ACIT NON CORP CIRCLE 1 (1) FORMERLY KNOWN AS BUSINESS CIRCLE 1, CHENNAI vs. M/S DEOLITE HASKINS & SELLS, CHENNAI

Bench: Shri Joginder Singh & Shri A.Mohan Alankamony

147 and both the first appellate authority as well as the Tribunal accepted the contention of the ITA Nos.2578 to 2580/chny/2017 :- 46 -: C.O.Nos.47to 49/Chny/2018 M/s.Deloittee Haskins & Sells assessee holding that so far as the reassessments related to assessment of unexplained trade credits, they were invalid. On appeal, it has been held that the reassessments were to be valid

ACIT CENTRAL CIRCLE, SALEM vs. THRIVENI EARTHMOVERS PVT. LTD., SALEM

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. Nos. 2280, 2281, 2282 & 2283/Chny/2018 "नधा"रण वष" /Assessment Years :2011-12, 2012-13, 2013-14 & 2014-15 The Assistant Commissioner Vs. M/S. Thriveni Earthmovers Pvt Ltd, Of Income Tax, 22/110, Greenways Road, Central Circle, Fairlands, Salem Salem 636 016. [Pan Aabct 6759R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

158 (Mahaparat site) Subcontract payments in Sirajuddin mines out of scope of work order disallowed. 9,19,55,168 Being aggrieved by the above additions, the assessee-company 7. preferred an appeal before ld. CIT(A) challenging the very validity of initiation of reassessment proceedings as well as merits of the additions made. Reopening was challenged on the grounds that

ACIT CENTRAL CIRCLE, SALEM vs. THRIVENI EARTHMOVERS PVT. LTD., SALEM

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. Nos. 2280, 2281, 2282 & 2283/Chny/2018 "नधा"रण वष" /Assessment Years :2011-12, 2012-13, 2013-14 & 2014-15 The Assistant Commissioner Vs. M/S. Thriveni Earthmovers Pvt Ltd, Of Income Tax, 22/110, Greenways Road, Central Circle, Fairlands, Salem Salem 636 016. [Pan Aabct 6759R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

158 (Mahaparat site) Subcontract payments in Sirajuddin mines out of scope of work order disallowed. 9,19,55,168 Being aggrieved by the above additions, the assessee-company 7. preferred an appeal before ld. CIT(A) challenging the very validity of initiation of reassessment proceedings as well as merits of the additions made. Reopening was challenged on the grounds that

ACIT CENTRAL CIRCLE, SALEM vs. THRIVENI EARTHMOVERS PVT. LTD., SALEM

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. Nos. 2280, 2281, 2282 & 2283/Chny/2018 "नधा"रण वष" /Assessment Years :2011-12, 2012-13, 2013-14 & 2014-15 The Assistant Commissioner Vs. M/S. Thriveni Earthmovers Pvt Ltd, Of Income Tax, 22/110, Greenways Road, Central Circle, Fairlands, Salem Salem 636 016. [Pan Aabct 6759R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

158 (Mahaparat site) Subcontract payments in Sirajuddin mines out of scope of work order disallowed. 9,19,55,168 Being aggrieved by the above additions, the assessee-company 7. preferred an appeal before ld. CIT(A) challenging the very validity of initiation of reassessment proceedings as well as merits of the additions made. Reopening was challenged on the grounds that

ACIT CENTRAL CIRCLE, SALEM vs. THRIVENI EARTHMOVERS PVT. LTD., SALEM

In the result, the appeal filed by the Revenue in ITA

Bench: Shri Inturi Rama Rao & Shri Duvvuru Rl Reddy] आयकर अपील सं./I.T.A. Nos. 2280, 2281, 2282 & 2283/Chny/2018 "नधा"रण वष" /Assessment Years :2011-12, 2012-13, 2013-14 & 2014-15 The Assistant Commissioner Vs. M/S. Thriveni Earthmovers Pvt Ltd, Of Income Tax, 22/110, Greenways Road, Central Circle, Fairlands, Salem Salem 636 016. [Pan Aabct 6759R] (अपीलाथ"/Appellant) (""यथ"/Respondent)

158 (Mahaparat site) Subcontract payments in Sirajuddin mines out of scope of work order disallowed. 9,19,55,168 Being aggrieved by the above additions, the assessee-company 7. preferred an appeal before ld. CIT(A) challenging the very validity of initiation of reassessment proceedings as well as merits of the additions made. Reopening was challenged on the grounds that

DCIT, CHENNAI vs. PVP VENTURES LTD., CHENNAI

In the result, both the appeals filed by the Revenue are dismissed

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

158 (Bom) were quoted with approval : "That is why it is important to consider whether the expression used in the Indian statute for setting up a business is different from the expression Mr. Justice Rowlatt was considering, viz., 'commencing of the business'. It seems to us that the expression 'setting up' means, as is defined in the Oxford English Dictionary

DCIT, CHENNAI vs. PVP VENTURES LTD., CHENNAI

In the result, both the appeals filed by the Revenue are dismissed

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

158 (Bom) were quoted with approval : "That is why it is important to consider whether the expression used in the Indian statute for setting up a business is different from the expression Mr. Justice Rowlatt was considering, viz., 'commencing of the business'. It seems to us that the expression 'setting up' means, as is defined in the Oxford English Dictionary

INDIAN OVERSEAS BANK,CHENNAI vs. ACIT, LTU-2,, CHENNAI

In the result, both the appeals filed by the assessee are allowed

Bench: Shri Manu Kumar Giri, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita Nos.: 1570 & 1571/Chny/2024 िनधा"रण वष" / Assessment Years: 2016-17 & 2017-18 Indian Overseas Bank, The Principal Commissioner Of 763, Anna Salai, V. Income Tax, Anna Road, Chennai -4, Chennai – 600 002. Chennai -600 034. [Pan: Aaaci-1223-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. C. Naresh, Ca : Shri. Nilay Baran Som, Cit ""यथ" क" ओर से/Respondent By सुनवाई क" तारीख/Date Of Hearing : 25.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 18.12.2024 आदेश /O R D E R Per S. R. Raghunatha:

section 263 and revising the order of AO passed u/s.143(3) r.w.s 147 dated 30/3/2022 without coming to conclusion the order was erroneous but merely directing the AO to re-examine various issues. 2. On the facts and in the circumstances of the case and in law the Ld.PCIT erred in passing the order u/s.263 without taking into consideration

INDIAN OVERSEAS BANK,CHENNAI vs. DCIT, LTU-2,, CHENNAI

In the result, both the appeals filed by the assessee are allowed

Bench: Shri Manu Kumar Giri, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita Nos.: 1570 & 1571/Chny/2024 िनधा"रण वष" / Assessment Years: 2016-17 & 2017-18 Indian Overseas Bank, The Principal Commissioner Of 763, Anna Salai, V. Income Tax, Anna Road, Chennai -4, Chennai – 600 002. Chennai -600 034. [Pan: Aaaci-1223-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri. C. Naresh, Ca : Shri. Nilay Baran Som, Cit ""यथ" क" ओर से/Respondent By सुनवाई क" तारीख/Date Of Hearing : 25.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 18.12.2024 आदेश /O R D E R Per S. R. Raghunatha:

section 263 and revising the order of AO passed u/s.143(3) r.w.s 147 dated 30/3/2022 without coming to conclusion the order was erroneous but merely directing the AO to re-examine various issues. 2. On the facts and in the circumstances of the case and in law the Ld.PCIT erred in passing the order u/s.263 without taking into consideration

COASTAL ENERGY PVT LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 1(2), CHENNAI

In the result, both the appeals filed by the assessee as well as Revenue are dismissed

Bench: Shri V. Durga Rao & Shri Manjunatha, G.आयकर अपील सं./I.T.A. No.1337/Chny/2018 िनधा"रण वष"/Assessment Year: 2009-10 M/S. Coastal Energy Pvt. Ltd., Vs. The Deputy Commissioner Of No. 4, Buharia Towers, 5Th Floor, Income Tax, Moores Road, Chennai 600 006. Corporate Circle 1(2), Chennai. [Pan:Aaacc4160A] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.1354/Chny/2018 िनधा"रण वष"/Assessment Year: 2009-10 The Deputy Commissioner Of Vs. M/S. Coastal Energy Pvt. Ltd., No. 4, Buharia Towers, 5Th Floor, Income Tax, Central Circle 1(1), Moores Road, Chennai 600 006. Chennai. (अपीलाथ"/Appellant) (""थ"/Respondent) Assessee By : Shri B. Ramakrishnan, Fca Department By : Shri R. Mohan Reddy, Cit सुनवाई की तारीख/ Date Of Hearing : 26.06.2023 घोषणा की तारीख /Date Of Pronouncement : 06.09.2023 आदेश /O R D E R Per V. Durga Rao: Both The Cross Appeals Filed By The Assessee As Well As Revenue Are Directed Against The Order Of The Ld. Commissioner Of Income Tax

reassessment proceedings, the loss claimed by the assessee on foreign exchange 4 I.T.A. Nos.1354 & 1337/Chny/18 fluctuation to the extent of ₹.41,31,84,609/- and the loss claimed on account of restatement of the payables to the extent of ₹.40,98,03,268/- was disallowed and accordingly, the Assessing Officer has completed the assessment under section 143(3) r.w.s. 147

DCIT CENTRAL CIRCLE 1(1), CHENNAI vs. COASTAL ENERGY PVT LTD., CHENNAI

In the result, both the appeals filed by the assessee as well as Revenue are dismissed

Bench: Shri V. Durga Rao & Shri Manjunatha, G.आयकर अपील सं./I.T.A. No.1337/Chny/2018 िनधा"रण वष"/Assessment Year: 2009-10 M/S. Coastal Energy Pvt. Ltd., Vs. The Deputy Commissioner Of No. 4, Buharia Towers, 5Th Floor, Income Tax, Moores Road, Chennai 600 006. Corporate Circle 1(2), Chennai. [Pan:Aaacc4160A] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.1354/Chny/2018 िनधा"रण वष"/Assessment Year: 2009-10 The Deputy Commissioner Of Vs. M/S. Coastal Energy Pvt. Ltd., No. 4, Buharia Towers, 5Th Floor, Income Tax, Central Circle 1(1), Moores Road, Chennai 600 006. Chennai. (अपीलाथ"/Appellant) (""थ"/Respondent) Assessee By : Shri B. Ramakrishnan, Fca Department By : Shri R. Mohan Reddy, Cit सुनवाई की तारीख/ Date Of Hearing : 26.06.2023 घोषणा की तारीख /Date Of Pronouncement : 06.09.2023 आदेश /O R D E R Per V. Durga Rao: Both The Cross Appeals Filed By The Assessee As Well As Revenue Are Directed Against The Order Of The Ld. Commissioner Of Income Tax

reassessment proceedings, the loss claimed by the assessee on foreign exchange 4 I.T.A. Nos.1354 & 1337/Chny/18 fluctuation to the extent of ₹.41,31,84,609/- and the loss claimed on account of restatement of the payables to the extent of ₹.40,98,03,268/- was disallowed and accordingly, the Assessing Officer has completed the assessment under section 143(3) r.w.s. 147

RAMASAMY KANDASAMY,KARUR vs. ITO, WARD-1,, KARUR

In the result, the appeal of the assessee is allowed

Bench: Shri Manu Kumar Giri & Shri Jagadishआयकर अपील सं./Ita No.2023/Chny/2025 िनधा"रण वष"/Assessment Year: 2012-13 V. Ramasamy Kandasamy, The Ito, No.4/76, Sf No.927, Sukkaliyur, Ward-1, Karur-639 003. Karur. [Pan: Ajgpk 4945 H]

section 148 could be issued. It is further pertinent to mention here that in the case of CIT vs. Nova Promoters & Finlease (P) Ltd (ITA No. 342 of 2011) dated 15.02.2012, the Hon'ble Delhi High Court held that as long as there is a 'live link' between the material which was placed before the Assessing Officer at the time

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

147, section 148, section 149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall— (a) issue notice to such person requiring him to furnish within

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

147, section 148, section 149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall— (a) issue notice to such person requiring him to furnish within

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

147, section 148, section 149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall— (a) issue notice to such person requiring him to furnish within

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

147, section 148, section 149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall— (a) issue notice to such person requiring him to furnish within

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

147, section 148, section 149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall— (a) issue notice to such person requiring him to furnish within

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

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

147, section 148, section 149, section 151 and section 153, in the case of a person where a search is initiated under section 132 or books of account, other documents or any assets are requisitioned under section 132A after the 31st day of May, 2003, the Assessing Officer shall-\n\n(a) issue notice to such person requiring