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

145 of the Income Tax Act,\n1961.\n3.2. The order of the learned CIT(A) is based on surmises &\nconjunctures.\n3.3. The learned CIT(A) failed to appreciate the fact that once a\nloan account is sold to ARC the borrower account is closed in the\nbooks of the bank.\n3.4. The learned CIT(A) failed to appreciate the fact

DCIT, CC2(2), CHENNAI, CHENNAI vs. JAYAPRIYA COMPANY, CHENNAI

In the result, both the appeals of the Revenue are dismissed and

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

disallowance was made by the AO on the incorrect pretext of non-availability of details. 8.7 We now proceed to examine the merits of the impugned claim of bad debts. As per the provisions of section 36(1)(vii) of the Act which ITA Nos.1251 & 1252/Chny/2025 & CO Nos.43 & 44/Chny/2025 (AYs 2021-22 & 2022-23) Jayapriya Company :: 13 :: deals with allowability

DCIT, CEN CIR 2(2), CHENNAI, CHENNAI vs. JAYAPRIYA COMPANY, CHENNAI

In the result, both the appeals of the Revenue are dismissed and

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

disallowance was made by the AO on the incorrect pretext of non-availability of details. 8.7 We now proceed to examine the merits of the impugned claim of bad debts. As per the provisions of section 36(1)(vii) of the Act which ITA Nos.1251 & 1252/Chny/2025 & CO Nos.43 & 44/Chny/2025 (AYs 2021-22 & 2022-23) Jayapriya Company :: 13 :: deals with allowability

SOUTHERN AGRIFURANE INDUSTRIES PVT. LTD.,CHENNAI vs. ACIT, CENTRAL CIRCLE-2(2),, CHENNAI

In the result, both the both the appeals filed by the Revenue and the Revenue and the

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

Section 153C of the Act fro analyzed the entire statutory framework of Section 153C of the Act fro analyzed the entire statutory framework of Section 153C of the Act from its introduction to the amendment by Finance Act, 2017 and its its introduction to the amendment by Finance Act, 2017 and its its introduction to the amendment by Finance

DCIT CC 2 2 , CHENNAI, CHENNAI vs. SOUTHERN AGRIFURANE INDUSTRIES PVT LTD, CHENNAI

In the result, both the both the appeals filed by the Revenue and the Revenue and the

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

Section 153C of the Act fro analyzed the entire statutory framework of Section 153C of the Act fro analyzed the entire statutory framework of Section 153C of the Act from its introduction to the amendment by Finance Act, 2017 and its its introduction to the amendment by Finance Act, 2017 and its its introduction to the amendment by Finance

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED,CHENNAI vs. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 1(1), CHENNAI

1: i.e Disallowance under section 14A of the Income-tax Act,\n1961 ('the Act'):\n\n| Assessment\n| Appeal by\n| Ground\nYear\n| No.\n| AY 2010-11 | Assessee (ITA No. 1193/CHNY/2024)\n| 2 to 5\n| AY 2011-12 | Assessee (ITA No. 1194/Chny/2024)\n| 2 to 6\n| AY 2012-13 | Assessee (ITA No. 1205/CHNY/2024

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED, CHENNAI

1: i.e Disallowance under section 14A of the Income-tax Act,\n1961 ('the Act'):\nAssessment\nYear\nAppeal by\nGround\nNo.\nAY 2010-11\nAssessee (ITA No. 1193/CHNY/2024)\n2 to 5\nAY 2011-12\nAssessee (ITA No. 1194/Chny/2024)\n2 to 6\nAY 2012-13\nAssessee (ITA No. 1205/CHNY/2024)\n2 to 5\nAY 2013-14\nAssessee (ITA No. 1206/CHNY/2024

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED, CHENNAI

1: i.e Disallowance under section 14A of the Income-tax Act,\n1961 ('the Act'):\nAssessment\nYear\nAppeal by\nGround\nNo.\nAY 2010-11\nAssessee (ITA No. 1193/CHNY/2024)\n2 to 5\nAY 2011-12\nAssessee (ITA No. 1194/Chny/2024)\n2 to 6\nAY 2012-13\nAssessee (ITA No. 1205/CHNY/2024)\n2 to 5\nAY 2013-14\nAssessee (ITA No. 1206/CHNY/2024

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED,CHENNAI vs. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 1(1), CHENNAI

1: i.e Disallowance under section 14A of the Income-tax Act,\n1961 ('the Act'):\nAssessment\nYear\nAppeal by\nGround\nNo.\nAY 2010-11\nAssessee (ITA No. 1193/CHNY/2024)\n2 to 5\nAY 2011-12\nAssessee (ITA No. 1194/Chny/2024)\n2 to 6\nAY 2012-13\nAssessee (ITA No. 1205/CHNY/2024)\n2 to 5\nAY 2013-14\nAssessee (ITA No. 1206/CHNY/2024

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED, CHENNAI

1: i.e Disallowance under section 14A of the Income-tax Act,\n1961 ('the Act'):\n\nAssessment\nYear\nAppeal by\nGround\nNo.\nAY 2010-11\nAssessee (ITA No. 1193/CHNY/2024)\n2 to 5\nAY 2011-12\nAssessee (ITA No. 1194/Chny/2024)\n2 to 6\nAY 2012-13\nAssessee (ITA No. 1205/CHNY/2024)\n2 to 5\nAY 2013-14\nAssessee (ITA No. 1206/CHNY/2024

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED, CHENNAI

1: i.e Disallowance under section 14A of the Income-tax Act,\n1961 ('the Act'):\nAssessment\nYear\nAppeal by\nGround\nNo.\nAY 2010-11\nAssessee (ITA No. 1193/CHNY/2024)\n2 to 5\nAY 2011-12\nAssessee (ITA No. 1194/Chny/2024)\n2 to 6\nAY 2012-13\nAssessee (ITA No. 1205/CHNY/2024)\n2 to 5\nAY 2013-14\nAssessee (ITA No. 1206/CHNY/2024

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED,CHENNAI vs. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 1(1), CHENNAI

1: i.e Disallowance under Section 14A of the Income-tax Act,\n1961 ('the Act'):\nAssessment\nAppeal by\nGround\nYear\nNo.\nAY 2010-11\nAssessee (ITA No. 1193/CHNY/2024) 2 to 5\nAY 2011-12\nAssessee (ITA No. 1194/Chny/2024) 2 to 6\nAY 2012-13\nAssessee (ITA No. 1205/CHNY/2024) 2 to 5\nAY 2013-14\nAssessee (ITA No. 1206/CHNY/2024

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED,CHENNAI vs. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 1(1),, CHENNAI

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita Nos.1193, 1194, 1205, 1206 & 1207/Chny/2024 ("नधा"रण वष" / Assessment Years: 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15) Vs Cognizant Technology Solutions The Asst. Commissioner India Pvt. Ltd., Of Income Tax, No.5/535, Okkiam Thoraipakkam, Central Circle 1(1), Old Mahabalipuram Road, Chennai. Chennai – 600 096. Pan : Aaacd 3312M (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita Nos.1262, 1263, 1264, 1265 & 1266/Chny/2024 ("नधा"रण वष" / Assessment Years: 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15) Vs The Asst. Commissioner Of Cognizant Technology Income Tax, Solutions India Pvt. Ltd., Central Circle 1(1), No.5/535, Okkiam Chennai. Thoraipakkam, Old Mahabalipuram Road, Chennai – 600 096. Pan : Aaacd 3312M (अपीलाथ"/Appellant) (""यथ"/Respondent)

1: i.e Disallowance under section 14A of the Income-tax Act, 1961 (‘the Act’): Assessment Appeal by Ground Year No. AY 2010-11 Assessee (ITA No. 1193/CHNY/2024) 2 to 5 AY 2011-12 Assessee (ITA No. 1194/Chny/2024) 2 to 6 AY 2012-13 Assessee (ITA No. 1205/CHNY/2024) 2 to 5 AY 2013-14 Assessee (ITA No. 1206/CHNY/2024

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED,CHENNAI vs. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 1(1),, CHENNAI

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita Nos.1193, 1194, 1205, 1206 & 1207/Chny/2024 ("नधा"रण वष" / Assessment Years: 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15) Vs Cognizant Technology Solutions The Asst. Commissioner India Pvt. Ltd., Of Income Tax, No.5/535, Okkiam Thoraipakkam, Central Circle 1(1), Old Mahabalipuram Road, Chennai. Chennai – 600 096. Pan : Aaacd 3312M (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita Nos.1262, 1263, 1264, 1265 & 1266/Chny/2024 ("नधा"रण वष" / Assessment Years: 2010-11, 2011-12, 2012-13, 2013-14 & 2014-15) Vs The Asst. Commissioner Of Cognizant Technology Income Tax, Solutions India Pvt. Ltd., Central Circle 1(1), No.5/535, Okkiam Chennai. Thoraipakkam, Old Mahabalipuram Road, Chennai – 600 096. Pan : Aaacd 3312M (अपीलाथ"/Appellant) (""यथ"/Respondent)

1: i.e Disallowance under section 14A of the Income-tax Act, 1961 (‘the Act’): Assessment Appeal by Ground Year No. AY 2010-11 Assessee (ITA No. 1193/CHNY/2024) 2 to 5 AY 2011-12 Assessee (ITA No. 1194/Chny/2024) 2 to 6 AY 2012-13 Assessee (ITA No. 1205/CHNY/2024) 2 to 5 AY 2013-14 Assessee (ITA No. 1206/CHNY/2024

S.ARJUN,CHENNAI vs. ACIT NON CORPORATE WARD 20(1), CHENNAI

In the result, the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy]

disallowed by the ld. Assessing Officer. Now before us, the ld. Authorised Representative strongly 5. assailing the orders of the lower authorities submitted that assessee had specifically claimed before the lower authorities that the claim, alternatively had to be allowed as a business loss. As per the ld. Authorised Representative, the advances having being given to a company which

ACIT, CHENNAI vs. UPDATER SERVICES LIMITED, CHENNAI

In the result, the grounds of appeal raised by both the assessee and the Revenue, as well as the grounds raised in the cross-objections filed by the assessee, are treated as allowed for statistical...

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.:1339 /Chny/2025 िनधा#रण वष# / Assessment Year: 2017-18 M/S. Updater Services Limited (Formerly Dcit, Known As Updater Services Private Vs. Central Circle -2(3), Limited), No.2/302-A, Uds Salai, Chennai. Off Old Mahabalipuram Road, Thoraipakkam, Chennai – 600 097. [Pan:Aaacu-6845-J] (अपीलाथ%/Appellant) (&'थ%/Respondent)

145 304 2.1.2. Valuation undertaken by the Company is in adherence with Rule 11UA of the Income Tax Rules 1962 ('the Rules’) • To determine deemed income under Section 56(2)(viia) of the Act, section prescribes a valuation methodology under Rule 11UA of the Rules. As per Rule 11UA(1)(c) provides that the FMV of unquoted shares

M/S. UPDATER SERVICES LTD.,CHENNAI vs. DCIT, CENTRAL CIRCLE-2(3), CHENNAI

In the result, the grounds of appeal raised by both the assessee and the Revenue, as well as the grounds raised in the cross-objections filed by the assessee, are treated as allowed for statistical...

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.:1339 /Chny/2025 िनधा#रण वष# / Assessment Year: 2017-18 M/S. Updater Services Limited (Formerly Dcit, Known As Updater Services Private Vs. Central Circle -2(3), Limited), No.2/302-A, Uds Salai, Chennai. Off Old Mahabalipuram Road, Thoraipakkam, Chennai – 600 097. [Pan:Aaacu-6845-J] (अपीलाथ%/Appellant) (&'थ%/Respondent)

145 304 2.1.2. Valuation undertaken by the Company is in adherence with Rule 11UA of the Income Tax Rules 1962 ('the Rules’) • To determine deemed income under Section 56(2)(viia) of the Act, section prescribes a valuation methodology under Rule 11UA of the Rules. As per Rule 11UA(1)(c) provides that the FMV of unquoted shares

M/S. VAASAUTOMATION PRIVATE LIMITED,KANCHIPURM vs. ACIT, COPRPORATE CIRCLE-3(2), CHENNAI

In the result, all the grounds of appeal raised by the assesse are dismissed

Bench: Shri Aby T Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.140/Chny/2024 निर्धारण वर्ा /Assessment Years: - 2015-16 M/S.Vaasautomation India Pvt Ltd., The Asst.Commissioner Of Income Plot No.H18 & H19, Sipcot Industrial Tax(Osd), Park, Vallam Vadagal, Echoor Post, Corporate Circle-3(2), Sriperumbudur Taluk, Chennai Kancheepuram Dist, Kanchipuram-631604. [Pan: Aaach2759N] (अपीलार्थी/Assesse) (प्रत्यर्थी/Respondent) अपीलार्थी की ओर से/ Assesse By : Shri N.Venkatasubramanian, C.A, प्रत्यर्थी की ओर से /Respondent By : Shri P.Sajit Kumar, Jcit सुनवाई की तारीख/Date Of Hearing : 04.07.2024 घोषणा की तारीख /Date Of Pronouncement : 31.07.2024

disallowance of bad debts claimed, may be deleted. 5. The appellant craves, leave to add, alter, amend or vary and / or withdraw any or all of the aforesaid grounds of appeal or at time of hearing of the above appeal. 2.0 The assesse has raised grounds of appeal 1 to 4 which all are contesting the action of the Ld.CIT

DCIT, CHENNAI vs. SIVA VENTURES LTD., CHENNAI

In the result, the assessee’s appeals in ITA No 1392/2016 for the

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

section 92 of the Act. 5.4.1 The DRP in the aforesaid order has held that “In all the international financial transactions, the rate of interest is to be considered at LIBOR rates and not at the rates at which the banks are lending / charging in India. Therefore, the assessee's claim of 6% interest is not adequate / comparable. Further