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Section 143(3)79 Disallowance57 Addition to Income51 Deduction48 Section 43A44 Depreciation43 Section 10A27 Section 10B20 Section 37(1)18 Section 14717 Section 14817 Section 4012

DCIT CC-2(1), CHENNAI vs. M/S GREEN STAR FERTILIZERS LIMITED, CHENNAI

In the result, appeal filed by the revenue is allowed for statistical purposes

ITA 868/CHNY/2020[2014-15]Status: DisposedITAT Chennai31 Jan 2023AY 2014-15

Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.: 868/Chny/2020 िनधा"रण वष" / Assessment Year: 2014-15 The Deputy Commissioner Of M/S. Green Star Fertilizers Income-Tax, V. Limited, No. 88, Spic House, 7Th Floor, Corporate Circle-2(1), Chennai. Mount Road, Guindy, Chennai – 600 018. [Pan: Aadcg-9451-D] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. D. Hem Bhupal, Jcit ""यथ" क" ओर से/Respondent By : Shri. B. Ramakrishnan, Fca सुनवाई क" तारीख/Date Of Hearing : 29.11.2022 घोषणा क" तारीख/Date Of Pronouncement : 31.01.2023

For Appellant: Shri. D. Hem Bhupal, JCITFor Respondent: Shri. B. Ramakrishnan, FCA

Section 143(3)Section 147Section 14ASection 43A

43A. If that section is not applicable then the assessee has to mention under which section the notional forex loss was capitalised. It is to be noted that similar disallowance

M/S. EID PARRY INDIA LTD.,CHENNAI vs. DCIT, LTU-1,, CHENNAI

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes and the appeal filed by the Revenue is dismissed

ITA 3113/CHNY/2024[2014-15]Status: DisposedITAT Chennai21 Apr 2025AY 2014-15

Bench: Shri George George Kand Shri S.R. Raghunathait(Tp)A. Nos.:105, 106, 107/Chny/2024 & Ita No.3113/Chny/2024 िनधा"रण वष"/Assessment Years: 2011-12, 2012-13, 2013-14 & 2014-15 M/S. E.I.D. Parry India Ltd., The Deputy Commissioner Of No. 234, Dare House, Nsc Vs. Income Tax, Bose Road, Parrys Corner, Large Taxpayer Unit -1, Chennai 600 001. Chennai. [Pan: Aaace-0702-C] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri A. Sasikumar, CIT

Section 143(1)Section 143(2)Section 250Section 92BSection 92C

disallowed the expenditure of loss on account of forward contracts entered into by the assessee to protect the forex fluctuation claimed under section 37 of the Act for the reason that hedging/forward contracts are speculative in nature. The CIT(A) has observed that the assessee is entitled to claim loss on forward contracts taken for the purpose of hedging

ASSISTANT COMMISSIONER OF INCOME TAX LTU CIRCLE 1 CHENNAI, CHENNAI vs. E I D PARRY INDIA LIMITED, CHENNAI

In the result, all the appeals filed by the assessee are partly allowed for statistical purposes and the appeal filed by the Revenue is dismissed

ITA 3251/CHNY/2024[2012-13]Status: DisposedITAT Chennai21 Apr 2025AY 2012-13

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri A. Sasikumar, CIT

Section 143(1)Section 143(2)Section 250Section 92BSection 92C

THE MADRAS SILKS INDIA PVT. LTD.,,TIRUPPUR vs. DCIT, TIRUPPUR

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

ITA 180/CHNY/2017[2012-13]Status: DisposedITAT Chennai31 Oct 2017AY 2012-13

Bench: Shri A. Mohan Alankamony & Shri Duvvuru Rl Reddyआयकर अपील सं./I T.A. No. 180/Mds/2017 "नधा"रण वष"/Assessment Year:2012-13 The Madras Silks India Pvt. Ltd., The Deputy Commissioner Of No. 68-A, College Road, Vs. Income Tax, Tirupur 641 602. Circle 1, Tirupur. [Pan: Aacct4954H] (Appellant) (Respondent) अपीलाथ" क" ओर से / Appellant By : Shri S. Swaminathan, C.A. ""यथ" क" ओर से/Respondent By : Shri Asish Tripathi, Jcit सुनवाई क" तार"ख/ Date Of Hearing : 30.08.2017 घोषणा क" तार"ख /Date Of Pronouncement : 31.10.2017 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 3, Coimbatore Dated 27.10.2016 Relevant To The Assessment Year 2012-13. The Only Effective Ground Raised In The Appeal Of The Assessee Is That The Ld. Cit(A) Has Erred In Confirming The Addition Of Foreign Exchange Fluctuation Loss On Principal Repayment Of Wind Mill Loan.

For Appellant: Shri S. Swaminathan, C.AFor Respondent: Shri Asish Tripathi, JCIT

Section 143(1)Section 143(2)Section 37(1)Section 43A

43A of the Act has no application to the facts of the case, it could safely and logically be concluded that any exchange fluctuation arising out of the restatement of the said loan at the end of the year, be it gain or loss would also fall on revenue account and hence, 10 I.T.A. No. 180/M/17 automatically comes under

SUNDARAM FASTENERS LIMITED,CHENNAI vs. DCIT CORPORATE CIRCLE 6(2), CHENNAI

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

ITA 3236/CHNY/2017[2013-14]Status: DisposedITAT Chennai26 Jul 2024AY 2013-14

Bench: Shri Aby T. Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.3236/Chny/2017 िनधा"रण वष"/Assessment Year: 2013-14 V. M/S.Sundram Fasteners Ltd., The Dcit, 98-A, 7Th Floor, Corporate Circle-6(2), Dr.Radhakrishnan Salai, Chennai. Mylapore, Chennai-600 004. [Pan: Aaacs 8779 D] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri Vikaram VijayaraghavanFor Respondent: Shri A. Sasikumar, CIT

section 43A of the Act and disallowed the loss. The ld.counsel argued that section 43A of the Act has been

DCIT CORPORATE CIRCLE-2(1), CHENNAI vs. GREENSTAR FERTILIZERS LTD., CHENNAI

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

ITA 34/CHNY/2020[2012-13]Status: DisposedITAT Chennai31 Dec 2020AY 2012-13

Bench: Shri V.Durga Rao & Shri G. Manjunathaआयकरअपीलसं./I.T.A.Nos.34 & 35 /Chny/2020 ("नधा"रणवष" / Assessment Years: 2012-13 & 2013-14) The Deputy Commissioner Of Vs M/S. Green Star Fertilizers Ltd, Income Tax, No.8, Spic House, Corporate Circle-2(1), Mount Road, Guindy, Room No.511, Wanaparthy Block Chennai-600 032. Chennai-600 034. Pan: Aadcg 9451D (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Mr. B.Ramakrishnan,FCA &

Section 37Section 37(1)Section 50B

section 43A of the Act, loss claimed by the assessee on account of restatement of ECB loan obtained for and further cannot be disallowed

DCIT CORPORATE CIRCLE-2(1), CHENNAI vs. GREENSTAR FERTILIZERS LTD., CHENNAI

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

ITA 35/CHNY/2020[2013-14]Status: DisposedITAT Chennai31 Dec 2020AY 2013-14

For Appellant: Mr. B.Ramakrishnan,FCA &

Section 37Section 37(1)Section 50B

section 43A of the Act, loss claimed by the assessee on account of restatement of ECB loan obtained for and further cannot be disallowed

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

In the result, the Revenue appeal is allowed

ITA 371/CHNY/2014[2008-2009]Status: DisposedITAT Chennai21 Jun 2017AY 2008-2009

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

For Appellant: Shri. Supriyo Pal, JCITFor Respondent: Shri. Vikram

Section 143(1)Section 143(2)Section 143(3)Section 147Section 148Section 43(5)

disallowed by revenue authorities by invoking provisions of section 43(5) - Held, yes Similarly, the Mumbai Bench of ITAT in the case of DCIT V. Intergold (I) Ltd., (124 TTJ 337)(Mum) has held that profits from cancellation of forward exchange contracts are business profits and not speculative profits. The relevant decision is as under: :- 6 -: Section 80HHC

MAINETTI INDIA PVT LTD.,CHENNAI vs. DCIT, CHENNAI

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

ITA 624/CHNY/2014[2009-10]Status: DisposedITAT Chennai15 Mar 2017AY 2009-10

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.624/Mds/2014 "नधा"रण वष" /Assessment Year: 2009-10

Section 143(3)Section 144CSection 144C(13)Section 234BSection 37Section 43ASection 92C(2)

disallowed a sum of ₹53,39,000/-. The assesse went before the Dispute Resolution Panel (in short ‘DRP’) and the DRP agreed with the view of the AO and held that the expenditure was not allowable u/s.37 and also not permitted to make adjustment u/s.43A to include the actual cost, since it is applicable only when the asset is acquired

ABAN SINGAPORE PTE LIMITED ,CHENNAI vs. DCIT INTL TAX 1(1), CHENNAI

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

ITA 1329/CHNY/2023[2021-2022]Status: DisposedITAT Chennai17 May 2024AY 2021-2022

Bench: Hon’Ble Shri V. Durga Rao, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ Ita No.1329/Chny/2023 (िनधा"रण वष" / Assessment Year: 2021-22) & 2. Stay Application No.9/Chny/2024 (In Ita No.1329/Chny/2023) (िनधा"रण वष"/Assessment Year:2021-22) M/S. Aban Singapore Pte. Limited Dcit बनाम/ 113, Pantheon Road, Egmore S.O International Taxation-1(1), Vs. Egmore, Chennai-600 008. Chennai. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaqca-2845-Q (अपीलाथ"/Appellant) : (!"थ" / Respondent) अपीलाथ"कीओरसे/Appellant By : Shri P. Murali Mohan Rao (Ca)-Ld. Ar !"थ"कीओरसे/ Respondent By : Shri Nilay Baran Som (Cit)- Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 03-04-2024 घोषणाकीतारीख /Date Of Pronouncement : 17-05-2024

For Appellant: Shri P. Murali Mohan Rao (CA)-Ld. ARFor Respondent: Shri Nilay Baran Som (CIT)- Ld. DR

Section 143(3)Section 144C(5)Section 28Section 40Section 44ASection 44B

disallowance was made and the same was added to the income offered by the assessee u/s 44BB of the Act. Aggrieved, the assessee is in further appeal before us. Our findings and Adjudication 4. From the facts, it emerges that the assessee is a non-resident company. It has offered income u/s 44BB on presumptive basis @10% of gross receipts

AVALON TECHNOLOGIES (P) LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeals filed by the assessee for assessment year 2009-10 in ITA No

ITA 1775/CHNY/2016[2009-10]Status: DisposedITAT Chennai31 Mar 2022AY 2009-10

Bench: Shri Mahavir Singhand Dr. M.L. Meena

For Respondent: Shri Guru Bashyam, CIT

Section 10ASection 143(3)

disallowance made in regard to violation of provisions of section 40A(7) and sections 43A & 43B of the Act. For this

DCIT, CHENNAI vs. AVALON TECHNOLOGIES P. LTD.,, CHENNAI

In the result, the appeals filed by the assessee for assessment year 2009-10 in ITA No

ITA 214/CHNY/2017[2009-10]Status: DisposedITAT Chennai31 Mar 2022AY 2009-10

Bench: Shri Mahavir Singhand Dr. M.L. Meena

For Respondent: Shri Guru Bashyam, CIT

Section 10ASection 143(3)

disallowance made in regard to violation of provisions of section 40A(7) and sections 43A & 43B of the Act. For this

AVALON TECHNOLOIGES (P) LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeals filed by the assessee for assessment year 2009-10 in ITA No

ITA 445/CHNY/2016[2010-11]Status: DisposedITAT Chennai31 Mar 2022AY 2010-11

Bench: Shri Mahavir Singhand Dr. M.L. Meena

For Respondent: Shri Guru Bashyam, CIT

Section 10ASection 143(3)

disallowance made in regard to violation of provisions of section 40A(7) and sections 43A & 43B of the Act. For this

M/S. ALCHYMARS ICM SM PVT. LTD.,,CHENNAI vs. DCIT, CORPORATE RANGE-I, , CHENNAI

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

ITA 862/CHNY/2020[2012-13]Status: DisposedITAT Chennai27 Sept 2022AY 2012-13

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri Vikram Vijayaraghavan, AdvocateFor Respondent: Shri AR.V. Sreenivasan, Addl.CIT

Section 143(3)Section 43A

section 43A of the Act and disallowed the loss. The ld.counsel argued that section 43A of the Act has been

ILJIN AUTOMOTIVE PRIVATE LIMITED,KANCHIPURAM vs. DCIT CORPORATE CIRCLE 2(2), CHENNAI

The appeal stand partly allowed in terms of our above order

ITA 1834/CHNY/2017[2013-14]Status: DisposedITAT Chennai03 Dec 2024AY 2013-14

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita No.1834/Chny/2017 (िनधा)रणवष) / Assessment Year: 2013-14) M/S. Iljin Automotive Private Limited Dcit बनाम/ Plot No.B1 & B2, Sipcot Industrial Park Corporate Circle-2(2), Irungattukottai, Sriperumbudur Chennai. Vs. Kanchipuram-602 105. "थायीलेखासं./जीआइआरसं./Pan/Gir No.Aaaci-2641-E (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Sandeep Bagmar (Advocate) - Ld. Ar " थ"कीओरसे/Respondent By : Shri A. Sasikumar (Cit) - Ld. Dr सुनवाईकीतारीख/Date Of Hearing : 19-11-2024 घोषणाकीतारीख /Date Of Pronouncement : 03-12-2024 आदेश / O R D E R

For Appellant: Shri Sandeep Bagmar (Advocate) - Ld. ARFor Respondent: Shri A. Sasikumar (CIT) - Ld. DR

Section 143(3)Section 144C(5)Section 32Section 43ASection 92CSection 92C(3)

Disallowance under Section 43A of the Act 4.1 Erred in law in disallowing the total Foreign Exchange (' forex') loss of INR 126,207,203 under

TAMILNADU NEWSPRINT AND PAPERS LTD.,CHENNAI vs. ACIT, CHENNAI

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

ITA 895/CHNY/2017[2009-10]Status: DisposedITAT Chennai17 May 2023AY 2009-10

Bench: Shri Mahavir Singhand Shri Manjunatha.G

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri R. Mohan Reddy, CIT &

Section 143(3)Section 32(1)Section 32(1)(iia)

disallowance of forward premium treating the same as capital expenditure by applying the provisions of section 43A of the Act. For this

ACIT, CHENNAI vs. TAMIL NADU NEWSPRINT & PAPERS LTD., CHENNAI

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

ITA 940/CHNY/2017[2009-10]Status: DisposedITAT Chennai17 May 2023AY 2009-10

Bench: Shri Mahavir Singhand Shri Manjunatha.G

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri R. Mohan Reddy, CIT &

Section 143(3)Section 32(1)Section 32(1)(iia)

disallowance of forward premium treating the same as capital expenditure by applying the provisions of section 43A of the Act. For this

TAMILNADU NEWSPRINT AND PAPERS LTD.,CHENNAI vs. ACIT, CHENNAI

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

ITA 896/CHNY/2017[2009-10]Status: DisposedITAT Chennai17 May 2023AY 2009-10

Bench: Shri Mahavir Singhand Shri Manjunatha.G

For Appellant: Shri R. Vijayaraghavan, AdvocateFor Respondent: Shri R. Mohan Reddy, CIT &

Section 143(3)Section 32(1)Section 32(1)(iia)

disallowance of forward premium treating the same as capital expenditure by applying the provisions of section 43A of the Act. For this

ACIT, CHENNAI vs. FRONTIER OFFSHORE EXPLORATION (INDIA) LIMITED, CHENNAI

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

ITA 1006/CHNY/2016[2007-08]Status: DisposedITAT Chennai02 Jan 2020AY 2007-08

Bench: Shri George Mathan & Shri Inturi Rama Raoआयकर अपील सं./Ita No.1006/Chny/2016 धनिाजरण वर्ज Assessment Year: 2007-08

For Appellant: Mr. A. Sundararajan, Addl.CITFor Respondent: None

Section 44B

43A stand excluded, the method of computing the business income of the non-resident on the basis of the books of accounts goes out of the picture. Then it is only the provisions of section 44AD, 44AE & 44AF which could be applied and the same obviously do not apply to the income of the non-resident companies

ILJIN AUTOMOTIVE PRIVATE LIMITED,KANCHEEPURAM vs. DCIT, CHENNAI

In the result, the assessee’s appeal is partly allowed

ITA 467/CHNY/2017[2012-13]Status: DisposedITAT Chennai18 Sept 2017AY 2012-13

Bench: Shri Sanjay Arora & Shri Duvvuru Rl Reddy

For Appellant: Shri Milind Madhukar Bhusari, CITFor Respondent: 21.06.2017

Section 143(3)

Disallowance under Section 43A of the Act 5.1 Erred in law in disallowing the total realized Foreign Exchange (‘Forex’) loss

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