RAGHAVAN RAMANATHAN,CHENNAI vs. JCIT NON CORP CIRCLE 7(1), CHENNAI

Appeal of the assessee is allowed in terms of our above order

Bench: Shri Manu Kumar Giri & Shri Amitabh Shukla

68,21,243/-. There was no claim of carry forward of any STC Loss. In view of the above, as the STC Loss claimed by the Appellant for AY 2018-19 for set off with the capital Gain for this year, was never claimed for carry forward in the ITR filed for that AY. The CPC has rightly not allowed

BAREFOOT RESORTS & LEISURES INDIA P LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 1(2), CHENNAI

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपीलसं./I.T.A.Nos.2002 To 2006/Chny/2018 ("नधा"रणवष" / Assessment Years: 2008-09 To 2012-13) M/S. Barefoot Resorts & Leisures India Vs The Deputy Commissioner Of Pvt.Ltd. Income Tax, 77/43, 2Nd Floor, Chamiers Road, Corporate Circle-1(2), Chennai-600 028. Chennai-34. Pan: Aaffb 5380B (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/ Appellant By : Mr. S.Sridhar, Advocate ""यथ"क"ओरसे/Respondent By : Mr. P.Sajit Kumar, Jcit सुनवाईक"तार"ख/Date Of Hearing : 04.08.2022 घोषणाक"तार"ख /Date Of Pronouncement : 12.10.2022 आदेश / O R D E R Per G. Manjunatha, Am: This Bunch Of Five Appeals Filed By The Assessee Are Directed Against Common Order Passed By The Learned Commissioner Of Income Tax (Appeals)-1, Chennai Dated 01.06.2018 & Pertain To Assessment Years 2008-09 To 2012- 13. Since, Facts Are Identical & Issues Are Common, For The Sake Of Convenience, These Appeals Were Heard Together & Are Being Disposed Off, By This Consolidated Order.

section 68 of the lncome tax Act. The credit of sum of Rs. 4,65,84,375/- in the books of the assessee company is therefore treated as "Unaccounted Cash Credit" u/s 68 of the IT Act as in my opinion, the explanation about the nature and source thereof or the explanation offered by the assessee is not satisfactory

BAREFOOT RESORTS & LEISURES INDIA P LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 1(2), CHENNAI

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपीलसं./I.T.A.Nos.2002 To 2006/Chny/2018 ("नधा"रणवष" / Assessment Years: 2008-09 To 2012-13) M/S. Barefoot Resorts & Leisures India Vs The Deputy Commissioner Of Pvt.Ltd. Income Tax, 77/43, 2Nd Floor, Chamiers Road, Corporate Circle-1(2), Chennai-600 028. Chennai-34. Pan: Aaffb 5380B (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/ Appellant By : Mr. S.Sridhar, Advocate ""यथ"क"ओरसे/Respondent By : Mr. P.Sajit Kumar, Jcit सुनवाईक"तार"ख/Date Of Hearing : 04.08.2022 घोषणाक"तार"ख /Date Of Pronouncement : 12.10.2022 आदेश / O R D E R Per G. Manjunatha, Am: This Bunch Of Five Appeals Filed By The Assessee Are Directed Against Common Order Passed By The Learned Commissioner Of Income Tax (Appeals)-1, Chennai Dated 01.06.2018 & Pertain To Assessment Years 2008-09 To 2012- 13. Since, Facts Are Identical & Issues Are Common, For The Sake Of Convenience, These Appeals Were Heard Together & Are Being Disposed Off, By This Consolidated Order.

section 68 of the lncome tax Act. The credit of sum of Rs. 4,65,84,375/- in the books of the assessee company is therefore treated as "Unaccounted Cash Credit" u/s 68 of the IT Act as in my opinion, the explanation about the nature and source thereof or the explanation offered by the assessee is not satisfactory

BAREFOOT RESORTS & LEISURES INDIA P LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 1(2), CHENNAI

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपीलसं./I.T.A.Nos.2002 To 2006/Chny/2018 ("नधा"रणवष" / Assessment Years: 2008-09 To 2012-13) M/S. Barefoot Resorts & Leisures India Vs The Deputy Commissioner Of Pvt.Ltd. Income Tax, 77/43, 2Nd Floor, Chamiers Road, Corporate Circle-1(2), Chennai-600 028. Chennai-34. Pan: Aaffb 5380B (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/ Appellant By : Mr. S.Sridhar, Advocate ""यथ"क"ओरसे/Respondent By : Mr. P.Sajit Kumar, Jcit सुनवाईक"तार"ख/Date Of Hearing : 04.08.2022 घोषणाक"तार"ख /Date Of Pronouncement : 12.10.2022 आदेश / O R D E R Per G. Manjunatha, Am: This Bunch Of Five Appeals Filed By The Assessee Are Directed Against Common Order Passed By The Learned Commissioner Of Income Tax (Appeals)-1, Chennai Dated 01.06.2018 & Pertain To Assessment Years 2008-09 To 2012- 13. Since, Facts Are Identical & Issues Are Common, For The Sake Of Convenience, These Appeals Were Heard Together & Are Being Disposed Off, By This Consolidated Order.

section 68 of the lncome tax Act. The credit of sum of Rs. 4,65,84,375/- in the books of the assessee company is therefore treated as "Unaccounted Cash Credit" u/s 68 of the IT Act as in my opinion, the explanation about the nature and source thereof or the explanation offered by the assessee is not satisfactory

BAREFOOT RESORTS & LEISURES INDIA P LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 1(2), CHENNAI

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपीलसं./I.T.A.Nos.2002 To 2006/Chny/2018 ("नधा"रणवष" / Assessment Years: 2008-09 To 2012-13) M/S. Barefoot Resorts & Leisures India Vs The Deputy Commissioner Of Pvt.Ltd. Income Tax, 77/43, 2Nd Floor, Chamiers Road, Corporate Circle-1(2), Chennai-600 028. Chennai-34. Pan: Aaffb 5380B (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/ Appellant By : Mr. S.Sridhar, Advocate ""यथ"क"ओरसे/Respondent By : Mr. P.Sajit Kumar, Jcit सुनवाईक"तार"ख/Date Of Hearing : 04.08.2022 घोषणाक"तार"ख /Date Of Pronouncement : 12.10.2022 आदेश / O R D E R Per G. Manjunatha, Am: This Bunch Of Five Appeals Filed By The Assessee Are Directed Against Common Order Passed By The Learned Commissioner Of Income Tax (Appeals)-1, Chennai Dated 01.06.2018 & Pertain To Assessment Years 2008-09 To 2012- 13. Since, Facts Are Identical & Issues Are Common, For The Sake Of Convenience, These Appeals Were Heard Together & Are Being Disposed Off, By This Consolidated Order.

section 68 of the lncome tax Act. The credit of sum of Rs. 4,65,84,375/- in the books of the assessee company is therefore treated as "Unaccounted Cash Credit" u/s 68 of the IT Act as in my opinion, the explanation about the nature and source thereof or the explanation offered by the assessee is not satisfactory

BAREFOOT RESORTS & LEISURES INDIA P LTD.,CHENNAI vs. DCIT CORPORATE CIRCLE 1(2), CHENNAI

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपीलसं./I.T.A.Nos.2002 To 2006/Chny/2018 ("नधा"रणवष" / Assessment Years: 2008-09 To 2012-13) M/S. Barefoot Resorts & Leisures India Vs The Deputy Commissioner Of Pvt.Ltd. Income Tax, 77/43, 2Nd Floor, Chamiers Road, Corporate Circle-1(2), Chennai-600 028. Chennai-34. Pan: Aaffb 5380B (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/ Appellant By : Mr. S.Sridhar, Advocate ""यथ"क"ओरसे/Respondent By : Mr. P.Sajit Kumar, Jcit सुनवाईक"तार"ख/Date Of Hearing : 04.08.2022 घोषणाक"तार"ख /Date Of Pronouncement : 12.10.2022 आदेश / O R D E R Per G. Manjunatha, Am: This Bunch Of Five Appeals Filed By The Assessee Are Directed Against Common Order Passed By The Learned Commissioner Of Income Tax (Appeals)-1, Chennai Dated 01.06.2018 & Pertain To Assessment Years 2008-09 To 2012- 13. Since, Facts Are Identical & Issues Are Common, For The Sake Of Convenience, These Appeals Were Heard Together & Are Being Disposed Off, By This Consolidated Order.

section 68 of the lncome tax Act. The credit of sum of Rs. 4,65,84,375/- in the books of the assessee company is therefore treated as "Unaccounted Cash Credit" u/s 68 of the IT Act as in my opinion, the explanation about the nature and source thereof or the explanation offered by the assessee is not satisfactory

SRINIVASA FASHIONS PVT LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the assessee’s appeals in ITA Nos 1965, 1966 & 1967 are

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 1965, 1966, 1967, 1968 /Mds/2016 & 2096/Mds/2017 "नधा"रण वष"/Assessment Years : 2008-09, 2008-09, 2010-11, 2011-12& 2009-10 M/S. Srinivasa Fashions Pvt. Ltd., Deputy Commissioner Of Income Tax, 1A, Regency Apartments, Vs. Corporate Circle -6(2), No. 5, 1St Lane, Aayakar Bhavan, New Block, 7Th Floor, 121 M.G. Road, Nungambakkam High Road, Chennai - 600 034. Chennai - 600 034. [Pan: Aaics 9511R]

carry forward the balance business loss of SEZ unit related to ay 2007-08 at Rs. 94,78,204/-. The CIT(A) directed the AO not to set off unabsorbed depreciation against total income while computing the deduction u/s. 10AA. Aggrieved, the Revenue is on appeal. 12. We heard the rival contentions, gone through the orders

SRINIVASA FASHIONS PVT LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the assessee’s appeals in ITA Nos 1965, 1966 & 1967 are

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 1965, 1966, 1967, 1968 /Mds/2016 & 2096/Mds/2017 "नधा"रण वष"/Assessment Years : 2008-09, 2008-09, 2010-11, 2011-12& 2009-10 M/S. Srinivasa Fashions Pvt. Ltd., Deputy Commissioner Of Income Tax, 1A, Regency Apartments, Vs. Corporate Circle -6(2), No. 5, 1St Lane, Aayakar Bhavan, New Block, 7Th Floor, 121 M.G. Road, Nungambakkam High Road, Chennai - 600 034. Chennai - 600 034. [Pan: Aaics 9511R]

carry forward the balance business loss of SEZ unit related to ay 2007-08 at Rs. 94,78,204/-. The CIT(A) directed the AO not to set off unabsorbed depreciation against total income while computing the deduction u/s. 10AA. Aggrieved, the Revenue is on appeal. 12. We heard the rival contentions, gone through the orders

SRINIVASA FASHIONS PVT LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the assessee’s appeals in ITA Nos 1965, 1966 & 1967 are

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 1965, 1966, 1967, 1968 /Mds/2016 & 2096/Mds/2017 "नधा"रण वष"/Assessment Years : 2008-09, 2008-09, 2010-11, 2011-12& 2009-10 M/S. Srinivasa Fashions Pvt. Ltd., Deputy Commissioner Of Income Tax, 1A, Regency Apartments, Vs. Corporate Circle -6(2), No. 5, 1St Lane, Aayakar Bhavan, New Block, 7Th Floor, 121 M.G. Road, Nungambakkam High Road, Chennai - 600 034. Chennai - 600 034. [Pan: Aaics 9511R]

carry forward the balance business loss of SEZ unit related to ay 2007-08 at Rs. 94,78,204/-. The CIT(A) directed the AO not to set off unabsorbed depreciation against total income while computing the deduction u/s. 10AA. Aggrieved, the Revenue is on appeal. 12. We heard the rival contentions, gone through the orders

SRINIVASA FASHIONS PVT LTD.,CHENNAI vs. DCIT, CHENNAI

In the result, the assessee’s appeals in ITA Nos 1965, 1966 & 1967 are

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 1965, 1966, 1967, 1968 /Mds/2016 & 2096/Mds/2017 "नधा"रण वष"/Assessment Years : 2008-09, 2008-09, 2010-11, 2011-12& 2009-10 M/S. Srinivasa Fashions Pvt. Ltd., Deputy Commissioner Of Income Tax, 1A, Regency Apartments, Vs. Corporate Circle -6(2), No. 5, 1St Lane, Aayakar Bhavan, New Block, 7Th Floor, 121 M.G. Road, Nungambakkam High Road, Chennai - 600 034. Chennai - 600 034. [Pan: Aaics 9511R]

carry forward the balance business loss of SEZ unit related to ay 2007-08 at Rs. 94,78,204/-. The CIT(A) directed the AO not to set off unabsorbed depreciation against total income while computing the deduction u/s. 10AA. Aggrieved, the Revenue is on appeal. 12. We heard the rival contentions, gone through the orders

DCIT, CHENNAI vs. SRINIVASA FASHIONS LTD., CHENNAI

In the result, the assessee’s appeals in ITA Nos 1965, 1966 & 1967 are

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 1965, 1966, 1967, 1968 /Mds/2016 & 2096/Mds/2017 "नधा"रण वष"/Assessment Years : 2008-09, 2008-09, 2010-11, 2011-12& 2009-10 M/S. Srinivasa Fashions Pvt. Ltd., Deputy Commissioner Of Income Tax, 1A, Regency Apartments, Vs. Corporate Circle -6(2), No. 5, 1St Lane, Aayakar Bhavan, New Block, 7Th Floor, 121 M.G. Road, Nungambakkam High Road, Chennai - 600 034. Chennai - 600 034. [Pan: Aaics 9511R]

carry forward the balance business loss of SEZ unit related to ay 2007-08 at Rs. 94,78,204/-. The CIT(A) directed the AO not to set off unabsorbed depreciation against total income while computing the deduction u/s. 10AA. Aggrieved, the Revenue is on appeal. 12. We heard the rival contentions, gone through the orders

SRINIVASA FASHIONS PVT. LTD.,CHENNAI vs. DCIT, CORPORATE CIRCLE-6(2), CHENNAI

In the result, the assessee’s appeals in ITA Nos 1965, 1966 & 1967 are

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. Nos. 1965, 1966, 1967, 1968 /Mds/2016 & 2096/Mds/2017 "नधा"रण वष"/Assessment Years : 2008-09, 2008-09, 2010-11, 2011-12& 2009-10 M/S. Srinivasa Fashions Pvt. Ltd., Deputy Commissioner Of Income Tax, 1A, Regency Apartments, Vs. Corporate Circle -6(2), No. 5, 1St Lane, Aayakar Bhavan, New Block, 7Th Floor, 121 M.G. Road, Nungambakkam High Road, Chennai - 600 034. Chennai - 600 034. [Pan: Aaics 9511R]

carry forward the balance business loss of SEZ unit related to ay 2007-08 at Rs. 94,78,204/-. The CIT(A) directed the AO not to set off unabsorbed depreciation against total income while computing the deduction u/s. 10AA. Aggrieved, the Revenue is on appeal. 12. We heard the rival contentions, gone through the orders

RAVINDRA ARUNACHALA NADAR,CHENNAI vs. ACIT NON CORPORATE CIRCLE-15(1), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपील सं./Ita N.: 3363/Chny/2019 िनधा"रण वष" / Assessment Year: 2014-15 Shri Ravindra Arunachala The Acit, Nadar, V. Non-Corporate Circle 15(1), No.161A, Thiruvalluvar Salai, Chennai. Thiruvanmiyur, Chennai – 600 041. Pan: Adfpr1113B (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri N. Anush Shanker, Ca & अपीलाथ" क" ओर से/Appellant By Shri V. Balaji, Ca ""यथ" क" ओर से/Respondent By : Shri G. Johnson, Addl.Cit

carried forward since 2005-06. Any loan or advance including land advance cannot be brought to tax u/s.41(1) of the Act, because said loan or advance was never claimed as deduction of an expenditure or allowance or trade loss in the earlier financial years. Therefore, we are of the considered view that the AO as well

SMT. SHARMILA S. JAIN,,CHENNAI vs. DCIT, CC - 2 (1),, CHENNAI

2400/CHNY/2019

Bench: Shri Mahavir Singhand Dr. M.L. Meena

forward addition of 2011-12 to 2012-13 and retained addition in 2011-12 at Rs.13.50 lakhs but deleted addition in AY 2012-13 and the CIT(A) has rightly allowed set off of Rs.13 lakhs in AY 2013-14 and balance addition of 40 I.T.A. Nos.2357 to 2363, 2389 to 2402 & 2587 to 2598/Chny/2019 & 429 to 446/Chny/2020 Rs.37 lakhs

SMT. SHARMILA S. JAIN,,CHENNAI vs. DCIT, CC - 2 (1),, CHENNAI

2400/CHNY/2019

Bench: Shri Mahavir Singhand Dr. M.L. Meena

forward addition of 2011-12 to 2012-13 and retained addition in 2011-12 at Rs.13.50 lakhs but deleted addition in AY 2012-13 and the CIT(A) has rightly allowed set off of Rs.13 lakhs in AY 2013-14 and balance addition of 40 I.T.A. Nos.2357 to 2363, 2389 to 2402 & 2587 to 2598/Chny/2019 & 429 to 446/Chny/2020 Rs.37 lakhs

SMT. SHARMILA S. JAIN,,CHENNAI vs. DCIT, CC - 2 (1),, CHENNAI

2400/CHNY/2019

Bench: Shri Mahavir Singhand Dr. M.L. Meena

forward addition of 2011-12 to 2012-13 and retained addition in 2011-12 at Rs.13.50 lakhs but deleted addition in AY 2012-13 and the CIT(A) has rightly allowed set off of Rs.13 lakhs in AY 2013-14 and balance addition of 40 I.T.A. Nos.2357 to 2363, 2389 to 2402 & 2587 to 2598/Chny/2019 & 429 to 446/Chny/2020 Rs.37 lakhs

SMT. SHARMILA S. JAIN,,CHENNAI vs. DCIT, CC - 2 (1),, CHENNAI

2400/CHNY/2019

Bench: Shri Mahavir Singhand Dr. M.L. Meena

forward addition of 2011-12 to 2012-13 and retained addition in 2011-12 at Rs.13.50 lakhs but deleted addition in AY 2012-13 and the CIT(A) has rightly allowed set off of Rs.13 lakhs in AY 2013-14 and balance addition of 40 I.T.A. Nos.2357 to 2363, 2389 to 2402 & 2587 to 2598/Chny/2019 & 429 to 446/Chny/2020 Rs.37 lakhs

SMT. SHARMILA S. JAIN,,CHENNAI vs. DCIT, CC - 2 (1),, CHENNAI

2400/CHNY/2019

Bench: Shri Mahavir Singhand Dr. M.L. Meena

forward addition of 2011-12 to 2012-13 and retained addition in 2011-12 at Rs.13.50 lakhs but deleted addition in AY 2012-13 and the CIT(A) has rightly allowed set off of Rs.13 lakhs in AY 2013-14 and balance addition of 40 I.T.A. Nos.2357 to 2363, 2389 to 2402 & 2587 to 2598/Chny/2019 & 429 to 446/Chny/2020 Rs.37 lakhs