ACIT, CHENNAI vs. UPDATER SERVICES LIMITED, CHENNAI

In the result, the grounds of appeal raised by both the assessee and the Revenue, as well as the grounds raised in the cross-objections filed by the assessee, are treated as allowed for statistical...

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.:1339 /Chny/2025 िनधा#रण वष# / Assessment Year: 2017-18 M/S. Updater Services Limited (Formerly Dcit, Known As Updater Services Private Vs. Central Circle -2(3), Limited), No.2/302-A, Uds Salai, Chennai. Off Old Mahabalipuram Road, Thoraipakkam, Chennai – 600 097. [Pan:Aaacu-6845-J] (अपीलाथ%/Appellant) (&'थ%/Respondent)

Section 56(2)(viia) of the Act Deleted the adjustments 3 Disallowance of interest expenditure under made by the AO Section

SHRIRAM OWNERSHIP TRUST,CHENNAI vs. DCIT, CHENNAI

In the result, the appeals of the assessee for both

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George] आयकर अपील सं./I.T.A. Nos. 406 & 407/Mds/2017 "नधा"रण वष" /Assessment Years : 2013-2014 & 2014-2015. Shriram Ownership Trust, Vs. The Deputy Commissioner Of No.4, Shriram House, I Floor, Income Tax, Burkit Road, T. Nagar, Non Corporate Circle 2, Chennai 600 017. Chennai 600 034. [Pan Aagts 2243H] (अपीलाथ"/Appellant) (""यथ"/Respondent)

viia)] of sub-section (2) of section 56;] Section 56(2) 2) In particular, and without prejudice to the generality of the provisions of sub- section (1), the following incomes, shall be chargeable to income-tax under the head "Income from other sources", namely :— (i) ………….; (ia) ……………….; ib) ……………….;; (ic) ………………; ITA Nos.406 & 407/Mds/2017 :- 20 -: (id) ………………"; (ii) ……………….. "; (iii) ………………"; (vii) where an individual

SHRIRAM OWNERSHIP TRUST,CHENNAI vs. DCIT, CHENNAI

In the result, the appeals of the assessee for both

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George] आयकर अपील सं./I.T.A. Nos. 406 & 407/Mds/2017 "नधा"रण वष" /Assessment Years : 2013-2014 & 2014-2015. Shriram Ownership Trust, Vs. The Deputy Commissioner Of No.4, Shriram House, I Floor, Income Tax, Burkit Road, T. Nagar, Non Corporate Circle 2, Chennai 600 017. Chennai 600 034. [Pan Aagts 2243H] (अपीलाथ"/Appellant) (""यथ"/Respondent)

viia)] of sub-section (2) of section 56;] Section 56(2) 2) In particular, and without prejudice to the generality of the provisions of sub- section (1), the following incomes, shall be chargeable to income-tax under the head "Income from other sources", namely :— (i) ………….; (ia) ……………….; ib) ……………….;; (ic) ………………; ITA Nos.406 & 407/Mds/2017 :- 20 -: (id) ………………"; (ii) ……………….. "; (iii) ………………"; (vii) where an individual

DCIT CORPORATE CIRCLE 3(2), CHENNAI vs. VENTURE LIGHTING INDIA LIMITED, CHENNAI

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

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

disallowance. Therefore, this issue of Revenue’s appeal is dismissed. 5. The second issue in this appeal of Revenue is as regard to the order of CIT(A) deleting the addition made by AO on the basis of taking fair market value of buy back of shares by assessee from its holding company M/s. Advance Lighting Technology Inc, a company

ASIRVAD MICRO FINANCE LIMITED,ANNA SALAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE -1(1), CHENNAI

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.1140/Chny/2025 Assessment Years: 2016-17 Asirvad Micro Finance Limited, Assistant Commissioner Of No.9, 9Th Floor, Club House Road, Income Tax, Annasalai, Corporate Circle-1(1), Chennai-600 002 Chennai. [Pan: Aagca5275J] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलार्थी की ओर से/ Assessee By : Mr.P.R.Prasanna Varma, Fca & Mr.Arjun Rajagopalan, C.A. प्रत्यर्थी की ओर से /Revenue By : Mr.Bipin C.N, Cit सुनवाई की तारीख/Date Of Hearing : 25.09.2025 घोषणा की तारीख /Date Of Pronouncement : 05.12.2025 आदेश / O R D E R Per Amitabh Shukla, A.M :

disallowance of Rs.42,29,48,758/- by the Ld.CIT(A) which was made by the Ld.AO invoking provisions of section 56(2)(viib) of the Act. It was contested that the addition by the Ld.AO was based upon an arbitrary application of Rule-11UA of the Income Tax Rules. 3.0 During the course of present proceedings, the Ld.Counsel

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

2,46,14,514 4 Disallowance of ex-gratia 26,05,79,311 5 Disallowance u/s. 36(1)(viii) 30,00,00,000 6 Bad debts [Ground not taken 7,29,184 before CIT(A) and hence, ground is not taken before ITAT] 7 Disallowance u/s. 14A 79,95,384 8 Disallowance of depreciation on 7,56,91,597 ATMs

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

2,46,14,514 4 Disallowance of ex-gratia 26,05,79,311 5 Disallowance u/s. 36(1)(viii) 30,00,00,000 6 Bad debts [Ground not taken 7,29,184 before CIT(A) and hence, ground is not taken before ITAT] 7 Disallowance u/s. 14A 79,95,384 8 Disallowance of depreciation on 7,56,91,597 ATMs

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

2,46,14,514 4 Disallowance of ex-gratia 26,05,79,311 5 Disallowance u/s. 36(1)(viii) 30,00,00,000 6 Bad debts [Ground not taken 7,29,184 before CIT(A) and hence, ground is not taken before ITAT] 7 Disallowance u/s. 14A 79,95,384 8 Disallowance of depreciation on 7,56,91,597 ATMs

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

2,46,14,514 4 Disallowance of ex-gratia 26,05,79,311 5 Disallowance u/s. 36(1)(viii) 30,00,00,000 6 Bad debts [Ground not taken 7,29,184 before CIT(A) and hence, ground is not taken before ITAT] 7 Disallowance u/s. 14A 79,95,384 8 Disallowance of depreciation on 7,56,91,597 ATMs

VIRUDHUNAGAR CENTRAL DISTRICT CO-OPERATIVE BANK,VIRUDHUNAGAR vs. ITO, VIRUDHUNAGAR

In the result, the appeals of the assessee for both the years are

Bench: Shri N.R.S. Ganesan, Shri Abraham P. George & Shri A.Mohan Alankamony] आयकर अपील सं./I.T.A. Nos.2055 & 2056/Chny/2014 "नधा"रण वष" /Assessment Years :2012-13 & 2013-2014. The Virudhunagar District Vs. The Income Tax Officer, Central Co-Operative Bank Ltd, Tds Ward, 104/1, Madurai Road, Virudhungar. Virudhunagar 626 001. [Pan Aaaau 0147N] (अपीलाथ"/Appellant) (""यथ"/Respondent)

2) Act of 1967, section 194A was amended with retrospective effect from April 1, 1967, to exclude any income credited or paid to a banking company to which the Banking Regulation Act, 1949, apply, including a co-operative society engaged in carrying on the business of banking as well as co-operative land mortgage bank. In other words, Income

VIRUDHUNAGAR CENTRAL DISTRICT CO-OPERATIVE BANK,VIRUDHUNAGAR vs. ITO, VIRUDHUNAGAR

In the result, the appeals of the assessee for both the years are

Bench: Shri N.R.S. Ganesan, Shri Abraham P. George & Shri A.Mohan Alankamony] आयकर अपील सं./I.T.A. Nos.2055 & 2056/Chny/2014 "नधा"रण वष" /Assessment Years :2012-13 & 2013-2014. The Virudhunagar District Vs. The Income Tax Officer, Central Co-Operative Bank Ltd, Tds Ward, 104/1, Madurai Road, Virudhungar. Virudhunagar 626 001. [Pan Aaaau 0147N] (अपीलाथ"/Appellant) (""यथ"/Respondent)

2) Act of 1967, section 194A was amended with retrospective effect from April 1, 1967, to exclude any income credited or paid to a banking company to which the Banking Regulation Act, 1949, apply, including a co-operative society engaged in carrying on the business of banking as well as co-operative land mortgage bank. In other words, Income

ASIRVAD MICRO FINANCE LIMITED,ANNA SALAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE -1(1), CHENNAI

The appeal of the assessee is partly allowed

Bench: Shri Aby T. Varkey & Ms. Padmavathy.Sआयकर अपील सं./Ita No.1139/Chny/2025 िनधा$रण वष$ /Assessment Year: 2015-16

disallowance. 3. The Ld. Authorized Representative (AR) of the assessee submitted that the assessee has issued the shares at premium to another NBFC and both are regulated entities. The Ld. AR further submitted that the entire transaction of rights issues is approved by Reserve Bank of India. The Ld. AR also submitted that the valuation adopted by the assessee

UPDATER SERVICES LIMITED [UPDATER SERVICES PRIVATE LIMITED,CHENNAI vs. PCIT, CHENNAI-2

The appeal stand dismissed in terms of our above order

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manomohan Das

Section 56(2)(viia) of the Act despite the Appellant having submitted all the facts of the case during the course of the revision proceedings. 4.3 Without prejudice to the above, the learned PCIT has erred in dismissing the valuation report submitted by the Appellant during the revisionary proceedings and consequently concluding that the Appellant has bought back shares

THE VILLUPURAM DISTRICT CENTRAL COOPERATIVE BANK LTD.,,VILLUPURAM vs. DCIT, VILLUPURAM CIRCLE,, VILLUPURAM

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

Bench: Shri Mahavir Singh & Shri Manjunatha.G

disallowance of inadmissible items and also recomputed the claim of deduction u/s.36(1)(viia) of the Act. The assessee is in appeal against this assessment order before CIT(A) i.e., separate proceedings pending. In the mean time, the reassessment proceedings was initiated vide notice issued u/s.148 of the Act dated 20.03.2014 and served on the assessee. The AO for issuance

THE VILLUPURAM DISTRICT CENTRAL COOPERTATIVE BANK LTD.,,VILLUPURAM vs. DCIT, VILLUPURAM CIRCLE,, VILLUPURAM

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

Bench: Shri Mahavir Singh & Shri Manjunatha.G

disallowance of inadmissible items and also recomputed the claim of deduction u/s.36(1)(viia) of the Act. The assessee is in appeal against this assessment order before CIT(A) i.e., separate proceedings pending. In the mean time, the reassessment proceedings was initiated vide notice issued u/s.148 of the Act dated 20.03.2014 and served on the assessee. The AO for issuance

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1, CUDDALLORE vs. M/S VILLUPURAM DISTRICT CENTRAL COOPERATIVE BANK LTD., VILLUPURAM

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

Bench: Shri Mahavir Singh & Shri Manjunatha.G

disallowance of inadmissible items and also recomputed the claim of deduction u/s.36(1)(viia) of the Act. The assessee is in appeal against this assessment order before CIT(A) i.e., separate proceedings pending. In the mean time, the reassessment proceedings was initiated vide notice issued u/s.148 of the Act dated 20.03.2014 and served on the assessee. The AO for issuance

THE CUDDALORE DISTRICT CENTRAL CO-OP BANK LTD.,CUDDALORE vs. DCIT CUDDALORE CIRCLE, CUDDALORE

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

Bench: Shri Mahavir Singh & Shri Manjunatha.G

disallowance of inadmissible items and also recomputed the claim of deduction u/s.36(1)(viia) of the Act. The assessee is in appeal against this assessment order before CIT(A) i.e., separate proceedings pending. In the mean time, the reassessment proceedings was initiated vide notice issued u/s.148 of the Act dated 20.03.2014 and served on the assessee. The AO for issuance

THE VILLUPURAM DISTRICT CENTRAL COOPERATIVE BANK LTD.,,VILLUPURAM vs. ACIT, CIRCLE-I,, CUDDALORE

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

Bench: Shri Mahavir Singh & Shri Manjunatha.G

disallowance of inadmissible items and also recomputed the claim of deduction u/s.36(1)(viia) of the Act. The assessee is in appeal against this assessment order before CIT(A) i.e., separate proceedings pending. In the mean time, the reassessment proceedings was initiated vide notice issued u/s.148 of the Act dated 20.03.2014 and served on the assessee. The AO for issuance

THE VILLUPURAM DISTRICT CENTRAL COOPERATIVE BANK LTD.,,VILLUPURAM vs. ACIT, CIRCLE-II,, CUDDALORE

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

Bench: Shri Mahavir Singh & Shri Manjunatha.G

disallowance of inadmissible items and also recomputed the claim of deduction u/s.36(1)(viia) of the Act. The assessee is in appeal against this assessment order before CIT(A) i.e., separate proceedings pending. In the mean time, the reassessment proceedings was initiated vide notice issued u/s.148 of the Act dated 20.03.2014 and served on the assessee. The AO for issuance