M/S. UPDATER SERVICES LTD.,CHENNAI vs. DCIT, CENTRAL CIRCLE-2(3), CHENNAI

In the result, the grounds of appeal raised by both the assessee and the Revenue, as well as the grounds raised in the cross-objections filed by the assessee, are treated as allowed for statistical...

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.:1339 /Chny/2025 िनधा#रण वष# / Assessment Year: 2017-18 M/S. Updater Services Limited (Formerly Dcit, Known As Updater Services Private Vs. Central Circle -2(3), Limited), No.2/302-A, Uds Salai, Chennai. Off Old Mahabalipuram Road, Thoraipakkam, Chennai – 600 097. [Pan:Aaacu-6845-J] (अपीलाथ%/Appellant) (&'थ%/Respondent)

68 [erstwhile] Section 77A of the Act. Further, it is humbly submitted that buy back under Section 77A of the Companies Act, 1956 was an alternative method provided to the Company as against Section 391

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LTD.,CHENNAI vs. ACIT, LARGE TAXPAYER UNIT-1, CHENNAI

Bench: Shri Mahavir Singh, Hon’Ble & Shrimanjunatha.G, Hon’Bleआयकरअपीलसं./Ita No.269/Chny/2022 िनधा"रणवष"/Assessment Year: 2017-18 V. M/S.Cognizant Technology- The Asst. Commissioner- Solutions India Pvt. Ltd., Of Income Tax, 5/535, Okkiam, Thoriapakkam, Large Taxpayer Unit-1, Old Mahabalipuram Road, Chennai. Chennai-600 096. [Pan:Aaacd 3312 M] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri Ajay Vohra, Sr.Counsel For Shri N.V. Balaji, Adv. ""यथ" क" ओर से /Respondent By : Shri R.Shankaranarayanan, Additional Solicitor – General Of India For Shri A.P.Srinivas, Sr. Standing Counsel : सुनवाईक"तारीख/Date Of Hearing 03.07.2023 घोषणाक"तारीख /Date Of Pronouncement : 13.09.2023

section 77. The same distinction is maintained in all the relevant provisions of Companies Act 2013 also. "Buy- back" of shares attracts buyback tax u/s 115QA, whereas "purchase of own shares" involving the mandatory capital reduction attracts DDT u/s 115-O. In other words, more particularly, "buy-back'' of shares [u/s 77A or u/s 391 r.w.s 77A of Companies

ASSISTANT COMMISSIONER OF INCOME TAX, NUNGAMBAKKAM vs. R K M POWERGEN PRIVATE LIMITED, T NAGAR

In the result the appeal of the revenue for the both the

Section 92CA(3) was passed on 20.12.2018 proposing downward adjustment of Rs.832.05 crores to the cost of equipment imported from MIPP. The TPO did not propose any adjustment on the receipt of share capital reported in the Form ЗСЕВ.\n4.6\nSubsequently, a show cause notice ('SCN') was issued on 11.02.2019 to show cause why share capital and share premium

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. R K M POWERGEN PVT. LTD., CHENNAI

In the result the appeal of the revenue for the both the\n

Section 92CA(3) was passed on 20.12.2018\nproposing downward adjustment of Rs.832.05 crores to the cost\nof equipment imported from MIPP. The TPO did not propose any\nadjustment on the receipt of share capital reported in the Form\nЗСЕВ.\n4.6 Subsequently, a show cause notice ('SCN') was issued on\n11.02.2019 to show cause why share capital and share\npremium

DCIT, CHENNAI vs. SIVA VENTURES LTD., CHENNAI

In the result, the assessee’s appeals in ITA No 1392/2016 for the

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

391 & 1973/Chny/2016 "नधा"रणवष"/Assessment Years : 2007-08, 2008-09 & 2010-11 M/s. Siva Ventures Ltd., Vs. The Asst. Commissioner of (Now Merged with M/s.Siva Industries Income Tax, & Holdings Ltd.) Company Circle- 6(2), First Floor, Block-1, Beliciaa Towers, Chennai. Door No.71/1, MRC Nagar Main Road,Raja Annamalaipuram Chennai – 600 028. [PAN: AAACS 4460M] आयकर अपील सं/.I.T.A

DCIT, CHENNAI vs. SIVA VENTURES LTD., CHENNAI

In the result, the assessee’s appeals in ITA No 1392/2016 for the

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

391 & 1973/Chny/2016 "नधा"रणवष"/Assessment Years : 2007-08, 2008-09 & 2010-11 M/s. Siva Ventures Ltd., Vs. The Asst. Commissioner of (Now Merged with M/s.Siva Industries Income Tax, & Holdings Ltd.) Company Circle- 6(2), First Floor, Block-1, Beliciaa Towers, Chennai. Door No.71/1, MRC Nagar Main Road,Raja Annamalaipuram Chennai – 600 028. [PAN: AAACS 4460M] आयकर अपील सं/.I.T.A

SIVA INDUSTRIES AND HOLDINGS LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the assessee’s appeals in ITA No 1392/2016 for the

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

391 & 1973/Chny/2016 "नधा"रणवष"/Assessment Years : 2007-08, 2008-09 & 2010-11 M/s. Siva Ventures Ltd., Vs. The Asst. Commissioner of (Now Merged with M/s.Siva Industries Income Tax, & Holdings Ltd.) Company Circle- 6(2), First Floor, Block-1, Beliciaa Towers, Chennai. Door No.71/1, MRC Nagar Main Road,Raja Annamalaipuram Chennai – 600 028. [PAN: AAACS 4460M] आयकर अपील सं/.I.T.A

DCIT, CHENNAI vs. SIVA VENTURES LIMITED, CHENNAI

In the result, the assessee’s appeals in ITA No 1392/2016 for the

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaraman

391 & 1973/Chny/2016 "नधा"रणवष"/Assessment Years : 2007-08, 2008-09 & 2010-11 M/s. Siva Ventures Ltd., Vs. The Asst. Commissioner of (Now Merged with M/s.Siva Industries Income Tax, & Holdings Ltd.) Company Circle- 6(2), First Floor, Block-1, Beliciaa Towers, Chennai. Door No.71/1, MRC Nagar Main Road,Raja Annamalaipuram Chennai – 600 028. [PAN: AAACS 4460M] आयकर अपील सं/.I.T.A

ACIT, CHENNAI vs. MENAKURU SUKUMAR REDDY , CHENNAI

68,89,922 1,15,25,809\nThe settled legal position that the same income cannot be subjected to tax twice\nis no longer res integra and stands affirmed by the Hon'ble Supreme Court in\nBerger Paints India Ltd. as well as by the Hon'ble Bombay High Court in Skyline\nGreat Hills. Respectfully following the aforesaid binding judicial

MENAKURU SUKUMAR REDDY,HYDERABAD vs. DCIT(A), CHENNAI

68,89,922 | 1,15,25,809\nPAGE-23\n:-23-:\nITA Nos: 991, 992, 993,\n1639 & 1644/Chny/2025\nGreat Hills. Respectfully following the aforesaid binding judicial precedents, we\nare of the considered view that the action of the Ld.CIT(A) in treating the advance\nrental receipts as income of the year under consideration is contrary to the settled\nprinciples governing

MENAKURU SUKUMAR REDDY,HYDERABAD vs. DCIT(A), CHENNAI

In the result the appeal of the revenue is dismissed

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunatha

68,89,922 1,15,25,809 The settled legal position that the same income cannot be subjected to tax twice is no longer res integra and stands affirmed by the Hon’ble Supreme Court in Berger Paints India Ltd. as well as by the Hon’ble Bombay High Court in Skyline :-24-: ITA Nos: 991, 992, 993, 1639 & 1644/Chny/2025

MENAKURU SUKUMAR REDDY,HYDERABAD vs. DCIT(A), CHENNAI

In the result the appeal of the revenue is dismissed

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunatha

68,89,922 1,15,25,809 The settled legal position that the same income cannot be subjected to tax twice is no longer res integra and stands affirmed by the Hon’ble Supreme Court in Berger Paints India Ltd. as well as by the Hon’ble Bombay High Court in Skyline :-24-: ITA Nos: 991, 992, 993, 1639 & 1644/Chny/2025

M/S. KALLAKURICHI CO-OPERATIVE SUGAR MILLS LTD.,KALLAKURICHI vs. ACIT, VILLUPURAM

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

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.369/Chny/2019 & Ita Nos.409 & 410/Chny/2020 िनधा"रण वष" /Assessment Year: 2015-16 & Assessment Years: 2011-12 & 2012-13 V. M/S.Kallakurichi Co-Operative- The Asst. Commissioner- Sugar Mills Unit-Ii, Of Income Tax, Cs11, Kachirapalayam, Villupuram Circle, Kallakurichi, Villupuram. Villupuram. [Pan: Aaaak 0655 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent)

391/-. The case has been, subsequently, re-opened u/s.147 of the Act, for the reasons recorded, as per which, income chargeable to tax has been escaped assessment on account of deduction claimed u/s.80P(2)(d) of the Act, in respect of interest and dividend income earned from Co-operative Banks amounting to Rs.6,75,68,767/-. The assessment has been

M/S. KALLAKURICHI CO-OPERATIVE SUGAR MILLS LTD.,KALLAKURICHI vs. ACIT, VILLUPURAM

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

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.369/Chny/2019 & Ita Nos.409 & 410/Chny/2020 िनधा"रण वष" /Assessment Year: 2015-16 & Assessment Years: 2011-12 & 2012-13 V. M/S.Kallakurichi Co-Operative- The Asst. Commissioner- Sugar Mills Unit-Ii, Of Income Tax, Cs11, Kachirapalayam, Villupuram Circle, Kallakurichi, Villupuram. Villupuram. [Pan: Aaaak 0655 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent)

391/-. The case has been, subsequently, re-opened u/s.147 of the Act, for the reasons recorded, as per which, income chargeable to tax has been escaped assessment on account of deduction claimed u/s.80P(2)(d) of the Act, in respect of interest and dividend income earned from Co-operative Banks amounting to Rs.6,75,68,767/-. The assessment has been

M/S. KALLAKURICHI CO-OPERATIVE SUGAR MILLS LTD.,KALLAKURICHI vs. ACIT, VILLUPURAM

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

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.369/Chny/2019 & Ita Nos.409 & 410/Chny/2020 िनधा"रण वष" /Assessment Year: 2015-16 & Assessment Years: 2011-12 & 2012-13 V. M/S.Kallakurichi Co-Operative- The Asst. Commissioner- Sugar Mills Unit-Ii, Of Income Tax, Cs11, Kachirapalayam, Villupuram Circle, Kallakurichi, Villupuram. Villupuram. [Pan: Aaaak 0655 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent)

391/-. The case has been, subsequently, re-opened u/s.147 of the Act, for the reasons recorded, as per which, income chargeable to tax has been escaped assessment on account of deduction claimed u/s.80P(2)(d) of the Act, in respect of interest and dividend income earned from Co-operative Banks amounting to Rs.6,75,68,767/-. The assessment has been

DCIT, CC2(2), CHENNAI, CHENNAI vs. JAYAPRIYA COMPANY, CHENNAI

In the result, both the appeals of the Revenue are dismissed and

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

391 (SC)/[2010] 323 ITR 397 (SC). The Head note of the case and relevant paragraph of the decision are reproduced below: "Section 36(1)(vii) of the Income-tax Act, 1961 Bad debts Assessment years 1990-91, 1993-94 and 1994-95 Whether after 1-4-1989, it is not necessary for assessee to establish that debt

DCIT, CEN CIR 2(2), CHENNAI, CHENNAI vs. JAYAPRIYA COMPANY, CHENNAI

In the result, both the appeals of the Revenue are dismissed and

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

391 (SC)/[2010] 323 ITR 397 (SC). The Head note of the case and relevant paragraph of the decision are reproduced below: "Section 36(1)(vii) of the Income-tax Act, 1961 Bad debts Assessment years 1990-91, 1993-94 and 1994-95 Whether after 1-4-1989, it is not necessary for assessee to establish that debt

DCIT,CENTRAL CIRCLE-2.4, CHENNAI vs. SHRI VIVEK PAPISETTY, CHENNAI

In the result, the appeal of the revenue stand dismissed

Bench: Hon’Ble Shri V. Durga Rao, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ Ita No.212/Chny/2023 (िनधा"रण वष" / Assessment Year: 2017-18) Dcit Shri Vivek Papisetty बनाम Central Circle-2(4) No.17/184, Y Block, First Street, 6Th Main Road, Anna Nagar, Chennai. / Vs. Chennai-600 040. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Brcpp-6180-N (अपीलाथ"/Appellant) : (!"थ" / Respondent) & 2. Cross Objection No.9/Chny/2023 (In Ita No.212/Chny/2023) (िनधा"रण वष" / Assessment Year: 2017-18) बनाम/ Shri Vivek Papisetty Dcit No.17/184, Y Block, First Street, Vs. Central Circle-1(4) 6Th Main Road, Anna Nagar, Chennai. Chennai-600 040. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Brcpp-6180-N (अपीलाथ"/Cross Objector) : (!"थ" / Respondent) अपीलाथ"कीओरसे/ Revenue By : Shri V. Nandakumar (Cit)- Ld. Dr !"थ"कीओरसे/ Assessee By : Shri Y. Sridhar (Fca)-Ld. Ar सुनवाईकीतारीख/Date Of Hearing : 10-01-2024 घोषणाकीतारीख /Date Of Pronouncement : 02-04-2024 आदेश / O R D E R Per Bench 1.1 Aforesaid Appeal By Revenue For Assessment Year (Ay) 2017-18 Arises Out Of An Order Passed By Learned Commissioner Of Income Tax

391 (Delhi) wherein it was held by Hon'ble Court that in terms of first proviso to Sec. 153C, a reference to the date of the search under the second proviso to section 153A has to be construed as the date of handing over of assets / documents belonging to the assessee (being the person other than the one searched

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1,TIRUPPUR, TIRUPPUR vs. PRABHU SPINNING MILLS PRIVATE LIMITED, TIRUPPUR

In the result all the grounds raised by the revenue for the A

68,67,372/- for the whole of the year.\n6. It may be noted that the assessee claimed a deduction u/s.80-IA of the Act to\nthe tune of Rs.18,41,58,470/- and the AO vide assessment order passed\nu/s.143(3)r.w.s.144C(3)r.w.s.144B dated 11.06.2021 in accordance with the value\ndetermined by TPO determined the ALP of the inter