PHILIPS FOODS INDIA PRIVATE LIMITED,TUTICORIN vs. PCIT-1, MADURAI

Bench: Shri Mahavir Singh & Shri Amitabh Shuklaआयकर अपील सं./Ita No. 640/Chny/2023 निर्धारण वर्ष /Assessment Year: 2016-17 Philips Foods India Private Limited, The Principal Commissioner Of Vs. C-75 / 76, Sipcot Industrial Complex, Madathoor, Tuticorin - 628008 [Pan: Aabcp7916Q] Madurai-1 (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलार्थी की ओर से/ Assessee By : Shri Ashik Sha, Ca, Mr.Vinay Jain Ca, Shri Nilay Baran Som, Cit प्रत्यर्थी की ओर से /Revenue By : सुनवाई की तारीख/Date Of Hearing : 05.09.2024 घोषणा की तारीख / Date Of Pronouncement : 30.09.2024 आदेश / Order Per Amitabh Shukla, A.M : This Appeal Is Filed Against The Order Bearing Din & Order No.Itba/Rev/F/Rev5/2022-23/1051684572(1) Dated 30.03.2023 Of The Learned Principal Commissioner Of Income Tax [Herein After “Pcit" For The

Transfer Pricing) Chennai would have lawful authority u/s 263 to revise the orders passed by DCIT / ACIT (Transfer Pricing) 2(2), Chennai

T vs. MOTOR COMPANY LTD.,CHENNAIVS.ACIT, CHENNAI

In the result, appeal filed by the assessee ppeal filed by the assessee is partly allowed

Bench: Shri Aby T. Varkey & Shri Amitabh Shuklaआयकरअपीलसं./Ita No.672/Chny/2017 िनधा"रणवष"/Assessment Year: 2012-13 M/S.Tvs Motor Co. Ltd., V. The Acit, No.29, Haddows Road, Corporate Circle – 3(1), Chennai-600 006. Chennai. [Pan: Aaacs 7032 B] (अपीलाथ"/Appellant) (""यथ"/Respondent)

transfer pricing adjustment towards royalty receivable at the rate of 2% at ex pricing adjustment towards royalty receivable at the rate of 2% at ex pricing adjustment towards royalty receivable at the rate of 2% at ex- ITA No.672/Chny/201 /Chny/2017 (AY 2012-13) M/s.TVS Motor Co. Ltd. M/s.TVS Motor Co. Ltd. :: 16 :: factory sale at Rs.2,15,56,000/ factory

K.G. DENIM LIMITED,COIMBATORE vs. DCIT, TP-2(1), CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Mahavir Singh, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपील सं./Ita No.: 1718/Chny/2024 िनधा"रण वष" / Assessment Year: 2020-21 K G Denim Limited, Dcit, 1, Thenthirumalai, V. Tp-2(1), Jadayampalayam B.O., Chennai. Dhoddabavi, Coimbatore – 641 302. [Pan: Aaack-7940-C] (अपीलाथ"/Assessee) (""यथ"/Respondent) अपीलाथ" क" ओर से/Assessee By : Shri. Arjun Raj, Advocate : Shri. A. Sasikumar, Cit ""यथ" क" ओर से/Respondent By सुनवाई क" तारीख/Date Of Hearing : 11.09.2024 घोषणा क" तारीख/Date Of Pronouncement : 05.12.2024

u/s 263 of the Act and consequently erred in setting aside the Transfer Pricing Order dated 19.01.2023 without assigning proper reasons and justification. 3. The PCIT failed to appreciate that revision

SHRI K.SRIKANTH,CHENNAI vs. ACIT, CHENNAI

In the result, all the four appeals adjudicated by us in this order are partly allowed

Bench: Shri George Mathan & Shri Ramit Kochar

price of each share of Rs. 320 instead of Rs. 400 per share( Rs. 15 crores/375000 shares), which led to invocation of revisionary powers u/s 263 by learned CIT. The second issue on which learned CIT invoked revisionary powers u/s 263 was with respect to the deduction ITA No.307/Chny/2010 & ITA Nos.1015 & 1016/Chny/2012 & :- 25 -: allowed by AO u/s

SRI K.SRIKANTH,,CHENNAI vs. ACIT,, CHENNAI

In the result, all the four appeals adjudicated by us in this order are partly allowed

Bench: Shri George Mathan & Shri Ramit Kochar

price of each share of Rs. 320 instead of Rs. 400 per share( Rs. 15 crores/375000 shares), which led to invocation of revisionary powers u/s 263 by learned CIT. The second issue on which learned CIT invoked revisionary powers u/s 263 was with respect to the deduction ITA No.307/Chny/2010 & ITA Nos.1015 & 1016/Chny/2012 & :- 25 -: allowed by AO u/s

ACIT,, CHENNAI vs. SRI. K.SRIKANTH,, CHENNAI

In the result, all the four appeals adjudicated by us in this order are partly allowed

Bench: Shri George Mathan & Shri Ramit Kochar

price of each share of Rs. 320 instead of Rs. 400 per share( Rs. 15 crores/375000 shares), which led to invocation of revisionary powers u/s 263 by learned CIT. The second issue on which learned CIT invoked revisionary powers u/s 263 was with respect to the deduction ITA No.307/Chny/2010 & ITA Nos.1015 & 1016/Chny/2012 & :- 25 -: allowed by AO u/s

SRI K.SRIKANTH,,CHENNAI vs. ACIT,, CHENNAI

In the result, all the four appeals adjudicated by us in this order are partly allowed

Bench: Shri George Mathan & Shri Ramit Kochar

price of each share of Rs. 320 instead of Rs. 400 per share( Rs. 15 crores/375000 shares), which led to invocation of revisionary powers u/s 263 by learned CIT. The second issue on which learned CIT invoked revisionary powers u/s 263 was with respect to the deduction ITA No.307/Chny/2010 & ITA Nos.1015 & 1016/Chny/2012 & :- 25 -: allowed by AO u/s

SEVUGAN PETHAPERUMAL,MADURAI vs. PCIT, MADURAI-1,, MADURAI

In the result, the appeal of the assessee is allowed

Bench: Shri George George K & Shri Amitabh Shuklaआयकर अपील सं./Ita No.1196/Chny/2025 Assessment Years: 2020-21 Sevugan Pethaperumal, Principal Commissioner Of Income No.41, First Main Street, Tax, Narayanapuram West, Madurai-1, Madurai, Madurai. Tamil Nadu-625 014. [Pan: Afjpp5984J] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलार्थी की ओर से/ Assessee By : Shri G.Tarun, Advocate प्रत्यर्थी की ओर से /Revenue By : Shri Bipin C.N, Cit सुनवाई की तारीख/Date Of Hearing : 06.08.2025 घोषणा की तारीख /Date Of Pronouncement : 25.08.2025 आदेश / O R D E R Per Amitabh Shukla, A.M :

u/s 263, 36(1)(vii) and section 37 which are seminal to the controversy. “……..Section - 263, Income-tax Act, 1961 - FA, 2025 E.-Revision by the 28[Principal Commissioner or] Commissioner* Revision of orders prejudicial to revenue. 29 263. (1) The 28[ 30[Principal Chief Commissioner or Chief Commissioner or Principal Commissioner] or] Commissioner may call for and examine

ST.JOSEPH'S INSTITUTE OF SCIENCE AND TECHNOLOGY TRUST,CHENNAI vs. PCIT CENTRAL CHENNAI - 1, CHENNAI

In the result, all the three appeals filed by the assessee are allowed

u/s 263 of the Act. He further contended that the AO did not inquire the seized material. 10. We have heard rival contentions and gone through the record, paper books and impugned order. We may refer recent judgment of the Hon'ble Delhi High Court dated 01.03.2024 passed in ITA No.1428/2018 in the case of Pr. 13 ITA Nos.1618

M/S. BRITISH AGRO PRODUCTS (INDIA) PVT. LTD.,CHENNAI vs. PCIT-1, CHENNAI

Bench: Shri Aby T Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.1146/Chny/2025

u/s 263, 36(1)(vii) and section 37 which are seminal to the controversy. “ Section - 263, Income-tax Act, 1961 - FA, 2025 E.-Revision by the 28[Principal Commissioner or] Commissioner Revision of orders prejudicial to revenue. 29 263. (1) The 28[ 30[Principal Chief Commissioner or Chief Commissioner or Principal Commissioner] or] Commissioner may call for and examine

ST.JOSEPH'S INSTITUTE OF SCIENCE AND TECHNOLOGY TRUST,CHENNAI vs. PCIT CENTRAL CHENNAI - 1, CHENNAI

In the result, all the three appeals filed by the assessee are allowed

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri Jagadishआयकरअपील सं./ Ita Nos.1618 & 1619 /Chny/2024 (िनधा"रणवष" / Assessment Years: 2018-19 & 2020-2021) St. Joseph’S Institute Of Science & Vs. The Principal Commissioner Of Income Technology Trust, Tax, No.56C, Old Mahabalipuram Road, Central, Chennai -1 Sholinganallur, Chennai 600 119. [Pan: Aahts 9943B] आयकरअपील सं./ Ita No.1620 /Chny/2024 (िनधा"रणवष" / Assessment Year: 2020-2021) St. Joseph’S Educational Trust, Vs The Principal Commissioner Of Income No.56C, Old Mahabalipuram Road, Tax, Sholinganallur, Chennai 600 119. Central, Chennai -1 [Pan: Aamts 3888G] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri K.R. Vasudevan, Advocate ""यथ" क" ओर से /Respondent By : Shri Nilay Baran Som, Irs, Cit.

u/s 263 of the Act. He further contended that the AO did not inquire the seized material. 10. We have heard rival contentions and gone through the record, paper books and impugned order. We may refer recent judgment of the Hon’ble Delhi High Court dated 01.03.2024 passed in ITA No.1428/2018 in the case of Pr. Commissioner of Income

ST.JOSEPH'S EDUCATIONAL TRUST,CHENNAI vs. PCIT CENTRAL CHENNAI - 1, CHENNAI

In the result, all the three appeals filed by the assessee are allowed

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri Jagadishआयकरअपील सं./ Ita Nos.1618 & 1619 /Chny/2024 (िनधा"रणवष" / Assessment Years: 2018-19 & 2020-2021) St. Joseph’S Institute Of Science & Vs. The Principal Commissioner Of Income Technology Trust, Tax, No.56C, Old Mahabalipuram Road, Central, Chennai -1 Sholinganallur, Chennai 600 119. [Pan: Aahts 9943B] आयकरअपील सं./ Ita No.1620 /Chny/2024 (िनधा"रणवष" / Assessment Year: 2020-2021) St. Joseph’S Educational Trust, Vs The Principal Commissioner Of Income No.56C, Old Mahabalipuram Road, Tax, Sholinganallur, Chennai 600 119. Central, Chennai -1 [Pan: Aamts 3888G] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri K.R. Vasudevan, Advocate ""यथ" क" ओर से /Respondent By : Shri Nilay Baran Som, Irs, Cit.

u/s 263 of the Act. He further contended that the AO did not inquire the seized material. 10. We have heard rival contentions and gone through the record, paper books and impugned order. We may refer recent judgment of the Hon’ble Delhi High Court dated 01.03.2024 passed in ITA No.1428/2018 in the case of Pr. Commissioner of Income

INDIA CEMENTS CAPITAL LTD.,CHENNAI vs. ACIT CORPORATE CIRCLE 2(2), CHENNAI

The appeal stand allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

revision order u/s 263, the assessment was reframed by Ld. AO u/s 143(3) r.w.s. 263 on 13.12.2011. The assessee submitted that the issue of remission has to be considered in the books of Special Purpose Vehicle (SPV) to which the bank liability was transferred at book value of Rs.89.86 Crores. As per the terms of Tripartite agreement, any amount

DCIT CORPORATE CIRCLE 3(2), CHENNAI vs. UNIQUE RECEIVABLE MANAGEMENT PVT. LTD., CHENNAI

The appeal stand allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

revision order u/s 263, the assessment was reframed by Ld. AO u/s 143(3) r.w.s. 263 on 13.12.2011. The assessee submitted that the issue of remission has to be considered in the books of Special Purpose Vehicle (SPV) to which the bank liability was transferred at book value of Rs.89.86 Crores. As per the terms of Tripartite agreement, any amount

ACIT, CHENNAI vs. M/S. INDIA CEMENTS CAPITAL AND FINANCE LTD., CHENNAI

The appeal stand allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

revision order u/s 263, the assessment was reframed by Ld. AO u/s 143(3) r.w.s. 263 on 13.12.2011. The assessee submitted that the issue of remission has to be considered in the books of Special Purpose Vehicle (SPV) to which the bank liability was transferred at book value of Rs.89.86 Crores. As per the terms of Tripartite agreement, any amount

M/S THAMIZHVEL PT RAJAN COMMEMORATION TRUST,CHENNAI vs. ITO(EXEMPTIONS) WARD-1, CHENNAI

In the result, penalty appeals also stand allowed

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकर अपील सं./ Ita No.1087/Chny/2023 (िनधा*रणवष* / Assessment Year: 2009-10) & 2. आयकर अपील सं./ Ita No.1088/Chny/2023 (िनधा*रणवष* / Assessment Year: 2010-11) & 3. आयकर अपील सं./ Ita No.1089/Chny/2023 (िनधा*रणवष* / Assessment Year: 2011-12) & 4. आयकर अपील सं./ Ita No.1090/Chny/2023 (िनधा*रणवष* / Assessment Year: 2012-13) & 5. आयकर अपील सं./ Ita No.1091/Chny/2023 (िनधा*रणवष* / Assessment Year: 2013-14) & 6. आयकर अपील सं./ Ita No.1092/Chny/2023 (िनधा*रणवष* / Assessment Year: 2014-15) & 7. आयकर अपील सं./ Ita No.1093/Chny/2023 (िनधा*रणवष* / Assessment Year: 2015-16) & 8. आयकर अपील सं./ Ita No.1094/Chny/2023 (िनधा*रणवष* / Assessment Year: 2016-17) & 9. आयकर अपील सं./ Ita No.1095/Chny/2023 (िनधा*रणवष* / Assessment Year: 2017-18)

revision effect order was passed by Ld. AO u/s 143(3) r.w.s. 263 on 31-03-2016. The Ld. AO noted that the assessee trust was registered u/s 12AA of the Act. The revisionary authority flagged the issued that the assessee was in receipt of income from PT Rajan Hall Kalyana Mandapam at Madurai. The assessee was also found

M/S. THAMIZHVEL P T RAJAN COMMEMORATION TRUST,MYLAPORE vs. ITO, (EXEMPTIONS) WARD 1, CHENNAI

In the result, penalty appeals also stand allowed

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकर अपील सं./ Ita No.1087/Chny/2023 (िनधा*रणवष* / Assessment Year: 2009-10) & 2. आयकर अपील सं./ Ita No.1088/Chny/2023 (िनधा*रणवष* / Assessment Year: 2010-11) & 3. आयकर अपील सं./ Ita No.1089/Chny/2023 (िनधा*रणवष* / Assessment Year: 2011-12) & 4. आयकर अपील सं./ Ita No.1090/Chny/2023 (िनधा*रणवष* / Assessment Year: 2012-13) & 5. आयकर अपील सं./ Ita No.1091/Chny/2023 (िनधा*रणवष* / Assessment Year: 2013-14) & 6. आयकर अपील सं./ Ita No.1092/Chny/2023 (िनधा*रणवष* / Assessment Year: 2014-15) & 7. आयकर अपील सं./ Ita No.1093/Chny/2023 (िनधा*रणवष* / Assessment Year: 2015-16) & 8. आयकर अपील सं./ Ita No.1094/Chny/2023 (िनधा*रणवष* / Assessment Year: 2016-17) & 9. आयकर अपील सं./ Ita No.1095/Chny/2023 (िनधा*रणवष* / Assessment Year: 2017-18)

revision effect order was passed by Ld. AO u/s 143(3) r.w.s. 263 on 31-03-2016. The Ld. AO noted that the assessee trust was registered u/s 12AA of the Act. The revisionary authority flagged the issued that the assessee was in receipt of income from PT Rajan Hall Kalyana Mandapam at Madurai. The assessee was also found

M/S TAMIZHVEL PT RAJAN COMMEMORATION TRUST,CHENNAI vs. ITO,EXEMPTIONS , WRD-1, CHENNAI

In the result, penalty appeals also stand allowed

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकर अपील सं./ Ita No.1087/Chny/2023 (िनधा*रणवष* / Assessment Year: 2009-10) & 2. आयकर अपील सं./ Ita No.1088/Chny/2023 (िनधा*रणवष* / Assessment Year: 2010-11) & 3. आयकर अपील सं./ Ita No.1089/Chny/2023 (िनधा*रणवष* / Assessment Year: 2011-12) & 4. आयकर अपील सं./ Ita No.1090/Chny/2023 (िनधा*रणवष* / Assessment Year: 2012-13) & 5. आयकर अपील सं./ Ita No.1091/Chny/2023 (िनधा*रणवष* / Assessment Year: 2013-14) & 6. आयकर अपील सं./ Ita No.1092/Chny/2023 (िनधा*रणवष* / Assessment Year: 2014-15) & 7. आयकर अपील सं./ Ita No.1093/Chny/2023 (िनधा*रणवष* / Assessment Year: 2015-16) & 8. आयकर अपील सं./ Ita No.1094/Chny/2023 (िनधा*रणवष* / Assessment Year: 2016-17) & 9. आयकर अपील सं./ Ita No.1095/Chny/2023 (िनधा*रणवष* / Assessment Year: 2017-18)

revision effect order was passed by Ld. AO u/s 143(3) r.w.s. 263 on 31-03-2016. The Ld. AO noted that the assessee trust was registered u/s 12AA of the Act. The revisionary authority flagged the issued that the assessee was in receipt of income from PT Rajan Hall Kalyana Mandapam at Madurai. The assessee was also found