DCIT, CHENNAI vs. M/S. VELS INSTITUTE OF SCIENCE & ADVANCED STUDIES, CHENNAI

In the result, appeals filed by the revenue for assessment

Bench: Shri Mahavir Singh, Vice- & Shri G. Manjunathaआयकरअपीलसं./I.T.A.Nos.3547 To 3550/Chny/2018 ("नधा"रणवष" / Assessment Years: 2012-13 To 2015-16) Deputy Commissioner Of Income Tax Vs M/S. Vels Institute Of Science, (Exemptions), Chennai Circle Technology & Advanced Chennai-600 034. Studies, 521/2, Anna Salai, Nandanam, Chennai-600 035. Pan: Aaatv 9804F (अपीलाथ"/Appellant) (""यथ"/Respondent)

property itself was taken as collateral security for the trust to avail loan from the bank. Therefore, he opined that there is no diversion of funds to interested persons without charging any interest. In fact, term loan availed from ICICI bank has been utilized for objects of the trust of imparting education and thus, there is clear error

DCIT, CHENNAI vs. M/S. VELS INSTITUTE OF SCIENCE & ADVANCED STUDIES, CHENNAI

In the result, appeals filed by the revenue for assessment

Bench: Shri Mahavir Singh, Vice- & Shri G. Manjunathaआयकरअपीलसं./I.T.A.Nos.3547 To 3550/Chny/2018 ("नधा"रणवष" / Assessment Years: 2012-13 To 2015-16) Deputy Commissioner Of Income Tax Vs M/S. Vels Institute Of Science, (Exemptions), Chennai Circle Technology & Advanced Chennai-600 034. Studies, 521/2, Anna Salai, Nandanam, Chennai-600 035. Pan: Aaatv 9804F (अपीलाथ"/Appellant) (""यथ"/Respondent)

property itself was taken as collateral security for the trust to avail loan from the bank. Therefore, he opined that there is no diversion of funds to interested persons without charging any interest. In fact, term loan availed from ICICI bank has been utilized for objects of the trust of imparting education and thus, there is clear error

DCIT, CHENNAI vs. M/S. VELS INSTITUTE OF SCIENCE & ADVANCED STUDIES, CHENNAI

In the result, appeals filed by the revenue for assessment

Bench: Shri Mahavir Singh, Vice- & Shri G. Manjunathaआयकरअपीलसं./I.T.A.Nos.3547 To 3550/Chny/2018 ("नधा"रणवष" / Assessment Years: 2012-13 To 2015-16) Deputy Commissioner Of Income Tax Vs M/S. Vels Institute Of Science, (Exemptions), Chennai Circle Technology & Advanced Chennai-600 034. Studies, 521/2, Anna Salai, Nandanam, Chennai-600 035. Pan: Aaatv 9804F (अपीलाथ"/Appellant) (""यथ"/Respondent)

property itself was taken as collateral security for the trust to avail loan from the bank. Therefore, he opined that there is no diversion of funds to interested persons without charging any interest. In fact, term loan availed from ICICI bank has been utilized for objects of the trust of imparting education and thus, there is clear error

DCIT, CHENNAI vs. M/S. VELS INSTITUTE OF SCIENCE & ADVANCED STUDIES, CHENNAI

In the result, appeals filed by the revenue for assessment

Bench: Shri Mahavir Singh, Vice- & Shri G. Manjunathaआयकरअपीलसं./I.T.A.Nos.3547 To 3550/Chny/2018 ("नधा"रणवष" / Assessment Years: 2012-13 To 2015-16) Deputy Commissioner Of Income Tax Vs M/S. Vels Institute Of Science, (Exemptions), Chennai Circle Technology & Advanced Chennai-600 034. Studies, 521/2, Anna Salai, Nandanam, Chennai-600 035. Pan: Aaatv 9804F (अपीलाथ"/Appellant) (""यथ"/Respondent)

property itself was taken as collateral security for the trust to avail loan from the bank. Therefore, he opined that there is no diversion of funds to interested persons without charging any interest. In fact, term loan availed from ICICI bank has been utilized for objects of the trust of imparting education and thus, there is clear error

THAJUNNISSA BEGUM ,CHENNAI vs. ITO,NON CORPORATE WARD -10(4), 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.: 196/Chny/2022 िनधा"रण वष" / Assessment Year: 2013-14 Mrs. Thajunnissa Begum, Income Tax Officer, No. 3, Prasanna Vinayagar V. Non Corporate Ward -10(4), Kovil St., Chennai. 235, Poonamalle High Road, Chennai – 600 029. [Pan: Adcpt-2186-K] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. Y. Sridhar, Fca ""यथ" क" ओर से/Respondent By : Shri. D. Hema Bhupal, Jcit सुनवाई की तारीख/Date Of Hearing : 16.02.2023 घोषणा की तारीख/Date Of Pronouncement : 28.02.2023

13 independent residential flats the denial of exemption under section 54 is not correct. 7.The learned Commissioner(Appeals) ought to have appreciated the fact that the land remained the same and the entire land remained in the hands of the assessee only and further exemption under section 54 is available for land also. 8.The learned Commissioner(Appeals) ought to have

VELLORE INSTITUTE OF TECHNOLOGY,VELLORE vs. DCIT, CC IV(1), CHENNAI

Appeals of the Revenue are dismissed whereas that of assessee are partly allowed

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

property at No.56 and 56A, Thirumalai Pillai Road, Chennai never reached the logical end of acquisition in assessee’s name and refund of the amount ITA Nos2125 to 2128 :- 28 -: & 2219 to 2222 /2017 by Shri. Sampath, did not take the transaction out of in purview of Section 13(1) ( c) of the Act. (viii) Ld. Commissioner of Income

VELLORE INSTITUTE OF TECHNOLOGY,VELLORE vs. DCIT, CC IV(1), CHENNAI

Appeals of the Revenue are dismissed whereas that of assessee are partly allowed

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

property at No.56 and 56A, Thirumalai Pillai Road, Chennai never reached the logical end of acquisition in assessee’s name and refund of the amount ITA Nos2125 to 2128 :- 28 -: & 2219 to 2222 /2017 by Shri. Sampath, did not take the transaction out of in purview of Section 13(1) ( c) of the Act. (viii) Ld. Commissioner of Income

DCIT, CENTRAL CIRCLE 1(1), CHENNAI vs. VELLORE INSTITUTE OF TECHNOLOGY, VELLORE

Appeals of the Revenue are dismissed whereas that of assessee are partly allowed

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

property at No.56 and 56A, Thirumalai Pillai Road, Chennai never reached the logical end of acquisition in assessee’s name and refund of the amount ITA Nos2125 to 2128 :- 28 -: & 2219 to 2222 /2017 by Shri. Sampath, did not take the transaction out of in purview of Section 13(1) ( c) of the Act. (viii) Ld. Commissioner of Income

DCIT, CENTRAL CIRCLE 1(1), CHENNAI vs. VELLORE INSTITUTE OF TECHNOLOGY, VELLORE

Appeals of the Revenue are dismissed whereas that of assessee are partly allowed

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

property at No.56 and 56A, Thirumalai Pillai Road, Chennai never reached the logical end of acquisition in assessee’s name and refund of the amount ITA Nos2125 to 2128 :- 28 -: & 2219 to 2222 /2017 by Shri. Sampath, did not take the transaction out of in purview of Section 13(1) ( c) of the Act. (viii) Ld. Commissioner of Income

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

house property" shall be computed after making the following deductions, namely : (a) a sum equal to thirty per cent. of the annual value ; (b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital : Provided that in respect of property referred to in sub-section

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

house property" shall be computed after making the following deductions, namely : (a) a sum equal to thirty per cent. of the annual value ; (b) where the property has been acquired, constructed, repaired, renewed or reconstructed with borrowed capital, the amount of any interest payable on such capital : Provided that in respect of property referred to in sub-section

TAMIL NADU BRICK INDUSTRIES,CHENNAI vs. ITO, CHENNAI

Bench: Shri Abraham P. George & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.744/Chny/2017 "नधा"रण वष"/Assessment Year:2013-14 M/S. Tamilnadu Brick Industries, The Income Tax Officer, No. 47, Mangali Nagar 1St Street, Vs. Non Corporate Circle 8(1), Arumbakkam, Chennai 600 106. Chennai. [Pan: Aafft3643P] (अपीलाथ" /Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से / Appellant By : Shri S. Sridhar, Advocate ""यथ" क" ओर से/Respondent By : Shri Vijay Kumar Punna, Jr. Standing Counsel सुनवाई क" तार"ख/ Date Of Hearing : 13.02.2018 घोषणा क" तार"ख /Date Of Pronouncement : 11.05.2018 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 9, Chennai, Dated 27.02.2017 Relevant To The Assessment Year 2013-14. The Assessee Has Raised The Following Grounds: “1. The Order Of The Commissioner Of Income Tax (Appeals) 9, Chennai Dated 27.02.2017 In I.T.A.No.07/Cit(A)-9/2016-17 For The Above Mentioned Assessment Year Is Contrary To Law, Facts & In The Circumstances Of The Case.

section 53A: To qualify for the protection of the doctrine of part-performance it must be shown that there is a contract to transfer for consideration immovable property and the contract is evidenced by a writing signed by the person sought to be bound by it and from which the terms necessary to constitute the transfer can be ascertained with

DYNACON EQUIPMENTS PVT. LTD.,CHENNAI vs. ACIT CORPORATE CIRCLE 1(4), CHENNAI

In the result, the appeal filed by assessee in ITA

Bench: Shri Ramit Kochar & Shri Duvvuru R.L.Reddy

house property’ , as predominant purpose of the assessee was to let out its owned property ITA Nos.2172 & 2263/Chny/2018 :- 13 -: along with 2 generators installed therein with an intention to earn rental income and not to carry on any organized and systematic business activities by letting out this property along with 2 generators installed therein. In income-tax matters, the objective

DYNACON EQUIPMENTS PVT LTD.,CHENNAI vs. ACIT CORPORATE CIRCLE 1(4), CHENNAI

In the result, the appeal filed by assessee in ITA

Bench: Shri Ramit Kochar & Shri Duvvuru R.L.Reddy

house property’ , as predominant purpose of the assessee was to let out its owned property ITA Nos.2172 & 2263/Chny/2018 :- 13 -: along with 2 generators installed therein with an intention to earn rental income and not to carry on any organized and systematic business activities by letting out this property along with 2 generators installed therein. In income-tax matters, the objective

ACIT (OSD) CORPORATE CIRCLE 4(2), CHENNAI vs. KKA BUILDTECH PRIVATE LIMITED, CHENNAI

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

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./Ita No.1159/Chny/2019 िनधा"रण वष" /Assessment Year: 2014-15

Section 27(iiib) of the Act. On the other hand, under certain circumstances, where the income may have been derived from letting out of the premises, it can still be treated as business income if letting out of the premises itself is the business of the assessee. 15) What is the test which has to be applied to determine whether

DCIT NON CORPORATE CIRCLE 1, CHENNAI vs. MUTHU DANIEL RAJAN, CHENNAI

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

Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.1675/Chny/2019 िनधा"रण वष" /Assessment Year: 2013-14 Mr.Muthu Daniel Rajan, V. The Asst. Commissioner- No.10, Appar Street, Of Income Tax, Kalakshetra Colony, Non-Corporate Circle-1(1), Besant Nagar, Chennai. Chennai-600 090. [Pan: Aadpd 9713 A] (अपीलाथ"/Appellant) (""यथ"/Respondent)

Section 54F, and had denied the benefit of claim of exemption U/s 54F, amounting to a value of Rs 2,60,54,377/-. 3. The appellant had purchased a residential house at Besant Nagar in the Assessment Year of 2012-13; and to meet out the costs of purchase; had sold his lands at Kunnakkadu in this Assessment Year

DCIT NON CORPORATE CIRCLE 1, CHENNAI vs. MUTHU DANIEL RAJAN, CHENNAI

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

Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.1675/Chny/2019 िनधा"रण वष" /Assessment Year: 2013-14 Mr.Muthu Daniel Rajan, V. The Asst. Commissioner- No.10, Appar Street, Of Income Tax, Kalakshetra Colony, Non-Corporate Circle-1(1), Besant Nagar, Chennai. Chennai-600 090. [Pan: Aadpd 9713 A] (अपीलाथ"/Appellant) (""यथ"/Respondent)

Section 54F, and had denied the benefit of claim of exemption U/s 54F, amounting to a value of Rs 2,60,54,377/-. 3. The appellant had purchased a residential house at Besant Nagar in the Assessment Year of 2012-13; and to meet out the costs of purchase; had sold his lands at Kunnakkadu in this Assessment Year

MUTHU DANIEL RAJAN,CHENNAI vs. CIT CORPORATE CIRCLE 1, CHENNAI

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

Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.1675/Chny/2019 िनधा"रण वष" /Assessment Year: 2013-14 Mr.Muthu Daniel Rajan, V. The Asst. Commissioner- No.10, Appar Street, Of Income Tax, Kalakshetra Colony, Non-Corporate Circle-1(1), Besant Nagar, Chennai. Chennai-600 090. [Pan: Aadpd 9713 A] (अपीलाथ"/Appellant) (""यथ"/Respondent)

Section 54F, and had denied the benefit of claim of exemption U/s 54F, amounting to a value of Rs 2,60,54,377/-. 3. The appellant had purchased a residential house at Besant Nagar in the Assessment Year of 2012-13; and to meet out the costs of purchase; had sold his lands at Kunnakkadu in this Assessment Year