ELECTRONICS CORPORATION OF TAMILNADU LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 2(1), CHENNAI

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

section 53A of Transfer of Property Act, 1882. In our considered view, when the appellant allots land on long term lease basis to the lessee, the conditions of transfer satisfies and any kind of consideration including the so called lease land deposit also partakes the nature of consideration which needs to be recognized as income in the year of receipt

ELECTRONICS CORPORATION OF TAMILNADU LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 2(1), CHENNAI

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

section 53A of Transfer of Property Act, 1882. In our considered view, when the appellant allots land on long term lease basis to the lessee, the conditions of transfer satisfies and any kind of consideration including the so called lease land deposit also partakes the nature of consideration which needs to be recognized as income in the year of receipt

ELECTRONICS CORPORATION OF TAMILNADU LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 2(1), CHENNAI

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

section 53A of Transfer of Property Act, 1882. In our considered view, when the appellant allots land on long term lease basis to the lessee, the conditions of transfer satisfies and any kind of consideration including the so called lease land deposit also partakes the nature of consideration which needs to be recognized as income in the year of receipt

ELECTRONICS CORPORATION OF TAMILNADU LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 2(1), CHENNAI

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

section 53A of Transfer of Property Act, 1882. In our considered view, when the appellant allots land on long term lease basis to the lessee, the conditions of transfer satisfies and any kind of consideration including the so called lease land deposit also partakes the nature of consideration which needs to be recognized as income in the year of receipt

ELECTRONICS CORPORATION OF TAMILNADU LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 2(1), CHENNAI

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

section 53A of Transfer of Property Act, 1882. In our considered view, when the appellant allots land on long term lease basis to the lessee, the conditions of transfer satisfies and any kind of consideration including the so called lease land deposit also partakes the nature of consideration which needs to be recognized as income in the year of receipt

CITI FINANCIAL RETAIL SERVICES (I) LTD.,CHENNAI vs. ACIT, CHENNAI

Bench: Shri A. Mohan Alankamony & Shri S.S. Godaraआयकर अपील सं./Ita Nos.2059 & 2060/Mds/2014 "नधा"रण वष" / Assessment Years : 1999-2000 & 2000-2001 M/S Citi Financial Retail Services The Assistant Commissioner Of (I) Ltd., V. Income Tax, (Now Known As Citi Corp Finance Company Circle I(3), (India) Ltd.), Chennai - 600 034. 117, Radhakrishnan Salai, Mylapore, Chennai - 600 004. Pan : Aaacn 2379 N (अपीलाथ"/Appellant) (""यथ"/Respondent)

53A of the Transfer of Property Act and proposed to compute the impugned short term capital gains. 4. The assessee contested the Assessing Officer’s proposal. It pleaded that the gross amount of `2,82,23,910/- included cost of land as well as building and its vendee had borne the latter outgo. It would contend that the Transfer

CITI FINANCIAL RETAIL SERVICES (I) LTD.,CHENNAI vs. ACIT, CHENNAI

Bench: Shri A. Mohan Alankamony & Shri S.S. Godaraआयकर अपील सं./Ita Nos.2059 & 2060/Mds/2014 "नधा"रण वष" / Assessment Years : 1999-2000 & 2000-2001 M/S Citi Financial Retail Services The Assistant Commissioner Of (I) Ltd., V. Income Tax, (Now Known As Citi Corp Finance Company Circle I(3), (India) Ltd.), Chennai - 600 034. 117, Radhakrishnan Salai, Mylapore, Chennai - 600 004. Pan : Aaacn 2379 N (अपीलाथ"/Appellant) (""यथ"/Respondent)

53A of the Transfer of Property Act and proposed to compute the impugned short term capital gains. 4. The assessee contested the Assessing Officer’s proposal. It pleaded that the gross amount of `2,82,23,910/- included cost of land as well as building and its vendee had borne the latter outgo. It would contend that the Transfer

DYNACON EQUIPMENTS PVT LTD.,CHENNAI vs. ACIT CORPORATE CIRCLE 1(4), CHENNAI

In the result, the appeal filed by assessee in ITA

Bench: Shri Ramit Kochar & Shri Duvvuru R.L.Reddy

53A of the Transfer of Property Act, 1882 (4 of 1882). Explanation.—For the purposes of this sub-clause, a lease which provides for the extension of the term thereof by a further term or terms shall be deemed to be a lease for a term of not less than twelve years, if the aggregate of the term for which

DYNACON EQUIPMENTS PVT. LTD.,CHENNAI vs. ACIT CORPORATE CIRCLE 1(4), CHENNAI

In the result, the appeal filed by assessee in ITA

Bench: Shri Ramit Kochar & Shri Duvvuru R.L.Reddy

53A of the Transfer of Property Act, 1882 (4 of 1882). Explanation.—For the purposes of this sub-clause, a lease which provides for the extension of the term thereof by a further term or terms shall be deemed to be a lease for a term of not less than twelve years, if the aggregate of the term for which

PENUPETRUNI CHINNA RAO,CHENNAI vs. ITO, INTERNATIONAL TAXATION, WARD-1(1), CHENNAI

In the result, the appeal stand partly allowed

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.401/Chny/2022 (िनधा*रण वष* / Assessment Year: 2016-17) Mr. Penupatruni Chinna Rao Ito बनाम 8, Pughs Road, Sundaram Salai, International Taxation, / Vs. R.A. Puram, Chennai-600 028. Ward-1(1), Chennai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aecpc-1481-R (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Ms. N.V. Lakshmi (Advocate) - Ld. Ar " थ"कीओरसे/Respondent By : Shri D. Hema Bhupal (Jcit)- Ld. Sr. Dr सुनवाईकीतारीख/Date Of Final Hearing : 04-03-2024 घोषणाकीतारीख /Date Of Pronouncement : 25-04-2024 आदेश / O R D E R

depreciated the cost and revised the cost of building as on 01-04-1981 to Rs.16.40 Lacs. 2.9 The assessee claimed deduction u/s 54 for Rs.520.81 Lacs the working of which has been given in para 8.1 as under. Cost of construction as per builder is Rs.7,56,00,000/- for 31518 sqft is Rs.2399/- sqft Built up area