ACIT CORPORATE CIRCLE 2, COIMBATORE vs. LATE SHRI NAREN RAJAN, REP.BY L/H SMT. PADMINI V.R, COIMBATORE

In the result, the appeal filed by the assessee for assessment year 2012-13 is partly allowed and appeal filed by the Revenue for assessment year 2012-13 is dismissed

Bench: Shri Mahavir Singh & Shri G. Manjunatha

deemed dividends. 3.2 The Commissioner of Income-Tax (Appeals) went wrong in observing that the business connection could not be established. 3.3 The Commissioner of Income-Tax (Appeals) went wrong in further observing that what was paid by the Company is only a loan to the assessee. 3.4 The Commissioner of Income-Tax (Appeals) went wrong in deciding the issue

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

Bench: This Tribunal.

House Property by following the procedure laid down under the Act at para 6.4.6., had confirmed the addition of Rs.1,38,70,048/- made as deemed dividend

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

Bench: This Tribunal. 2. Since, The Facts Are The Identical Across All The Appeals / For All The Assessment Years, Except For The Nature Of The Additions / Disallowances Varying In Few Of The Assessment Year(S) Before This Tribunal In The Present Batch Of 6 Appeals, The Appeal Arising From The A.Y. 2012-13 Is Being Taken Up As The Lead Case With The Consent Of The Both The Ld. Ar As Well As The Departmental Representatives. 3. The Brief Fact Of The Present Case Is That The Assessee, Shri Thanushkodi Narayanan, Is The Managing Director Of M/S.Annai Builders Real Estates Pvt Ltd. The Assessee Filed His Original Return Of Income For The A.Y. 2012-13 On 27.09.2012 In Declaring A Total Income Of Rs.24,87,430/-. 4. A Search & Seizure Operation Was Carried Out In Terms Of Section 132 Of The Act On 04.10.2017 In The Residential Premises Of The Assessee & Also In The Premises Of M/S.Annai Builders Real Estates Pvt. Ltd. In Which The Assessee Is The Managing Director. 5. Thereafter, A Notice U/S.153A Of The Act For The A.Y.2012-13 Was Issued On 25.09.2018 To The Assessee By The Assessing Officer (In Short “Ao”) & In Response To The Same, The Assessee Had Filed E-Return Of Income For The A.Y. 2012-13 On 17.08.2019 In Declaring Total Income Of Rs.14,53,440/-. :-3-:

House Property by following the procedure laid down under the Act at para 6.4.6., had confirmed the addition of Rs.1,38,70,048/- made as deemed dividend

ACIT, NON CORP CIT 7(1), CHENNAI vs. JETHANAND THAKUR BAKSHANI, CHENNAI

In the result, the Revenue’s appeal is

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

deemed dividend u/s 2(22)(e) of the Act and correctly directed the Assessing Officer to the delete the addition of Rs.2,31,00,000/- . 4. With regard to the addition made under the head house property

MRS.JOTHI NARAYANAN ,CHENNAI vs. ACIT , CHENNAI

In the result, the appeals filed by the assessees in ITA

Bench: Shri Mahavir Singh & Shri Manjunatha.G

House property as returned - (Rs.42,16,950) Add: Interest on borrowed capital disallowed as in para (12.1 to 12.4) - Rs.8,14,484/- Add: Deemed rental income from Thillai Ganga Nagar property (as in para 13.2) - Rs.96,000/- Add: Additional deemed rental income from Ponniamman Koil Street property (as in para 13.2) - Rs.24,000/- Add: Disallowance of deduction

MR. THANUSHKODI NARAYANAN,CHENNAI vs. ADDL. CIT CENTRAL CIRCLE 3(2), CHENNAI

In the result, the appeals filed by the assessees in ITA

Bench: Shri Mahavir Singh & Shri Manjunatha.G

House property as returned - (Rs.42,16,950) Add: Interest on borrowed capital disallowed as in para (12.1 to 12.4) - Rs.8,14,484/- Add: Deemed rental income from Thillai Ganga Nagar property (as in para 13.2) - Rs.96,000/- Add: Additional deemed rental income from Ponniamman Koil Street property (as in para 13.2) - Rs.24,000/- Add: Disallowance of deduction

ACCEL LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal of the assessee is allowed for 38

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

House, Company Circle 1(1) 75, Nelson Manickam Road, Chennai. Aminjikarai, Chennai 600 029. [PAN AAACA 3042P ] (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee by : Shri. S.T. Prabhu, Director Department by : Shri. A.V. Sreekanth, IRS, JCIT. सुनवाई क" तार"ख/Date of Hearing : 07-03-2016 घोषणा क" तार"ख /Date of Pronouncement

DCIT, CHENNAI vs. ACCEL LIMITED, CHENNAI

In the result, the appeal of the assessee is allowed for 38

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

House, Company Circle 1(1) 75, Nelson Manickam Road, Chennai. Aminjikarai, Chennai 600 029. [PAN AAACA 3042P ] (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee by : Shri. S.T. Prabhu, Director Department by : Shri. A.V. Sreekanth, IRS, JCIT. सुनवाई क" तार"ख/Date of Hearing : 07-03-2016 घोषणा क" तार"ख /Date of Pronouncement

ACCEL LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal of the assessee is allowed for 38

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

House, Company Circle 1(1) 75, Nelson Manickam Road, Chennai. Aminjikarai, Chennai 600 029. [PAN AAACA 3042P ] (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee by : Shri. S.T. Prabhu, Director Department by : Shri. A.V. Sreekanth, IRS, JCIT. सुनवाई क" तार"ख/Date of Hearing : 07-03-2016 घोषणा क" तार"ख /Date of Pronouncement

SUBHAVARSHA INFOTECH,CHENNAI vs. DCIT, CHENNAI

In the result, the appeal of assessee stands dismissed whereas that of Revenue is allowed

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy]

deemed dividend u/s.2(22) ( e) of the Act clearly specified that such loans and advances should result in some individual benefit to the shareholders of the company from which the loans or advances were received. According to him, no such benefit was received by the partners of the assessee firm. Thus, as per the ld. Authorised Representative, ld. Commissioner

ACIT, CHENNAI vs. M/S. SUBHAVARSHA INFOTECH, CHENNAI

In the result, the appeal of assessee stands dismissed whereas that of Revenue is allowed

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddy]

deemed dividend u/s.2(22) ( e) of the Act clearly specified that such loans and advances should result in some individual benefit to the shareholders of the company from which the loans or advances were received. According to him, no such benefit was received by the partners of the assessee firm. Thus, as per the ld. Authorised Representative, ld. Commissioner

ACIT, CHENNAI vs. K.A.MANSHOOR, CHENNAI

In the result, the appeal of the Revenue in ITA

Bench: Shri Chandra Poojari & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. No. 1412/Mds/2013 "नधा"रण वष" /Assessment Year : 2009-2010

deemed dividend uls 2(22)(e). 2.1 The CIT(A) failed to appreciate that the land on which the project is proposed belongs to the assessee and Joint Development Agreement has been entered between the assessee and the company M/s.Crystal Residency P Ltd. 2.2 The CIT(A) ought to have appreciated that the advance received is much higher than

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

In the result, the appeals filed by the assessees in ITA Nos

Bench: Shri Manu Kumar Giri & Shri S. R. Raghunatha

House Property by following the procedure laid down under the Act at para 6.4.6., had confirmed the addition of Rs.1,38,70,048/- made as deemed dividend

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

In the result, the appeals filed by the assessees in ITA Nos

Bench: Shri Manu Kumar Giri & Shri S. R. Raghunatha

House Property by following the procedure laid down under the Act at para 6.4.6., had confirmed the addition of Rs.1,38,70,048/- made as deemed dividend

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

In the result, the appeals filed by the assessees in ITA Nos

Bench: Shri Manu Kumar Giri & Shri S. R. Raghunatha

House Property by following the procedure laid down under the Act at para 6.4.6., had confirmed the addition of Rs.1,38,70,048/- made as deemed dividend

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

In the result, the appeals filed by the assessees in ITA Nos

Bench: Shri Manu Kumar Giri & Shri S. R. Raghunatha

House Property by following the procedure laid down under the Act at para 6.4.6., had confirmed the addition of Rs.1,38,70,048/- made as deemed dividend

THANUSHKODI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-3(2), CHENNAI

In the result, the appeals filed by the assessees in ITA Nos

Bench: Shri Manu Kumar Giri & Shri S. R. Raghunatha

House Property by following the procedure laid down under the Act at para 6.4.6., had confirmed the addition of Rs.1,38,70,048/- made as deemed dividend

JOTHI NARAYANAN,CHENNAI vs. DCIT, CENTRAL CIRCLE-2(2), CHENNAI

House Property by following the procedure laid down under the Act at para 6.4.6., had confirmed the addition of Rs.1,38,70,048/- made as deemed dividend