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

Section 36(1)(viii). 3.3 The learned Commissioner of Income Tax (Appeals} erred in not relying on decision of Tribunal applicable to the facts of the case. 4. The learned Commissioner of Income Tax (Appeals} erred in law and on facts in disallowing the depreciation on investments which are stock-in-trade of the bank amounting

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

Section 36(1)(viii). 3.3 The learned Commissioner of Income Tax (Appeals} erred in not relying on decision of Tribunal applicable to the facts of the case. 4. The learned Commissioner of Income Tax (Appeals} erred in law and on facts in disallowing the depreciation on investments which are stock-in-trade of the bank amounting

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

Section 36(1)(viii). 3.3 The learned Commissioner of Income Tax (Appeals} erred in not relying on decision of Tribunal applicable to the facts of the case. 4. The learned Commissioner of Income Tax (Appeals} erred in law and on facts in disallowing the depreciation on investments which are stock-in-trade of the bank amounting

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

Section 36(1)(viii). 3.3 The learned Commissioner of Income Tax (Appeals} erred in not relying on decision of Tribunal applicable to the facts of the case. 4. The learned Commissioner of Income Tax (Appeals} erred in law and on facts in disallowing the depreciation on investments which are stock-in-trade of the bank amounting

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

section 263 of the Act, if requisite conditions are\nfulfillled. It is inconceivable that in the presence of such\nspecific provisions, a similar power is available to the first\nappellate authority. That being the position, the decision in\nUnion Tyres' case (supra) of this court expresses the correct\nview and does not need reconsideration. This reference is\naccordingly disposed

TRIVITRON HEALTH CARE PVT. LTD.,CHENNAI vs. DCIT, CHENNAI

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

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.1340/Chny/2019 िनधा"रण वष" /Assessment Year: 2014-15 V. M/S.Trivitron Healthcare Pvt. Ltd., The Dy. Commissioner- “Sapthagiri Bhavan”, Of Income Tax, New No.15, Old No.25, Corporate Circle-3(1), Trivitron Sapthagiri Bhawan, Chennai. 4Th Street, Abhiramapuram, Chennai. [Pan: Aaact 9378 H] (अपीलाथ"/Appellant) (""यथ"/Respondent)

263 proceedings by the PCIT for the AY 2015-16, where the PCIT has directed the AO to verify depreciation claimed on goodwill in light of 5th proviso to section 32(1

SIVAKUMARAN PUGAZHENDHI,CHENNAI vs. PCIT,, CHENNAI-4

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./Ita No.27/Chny/2022 िनधा"रण वष" /Assessment Year: 2014-15 Sivakumaran Pugazhendhi, The Principal Commissioner 70 Raja Agraharam Street, Vs. Of Income Tax, Poonamalle, Chennai-4. Chennai – 600 056. [Pan: Aiapp-7309-R] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Ms. T.V. Muthu Abirami, Advocate ""यथ" क" ओर से /Respondent By : Shri M. Rajan, Cit सुनवाई क" तारीख/Date Of Hearing : 05.09.2022 : 21.09.2022 घोषणा क" तारीख /Date Of Pronouncement आदेश / O R D E R

depreciation allowance" in Section 147 after the conditions for reassessment are satisfied, is only relatable to the preceding expression in Clauses (a) and (b) viz., "escaped assessment". The term "escaped assessment" includes both "non- assessment" as well as "under assessment". Income is :- 15 -: said to have "escaped assessment" within the meaning of this section when it has not been charged

TRIVITRON HEALTHCARE P LTD.,CHENNAI vs. PCIT, CHENNAI

In the result, appeal filed by the assessee is allowed

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

section 32(1) of the Act. 7. The PCIT failed to appreciate that the claim and acceptance of the depreciation on goodwill was in accordance with the prescription of law, thereby vitiating the decision rendered from para 6 of the impugned order. 8. The PCIT failed to appreciate that the decisions cited both on technical issue on the assumption

UCAL LIMITED,CHENNAI vs. PCIT, CHENNAI-3,, CHENNAI

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

depreciation 180 8. - Detail of default statement 181 9. - Details of donation for scientific research 182 10. 08.12.2021 Notice under Section 142(1) of the Act 282 11. 20.01.2022 Notice under Section 142(1) of the Act 285 12. 09.02.2022 Reply to the Notice under Section 142(1) of the 287 Act dated 20.01.2022 13. - Annual report for Assessment Year

M/S. HYUNDAI MOTOR INDIA LTD.,KANCHIPURAM vs. PCIT-4, , CHENNAI

In the result, the appeal of the assessee is allowed

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

depreciation adjustment. When the Explanation 10 to Section 43(1) of the Act is inapplicable, there is no incidence to taxation, which has been held by the AO by stating that the IPS is a capital receipt, not chargeable to tax. 17. In view of the above arguments, the ld.AR submitted that all the relevant documents and submissions have already

INDIA JAPAN LIGHTING PRIVATE LIMITED,CHENNAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX - 4, CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Manu Kumar Giri & Shri Amitabh Shuklaआयकर अपील सं./Ita No.1427/Chny/2025 िनधा"रण वष"/Assessment Year: 2021-22 V. M/S. India Japan Lighting Pvt. Ltd., The Pcit-4, No.1, Tiruvallur High Road, Chennai. Puduchatram B.O., Thirumazhisai, Tiruvallur-600 124. [Pan: Aaaci 2673 L] (अपीलाथ"/Appellant) (""यथ"/Respondent)

depreciation of new plant and royalty paid to holding company. 12. Per contra, the CIT-DR, Ms. E. Pavuna Sundari, the AO has failed to verify and make necessary enquiries in terms of clause (a) to Explanation 2 of Section 263 of the Act. She further argued that on the royalty issue is covered in favour of the Revenue

INTERNATIONAL SEAPORT DREDGING PRIVATE LIMITED,CHENNAI vs. PCIT - 1, CHENNAI

In the result, the appeal of the assessee is allowed

Bench: HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM AND HON’BLE SHRI MANU KUMAR GIRI (Judicial Member)

1-3 of the Assessment order dated 28.03.2022 passed u/s 147 read with section 144B of the Act. The ld.Counsel argued that since the AO had applied his mind to the facts of the case and had raised a specific query, the ld. CIT was not justified in invoking the provisions of section 263 of the Act. 7. Per contra

CT. RAMANATHAN (HUF),PUDUKKOTTAI vs. PCIT 1, MADURAI

Appeal of the assessee is allowed

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri S.R. Raghunathaआयकर अपील सं./Ita No.761/Chny/2025 Assessment Years: 2020-21 C.T.Ramanathan(Huf), Income Tax Officer, No.7/45, Ct.Rm.S.House, M.St.S. Street Ward-1, Kulipirai, Pudukottai Dist, Pudukottai. Tamil Nadu-622 402. [Pan: Aaahc0701L] (प्रत्यर्थी/Respondent) (अपीलार्थी/Appellant) अपीलार्थी की ओर से/ Assessee By : Mr.V.Subbarayan, Dcit(Retd.) प्रत्यर्थी की ओर से /Revenue By : Mr.M.K.Biju, Cir Dr By Virtual. सुनवाई की तारीख/Date Of Hearing : 03.06.2025 घोषणा की तारीख /Date Of Pronouncement : 25.06.2025 आदेश / O R D E R

section 143(3) r.w.s. 144B of the Income Tax Act, 1961, the assessing officer has raised long questionnaire/queries relating to agricultural income. The chorological events written submissions of the assessee are find mentioned from Pages 4-10 of the CIT order. However, the ld. CIT rejected the contentions of the assessee and held as under: “….But it is seen from

M/S. THE INDIA CEMENTS LTD.,,CHENNAI vs. DCIT, CORPORATE CIRCLE - 2 (1),, CHENNAI

In the result, appeal filed by the assessee is allowed

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

depreciation, as per books under provisions of clause (iii) of Explanation (1) to section 115JB(1) of the Act and also allowability of expenditure claimed under head premium paid on FCCB/debentures, which is evident from the fact that the Assessing Officer has considered both issues as directed by the PCIT in first 263

M/S.MAHOGANY LOGISTICS SERVICES PVT. LTD.,MADURAI vs. PCIT, MADURAI-1

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

Bench: Shri S.S. Viswanethra Ravi & Shri S.R. Raghunathaआयकर अपील सं./I.T.A. No.1631/Chny/2024 िनधा"रण वष"/Assessment Year: 2018-19 M/S. Mahogany Logistics Services Vs. The Principal Commissioner Of Private Limited, Income Tax-1, 10, Jawahar Road, Chokkikulam, Madurai. Madurai 625 002. [Pan:Aafcd8781R] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri N.V. Balaji, Advocate ""थ" की ओर से/Respondent By : Shri S. Senthil Kumaran, Cit सुनवाई की तारीख/ Date Of Hearing : 30.04.2025 घोषणा की तारीख /Date Of Pronouncement : 28.07.2025 आदेश /O R D E R Per S.S. Viswanethra Ravi: This Appeal Filed By The Assessee Is Directed Against The Order Dated 30.03.2024 Passed By The Ld. Principal Commissioner Of Income Tax 1, Madurai Under Section 263 Of The Income Tax Act, 1961 [“Act” In Short] For The Assessment Year 2018-19. 2. Brief Facts Of The Case Are That The Assessee Company [Earlier Known As M/S. Drsr Logistics Services Private Limited] Filed Its Return Of Income For The Ay 2018-19 Claiming Loss Of ₹.31,28,98,436/- Under 2

1) of the Act. He referred to the assessment order and submits that the Assessing Officer, inspite of selecting the case under complete scrutiny conducted only enquiries with reference to section 40(a)(ia) of the Act. He submits that the decision in the case of S.A. Builders v. CIT (supra) is not applicable in the present case

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

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

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. No.1402/Chny/2015 िनधा"रण वष"/Assessment Year: 2000-01 M/S. Penta Media Graphics Ltd., The Deputy Commissioner Of ‘Taurus’, No. 25, First Main Road, Vs. Income Tax, Media Circle I, Room No. 311, 3Rd Floor, New Block, United India Colony, Kodambakkam, Chennai 600 024. 121, Mahatma Gandhi Road, Nungambakkam, Chennai 600 034. [Pan: Aaacp1647B] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By Shri G. Baskar, Advocate & : Smt. Sree Valli Lakshmi, Advocate ""थ" की ओर से/Respondent By None [Dept. Letter Submission] : सुनवाई की तारीख/ Date Of Hearing 12.04.2023 : घोषणा की तारीख /Date Of Pronouncement : 10.05.2023 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 14, Chennai Dated 30.03.2015 Passed Under Section 271(1)(C) Of The Income Tax Act, 1961 [“Act” In Short].

263 of the Act. 6. The assessee preferred an appeal before the ITAT on jurisdiction challenging the order of the ld. CIT. The ITAT, in their order Nos. 1780(Mds)/2009, 1768 & 1733 (Mds)/2010 dated 11.06.2012, upheld the order passed by the ld. CIT dated 23.03.2005. 7. Subsequently, the Assessing Officer initiated penalty proceedings under section 271(1

INTERNATIONAL FLAVOURS & FRAGRANCES INDIA PRIVATE LIMITED,CHENNAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX, CHENNAI

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

1)\n1,22,06,84,110\nAdd: Transfer Pricing additions\n13,43,66,276\nAdd: Disallowance of deduction claimed under\nsection 801B of the Act\n5,37,34,851\nTotal income as per assessment order\nu/s.143(3)\n1,40,87,85,237\n3.\nSubsequently, the Id.PCIT invoked jurisdiction u/s.263 of the Act and sought\nto revise the assessment order with

SHRIRAM EPC LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]

Depreciation on electrical fittings disallowed 1,55,613 Foreign exchange loss disallowed 1,44,68,263 Disallowance u/s.43B 2,72,88,000 ITA Nos.1604-1740-2011—14-2744/16 :- 11 -: Being aggrieved, assessee preferred an appeal before the 16. ld. CIT(A) who vide impugned order deleted all the additions except in respect of addition of ₹2,72,88,000/- made u/s.43B

SHRIRAM EPC LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy]

Depreciation on electrical fittings disallowed 1,55,613 Foreign exchange loss disallowed 1,44,68,263 Disallowance u/s.43B 2,72,88,000 ITA Nos.1604-1740-2011—14-2744/16 :- 11 -: Being aggrieved, assessee preferred an appeal before the 16. ld. CIT(A) who vide impugned order deleted all the additions except in respect of addition of ₹2,72,88,000/- made u/s.43B