ITO,CW-1(1), CHENNAI vs. INSPIRISYS SOLUTIONS LTD, KILPAUK

The appeals of the Revenue stand dismissed

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita Nos.9,10 & 11/Chny/2022 (िनधा"रणवष" / Assessment Years: 2012-13, 2014-15 & 2015-2016) & C.O.Nos.5, 6 &7/Chny/2023 (In Ita Nos.9,10 & 11/Chny/2022) The Income Tax Officer, Vs. M/S. Inspirisys Solutions Limited, Corporate Ward 1(1) First Floor, New Door Nos. 57,59,63 & 64, Chennai 600 034. Dowlath Towers, Taylors Road, Kilpauk, Chennai 600 010. [Pan: Aaaca 5622M] (अपीलाथ"/Appellant) (Respondent/ Cross Objector) Department By : Shri. Nilay Baran Som, Irs, Cit. Shri. Arv Srinivasan, Irs, Addl. Cit Assessee By : Shri. N.V. Balaji, Advocate सुनवाई क" तार"ख/Date Of Hearing : 20.06.2024 घोषणा क" तार"ख /Date Of Pronouncement : 26.07.2024

section 36(i)(iii) is confirmed.” Before us, appellant submitted as under: 2. Disallowance of interest expense on account of interest free loan given to group companies a) The interest free loan to group companies were given out of interest free funds. The assessee has balance in reserves and surplus to the extent of Rs. 6840.23 lakhs. The advances

ITO, CW-1(1), CHENNAI vs. INSPIRISYS SOLUTIONS LIMITED, CHENNAI

The appeals of the Revenue stand dismissed

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita Nos.9,10 & 11/Chny/2022 (िनधा"रणवष" / Assessment Years: 2012-13, 2014-15 & 2015-2016) & C.O.Nos.5, 6 &7/Chny/2023 (In Ita Nos.9,10 & 11/Chny/2022) The Income Tax Officer, Vs. M/S. Inspirisys Solutions Limited, Corporate Ward 1(1) First Floor, New Door Nos. 57,59,63 & 64, Chennai 600 034. Dowlath Towers, Taylors Road, Kilpauk, Chennai 600 010. [Pan: Aaaca 5622M] (अपीलाथ"/Appellant) (Respondent/ Cross Objector) Department By : Shri. Nilay Baran Som, Irs, Cit. Shri. Arv Srinivasan, Irs, Addl. Cit Assessee By : Shri. N.V. Balaji, Advocate सुनवाई क" तार"ख/Date Of Hearing : 20.06.2024 घोषणा क" तार"ख /Date Of Pronouncement : 26.07.2024

section 36(i)(iii) is confirmed.” Before us, appellant submitted as under: 2. Disallowance of interest expense on account of interest free loan given to group companies a) The interest free loan to group companies were given out of interest free funds. The assessee has balance in reserves and surplus to the extent of Rs. 6840.23 lakhs. The advances

ITO,CW-1(1), CHENNAI vs. INSPIRISYS SOLUTIONS LTD, CHENNAI

The appeals of the Revenue stand dismissed

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita Nos.9,10 & 11/Chny/2022 (िनधा"रणवष" / Assessment Years: 2012-13, 2014-15 & 2015-2016) & C.O.Nos.5, 6 &7/Chny/2023 (In Ita Nos.9,10 & 11/Chny/2022) The Income Tax Officer, Vs. M/S. Inspirisys Solutions Limited, Corporate Ward 1(1) First Floor, New Door Nos. 57,59,63 & 64, Chennai 600 034. Dowlath Towers, Taylors Road, Kilpauk, Chennai 600 010. [Pan: Aaaca 5622M] (अपीलाथ"/Appellant) (Respondent/ Cross Objector) Department By : Shri. Nilay Baran Som, Irs, Cit. Shri. Arv Srinivasan, Irs, Addl. Cit Assessee By : Shri. N.V. Balaji, Advocate सुनवाई क" तार"ख/Date Of Hearing : 20.06.2024 घोषणा क" तार"ख /Date Of Pronouncement : 26.07.2024

section 36(i)(iii) is confirmed.” Before us, appellant submitted as under: 2. Disallowance of interest expense on account of interest free loan given to group companies a) The interest free loan to group companies were given out of interest free funds. The assessee has balance in reserves and surplus to the extent of Rs. 6840.23 lakhs. The advances

ST. JOHN FREIGHT SYSTEMS LTD.,TUTICORIN vs. DCIT CENTRAL CIRCLE 1, MADURAI

In the result appeals filed in ITA Nos

Bench: Shri Mahavir Singh, Hon’Ble & Shri Arun Khodpia, Hon’Bleआयकरअपीलसं./Ita Nos.188 & 2898 To 2900/Chny/2019 िनधा"रणवष"/Assessment Years: 2007-08 To 2010-11 V. M/S.St.John Freight – The Dy. Commissioner- Systems Pvt. Ltd., Of Income Tax, C-98, Sipcot Complex, Central Circle-1, Harbour Express Road, Madurai. Tuticorin-628 008. [Pan:Aaacs 4697 N] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से/ Appellant By : Mr.R.Vijayaraghavan, Adv. ""थ" की ओर से /Respondent By : Mr.S.Senthil Kumaran, Cit सुनवाईकीतारीख/Date Of Hearing : 13.03.2023 घोषणाकीतारीख /Date Of Pronouncement : 06.04.2023

disallowance of deduction under section 10A, being one more consequence, cannot be held to be directory, but mandatory Under this factual and legal position, it has to be held that the interest payable by the assessee under section 234A is for his failure to file the return of income within the due date prescribed under section 139(1). This

ST. JOHN FREIGHT SYSTEMS LTD.,TUTICORIN vs. DCIT CENTRAL CIRCLE 1, MADURAI

In the result appeals filed in ITA Nos

Bench: Shri Mahavir Singh, Hon’Ble & Shri Arun Khodpia, Hon’Bleआयकरअपीलसं./Ita Nos.188 & 2898 To 2900/Chny/2019 िनधा"रणवष"/Assessment Years: 2007-08 To 2010-11 V. M/S.St.John Freight – The Dy. Commissioner- Systems Pvt. Ltd., Of Income Tax, C-98, Sipcot Complex, Central Circle-1, Harbour Express Road, Madurai. Tuticorin-628 008. [Pan:Aaacs 4697 N] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से/ Appellant By : Mr.R.Vijayaraghavan, Adv. ""थ" की ओर से /Respondent By : Mr.S.Senthil Kumaran, Cit सुनवाईकीतारीख/Date Of Hearing : 13.03.2023 घोषणाकीतारीख /Date Of Pronouncement : 06.04.2023

disallowance of deduction under section 10A, being one more consequence, cannot be held to be directory, but mandatory Under this factual and legal position, it has to be held that the interest payable by the assessee under section 234A is for his failure to file the return of income within the due date prescribed under section 139(1). This

ST. JOHN FREIGHT SYSTEMS LTD.,TUTICORIN vs. DCIT CENTRAL CIRCLE 1, MADURAI

In the result appeals filed in ITA Nos

Bench: Shri Mahavir Singh, Hon’Ble & Shri Arun Khodpia, Hon’Bleआयकरअपीलसं./Ita Nos.188 & 2898 To 2900/Chny/2019 िनधा"रणवष"/Assessment Years: 2007-08 To 2010-11 V. M/S.St.John Freight – The Dy. Commissioner- Systems Pvt. Ltd., Of Income Tax, C-98, Sipcot Complex, Central Circle-1, Harbour Express Road, Madurai. Tuticorin-628 008. [Pan:Aaacs 4697 N] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से/ Appellant By : Mr.R.Vijayaraghavan, Adv. ""थ" की ओर से /Respondent By : Mr.S.Senthil Kumaran, Cit सुनवाईकीतारीख/Date Of Hearing : 13.03.2023 घोषणाकीतारीख /Date Of Pronouncement : 06.04.2023

disallowance of deduction under section 10A, being one more consequence, cannot be held to be directory, but mandatory Under this factual and legal position, it has to be held that the interest payable by the assessee under section 234A is for his failure to file the return of income within the due date prescribed under section 139(1). This

ST. JOHN FREIGHT SYSTEMS PVT. LTD.,,TUTUCORIN vs. DCIT, CC-1,, MADURAI

In the result appeals filed in ITA Nos

Bench: Shri Mahavir Singh, Hon’Ble & Shri Arun Khodpia, Hon’Bleआयकरअपीलसं./Ita Nos.188 & 2898 To 2900/Chny/2019 िनधा"रणवष"/Assessment Years: 2007-08 To 2010-11 V. M/S.St.John Freight – The Dy. Commissioner- Systems Pvt. Ltd., Of Income Tax, C-98, Sipcot Complex, Central Circle-1, Harbour Express Road, Madurai. Tuticorin-628 008. [Pan:Aaacs 4697 N] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से/ Appellant By : Mr.R.Vijayaraghavan, Adv. ""थ" की ओर से /Respondent By : Mr.S.Senthil Kumaran, Cit सुनवाईकीतारीख/Date Of Hearing : 13.03.2023 घोषणाकीतारीख /Date Of Pronouncement : 06.04.2023

disallowance of deduction under section 10A, being one more consequence, cannot be held to be directory, but mandatory Under this factual and legal position, it has to be held that the interest payable by the assessee under section 234A is for his failure to file the return of income within the due date prescribed under section 139(1). This

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. R R INDUSTRIES LIMITED, CHENNAI

In the result, appeal filed by the revenue stands dismissed

Bench: Hon’Ble Shri Manoj Kumar Aggarwal & Hon’Ble Shri Manu Kumar Giriआयकरअपील सं./ Ita No.2502/Chny/2024 (िनधा"रणवष" / Assessment Year: 2018-2019) The Assistant Commissioner Of Vs. R R Industries Limited, Income Tax, Tvk Industrial Estate, Company Circle 1(1) Guindy, Chennai. Chennai 600 032. [Pan:Aaacr 3594H] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri M.K. Rangaswamy, Fca ""यथ" क" ओर से /Respondent By : Ms. D. Komali Krishna, Cit. सुनवाई क" तार"ख/Date Of Hearing : 16.12.2024 घोषणा क" तार"ख /Date Of Pronouncement : 24.02.2025 आदेश / O R D E R Per Manu Kumar Giri ()

209 by making following disallowances: (i) Disallowance of interest u/s 36(1)(iii) Rs.7,85,80,924/- (ii) Disallowance Foreign Travel expenses Rs.13,07,585/- 5. The assessee challenged the order of the AO before the ld.CIT(A) who deleted the addition of Rs.7,85,80,924/- towards disallowance of interest u/s 36(1)(iii) holding as under

SMT. A. THIRUPURASUNDARI,,CHENNAI vs. DCIR, CC - 3 (1),, CHENNAI

In the result, the appeals filed by the assessee in ITA

Bench: Shri Mahavir Singhand Shri Manjunatha.G

209 & 211/14-15 of even date 26.09.2016. The assessments were framed by the DCIT, Central Circle III(1), Chennai for the assessment years 2008-09, 2010-11, 2011-12 & 2012-13 u/s.143(3) r.w.s. 153A of the Income Tax Act, 1961 (hereinafter the ‘Act’), vide orders of even date 30.03.2014. 2. The first issue raised by assessee in this appeal

SMT. A. THIRUPURASUNDARI,,CHENNAI vs. DCIR, CC - 3 (1),, CHENNAI

In the result, the appeals filed by the assessee in ITA

Bench: Shri Mahavir Singhand Shri Manjunatha.G

209 & 211/14-15 of even date 26.09.2016. The assessments were framed by the DCIT, Central Circle III(1), Chennai for the assessment years 2008-09, 2010-11, 2011-12 & 2012-13 u/s.143(3) r.w.s. 153A of the Income Tax Act, 1961 (hereinafter the ‘Act’), vide orders of even date 30.03.2014. 2. The first issue raised by assessee in this appeal

SMT. A. THIRUPURASUNDARI,,CHENNAI vs. DCIR, CC - 3 (1),, CHENNAI

In the result, the appeals filed by the assessee in ITA

Bench: Shri Mahavir Singhand Shri Manjunatha.G

209 & 211/14-15 of even date 26.09.2016. The assessments were framed by the DCIT, Central Circle III(1), Chennai for the assessment years 2008-09, 2010-11, 2011-12 & 2012-13 u/s.143(3) r.w.s. 153A of the Income Tax Act, 1961 (hereinafter the ‘Act’), vide orders of even date 30.03.2014. 2. The first issue raised by assessee in this appeal

SMT. A. THIRUPURASUNDARI,,CHENNAI vs. DCIR, CC - 3 (1),, CHENNAI

In the result, the appeals filed by the assessee in ITA

Bench: Shri Mahavir Singhand Shri Manjunatha.G

209 & 211/14-15 of even date 26.09.2016. The assessments were framed by the DCIT, Central Circle III(1), Chennai for the assessment years 2008-09, 2010-11, 2011-12 & 2012-13 u/s.143(3) r.w.s. 153A of the Income Tax Act, 1961 (hereinafter the ‘Act’), vide orders of even date 30.03.2014. 2. The first issue raised by assessee in this appeal

VICTORIA EDUCATIONAL TRUST,CHENNAI vs. ITO, EXEMPTION WARD-3,, CHENNAI

The appeal of the assessee is allowed

Bench: Shri George George K & Shri S.R. Raghunathaआयकर अपील सं./Ita No.:946/Chny/2025 धनिाजरण वर्ज / Assessment Year: 2022-23 Victoria Educational Trust, Ito, 62, 6Th Street, Vs. Exemptions Ward 3, S.R.P.Colony, Chennai. Peravallur, Chennai – 600 082. [Pan:Aabtv-0115-A] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) अपीलाथी की ओर से/Appellant By : Shri. N. Arjun Raj, Advocate प्रत्यथी की ओर से/Respondent By : Shri. Kumar Chandan, J.C.I.T.

disallowed by the CPC while processing the return of income u/s.143(1) of the Act. Furthermore it was argued that there was a mandate cast upon the tax payer to file the requisite form within the stipulated time limit prescribed under the various provisions of the Act in order to claim tax exemption / deduction as the case

KEYSTONE FOUNDATION,NILGIRIS vs. ACIT, EXEMPTIONS WARD,, COIMBATORE

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

Bench: Shri S.S. Viswanethra Ravi & Shri S.R. Raghunathaआयकर अपील सं./I.T.A. No.1680/Chny/2025 िनधा"रण वष"/Assessment Year: 2023-24 Keystone Foundation, Vs. The Assistant Commissioner Of P.B. No. 35, Groves Hill Road, Income Tax, Kotagiri, Nilgiris 643 217. Exemptions Ward, Coimbatore. [Pan:Aaatk0218N] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri N. Arjun Raj, Advocate ""थ" की ओर से/Respondent By : Shri N. Rajakumar, Addl. Cit सुनवाई की तारीख/ Date Of Hearing : 26.08.2025 घोषणा की तारीख /Date Of Pronouncement : 29.08.2025 आदेश /O R D E R Per S.S. Viswanethra Ravi: This Appeal Filed By The Assessee Is Directed Against The Order Dated 29.05.2025 Passed By The Addl/Jcit(A)-9, Delhi For The Assessment Year 2023-24. 2. The Ld. Ar Shri N. Arjun Raj, Advocate Submits That The Assessee Raised 9 Grounds Of Appeal Amongst Which, The Only Issue Emanates In Challenging The Action Of The Ld. Cit(A) In Confirming The Disallowance Made On Account Of Non-Filing Of Audit Report In Form 10B In The Facts & Circumstances Of The Case.

disallowance made on account of non-filing of audit report in Form 10B in the facts and circumstances of the case. 2 I.T.A. No.1680/Chny/25 3. At the outset, we note that the assessee filed return of income on 29.11.2023 under section 139(5)/139(4A) of the Income Tax Act, 1961 [“Act” in short]. According

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE LTU-1, CHENNAI, NUNGAMBAKKAM vs. ORIENT GREEN POWER COMPANY LIMITED , CHENNAI

In the result, appeal filed by the assessee is allowed

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

Disallowance of Management fee - The Transfer Pricing Officer erred in determining the Arms Length Price for management fee paid to Shriram Industrial Holdings at NIL against Rs.4,04,49,600/- claimed by the appellant and recommending downward adjustment of Rs.4,04,49,600/- of the Assessing Officer. The Assessing Officer erred in making an addition of downward adjustment suggested

G.C.T.ALUMNI ASSOCIATION,COIMBATORE vs. ACIT, EXEMPTIONS,, COIMBATORE

The appeal of the assessee is allowed

Bench: Shri Aby T. Varkey & Ms. Padmavathy.Sआयकर अपील सं./Ita No.3673/Chny/2025 िनधा&रण वष& /Assessment Year: 2020-21

209 ITR 63 (Bom.), we see no merit in this appeal. The appeal is accordingly dismissed with no order as to costs." 21 (b). We concur with the aforesaid view of the High Court and hold that even if Form 3AA was not filed along with return of income but the same was filed during the assessment proceedings and before

DEPUTY COMMISSIONER OF INCOME TAX, NUNGAMBAKKAM CHENNAI vs. CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED, CHENNAI

In the result, appeal filed by the revenue is dismissed and\ncross objection filed by the assessee is allowed

209/- and Disallowance\nu/s.40(a)(ia)of Rs.21,05,37,722/-. Aggrieved by the order of the\nId.CIT(A), the revenue is before us and the assessee has filed a CO\nby questioning the jurisdiction of the AO for reopening the\nassessment beyond 4 years.\n7. Since, the Assessee has raised legal issue of jurisdiction on\nreopening of assessment u/s.148

M/S. COASTAL ENERGY PRIVATE LIMITED REPRESENTED BY LIQUIDATOR,CHENNAI vs. DCIT, CORPORATE CIRCLE-1 (2), CHENNAI, CHENNAI

In the result, appeal filed by the revenue for the assessment year 2008-09 is dismissed and appeals filed by the assessee for the assessment years 2011-12, 2012-13 & 2013-

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita No.: 1363/Chny/2023 िनधा"रणवष" / Assessment Year: 2008-09 Assistant Commissioner Of Coastal Energy Private Limited Income Tax, Central Circle -1(1) V. (Under Official Liquidator), No.46, M.G. Road, Old No.22, New No.28, Menod Nungambakkam, Street, Purasawakkam, Chennai – 600 034. Chennai – 600 007. [Pan: Aaacc-4160-A] (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकरअपीलसं./Ita Nos.: 1364, 1365 & 1366/Chny/2023 िनधा"रणवष" / Assessment Years: 2011-12, 2012-13 & 2013-14 Coastal Energy Private Limited Deputy Commissioner Of Income (Under Official Liquidator), V. Tax, Old No.22, New No.28, Menod Corporate Circle -1(2), Chennai. Street, Purasawakkam, (Now Assessed By Assistant Chennai – 600 007. Commissioner Of Income, [Pan: Aaacc-4160-A] Central Circle -1(1), Chennai. (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. B. Ramakrishnan, Fca Assessee By Department By : Shri. A. Sasikumar, Cit सुनवाई क" तारीख/Date Of Hearing : 11.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 25.10.2024 आदेश /O R D E R

Disallowance of loss on forward contracts: Further, the Ld.AR stated that the assessee had entered into a forward contract not for the purpose of purchase and sale of the foreign currency but for the purpose of hedging against foreign exchange fluctuation risk on its import payables. Hence, it is important to note that the intention of the Company is only