M/S ELECTRONICS CORPORATION OF TAMILNADU LTD,NANDANAM vs. DCIT CORPORATE CIRCLE - 2 [1] , CHENNAI

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

section 53A of Transfer of Property Act, 1882. In our considered view, when the appellant allots land on long term lease basis to the lessee, the conditions of transfer satisfies and any kind of consideration including the so called lease land deposit also partakes the nature of consideration which needs to be recognized as income in the year of receipt

ELECTRONICS CORPORATION OF TAMILNADU LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 2(1), CHENNAI

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

section 53A of Transfer of Property Act, 1882. In our considered view, when the appellant allots land on long term lease basis to the lessee, the conditions of transfer satisfies and any kind of consideration including the so called lease land deposit also partakes the nature of consideration which needs to be recognized as income in the year of receipt

ELECTRONICS CORPORATION OF TAMILNADU LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 2(1), CHENNAI

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

section 53A of Transfer of Property Act, 1882. In our considered view, when the appellant allots land on long term lease basis to the lessee, the conditions of transfer satisfies and any kind of consideration including the so called lease land deposit also partakes the nature of consideration which needs to be recognized as income in the year of receipt

ELECTRONICS CORPORATION OF TAMILNADU LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 2(1), CHENNAI

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

section 53A of Transfer of Property Act, 1882. In our considered view, when the appellant allots land on long term lease basis to the lessee, the conditions of transfer satisfies and any kind of consideration including the so called lease land deposit also partakes the nature of consideration which needs to be recognized as income in the year of receipt

ELECTRONICS CORPORATION OF TAMILNADU LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 2(1), CHENNAI

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

section 53A of Transfer of Property Act, 1882. In our considered view, when the appellant allots land on long term lease basis to the lessee, the conditions of transfer satisfies and any kind of consideration including the so called lease land deposit also partakes the nature of consideration which needs to be recognized as income in the year of receipt

ELECTRONICS CORPORATION OF TAMILNADU LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 2(1), CHENNAI

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

section 53A of Transfer of Property Act, 1882. In our considered view, when the appellant allots land on long term lease basis to the lessee, the conditions of transfer satisfies and any kind of consideration including the so called lease land deposit also partakes the nature of consideration which needs to be recognized as income in the year of receipt

ELECTRONICS CORPORATION OF TAMILNADU LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 2(1), CHENNAI

In the result, appeal filed by the assessee for assessment year 2013-14 is partly allowed for statistical purposes

Bench: Shri Manjunatha. G, Hon’Ble & Shri Manomohan Das, Hon’Bleआयकरअपीलसं./Ita Nos.: 2431, 2432, 2433, 2434, 2435, 2436 & 2437/Chny/2017 िनधा"रणवष" / Assessment Years: 2006-07, 2006-07, 2007-08, 2008-09, 2011-12, 2012-13 & 2013-14 M/S. Electronics Corporation Of The Deputy Commissioner Of Tamilnadu Ltd., V. Income Tax, No. 692, Mhu Complex, Corporate Circle -2(1), Anna Salai, Nandanam, Chennai. Chennai – 600 035. [Pan: Aaace-1670-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ"क"ओरसे/Appellant By ""यथ"क"ओरसे/Respondent By : Shri. P. Sajit Kumar, Jcit सुनवाई क" तारीख/Date Of Hearing : 04.01.2024 घोषणा क" तारीख/Date Of Pronouncement : 21.02.2024

section 53A of Transfer of Property Act, 1882. In our considered view, when the appellant allots land on long term lease basis to the lessee, the conditions of transfer satisfies and any kind of consideration including the so called lease land deposit also partakes the nature of consideration which needs to be recognized as income in the year of receipt

DEVICHAND KANTHILAL SHAH,CHENNAI vs. ITO, CHENNAI

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

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.3353/Mds/2016 "नधा"रण वष" / Assessment Year : 2013-14 Shri Devichand Kanthilal Shah, The Income Tax Officer, No.7, Nungambakkam High Road, V. Non Corporate Ward - 3(4), Nungambakkam, Chennai - 600 034. Chennai - 600 034. Pan : Aagps 1965 A (अपीलाथ"/Appellant) (""यथ"/Respondent)

disallowed the claim of the assessee. 4. Shri D. Anand, the Ld.counsel for the assessee, further submitted that in view of agreement between the parties on 09.04.2012, there was a transfer of property as contemplated under Section 2(47) of the Act read with Section 53A

ACIT, COIMBATORE vs. RASI ASSETS CORPORATION, COIMBATORE

In the result, the ground raised in assessee’s cross-objection stand allowed

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

Section 53A of the Transfer of Property Act. In this connection, useful reference may be made to the decision of the Apex Court in the case of Alapati Venkataramiah v. CIT reported in 57 ITR 185 and the Special Bench decision of the Chennai Tribunal in the case of C. Vedachala Mudaliar v. ITO [1992] 198 ITR (AT) 18]. Hence

ACIT, COIMBATORE vs. RASI ASSETS CORPORATION, COIMBATORE

In the result, the ground raised in assessee’s cross-objection stand allowed

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

Section 53A of the Transfer of Property Act. In this connection, useful reference may be made to the decision of the Apex Court in the case of Alapati Venkataramiah v. CIT reported in 57 ITR 185 and the Special Bench decision of the Chennai Tribunal in the case of C. Vedachala Mudaliar v. ITO [1992] 198 ITR (AT) 18]. Hence

ASSISSTANT COMMISIONER OF INCOME TAX, CHENNAI vs. ESTRA ENTERPRISES PRIVATE LIMITED, CHENNAI

disallowed, the\nAssessing Officer does not even say that there is escapement of income\nfrom assessment. He therefore submits that the proviso to section 147 is\nnot attracted. That, on the said two points, there is nothing to indicate\nescapement of income. That, on the said two points, there is nothing to\nindicate failure on the part of the assessee

UPPU KARUNASESH,CHENNAI vs. JCIT, CHENNAI

In the result, both the appeals filed by the assessee are allowed

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./Ita Nos.978 & 979/Chny/2015 "नधा"रण वष" / Assessment Years : 2009-10 & 2010-11

disallowing the lease rental paid by the assessee towards the land and sub-lease of the building. The Ld.counsel has also placed his reliance on Section 17 of the Registration Act, 1908 and submitted that when the lease of immovable property was from year to year or for any term exceeding one year, the lease deed has to be compulsorily

UPPU KARUNASESH,CHENNAI vs. JCIT, CHENNAI

In the result, both the appeals filed by the assessee are allowed

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./Ita Nos.978 & 979/Chny/2015 "नधा"रण वष" / Assessment Years : 2009-10 & 2010-11

disallowing the lease rental paid by the assessee towards the land and sub-lease of the building. The Ld.counsel has also placed his reliance on Section 17 of the Registration Act, 1908 and submitted that when the lease of immovable property was from year to year or for any term exceeding one year, the lease deed has to be compulsorily

M/S. J.G. EXPORTS,CHENNAI vs. ITO, CHENNAI

In the result, the appeals of the assessee stand dismissed

Bench: Shri Abraham P.George & Shri George Mathanआयकर अपील सं./I.T.A. Nos.2372, 2373, 2374, 2375, 2376, 2377 & 2378/ Mds/2016 "नधा"रण वष" /Assessment Years :2005-06, 2006-07, 2007-08, 2008- 09, 2009-10, 2010-11 & 2011-2012. M/S. Jg Exports, Vs. The Income Tax Officer, No.55, Narayanamudali Business Circle X (2) Street, Chennai 600 006. Chennai 600 079. [Pan Aaafj 3129M] (अपीलाथ"/Appellant) (""यथ"/Respondent)

disallowance of the claim of lease rental paid on the land. 4. Ld. Counsel for the assessee submitted that assessee had for assessment year 2005-06 shown the income from rental under the head ‘’Income from Business/Profession’’. However, according to him, for assessment years 2008-09, 2009-10 and 2010-2011, assessee had shown such rental income under the head

M/S. J.G. EXPORTS,CHENNAI vs. ITO, CHENNAI

In the result, the appeals of the assessee stand dismissed

Bench: Shri Abraham P.George & Shri George Mathanआयकर अपील सं./I.T.A. Nos.2372, 2373, 2374, 2375, 2376, 2377 & 2378/ Mds/2016 "नधा"रण वष" /Assessment Years :2005-06, 2006-07, 2007-08, 2008- 09, 2009-10, 2010-11 & 2011-2012. M/S. Jg Exports, Vs. The Income Tax Officer, No.55, Narayanamudali Business Circle X (2) Street, Chennai 600 006. Chennai 600 079. [Pan Aaafj 3129M] (अपीलाथ"/Appellant) (""यथ"/Respondent)

disallowance of the claim of lease rental paid on the land. 4. Ld. Counsel for the assessee submitted that assessee had for assessment year 2005-06 shown the income from rental under the head ‘’Income from Business/Profession’’. However, according to him, for assessment years 2008-09, 2009-10 and 2010-2011, assessee had shown such rental income under the head

M/S. J.G. EXPORTS,CHENNAI vs. ITO, CHENNAI

In the result, the appeals of the assessee stand dismissed

Bench: Shri Abraham P.George & Shri George Mathanआयकर अपील सं./I.T.A. Nos.2372, 2373, 2374, 2375, 2376, 2377 & 2378/ Mds/2016 "नधा"रण वष" /Assessment Years :2005-06, 2006-07, 2007-08, 2008- 09, 2009-10, 2010-11 & 2011-2012. M/S. Jg Exports, Vs. The Income Tax Officer, No.55, Narayanamudali Business Circle X (2) Street, Chennai 600 006. Chennai 600 079. [Pan Aaafj 3129M] (अपीलाथ"/Appellant) (""यथ"/Respondent)

disallowance of the claim of lease rental paid on the land. 4. Ld. Counsel for the assessee submitted that assessee had for assessment year 2005-06 shown the income from rental under the head ‘’Income from Business/Profession’’. However, according to him, for assessment years 2008-09, 2009-10 and 2010-2011, assessee had shown such rental income under the head

M/S. J.G. EXPORTS,CHENNAI vs. ITO, CHENNAI

In the result, the appeals of the assessee stand dismissed

Bench: Shri Abraham P.George & Shri George Mathanआयकर अपील सं./I.T.A. Nos.2372, 2373, 2374, 2375, 2376, 2377 & 2378/ Mds/2016 "नधा"रण वष" /Assessment Years :2005-06, 2006-07, 2007-08, 2008- 09, 2009-10, 2010-11 & 2011-2012. M/S. Jg Exports, Vs. The Income Tax Officer, No.55, Narayanamudali Business Circle X (2) Street, Chennai 600 006. Chennai 600 079. [Pan Aaafj 3129M] (अपीलाथ"/Appellant) (""यथ"/Respondent)

disallowance of the claim of lease rental paid on the land. 4. Ld. Counsel for the assessee submitted that assessee had for assessment year 2005-06 shown the income from rental under the head ‘’Income from Business/Profession’’. However, according to him, for assessment years 2008-09, 2009-10 and 2010-2011, assessee had shown such rental income under the head

M/S. J.G. EXPORTS,CHENNAI vs. ITO, CHENNAI

In the result, the appeals of the assessee stand dismissed

Bench: Shri Abraham P.George & Shri George Mathanआयकर अपील सं./I.T.A. Nos.2372, 2373, 2374, 2375, 2376, 2377 & 2378/ Mds/2016 "नधा"रण वष" /Assessment Years :2005-06, 2006-07, 2007-08, 2008- 09, 2009-10, 2010-11 & 2011-2012. M/S. Jg Exports, Vs. The Income Tax Officer, No.55, Narayanamudali Business Circle X (2) Street, Chennai 600 006. Chennai 600 079. [Pan Aaafj 3129M] (अपीलाथ"/Appellant) (""यथ"/Respondent)

disallowance of the claim of lease rental paid on the land. 4. Ld. Counsel for the assessee submitted that assessee had for assessment year 2005-06 shown the income from rental under the head ‘’Income from Business/Profession’’. However, according to him, for assessment years 2008-09, 2009-10 and 2010-2011, assessee had shown such rental income under the head

M/S. J.G. EXPORTS,CHENNAI vs. ITO, CHENNAI

In the result, the appeals of the assessee stand dismissed

Bench: Shri Abraham P.George & Shri George Mathanआयकर अपील सं./I.T.A. Nos.2372, 2373, 2374, 2375, 2376, 2377 & 2378/ Mds/2016 "नधा"रण वष" /Assessment Years :2005-06, 2006-07, 2007-08, 2008- 09, 2009-10, 2010-11 & 2011-2012. M/S. Jg Exports, Vs. The Income Tax Officer, No.55, Narayanamudali Business Circle X (2) Street, Chennai 600 006. Chennai 600 079. [Pan Aaafj 3129M] (अपीलाथ"/Appellant) (""यथ"/Respondent)

disallowance of the claim of lease rental paid on the land. 4. Ld. Counsel for the assessee submitted that assessee had for assessment year 2005-06 shown the income from rental under the head ‘’Income from Business/Profession’’. However, according to him, for assessment years 2008-09, 2009-10 and 2010-2011, assessee had shown such rental income under the head