DCIT CC 2 2 , CHENNAI, CHENNAI vs. SOUTHERN AGRIFURANE INDUSTRIES PVT LTD, CHENNAI

In the result, both the appeals filed by the Revenue and the\nassessee are dismissed

property, being land or building or both, shares\nand securities, loans and advances, deposits in bank account.\n(1A) Notwithstanding anything contained in sub-section (1), where the\nincome chargeable to tax represented in the form of an asset or\nexpenditure in relation to an event or occasion of the value referred to\nin clause (b) of sub-section (1

SOUTHERN AGRIFURANE INDUSTRIES PVT. LTD.,CHENNAI vs. ACIT, CENTRAL CIRCLE-2(2),, CHENNAI

In the result, both the appeals filed by the Revenue and the\nassessee are dismissed

property, being land or building or both, shares\nand securities, loans and advances, deposits in bank account.\n(1A) Notwithstanding anything contained in sub-section (1), where the\nincome chargeable to tax represented in the form of an asset or\nexpenditure in relation to an event or occasion of the value referred to\nin clause (b) of sub-section (1

DCIT CC 2 2 , CHENNAI, CHENNAI vs. SOUTHERN AGRIFURANE INDUSTRIES PVT LTD, CHENNAI

In the result, both the appeals filed by the Revenue and the\nassessee are dismissed

property, being land or building or both, shares\nand securities, loans and advances, deposits in bank account.\n(1A) Notwithstanding anything contained in sub-section (1), where the\nincome chargeable to tax represented in the form of an asset or\nexpenditure in relation to an event or occasion of the value referred to\nin clause (b) of sub-section (1

SOUTHERN AGRIFURANE INDUSTRIES PVT.. LTD.,CHENNAI vs. ACIT, CENTRAL CIRCLE-2(2), CHENNAI

In the result, both the appeals filed by the Revenue and the\nassessee are dismissed

property, being land or building or both, shares\nand securities, loans and advances, deposits in bank account.\n(1A) Notwithstanding anything contained in sub-section (1), where the\nincome chargeable to tax represented in the form of an asset or\nexpenditure in relation to an event or occasion of the value referred to\nin clause (b) of sub-section (1

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

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

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

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2 (2), CHENNAI, CHENNAI vs. SOUTHERN AGRIFURANE INDUSTRIES PVT LTD, CHENNAI

property, being land or building or both, shares\nand securities, loans and advances, deposits in bank account.\n(1A) Notwithstanding anything contained in sub-section (1), where the\nincome chargeable to tax represented in the form of an asset or\nexpenditure in relation to an event or occasion of the value referred to\nin clause (b) of sub-section (1

SOUTHERN AGRIFURANE INDUSTRIES PVT. LTD.,CHENNAI vs. ACIT, CENTRAL CIRCLE-2(2),, CHENNAI

property, being land or building or both, shares\nand securities, loans and advances, deposits in bank account.\n(1A) Notwithstanding anything contained in sub-section (1), where the\nincome chargeable to tax represented in the form of an asset or\nexpenditure in relation to an event or occasion of the value referred to\nin clause (b) of sub-section (1

DCIT CORPORATE CIRCLE 5(1), CHENNAI vs. REPCO HOME FINANCE P LTD., CHENNAI

In the result, the appeal of Revenue in ITA no

Bench: Shri George Mathan & Shri Ramit Kochar

Section 36(1)(viii) of the 1961 Act , the eligible business is of providing long term finance for construction or purchase of houses in India for residential purposes . The AO observed that the assessee has claimed deduction to the tune of 20% of total business income instead of profits derived from providing long term finance for construction or purchase

SIVANANDHA MILLS LIMITED,COIMBATORE vs. ACIT, COIMBATORE

In the result, ITA No.2106/Mds/13 is partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

housing, factory and corporate office thereby virtually preventing all from ingress and egress. In the meantime the secured creditor – Bank of Baroda, which had earlier advanced loan against the security of all the assets, including Stock-in-Trade, had moved petition before DRT (Debts Recovery Tribunal) and also under SARFAESI Act (The 4 - - ITA 1216 & 2106/13 Securitization and Reconstruction

M/S. SIVANANDHA MILLS LTD.,COIMBATORE vs. DCIT, COIMBATORE

In the result, ITA No.2106/Mds/13 is partly allowed for statistical purposes

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

housing, factory and corporate office thereby virtually preventing all from ingress and egress. In the meantime the secured creditor – Bank of Baroda, which had earlier advanced loan against the security of all the assets, including Stock-in-Trade, had moved petition before DRT (Debts Recovery Tribunal) and also under SARFAESI Act (The 4 - - ITA 1216 & 2106/13 Securitization and Reconstruction

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

In the result, ITA No.2858/Mds

Bench: Shri Chandra Poojari & Shri Duvvuru Rl Reddy

house at a prime location could not be called as unreasonable without the AO controverting the same or without marshalling facts about the rent prevalent in the same / similar area of comparable properties and comparable needs / urgency of the prospective / actual tenants. Here too, since the AO has not referred the issue of the reasonability or otherwise of the rent