TURBO ENERGY LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

disallowed the set off of losses relating to 10B unit against the profits of non-eligible units and computed the total

DCIT, CHENNAI vs. M/S. TURBO ENERGEY LIMITED, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

disallowed the set off of losses relating to 10B unit against the profits of non-eligible units and computed the total

TURBO ENERGY LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

disallowed the set off of losses relating to 10B unit against the profits of non-eligible units and computed the total

TURBO ENERGY LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

disallowed the set off of losses relating to 10B unit against the profits of non-eligible units and computed the total

DCIT, CHENNAI vs. M/S. TURBO ENERGEY LIMITED, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

disallowed the set off of losses relating to 10B unit against the profits of non-eligible units and computed the total

DCIT, CHENNAI vs. M/S. TURBO ENERGEY LIMITED, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

disallowed the set off of losses relating to 10B unit against the profits of non-eligible units and computed the total

DCIT, CHENNAI vs. TURBO ENERGY LIMITED, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

disallowed the set off of losses relating to 10B unit against the profits of non-eligible units and computed the total

M/S. THE INDIA CEMENTS LTD.,,CHENNAI vs. DCIT, CORPORATE CIRCLE - 2 (1),, CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri V.Durga Rao & Shri G.Manjunatha

disallow loss of amalgamated company of Rs.40 crores from the unabsorbed loss of Rs.153.16 crores while computing book profit u/s.115JB. 3.4 The Commissioner of Income-tax ought to have appreciated that other than the proceedings u/s.143(3), this particular aspect of set

TITAN COMPANY LIMITED,HOSUR vs. ASSISTANT COMMISSIONER OF INCOME TAX - LTU 2 (IC), CHENNAI

In the result the appeal raised by the assessee is partly allowed

Bench: Shri Ss Viswanethra Ravi & Shri Amitabh Shuklaआयकर अपील सं./Ita No.1742/Chny/2024 निर्धारण वर्ा /Assessment Years: 2011-12 Titan Company Limited, Assistant Commissioner Of No.3, Sipcot Industrial Complex, Income Tax, Hosur, Krishnagiri, Ltu-2, Tamil Nadu-635126 Chennai [Pan: Aaact5131A] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) : Shri Abhay Kumar, C.A अपीलार्थी की ओर से/ Assessee By : Ms.Komali Krishna, Cit प्रत्यर्थी की ओर से /Revenue By सुनवाई की तारीख/Date Of Hearing : 10.09.2024 घोषणा की तारीख /Date Of Pronouncement : 04.12.2024

set off of losses in the hands of that unit. Such an interpretation is not in our opinion contrary to the scheme of the Act whereby the aggregate profits and losses of all units owned by the assessee are pooled together and taxed in the hands of the assessee, if we keep in mind that the object of the fiction

AGILE ELECTRIC SUB ASSEMBLY (P) LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the assessee’s appeal is disposed of in the aforesaid terms

Bench: Shri Sanjay Arora & Shri G. Pavan Kumarआयकर अपील सं./Ita No.2497/Mds/2016 "नधा"रण वष" / Assessment Year : 2011-12

set off of carry forward loss and depreciation allowance shall apply accordingly. The law deeming the brought forward loss and depreciation as the loss and depreciation for the current year, the ld. AR would argue, the question of their disallowance

HUSSAIN MOHIDEEN IBRAHIM SHA,CHENNAI vs. JACIT, CHENNAI

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Singhand Shri G. Manjunatha

set aside and the matter is remanded back to the Tribunal for fresh consideration for the issues we have pointed out in this judgment. Consequently, the substantial questions of law are left open. No costs. In term of the directions of Hon’ble High Court of Madras, the matter was fixed for hearing and this appeal was called for hearing

VIMALARANI BRITTO,CHENNAI vs. ACIT CENTRAL CIRCLE 2(4), CHENNAI

In the result, appeal filed by the assessee is treated as

Bench: Shri V.Durga Rao & Shri G.Manjunathaआयकरअपीलसं./I.T.A.No.2992/Chny/2019 ("नधा"रणवष" / Assessment Year: 2011-12) Smt. Vimalarani Britto Vs Assistant Commissioner Of 13, Kasturba Nagar, Income Tax, 3Rd Main Road, Adyar, Central Circle-2(4) Chennai-600 020. Chennai. Pan: Aadpv 8816C (अपीलाथ"/Appellant) (""यथ"/Respondent)

disallow claim of business loss against income under the head salary by holding that there is no hierarchy prescribed for setting

M/S. TRIVITRON HEALTHCARE PVT. LTD.,CHENNAI vs. PCIT, , CHENNAI-3

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

disallowance made in the earlier assessment years being set aside / deleted in further appeal. The Id.PCIT in his order is observed as under: "28. The next issue of set off of brought forward and Carry forward of Losses

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

disallowance on account of Forex loss on Forward contract amounting to Rs.1,10,81,279/-. 3.1 The ld. CIT(A) has failed to appreciate that in the instant case the loss has occurred only due to premature cancellation of forward contracts and as such as held by :-3-: ITA. Nos:1363 to 1366 /Chny/2023 the Hon'ble ITAT Chennai

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

disallowance on account of Forex loss on Forward contract amounting to Rs.1,10,81,279/-. 3.1 The ld. CIT(A) has failed to appreciate that in the instant case the loss has occurred only due to premature cancellation of forward contracts and as such as held by :-3-: ITA. Nos:1363 to 1366 /Chny/2023 the Hon'ble ITAT Chennai

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

disallowance on account of Forex loss on Forward contract amounting to Rs.1,10,81,279/-. 3.1 The ld. CIT(A) has failed to appreciate that in the instant case the loss has occurred only due to premature cancellation of forward contracts and as such as held by :-3-: ITA. Nos:1363 to 1366 /Chny/2023 the Hon'ble ITAT Chennai

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

disallowance on account of Forex loss on Forward contract amounting to Rs.1,10,81,279/-. 3.1 The ld. CIT(A) has failed to appreciate that in the instant case the loss has occurred only due to premature cancellation of forward contracts and as such as held by :-3-: ITA. Nos:1363 to 1366 /Chny/2023 the Hon'ble ITAT Chennai

LES ATELIERS DE PONDICHERRY PRIVATE LIMITED,CHENNAI vs. ITO WARD 1, PUDUCHERRY

In the result, appeal filed by the assessee for assessment

Bench: Shri Mahavir Singh, Vice- & Shri G.Manjunatha

set aside. 2. The Respondent has erred in disallowance of foreign exchange loss of Rs.58,02,684/- under Section 43A and 37 of the Income

ITO WARD 1, PUDUCHERRY vs. LES ATELIERS PONDICHERRY (P) LTD., PONDICHERRY

In the result, appeal filed by the assessee for assessment

Bench: Shri Mahavir Singh, Vice- & Shri G.Manjunatha

set aside. 2. The Respondent has erred in disallowance of foreign exchange loss of Rs.58,02,684/- under Section 43A and 37 of the Income