SCHNEIDER ELECTRIC SYSTEMS INDIA PRIVATE LIMITED,CHENNAI vs. ASSISTANT COMMISSIONER OF INCOME-TAX CORPORATE CIRCLE, 3(1), CHENNAI

In the result all the four appeals of the Assessee and both the appeals

Bench: Shri George George K & Shri S. R. Raghunathaआयकर अपील सं./Ita Nos.: 2754, 2755, 2756 & 2757/Cnny/2024 निर्धारण वर्ष / Assessment Year: 2015-16, 2016-17, 2017-18, 2018-19 & Sa 22/Chny/2025 [In Ita 2757/Chny/2024] निर्धारण वर्ष / Assessment Year: 2018-19 Schneider Electric Systems India Private Limited, Sp Plot, 16-20 & 20A, Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलार्थी/Appellant) Vs. Acit Corporate Circle 3(1) Chennai. (प्रत्यर्थी/Respondent) आयकर अपील सं./Ita Nos.: 2958 & 2959/Chny/2024 निर्धारण वर्ष / Assessment Year: 2015-16, 2016-17 Acit Corporate Circle 3(1) Chennai. (अपीलार्थी/Appellant) Vs. Schneider Electric Systems India Private Limited, Sp Plot, 16-20 & 20A, Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (प्रत्यर्थी/Respondent) निर्धारिती की ओर से/Assessee By राजस्व की ओर से /Revenue By : Shri. Rohit Tiwari, Advocate & Ms. Tanya, Advocate (Virtual) : Shri. Arv Sreenivasan, Cit. :-2-:

section 50B of the Act ought to be accepted to be at arms length. 25. Accordingly, we uphold the order of the Ld.CIT(A) and dismiss the Revenue's ground No.2 of the appeal. ITA No.2958/Chny/2024 – Ground No.4 ITA No.2959/Chny/2024 – Ground No.3 Transfer Pricing – Attribution of Mark-up on recovery of expenses 26. The Assessee incurred certain expenditure

SCHNEIDER ELECTRIC SYSTEMS INDIA PRIVATE LIMITED,CHENNAI vs. ASSISTANT COMMISSIONER OF INCOME-TAX CORPORATE CIRCLE, 3(1), CHENNAI

In the result all the four appeals of the Assessee and both the appeals of the revenue are partly allowed

Bench: Shri George George K & Shri S. R. Raghunathaआयकर अपील सं./Ita Nos.: 2754, 2755, 2756 & 2757/Cnny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17, 2017-18, 2018-19 & Sa 22/Chny/2025 [In Ita 2757/Chny/2024] धनिाजरण वर्ज / Assessment Year: 2018-19 Schneider Electric Systems Acit India Private Limited, Vs. Corporate Circle 3(1) Sp Plot, 16-20 & 20A, Chennai. Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) आयकर अपील सं./Ita Nos.: 2958 & 2959/Chny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17 Acit Schneider Electric Systems India Private Limited, Corporate Circle 3(1) Vs. Chennai. Sp Plot, 16-20 & 20A, Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) धनिाजररती की ओर से/Assessee By : Shri. Rohit Tiwari, Advocate & Ms. Tanya, Advocate (Virtual) राजस्व की ओर से /Revenue By : Shri. Arv Sreenivasan, Cit.

section 50B of the Act ought to be accepted to be at arms length. 25. Accordingly, we uphold the order of the Ld.CIT(A) and dismiss the Revenue’s ground No.2 of the appeal. ITA No.2958/Chny/2024 – Ground No.4 ITA No.2959/Chny/2024 – Ground No.3 Transfer Pricing – Attribution of Mark-up on recovery of expenses 26. The Assessee incurred certain expenditure

ASSISTANT COMMISSIONER OF INCOME TAX,CORPORATE CIRCLE-3(1),CHENNAI, CHENNAI vs. SCHNEIDER ELECTRIC SYSTEMS INDIA PRIVATE LIMITED, CHENNAI

In the result all the four appeals of the Assessee and both the appeals of the revenue are partly allowed

Bench: Shri George George K & Shri S. R. Raghunathaआयकर अपील सं./Ita Nos.: 2754, 2755, 2756 & 2757/Cnny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17, 2017-18, 2018-19 & Sa 22/Chny/2025 [In Ita 2757/Chny/2024] धनिाजरण वर्ज / Assessment Year: 2018-19 Schneider Electric Systems Acit India Private Limited, Vs. Corporate Circle 3(1) Sp Plot, 16-20 & 20A, Chennai. Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) आयकर अपील सं./Ita Nos.: 2958 & 2959/Chny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17 Acit Schneider Electric Systems India Private Limited, Corporate Circle 3(1) Vs. Chennai. Sp Plot, 16-20 & 20A, Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) धनिाजररती की ओर से/Assessee By : Shri. Rohit Tiwari, Advocate & Ms. Tanya, Advocate (Virtual) राजस्व की ओर से /Revenue By : Shri. Arv Sreenivasan, Cit.

section 50B of the Act ought to be accepted to be at arms length. 25. Accordingly, we uphold the order of the Ld.CIT(A) and dismiss the Revenue’s ground No.2 of the appeal. ITA No.2958/Chny/2024 – Ground No.4 ITA No.2959/Chny/2024 – Ground No.3 Transfer Pricing – Attribution of Mark-up on recovery of expenses 26. The Assessee incurred certain expenditure

SCHNEIDER ELECTRIC SYSTEMS INDIA PRIVATE LIMITED,CHENNAI vs. NATIONAL FACELESS ASSESSMENT CENTRE - JAO - ACIT, CORPORATE CIRCLE, 3(1), CHENNAI

In the result all the four appeals of the Assessee and both the appeals of the revenue are partly allowed

Bench: Shri George George K & Shri S. R. Raghunathaआयकर अपील सं./Ita Nos.: 2754, 2755, 2756 & 2757/Cnny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17, 2017-18, 2018-19 & Sa 22/Chny/2025 [In Ita 2757/Chny/2024] धनिाजरण वर्ज / Assessment Year: 2018-19 Schneider Electric Systems Acit India Private Limited, Vs. Corporate Circle 3(1) Sp Plot, 16-20 & 20A, Chennai. Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) आयकर अपील सं./Ita Nos.: 2958 & 2959/Chny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17 Acit Schneider Electric Systems India Private Limited, Corporate Circle 3(1) Vs. Chennai. Sp Plot, 16-20 & 20A, Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) धनिाजररती की ओर से/Assessee By : Shri. Rohit Tiwari, Advocate & Ms. Tanya, Advocate (Virtual) राजस्व की ओर से /Revenue By : Shri. Arv Sreenivasan, Cit.

section 50B of the Act ought to be accepted to be at arms length. 25. Accordingly, we uphold the order of the Ld.CIT(A) and dismiss the Revenue’s ground No.2 of the appeal. ITA No.2958/Chny/2024 – Ground No.4 ITA No.2959/Chny/2024 – Ground No.3 Transfer Pricing – Attribution of Mark-up on recovery of expenses 26. The Assessee incurred certain expenditure

SCHNEIDER ELECTRIC SYSTEMS INDIA PRIVATE LIMITED,CHENNAI vs. NATIONAL FACELESS ASSESSMENT CENTRE - JAO - ACIT, CORPORATE CIRCLE, 3(1), CHENNAI

In the result all the four appeals of the Assessee and both the appeals of the revenue are partly allowed

Bench: Shri George George K & Shri S. R. Raghunathaआयकर अपील सं./Ita Nos.: 2754, 2755, 2756 & 2757/Cnny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17, 2017-18, 2018-19 & Sa 22/Chny/2025 [In Ita 2757/Chny/2024] धनिाजरण वर्ज / Assessment Year: 2018-19 Schneider Electric Systems Acit India Private Limited, Vs. Corporate Circle 3(1) Sp Plot, 16-20 & 20A, Chennai. Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) आयकर अपील सं./Ita Nos.: 2958 & 2959/Chny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17 Acit Schneider Electric Systems India Private Limited, Corporate Circle 3(1) Vs. Chennai. Sp Plot, 16-20 & 20A, Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) धनिाजररती की ओर से/Assessee By : Shri. Rohit Tiwari, Advocate & Ms. Tanya, Advocate (Virtual) राजस्व की ओर से /Revenue By : Shri. Arv Sreenivasan, Cit.

section 50B of the Act ought to be accepted to be at arms length. 25. Accordingly, we uphold the order of the Ld.CIT(A) and dismiss the Revenue’s ground No.2 of the appeal. ITA No.2958/Chny/2024 – Ground No.4 ITA No.2959/Chny/2024 – Ground No.3 Transfer Pricing – Attribution of Mark-up on recovery of expenses 26. The Assessee incurred certain expenditure

ASSISTANT COMMISSIONER OF INCOME TAX,CORPORATE CIRCLE-3(1),CHENNAI, CHENNAI vs. SCHNEIDER ELECTRIC SYSTEMS INDIA PRIVATE LIMITED, CHENNAI

In the result all the four appeals of the Assessee and both the appeals of the revenue are partly allowed

Bench: Shri George George K & Shri S. R. Raghunathaआयकर अपील सं./Ita Nos.: 2754, 2755, 2756 & 2757/Cnny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17, 2017-18, 2018-19 & Sa 22/Chny/2025 [In Ita 2757/Chny/2024] धनिाजरण वर्ज / Assessment Year: 2018-19 Schneider Electric Systems Acit India Private Limited, Vs. Corporate Circle 3(1) Sp Plot, 16-20 & 20A, Chennai. Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) आयकर अपील सं./Ita Nos.: 2958 & 2959/Chny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17 Acit Schneider Electric Systems India Private Limited, Corporate Circle 3(1) Vs. Chennai. Sp Plot, 16-20 & 20A, Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) धनिाजररती की ओर से/Assessee By : Shri. Rohit Tiwari, Advocate & Ms. Tanya, Advocate (Virtual) राजस्व की ओर से /Revenue By : Shri. Arv Sreenivasan, Cit.

section 50B of the Act ought to be accepted to be at arms length. 25. Accordingly, we uphold the order of the Ld.CIT(A) and dismiss the Revenue’s ground No.2 of the appeal. ITA No.2958/Chny/2024 – Ground No.4 ITA No.2959/Chny/2024 – Ground No.3 Transfer Pricing – Attribution of Mark-up on recovery of expenses 26. The Assessee incurred certain expenditure

ASSISTANT COMMISSIONER OF INCOME TAX LTU CIRCLE 1 CHENNAI, CHENNAI vs. PRUDENTIAL SUGAR CORPORATION LIMITED, CHITOOR

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.:2298/Chny/2024 िनधा"रण वष" / Assessment Year: 2018-19 The Assistant Commissioner Of Prudential Sugar Corporation Income Tax, Vs. Limited, Ltu, Circle -1, Prudential Nagar, Chennai. Koppedu Post, Nindra, Mandal – 517 587. [Pan:Aaacp-4338-D] (अपीलाथ"/Appellant) (""थ"/Respondent)

section 50B of the Act, the consideration received for slump sale was Rs.1,30,15,59,570/- and net worth of undertaking was determined at Rs.77,68,31,171/-. :-3-: ITA. No.:2298/Chny/2024 4. The assessee entered into business transfer agreement with the buyer on 04.04.2015. During the same time i.e. in 2014, the assessee had purchased shares

PLR TEXTILES LTD.,CHENNAI vs. THE ACIT ,CORPORATE CIRCLE-5(2), CHENNAI

In the result the appeal of the assessee is partly allowed

Bench: Shri Aby T Varkey & Shri S. R. Raghunathaआयकरअपीलसं./Ita No.: 133/Chny/2021 िनधा"रणवष" / Assessment Year: 2005-06 Plr Textiles Ltd., The Acit, 8K, Century Plaza, V. Corporate Circle -5(2), 560-562, Mount Road, Chennai – 641 034. Chennai – 600 018. [Pan: Aaacp-6536-D] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ"कीओरसे/Appellant By : Mr. R. Vijayaraghavan, Advocate ""थ"कीओरसे/Respondent By : Ms. Anitha, Addl. Cit सुनवाई की तारीख/Date Of Hearing : 06.02.2025 घोषणा की तारीख/Date Of Pronouncement : 27.03.2025 आदेश /O R D E R Per S. R. Raghunatha: This Appeal By The Assessee Is Filed Against The Order Of The Commissioner Of Income Tax (Appeals)-3, Chennai, Vide Ita No.153/Cit(A)-3/2018-19For The Assessment Year 2005-06, Dated 13.03.2020. 2. At The Outset, We Find That There Is A Delay Of 346 Days In Appeal Filed By The Assessee, For Which Petition For Condonation Of Delay Along With Reasons For Delay Has Been Filed. After Considering The Petition Filed By The Assessee, Reason For Delay In Filing The Appeal Was Due To Covid-19 Pandemic & Also Hearing Both The :-2-:

50B) for a consideration of Rs.9.70 cores. The sale consideration was settled by taking over the liabilities of the undertaking at Rs.8.69 crores and balance being settled by allotment of share with a face value of Rs.100.00 lakhs. (application for allotment is at page 22 and 25 of the paper book 1). :-6-: ITA. No:133/Chny/2021  The undertaking was transferred

AADARSH SURANA, CHENNAI,CHENNAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(1), CHENNAI, CHENNAI

In the result, the appeal of the assessee is allowed

50B of the Act relating to slump sale were also not applicable to the facts of the case, inasmuch as the conversion was not in the nature of a sale but was a statutory reorganisation expressly contemplated under section 47(xiv) of the Act. 64. Per contra, the Ld.DR submitted that there is no dispute with regard to the fact

T.A.TAYLOR PVT LTD.,CHENNAI vs. ACIT, CHENNAI

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

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George] आयकर अपील सं./I.T.A. No.622/Chny/2017 "नधा"रण वष" /Assessment Year : 2012-2013. M/S. T.A. Taylor Private Ltd, Vs. The Assistant Commissioner Of No.10/5, Royal Enclave, Income Tax, Besant Avenue Road, Corporate Circle 3(1) Adyar, Chennai. Chennai 600 020. [Pan Aaact 4165G] (अपीलाथ"/Appellant) (""यथ"/Respondent)

50B of the Income Tax Act, 1961 (in short ‘’the Act’’) which deals with computation of capital gains in a case of slump sale is reproduced hereunder:- ‘’(1) Any profits or gains arising from the slump sale effected in the previous year shall be chargeable to income-tax as capital gains arising from the transfer of long-term capital assets

DCIT, CHENNAI vs. CHETTINAD LOGISTICS PVT. LTD., CHENNAI

In the result, the appeal of the assessee and Revenue are 22

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. No.1388/Mds/2015 "नधा"रण वष" /Assessment Year : 2010-11

Section 2(42C) .The ld. Authorised Representative explained the mode of computation of net worth as per the provisions of sec. 50B of the Act. Considering the assessee’s calculation statements and MOU, the ld. Assessing Officer is of the opinion that the assessee has only sold ‘’project assets’’ being 24 Nos. of windmills and land and the slump sale

CHETTINAD LOGISTICS (P) LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, the appeal of the assessee and Revenue are 22

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. No.1388/Mds/2015 "नधा"रण वष" /Assessment Year : 2010-11

Section 2(42C) .The ld. Authorised Representative explained the mode of computation of net worth as per the provisions of sec. 50B of the Act. Considering the assessee’s calculation statements and MOU, the ld. Assessing Officer is of the opinion that the assessee has only sold ‘’project assets’’ being 24 Nos. of windmills and land and the slump sale

HYUNDAI MOTOR INDIA LIMITED,KANCHEEPURAM vs. DCIT LTU-II, CHENNAI

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

section 147 of the Act and hence, the reopening is bad in law and (ii) the second issue raised is that the assessee filed complete details before AO during original assessment proceedings and hence, there is change of opinion in reopening of assessment on the same set of facts because no new material is brought on record for reopening

DCIT, CHENNAI vs. M/S. SIFY TECHNOLOGIES LTD., CHENNAI

In the result, the appeal of the Revenue in ITA No

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

section 90 (2), the provision of DTAA or that Indian tax law whichever is more beneficial would apply. e) The learned Assessing Officer erred in not giving sufficient time to collect the information‘’. The ld. Commissioner of Income Tax (Appeals) examined 16. the facts, submissions, nature and purpose of payment. The assessee has incurred expenses in relation to the business

DCIT, CHENNAI vs. M/S. SIFY TECHNOLOGIES LTD., CHENNAI

In the result, the appeal of the Revenue in ITA No

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

section 90 (2), the provision of DTAA or that Indian tax law whichever is more beneficial would apply. e) The learned Assessing Officer erred in not giving sufficient time to collect the information‘’. The ld. Commissioner of Income Tax (Appeals) examined 16. the facts, submissions, nature and purpose of payment. The assessee has incurred expenses in relation to the business

DCIT, CHENNAI vs. M/S. SIFY TECHNOLOGIES LTD., CHENNAI

In the result, the appeal of the Revenue in ITA No

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

section 90 (2), the provision of DTAA or that Indian tax law whichever is more beneficial would apply. e) The learned Assessing Officer erred in not giving sufficient time to collect the information‘’. The ld. Commissioner of Income Tax (Appeals) examined 16. the facts, submissions, nature and purpose of payment. The assessee has incurred expenses in relation to the business

ACIT CIRCLE 1 , SALEM vs. M/S AVR SWARNAMAHAL JEWELLERY PRIVATE LIMITED, SALEM

The appeals stand partly allowed for statistical purposes in terms of our above order

Bench: Hon’Ble Shri V. Durga Rao & Hon’Ble Shri Manoj Kumar Aggarwal, Am

Section 193 of the Income Tax Act. The subsequent Circular No.4/2004 dated 13.05.2004 clarified that the tax would be deducted at source u/s 193 or Sec.195, as the case may be, only at the time of redemption of such bonds, irrespective of whether the income from the bonds have been declared by the bond-holder on accrual basis from year

ACIT CIRCLE 1 , SALEM vs. M/S AVR SWARNAMAHAL JEWELLERY PRIVATE LIMITED, SALEM

The appeals stand partly allowed for statistical purposes in terms of our above order

Bench: Hon’Ble Shri V. Durga Rao & Hon’Ble Shri Manoj Kumar Aggarwal, Am

Section 193 of the Income Tax Act. The subsequent Circular No.4/2004 dated 13.05.2004 clarified that the tax would be deducted at source u/s 193 or Sec.195, as the case may be, only at the time of redemption of such bonds, irrespective of whether the income from the bonds have been declared by the bond-holder on accrual basis from year