ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(1), CHENNAI, CHENNAI vs. CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED, CHENNAI

In the result, the appeal of the Revenue is partly allowed

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Ble

disallowing a sum of INR 6.27,10,303 treating as 'speculative' in nature as laid down under section 43(5

ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(1), CHENNAI, CHENNAI vs. M/S CHOLAMANDALAM INVESTMENT & FINANCE COMPANY LTD, CHENNAI

In the result, the appeal of the Revenue is partly allowed

Bench: Shri Aby T Varkey, Hon’Ble & Shri S. R. Raghunatha, Hon’Ble

disallowing a sum of INR 6.27,10,303 treating as 'speculative' in nature as laid down under section 43(5

CHOLAMANDALAM INVESTMENT AND FIANANCE CO. LTD.,CHENNAI vs. DCIT, CORPORATE CIRCLE-1(1), CHENNAI

section 43(5) of the\nAct.\"\n5.11 Based on the above submission, the Id.AR prayed that the\nexpenditure i.e., the premium amortized as a result of the forward\ncontract be allowed as an expenditure by deleting the disallowance

ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(1), CHENNAI, CHENNAI vs. M/S CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED, CHENNAI

In the result, the appeal of the Revenue is partly allowed

section 43(5) of the\nAct.\"\n5.11 Based on the above submission, the Id.AR prayed that the\nexpenditure i.e., the premium amortized as a result of the forward\ncontract be allowed as an expenditure by deleting the disallowance

CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED,CHENNAI, TAMIL NADU vs. DEPUTY COMMISSIONER OF INCOME-TAX (DCIT), CHENNAI-1, CHENNAI, TAMIL NADU

In the result, the appeal of the Revenue is partly allowed

disallowed the expenditure wrongly.", "result": "Allowed", "sections": [ "43(5) of the Income-tax Act, 1961" ], "issues": "Whether the disallowance of foreign

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

Section 43(5) of the Act, would be apply to the facts of assessee's case and disallowed the same

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

Section 43(5) of the Act, would be apply to the facts of assessee's case and disallowed the same

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

Section 43(5) of the Act, would be apply to the facts of assessee's case and disallowed the same

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. COASTAL ENERGY PRIVATE LIMITED (UNDER OFFICIAL LIQUIDATOR), 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

Section 43(5) of the Act, would be apply to the facts of assessee's case and disallowed the same

ASSISSTANT COMMISSIONER OF INCOME CORPORATE CIRCLE 1-1, CHENNAI vs. FL SMIDTH PRIVATE LIMITED, KANCHIPURAM

43 of the Act are inapplicable.\nOur above decision is also supported by the Orders of the Tribunal relied upon\nby the assessee, in the following decisions:\n1. KIFS International LLP v. DCIT ITA No. 557/AHD/2022\n2. S&P Capital IQ (India) (P.) Ltd. v. ACIT [2024] 158 taxmann.com 12 (Hyderabad\n- Trib.)\n3. I & B Seeds

DCIT CORPORATE CIRCLE 6(1) (I/C) , CHENNAI vs. SHRIRAM CREDIT COMPANY LIMITED, CHENNAI

In the result, the appeal filed by the Revenue is dismissed and the appeal filed by the assessee is partly allowed

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. No.1199/Chny/2018 िनधा"रण वष"/Assessment Year: 2014-15 The Deputy Commissioner Of Vs. M/S. Shriram Credit Company Income Tax, Corporate Circle 6(1) I/C, Limited, Shriram House, No. 4, Aayakar Bhavan, Wanaparthy Burkit Road, T. Nagar, Block, 7Th Floor, 121, M.G. Road, Chennai 600 042. Chennai 600 034. [Pan:Aagcs4497N] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.1307/Chny/2018 िनधा"रण वष"/Assessment Year: 2014-15 M/S. Shriram Credit Company Vs. The Deputy Commissioner Of Limited, Mookambika Complex, Income Tax, No. 4, Lady Desika Road, Corporate Circle 6(1), Mylapore, Chennai 600 004. Chennai 600 034. (अपीलाथ"/Appellant) (""थ"/Respondent) Department By : Shri P. Sajit Kumar, Jcit Assessee By : Shri R.Sivaraman, Advocate सुनवाई की तारीख/ Date Of Hearing : 30.03.2022 घोषणा की तारीख /Date Of Pronouncement : 13.04.2022 आदेश /O R D E R Per V. Durga Rao: Both The Appeals Filed By The Revenue As Well As Assessee Are Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 15, Chennai Dated 26.12.2017 Relevant To The Assessment

section 14A of the Act. Thus, the ground raised by the assessee is allowed and the ground raised by the Revenue become academic and requires no adjudication. 4. The next ground raised in the appeal of the Revenue in ground No. 3 to 3.3 relates to deletion of disallowance of royalty payment of ₹.56,43,969/-. The assessee has claimed

SHRIRAM CREDIT COMPANY LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 6(1), CHENNAI

In the result, the appeal filed by the Revenue is dismissed and the appeal filed by the assessee is partly allowed

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./I.T.A. No.1199/Chny/2018 िनधा"रण वष"/Assessment Year: 2014-15 The Deputy Commissioner Of Vs. M/S. Shriram Credit Company Income Tax, Corporate Circle 6(1) I/C, Limited, Shriram House, No. 4, Aayakar Bhavan, Wanaparthy Burkit Road, T. Nagar, Block, 7Th Floor, 121, M.G. Road, Chennai 600 042. Chennai 600 034. [Pan:Aagcs4497N] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.1307/Chny/2018 िनधा"रण वष"/Assessment Year: 2014-15 M/S. Shriram Credit Company Vs. The Deputy Commissioner Of Limited, Mookambika Complex, Income Tax, No. 4, Lady Desika Road, Corporate Circle 6(1), Mylapore, Chennai 600 004. Chennai 600 034. (अपीलाथ"/Appellant) (""थ"/Respondent) Department By : Shri P. Sajit Kumar, Jcit Assessee By : Shri R.Sivaraman, Advocate सुनवाई की तारीख/ Date Of Hearing : 30.03.2022 घोषणा की तारीख /Date Of Pronouncement : 13.04.2022 आदेश /O R D E R Per V. Durga Rao: Both The Appeals Filed By The Revenue As Well As Assessee Are Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 15, Chennai Dated 26.12.2017 Relevant To The Assessment

section 14A of the Act. Thus, the ground raised by the assessee is allowed and the ground raised by the Revenue become academic and requires no adjudication. 4. The next ground raised in the appeal of the Revenue in ground No. 3 to 3.3 relates to deletion of disallowance of royalty payment of ₹.56,43,969/-. The assessee has claimed

DCIT, CHENNAI vs. EMERALD RESILIENT TYRE MANUFACTURES PVT LTD., CHENNAI

In the result, the Revenue appeal is allowed

Bench: Shri Chandra Poojari & Shri. G. Pavan Kumar

section 43(5) - Held, yes- Whether, therefore, where assessee suffered a loss on account of futures and options, i.e., a form of derivatives, in which underlying asset was shares, said loss was rightly disallowed

EMERALD JEWEL INDUSTRY INDIA LIMITED,COIMBATORE vs. ADDL. CIT, COIMBATORE

In the result, the assessee’s appeal in I

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1811/Mds/2015 "नधा"रण वष" / Assessment Year : 2011-12

disallowance of loss suffered by the assessee in derivatives transactions. 12 I.T.A. No.1811/Mds/15 I.T.A. No.1491/Mds/15 14. Shri V. Nandakumar, the Ld. Departmental Representative, submitted that Section 43(5

DCIT, COIMBATORE vs. EMERALD JEWEL INDUSTRY INDIA LTD., COIMBATORE

In the result, the assessee’s appeal in I

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1811/Mds/2015 "नधा"रण वष" / Assessment Year : 2011-12

disallowance of loss suffered by the assessee in derivatives transactions. 12 I.T.A. No.1811/Mds/15 I.T.A. No.1491/Mds/15 14. Shri V. Nandakumar, the Ld. Departmental Representative, submitted that Section 43(5

ASSISSTANT COMMISIONER OF INCOME TAX CORPORATE CIRCLE 1 1, CHENNAI vs. FL SMITH PRIVATE LIMITED, KANCHIPURAM

In the result, the appeals of the revenue in ITA

43 of the Act are inapplicable.\nOur above decision is also supported by the Orders of the Tribunal relied upon\nby the assessee, in the following decisions:\n1. KIFS International LLP v. DCIT ITA No. 557/AHD/2022\n2. S&P Capital IQ (India) (P.) Ltd. v. ACIT [2024] 158 taxmann.com 12 (Hyderabad\n- Trib.)\n3. I & B Seeds

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

43 -\nITA Nos.1193, 1194, 1205 to 1207,\n1262 to 1266/CHNY/2024\n\nthe decision of this Tribunal and accordingly uphold the order the\nId.CIT(A) and hence this issue raised in the Grounds of appeal based\non chart mentioned supra, filed by the Revenue for AY 2011-12 to\nAY 2014-15 are dismissed.\n\n32. Issue 5: Unrealized gains

ACIT CORPORATE CIRCLE 2, COIMBATORE vs. EMERALD JEWEL INDUSTRY INDIA LTD., COIMBATORE

In the result, the appeal of the Revenue is dismissed

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.1853/Chny/2018 ("नधा"रण वष" / Assessment Year: 2012-13) Vs M/S. Emerald Jewel Industry India The Acit, Corporate Circle-2, Ltd., 333, 2Nd Floor, Big Bazar Street, 63-A, Race Course Road, Coimbatore Coimbatore – 641 001. Pan: Aabce3430A (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri Ar.V. Sreenivasan, Jcit ""यथ" क" ओर से/Respondent By : Shri S. Sridhar, Advocate

Section 43(5)(e) of the Act is not applicable, the losses suffered by the assessee is in the nature of speculative transaction and hence disallowed