SHRI RAMASWAMY SHIVARAMAN,,CHENNAI vs. ACIT, CC - 1 (1),, CHENNAI

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकरअपीलसं./Ita No.571/Chny/2020 िनधा"रणवष"/Assessment Year: 2016-17

Term Capital Gain amounting to Rs.6,22,63,014/- (Tax Effect- Rs.1,43,65,323/-). 3A. Thereby the Learned Commissioner of Income Tax (Appeals) erred in confirming the disallowance of Short

ACIT, LTU-2,, CHENNAI vs. ASHOK LEYLAND LIMITED, CHENNAI

In the result, appeal filed by the assessee is partly allowed and the appeal of the Revenue is dismissed

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

short-term capital gains of Rs. 1.84 crores on transfer of Current Assets. However, in the light of above principles, the First Appellate Authority cancelled the addition of Rs. 1.84 crores. In the circumstances, we are of the view that the transaction in question was a slump sale.” ITA Nos.2330 & 2618/Chny/2019 (AY 2015-16) M/s. Ashok Leyland

BHARATHAN ANAND,CHENNAI vs. ITO, CHENNAI

In the result, the appeal of the assessee is allowed

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singh

disallowance of Rs.1 0,96,970/- made by the learned Income Tax Officer and confirmed by the learned Commissioner of Income Tax (Appeals) be deleted. 3. The Appellant craves leave to add, amend, alter vary and / or withdraw any or all the above grounds of Appeal. 2. All the grounds of appeal are related to the addition made

M/S APEX TRANSWORLD PRIVATE LIMITED,CHENNAI vs. DCIT CC-1(1), CHENNAI

In the result, appeal filed by the assessee is dismissed

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.932/Chny/2020 िनधा"रण वष" /Assessment Year: 2011-12 V. M/S.Apex Transworld Pvt. Ltd., The Dy. Commissioner Of 38, 2Nd Main Road, Income Tax, R.A. Puram, Corporate Circle-1(1), Chennai-600 028. Chennai. [Pan: Aadca 7034 L] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" क" ओर से/ Appellant By Mr.K. Ramesh Babu, Ca ""यथ" क" ओर से /Respondent By : Mr. Ar.V.Sreenivasan, Addl.Cit सुनवाई क" तारीख/Date Of Hearing : 03.01.2023 घोषणा क" तारीख /Date Of Pronouncement : 11.01.2023

gain - - 2,83,97,670 Sales consideration of building 3rd 3,32,98,000 - - floor Less: Cost of acquisition 4,64,47,318 - - Short term capital loss - -1,31,49,318 - Sales consideration of building 4th 2,66,55,000 - - floor Less: Cost of acquisition 4,31,77,658 - - Short term capital loss - -1,65,22,658 - Total short term

M.KIRAN KUMAR,CHENNAI vs. ACIT CENTRAL CIRCLE-1(4), CHENNAI

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

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

disallowance of exemption claimed u/s.10(38) of the Act towards long term capital gain derived from transfer of equity shares of M/s. Mahavir Advanced Remedies Limited. 9.1 The fact with regard to the impugned dispute are that the assessee has acquired 6 lakhs equity shares of M/s. Indo American Advanced Pharmaceutical Limited [subsequently name changed to Mahavir Advanced Remedies Limited

GOPAL SRINIVASAN,CHENNAI vs. DCIT, CHENNAI

In the result, appeal of the assessee is partly allowed for 16

Bench: Shri Abraham P.George & Shri George Mathan

short-term capital gains referred to in sub-section (1), the rebate under section 88 shall be allowed from the income-tax on the total income as reduced by such capital gains’’’. We find that none of the lower authorities had addressed the issue whether the transactions of shares claimed by the assessee satisfied the conditions

DCIT, CHENNAI vs. GOPAL SRINIVASAN, CHENNAI

In the result, appeal of the assessee is partly allowed for 16

Bench: Shri Abraham P.George & Shri George Mathan

short-term capital gains referred to in sub-section (1), the rebate under section 88 shall be allowed from the income-tax on the total income as reduced by such capital gains’’’. We find that none of the lower authorities had addressed the issue whether the transactions of shares claimed by the assessee satisfied the conditions

ACIT NON CORPORATE CIRCLE 20(1), CHENNAI vs. PVP CINEMAS P. LTD., CHENNAI

In the result, appeal filed by the revenue is dismissed

Bench: Shri V.Durga Rao & Shri G. Manjunathaआयकर अपीलसं./I.T.A.No.1058/Chny/2018 ("नधा"रणवष" / Assessment Year: 2009-10) The Assistant Commissioner Of Income Vs M/S. Pvp Cinemas P.Ltd. Krm Centre, 9Th Floor, Tax Non-Corporate Circle-20(1) No.2,Harrington Road, Chennai-34. Chetpet , Chennai-600 031. Pan: Aaeca 8733H (अपीलाथ"/Appellant) (""यथ"/Respondent)

disallowance of Rs.1,52,19,882/- while computing the short term capital gains without verifying the genuineness of the bills

ADHI KUMARA GURU,CHENNAI vs. DCIT, NCC-22(1), CHENNAI

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

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri Amitabh Shuklaमाननीय "ी मनु कुमार िग"र, "ाियक सद" एवं माननीय "ी अिमताभ शु"ा, लेखा सद" के सम"

disallowing the cost of improvement of Rs.15,00,000/- claimed by the claimed by the assessee while computing while computing ‘Short Term Capital Gains

V.KALPAGAM,CHENNAI vs. ITO NON CORPORATE WARD 10(2), CHENNAI

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

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 3034/Chny/2018 िनधा"रण वष" / Assessment Year: 2013-14 Smt. V. Kalpagam, The Income Tax Officer, No.2, Door No. 9, Raja V. Non Corporate Ward 10(2), Sadhan, Gajapathy Road, Chennai. Kilpauk, Chennai – 600 010. [Pan: Ahupk-0879-L] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri. S. Sridhar, Advocate अपीलाथ" क" ओर से/Appellant By ""यथ" क" ओर से/Respondent By : Shri. Ar V Sreenivasan, Addl. Cit सुनवाई क" तारीख/Date Of Hearing : 10.07.2023 घोषणा क" तारीख/Date Of Pronouncement : 19.07.2023

capital gains arising out of subsequent sale of three flats as short term as the appellant cannot sell the UDS separately and building portion separately. It is a composite sale and the learned AO cannot treat them as separate sale. 2.7 The learned Commissioner (Appeals) should not have sustained the disallowance

PADMA VASHI SHEWARAMANI,CHENNAI vs. ADIT, CHENNAI

In the result, the impugned is set aside and the appeal of the

Bench: Shri A. Mohan Alankamony & Shri Vikas Awasthyआयकर अपील सं./Ita No.2281/Mds/2014 "नधा"रण वष" /Assessment Year : 2007-08 Smt. Padma Vashi Shewaramani, The Assistant Director Of No.73, Janki Bhawan, V. Income Tax, Sardar Patel Road, International Taxation, Guindy, Chennai - 600 032. Chennai - 600 034. Pan : Aayps 4687 D (अपीलाथ"/Appellant) (""यथ"/Respondent)

Disallowance u/s 14A read with Rule 8D (2) Rejection of set off of short term capital loss against short term capital gains

K.R.MURALIDHAR,CHENNAI vs. ITO, CHENNAI

In the result, the appeal of the assessee is dismissed

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1097/Mds/2015 & S.P. No.338/Mds/2015 (In I.T.A. No.1097/Mds/2015) "नधा"रण वष" / Assessment Year : 2009-10 Shri K.R. Muralidhar, Old No.120, New No.246, The Income Tax Officer, Room No.24 & 25, 1St Floor, V. Non-Corporate Circle – 13, Govindappa Naicken Street, Chennai - 600 034. Chennai - 600 001. Pan : Aagpm 9070 N (Appellant & Petitioner) (""यथ"/Respondent)

gain in view of the investment in Rural Electrification Corporation Limited bonds and investment in residential house property. The assessee also claimed short-term capital loss of `11,35,986/- on account of extinction of Goodwill. However, the Assessing Officer disallowed

ANIL KUMAR GOEL,CHENNAI vs. ACIT, CHENNAI

In the result, Ground Nos

Bench: Shri George Mathan & Shri A. Mohan Alankamony

short term capital gains by the Assessee himself and in respect of the shares held beyond 12 months was shown as long term capital gains. 5. The CIT (Appeals) ignored the scope and purport of the CBDT circular bearing no.6 of 2016 dated 29th February 2016, wherein the Assessee’ desire to treat the transactions as capital gains would

GOLDEN ERA PLANTATIONS INDIA PRIVATE LIMITED,COIMBATORE vs. DCIT,CIRCLE 1, OOTY

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

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./Ita No.: 838/Chny/2020 िनधा"रण वष" / Assessment Year: 2013-14

short term capital gain. The details submissions made by the appellant on this aspect before the AO and the first appellate authority has not been considered in all its aspects. 2. That, on the facts and circumstances of the case the CIT(A) is not justified in sustaining the sum of Rs. 17,721/- in the total disallowance

LAKSHMANAN,CHENNAI vs. ITO N.C.W 1(3), CHENNAI

In the result, appeal filed by the assessee in ITA No

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.2882/Chny/2018 & नि◌धा"रण वष" /Assessment Year: 2015-16 V. Mr.Lakshmanan, The Income Tax Officer, No.7/2, 1St Floor, Akm Nest, Non-Corporate Ward-1(3), Jawaharlal Nehru Street, T.Nagar, Chennai. Chennai-600 017. [Pan: Aabpl 4326 R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

short term capital gains from stocks are taxed at 15%. However, STT is payable only if you have taken delivery of the stocks and then sold them. It is not payable on intra-day transactions. So, any profit from day trading is treated as speculative income and taxed as income from business. So, the tax can be as high

LAKSHMANAN REVATHI,CHENNAI vs. ITO N.C.W 1(3), CHENNAI

In the result, appeal filed by the assessee in ITA No

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.2882/Chny/2018 & नि◌धा"रण वष" /Assessment Year: 2015-16 V. Mr.Lakshmanan, The Income Tax Officer, No.7/2, 1St Floor, Akm Nest, Non-Corporate Ward-1(3), Jawaharlal Nehru Street, T.Nagar, Chennai. Chennai-600 017. [Pan: Aabpl 4326 R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

short term capital gains from stocks are taxed at 15%. However, STT is payable only if you have taken delivery of the stocks and then sold them. It is not payable on intra-day transactions. So, any profit from day trading is treated as speculative income and taxed as income from business. So, the tax can be as high

LAKSHMANAN,,CHENNAI vs. ITO, NCW - 1 (3),, CHENNAI

In the result, appeal filed by the assessee in ITA No

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.2882/Chny/2018 & नि◌धा"रण वष" /Assessment Year: 2015-16 V. Mr.Lakshmanan, The Income Tax Officer, No.7/2, 1St Floor, Akm Nest, Non-Corporate Ward-1(3), Jawaharlal Nehru Street, T.Nagar, Chennai. Chennai-600 017. [Pan: Aabpl 4326 R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

short term capital gains from stocks are taxed at 15%. However, STT is payable only if you have taken delivery of the stocks and then sold them. It is not payable on intra-day transactions. So, any profit from day trading is treated as speculative income and taxed as income from business. So, the tax can be as high

NARENDRA MAHENDRA KOTHARI,CHENNAI vs. ITO NON CORPORATE WARD 5(2), CHENNAI

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

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.1006/Chny/2019 िनधा"रण वष"/Assessment Year: 2014-15 V. Shri Narendra Mahendra- The Income Tax Officer, Kothari, Non-Corporate Ward-5(2), No.76, Osian Heights, Chennai. Basin Bridge Road, Mint, Chennai-600 079. [Pan: Amopk 2535 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent) : अपीलाथ" क" ओर से/ Appellant By Shri D. Anand, Advocate : ""यथ" क" ओर से /Respondent By Shri Arv Sreenivasan, Addl.Cit : सुनवाईक"तारीख/Date Of Hearing 05.02.2024 घोषणाक"तारीख /Date Of : 14.02.2024 Pronouncement

short term capital gains and disallowance of investment u/s.54 of The Act. 3. The learned CIT(A) erred in law in assessing