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

1)(a) of Act to enhance extends only to those items that were dealt by the AO in the assessment order. He submitted that though the power the Ld. CIT(A) is co-terminus with that of the AO, new issues / additions / sources of income would fall outside the ambit of provisions of section 251 of the Act in regard

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

1)(a) of Act to enhance extends only to those items that were dealt by the AO in the assessment order. He submitted that though the power the Ld. CIT(A) is co-terminus with that of the AO, new issues / additions / sources of income would fall outside the ambit of provisions of section 251 of the Act in regard

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

1)(a) of Act to enhance extends only to those items that were dealt by the AO in the assessment order. He submitted that though the power the Ld. CIT(A) is co-terminus with that of the AO, new issues / additions / sources of income would fall outside the ambit of provisions of section 251 of the Act in regard

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

1)(a) of Act to enhance extends only to those items that were dealt by the AO in the assessment order. He submitted that though the power the Ld. CIT(A) is co-terminus with that of the AO, new issues / additions / sources of income would fall outside the ambit of provisions of section 251 of the Act in regard

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

SHRI. MOOLCHAND KIRAN KUMAR JAIN,CHENNAI vs. DCIT, CENTRAL CIRCLE 1(4), CHENNAI

In the result, appeal filed by the assessee for assessment years 2020-21 & 2021-22 are partly allowed for statistical purposes

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1417 & 1418/Chny/2023 िनधा"रण वष" / Assessment Years: 2020-21 & 2021-22 Shri. Moolchand Kiran Kumar Deputy Commissioner Of Jain, V. Income-Tax, No. 123, Usman Road, Central Circle 1(4), T. Nagar, Chennai – 600 017. Chennai – 600 034. [Pan: Achpm-2247-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. D. Anand, Advocate : Shri. V. Nandakumar, Cit ""यथ" क" ओर से/Respondent By सुनवाई क" तारीख/Date Of Hearing : 26.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

disallowance of bad debt claimed by the appellant. The learned CIT(A) ought to have seen that the appellant has clearly demonstrated that the impugned bad debt has been written off as per the requirement of section 36(1)(vii) and the write off fulfils the requirement of section 36(1 )(vii) read with section

SHRI. MOOLCHAND KIRAN KUMAR JAIN,CHENNAI vs. DCIT, CENTRAL CIRCLE 1(4), CHENNAI, CHENNAI

In the result, appeal filed by the assessee for assessment years 2020-21 & 2021-22 are partly allowed for statistical purposes

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita Nos.: 1417 & 1418/Chny/2023 िनधा"रण वष" / Assessment Years: 2020-21 & 2021-22 Shri. Moolchand Kiran Kumar Deputy Commissioner Of Jain, V. Income-Tax, No. 123, Usman Road, Central Circle 1(4), T. Nagar, Chennai – 600 017. Chennai – 600 034. [Pan: Achpm-2247-E] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. D. Anand, Advocate : Shri. V. Nandakumar, Cit ""यथ" क" ओर से/Respondent By सुनवाई क" तारीख/Date Of Hearing : 26.03.2024 घोषणा क" तारीख/Date Of Pronouncement : 09.04.2024 आदेश /O R D E R

disallowance of bad debt claimed by the appellant. The learned CIT(A) ought to have seen that the appellant has clearly demonstrated that the impugned bad debt has been written off as per the requirement of section 36(1)(vii) and the write off fulfils the requirement of section 36(1 )(vii) read with section

ACIT, CHENNAI vs. M/S. S & P FOUNDATION P. LTD., CHENNAI

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

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. No.2084/Chny/2013 िनधा"रण वष"/Assessment Years: 2006-07 The Assistant Commissioner Of M/S. S & P Foundation P. Ltd., Income Tax, Central Circle Iv(2), Vs. Old No. 27, New No. 38, Madley Road, 46, Nungambakkam High Road, T. Nagar, Chennai 600 017. Chennai. [Pan: Aaics0224K] (अपीलाथ" /Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By Shri G. Johnson, Addl. Cit : ""थ" की ओर से/Respondent By Shri G. Baskar, Advocate & : Shri I Dinesh, Advocate सुनवाई की तारीख/ Date Of Hearing 02.12.2021 : घोषणा की तारीख /Date Of Pronouncement : 16.12.2021 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Revenue Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) Ii, Chennai, Dated 05.12.2012 Relevant To The Assessment Year 2006-07 In Pursuance To The Order Of The Assessing Officer In Levying Penalty Under Section 271(1)(C) Of The Income Tax Act, 1961 [“Act” In Short].

section in u/s.271(1)(c) is self contained in that it treats every difference between the reported and assessed income as concealed income, but at the same time, provides the 11 I.T.A. No. 2084/Chny/13 criteria where penalty would be warranted. Penalty is leviable for concealment where an assessee fails to offer any explanation for a difference or offers an explanation

M/S. CEEBROS HOTELS PVT. LTD.,,CHENNAI vs. DCIT, CC - 1 (2),, CHENNAI

In the result, appeal filed by the assessee is allowed

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

251 ITR 61. The sum and substance of arguments of the assessee before the learned CIT(A) are that interest paid on loan borrowed for the purpose of business cannot be disallowed u/s.36(1)(iii) of the Act, when such business has been commenced and further revenue has been recognized 11 from the business. The assessee further contended that

PARRY INFRASTRUCTURE CO P LTD. ,CHENNAI vs. DCIT CORPORATE CIRCLE 5(1) , CHENNAI

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

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

1) The Assessing Officer may accept the Section 148/147 return of income without making any addition or disallowance; 2) The assessment is framed and the Section 251

DR.S.MAHALAKSHMI,CHENNAI vs. ITO CORPORATE WARD 1(1), CHENNAI

In the result, all the appeals filed by Dr

Bench: Shri George Mathan & Shri A.Mohan Alankamony

Section 251(1)(a) empowers the CIT in an appeal against an order of assessment to confirm, reduce, enhance or annul the assessment. Thus, since the CIT(A) has not un- earthed a new source of income, but only has gone by the annual report! statements enclosed to the return in which assessee has claimed trading loss

DR.S.MAHALAKSHMI,CHENNAI vs. ITO CORPORATE WARD 1(1), CHENNAI

In the result, all the appeals filed by Dr

Bench: Shri George Mathan & Shri A.Mohan Alankamony

Section 251(1)(a) empowers the CIT in an appeal against an order of assessment to confirm, reduce, enhance or annul the assessment. Thus, since the CIT(A) has not un- earthed a new source of income, but only has gone by the annual report! statements enclosed to the return in which assessee has claimed trading loss

DR.L.SARAVANAN,CHENNAI vs. ITO CORPORATE WARD 1(1), CHENNAI

In the result, all the appeals filed by Dr

Bench: Shri George Mathan & Shri A.Mohan Alankamony

Section 251(1)(a) empowers the CIT in an appeal against an order of assessment to confirm, reduce, enhance or annul the assessment. Thus, since the CIT(A) has not un- earthed a new source of income, but only has gone by the annual report! statements enclosed to the return in which assessee has claimed trading loss

DR.S.MAHALAKSHMI,CHENNAI vs. ITO CORPORATE WARD 1(1), CHENNAI

In the result, all the appeals filed by Dr

Bench: Shri George Mathan & Shri A.Mohan Alankamony

Section 251(1)(a) empowers the CIT in an appeal against an order of assessment to confirm, reduce, enhance or annul the assessment. Thus, since the CIT(A) has not un- earthed a new source of income, but only has gone by the annual report! statements enclosed to the return in which assessee has claimed trading loss

DR.L.SARAVANAN,CHENNAI vs. ITO CORPORATE WARD 1(1), CHENNAI

In the result, all the appeals filed by Dr

Bench: Shri George Mathan & Shri A.Mohan Alankamony

Section 251(1)(a) empowers the CIT in an appeal against an order of assessment to confirm, reduce, enhance or annul the assessment. Thus, since the CIT(A) has not un- earthed a new source of income, but only has gone by the annual report! statements enclosed to the return in which assessee has claimed trading loss

DR.L.SARAVANAN,CHENNAI vs. ITO CORPORATE WARD 1(1), CHENNAI

In the result, all the appeals filed by Dr

Bench: Shri George Mathan & Shri A.Mohan Alankamony

Section 251(1)(a) empowers the CIT in an appeal against an order of assessment to confirm, reduce, enhance or annul the assessment. Thus, since the CIT(A) has not un- earthed a new source of income, but only has gone by the annual report! statements enclosed to the return in which assessee has claimed trading loss

DR.L.SARAVANAN,CHENNAI vs. ITO CORPORATE WARD 1(1), CHENNAI

In the result, all the appeals filed by Dr

Bench: Shri George Mathan & Shri A.Mohan Alankamony

Section 251(1)(a) empowers the CIT in an appeal against an order of assessment to confirm, reduce, enhance or annul the assessment. Thus, since the CIT(A) has not un- earthed a new source of income, but only has gone by the annual report! statements enclosed to the return in which assessee has claimed trading loss

DR.L.SARAVANAN,CHENNAI vs. ITO CORPORATE WARD 1(1), CHENNAI

In the result, all the appeals filed by Dr

Bench: Shri George Mathan & Shri A.Mohan Alankamony

Section 251(1)(a) empowers the CIT in an appeal against an order of assessment to confirm, reduce, enhance or annul the assessment. Thus, since the CIT(A) has not un- earthed a new source of income, but only has gone by the annual report! statements enclosed to the return in which assessee has claimed trading loss

DR.L.SARAVANAN,CHENNAI vs. ITO CORPORATE WARD 1(1), CHENNAI

In the result, all the appeals filed by Dr

Bench: Shri George Mathan & Shri A.Mohan Alankamony

Section 251(1)(a) empowers the CIT in an appeal against an order of assessment to confirm, reduce, enhance or annul the assessment. Thus, since the CIT(A) has not un- earthed a new source of income, but only has gone by the annual report! statements enclosed to the return in which assessee has claimed trading loss