JCIT (OSD), CHENNAI vs. SIFY TECHNOLOGIES LIMITED, CHENNAI
In the result, the Revenue’s appeals in ITA Nos
ITA 1794/CHNY/2016[2010-2011]Status: DisposedITAT Chennai18 Dec 2018AY 2010-2011
Bench: Shri George Mathan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. No. 1650/Chny/2017 "नधा"रण वष"/Assessment Year : 2010-11 Deputy Commissioner Of Income M/S. Sify Technologies Ltd., Tidel Park, 2Nd Floor, Tax, Vs. Large Taxpayer Unit – 1, No.4, Canal Bank Road, Chennai – 600 101. Taramani, Chennai – 600 113. [Pan: Aaacs 9032R] (%&यथ'/Respondent) (अपीलाथ"/Appellant) आयकर अपील सं/.I.T.A. Nos. 1793, 1794 & 1795/Chny/2016 "नधा"रण वष"/Assessment Years : 2009-10, 2010-11 & 2011-12 Joint Commissioner Of Income Tax Vs. M/S. Sify Technologies Ltd., Tidel Park, 2Nd Floor, (Osd), Large Taxpayer Unit – 1, No.4, Canal Bank Road, Chennai – 600 034 Taramani, Chennai – 600 113. [Pan: Aaacs 9032R] (%&यथ'/Respondent) (अपीलाथ"/Appellant)
For Respondent: Shri.Homi Rajvangh, CIT
Section 143(3)Section 194JSection 40
price of ESOPs partakes the character of share premium and the shortfall is akin to short receipt of premium and hence not an allowable item of expenditure.
3. The CIT(A) erred in deleting the addition of Unearned income to the tune of Rs.35.48 Crores made by the Assessing Officer.
3.1 The CIT(A) erred in not appreciating the fact
