001 as per Finance Act 2001. 3.2) The order of the Hon’ble ITAT on the similar issue in the case of M/s.EIH Associated Hotels Limited (2013-TOIL-796-- ITAT-MAD, dt. 17.07.2013) has not been accepted

DCIT CORPORATE CIRCLE 6(2), CHENNAI vs. SUNDARAM CLAYTON LTD., CHENNAI

In the result, appeals filed by Revenue and the assessee

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

section 251(1)(a) of the Act, the “power to set aside” are “ examining the issue afresh” has been omitted with effect from 01.06.2001 as per Finance Act 2001. 3.2) The order of the Hon’ble ITAT on the similar issue in the case of M/s.EIH Associated Hotels Limited (2013-TOIL-796-- ITAT-MAD, dt. 17.07.2013) has not been accepted

SUNDARAM CLAYTON LIMITED,CHENNAI vs. DCIT CORPORATE CIRCLE 6(2), CHENNAI

In the result, appeals filed by Revenue and the assessee

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

section 251(1)(a) of the Act, the “power to set aside” are “ examining the issue afresh” has been omitted with effect from 01.06.2001 as per Finance Act 2001. 3.2) The order of the Hon’ble ITAT on the similar issue in the case of M/s.EIH Associated Hotels Limited (2013-TOIL-796-- ITAT-MAD, dt. 17.07.2013) has not been accepted