ASSISTANT COMMISSIONER OF INCOME TAX,CORPORATE CIRCLE-3(1),CHENNAI, CHENNAI vs. SCHNEIDER ELECTRIC SYSTEMS INDIA PRIVATE LIMITED, CHENNAI

In the result all the four appeals of the Assessee and both the appeals of the revenue are partly allowed

Bench: Shri George George K & Shri S. R. Raghunathaआयकर अपील सं./Ita Nos.: 2754, 2755, 2756 & 2757/Cnny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17, 2017-18, 2018-19 & Sa 22/Chny/2025 [In Ita 2757/Chny/2024] धनिाजरण वर्ज / Assessment Year: 2018-19 Schneider Electric Systems Acit India Private Limited, Vs. Corporate Circle 3(1) Sp Plot, 16-20 & 20A, Chennai. Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) आयकर अपील सं./Ita Nos.: 2958 & 2959/Chny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17 Acit Schneider Electric Systems India Private Limited, Corporate Circle 3(1) Vs. Chennai. Sp Plot, 16-20 & 20A, Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) धनिाजररती की ओर से/Assessee By : Shri. Rohit Tiwari, Advocate & Ms. Tanya, Advocate (Virtual) राजस्व की ओर से /Revenue By : Shri. Arv Sreenivasan, Cit.

section 50B of the Act ought to be accepted to be at arms length. 25. Accordingly, we uphold the order of the Ld.CIT(A) and dismiss the Revenue’s ground No.2 of the appeal. ITA No.2958/Chny/2024 – Ground No.4 ITA No.2959/Chny/2024 – Ground No.3 Transfer Pricing

SCHNEIDER ELECTRIC SYSTEMS INDIA PRIVATE LIMITED,CHENNAI vs. NATIONAL FACELESS ASSESSMENT CENTRE - JAO - ACIT, CORPORATE CIRCLE, 3(1), CHENNAI

In the result all the four appeals of the Assessee and both the appeals of the revenue are partly allowed

Bench: Shri George George K & Shri S. R. Raghunathaआयकर अपील सं./Ita Nos.: 2754, 2755, 2756 & 2757/Cnny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17, 2017-18, 2018-19 & Sa 22/Chny/2025 [In Ita 2757/Chny/2024] धनिाजरण वर्ज / Assessment Year: 2018-19 Schneider Electric Systems Acit India Private Limited, Vs. Corporate Circle 3(1) Sp Plot, 16-20 & 20A, Chennai. Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) आयकर अपील सं./Ita Nos.: 2958 & 2959/Chny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17 Acit Schneider Electric Systems India Private Limited, Corporate Circle 3(1) Vs. Chennai. Sp Plot, 16-20 & 20A, Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) धनिाजररती की ओर से/Assessee By : Shri. Rohit Tiwari, Advocate & Ms. Tanya, Advocate (Virtual) राजस्व की ओर से /Revenue By : Shri. Arv Sreenivasan, Cit.

section 50B of the Act ought to be accepted to be at arms length. 25. Accordingly, we uphold the order of the Ld.CIT(A) and dismiss the Revenue’s ground No.2 of the appeal. ITA No.2958/Chny/2024 – Ground No.4 ITA No.2959/Chny/2024 – Ground No.3 Transfer Pricing

ASSISTANT COMMISSIONER OF INCOME TAX,CORPORATE CIRCLE-3(1),CHENNAI, CHENNAI vs. SCHNEIDER ELECTRIC SYSTEMS INDIA PRIVATE LIMITED, CHENNAI

In the result all the four appeals of the Assessee and both the appeals of the revenue are partly allowed

Bench: Shri George George K & Shri S. R. Raghunathaआयकर अपील सं./Ita Nos.: 2754, 2755, 2756 & 2757/Cnny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17, 2017-18, 2018-19 & Sa 22/Chny/2025 [In Ita 2757/Chny/2024] धनिाजरण वर्ज / Assessment Year: 2018-19 Schneider Electric Systems Acit India Private Limited, Vs. Corporate Circle 3(1) Sp Plot, 16-20 & 20A, Chennai. Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) आयकर अपील सं./Ita Nos.: 2958 & 2959/Chny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17 Acit Schneider Electric Systems India Private Limited, Corporate Circle 3(1) Vs. Chennai. Sp Plot, 16-20 & 20A, Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) धनिाजररती की ओर से/Assessee By : Shri. Rohit Tiwari, Advocate & Ms. Tanya, Advocate (Virtual) राजस्व की ओर से /Revenue By : Shri. Arv Sreenivasan, Cit.

section 50B of the Act ought to be accepted to be at arms length. 25. Accordingly, we uphold the order of the Ld.CIT(A) and dismiss the Revenue’s ground No.2 of the appeal. ITA No.2958/Chny/2024 – Ground No.4 ITA No.2959/Chny/2024 – Ground No.3 Transfer Pricing

SCHNEIDER ELECTRIC SYSTEMS INDIA PRIVATE LIMITED,CHENNAI vs. ASSISTANT COMMISSIONER OF INCOME-TAX CORPORATE CIRCLE, 3(1), CHENNAI

In the result all the four appeals of the Assessee and both the appeals of the revenue are partly allowed

Bench: Shri George George K & Shri S. R. Raghunathaआयकर अपील सं./Ita Nos.: 2754, 2755, 2756 & 2757/Cnny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17, 2017-18, 2018-19 & Sa 22/Chny/2025 [In Ita 2757/Chny/2024] धनिाजरण वर्ज / Assessment Year: 2018-19 Schneider Electric Systems Acit India Private Limited, Vs. Corporate Circle 3(1) Sp Plot, 16-20 & 20A, Chennai. Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) आयकर अपील सं./Ita Nos.: 2958 & 2959/Chny/2024 धनिाजरण वर्ज / Assessment Year: 2015-16, 2016-17 Acit Schneider Electric Systems India Private Limited, Corporate Circle 3(1) Vs. Chennai. Sp Plot, 16-20 & 20A, Tamarai Tech Park, Inner Ring Road, Thiru Vi Ka Industrial Estate, Guindy, Chennai – 600 032. [Pan: Aabcs-8027-M] (अपीलाथी/Appellant) (प्रत्यथी/Respondent) धनिाजररती की ओर से/Assessee By : Shri. Rohit Tiwari, Advocate & Ms. Tanya, Advocate (Virtual) राजस्व की ओर से /Revenue By : Shri. Arv Sreenivasan, Cit.

section 50B of the Act ought to be accepted to be at arms length. 25. Accordingly, we uphold the order of the Ld.CIT(A) and dismiss the Revenue’s ground No.2 of the appeal. ITA No.2958/Chny/2024 – Ground No.4 ITA No.2959/Chny/2024 – Ground No.3 Transfer Pricing

DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 2(2), CHENNAI vs. AATHMIKA HOLDINGS PVT LTD, CHENNAI

In the result, the appeal of the Revenue stand dismissed and the

Bench: Shri Aby T. Varkey & Shri Jagadish

Section 50B, it was therefore held that the calculation methodology implies that whatever be the net- worth, i.e. positive or negative, will have to be adopted accordingly. The Tribunal thus upheld the contention of the Revenue and it was decided that the negative value was to be adopted. This view is noted to have been endorsed by the Bangalore bench

SCHNEIDER ELECTRIC SYSTEMS INDIA PRIVATE LIMITED,CHENNAI vs. ASSISTANT COMMISSIONER OF INCOME-TAX CORPORATE CIRCLE, 3(1), CHENNAI

50B. Thus, Id.CIT(A) held that the\narm's length price determination has to be undertaken for the business as a\nwhole and cannot be itemized. The Id.CIT(A) has also held that TPO does not\nhave jurisdiction to invoke Section 50C of the Act and ultimately held that the\ndivision was sold as a going concern and since

AADARSH SURANA, CHENNAI,CHENNAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1(1), CHENNAI, CHENNAI

50B of the Act relating to slump sale were also not\napplicable to the facts of the case, inasmuch as the conversion was not in the\nnature of a sale but was a statutory reorganisation expressly contemplated\nunder section 47(xiv) of the Act.\n64. Per contra, the Ld.DR submitted that there is no dispute with regard to\nthe fact

M/S. AMBATTUR DEVELOPERS PVT. LTD.,CHENNAI vs. ITO, CORPORATE WARD-1(1), CHENNAI

In the result the appeal of the assessee is allowed

transfer of funds through banking channels and utilisation\nfor repayment of ECB loan and term loan\n(iii)\nShares are issued to existing shareholders by way of Rights issue and\nPreference shares. Since the promoters have infused funds to repay\nthe ECB loan and term loan, there cannot be iota of doubt that the\nAssessee has benefitted from issuing shares

ASSISTANT COMMISSIONER OF INCOME TAX LTU CIRCLE 1 CHENNAI, CHENNAI vs. PRUDENTIAL SUGAR CORPORATION LIMITED, CHITOOR

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.:2298/Chny/2024 िनधा"रण वष" / Assessment Year: 2018-19 The Assistant Commissioner Of Prudential Sugar Corporation Income Tax, Vs. Limited, Ltu, Circle -1, Prudential Nagar, Chennai. Koppedu Post, Nindra, Mandal – 517 587. [Pan:Aaacp-4338-D] (अपीलाथ"/Appellant) (""थ"/Respondent)

50B of the Act, the consideration received for slump sale was Rs.1,30,15,59,570/- and net worth of undertaking was determined at Rs.77,68,31,171/-. :-3-: ITA. No.:2298/Chny/2024 4. The assessee entered into business transfer agreement with the buyer on 04.04.2015. During the same time i.e. in 2014, the assessee had purchased shares of two closely

HYUNDAI MOTOR INDIA LIMITED,KANCHEEPURAM vs. DCIT LTU-II, CHENNAI

In the result, the appeal of the assessee is allowed

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

50B. Hence without transferring land and building an undertaking cannot be transferred. This shows that there is no separate undertaking called “CCP Division” but only an activity existed. In this case, as only a business activity has been transferred, it is to be treated as business profit u/s 28(iv). In view of the above, the amount of Rs.380

T.A.TAYLOR PVT LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, the appeal of the assessee is partly allowed

Bench: Shri N.R.S. Ganesan & Shri Abraham P. George] आयकर अपील सं./I.T.A. No.622/Chny/2017 "नधा"रण वष" /Assessment Year : 2012-2013. M/S. T.A. Taylor Private Ltd, Vs. The Assistant Commissioner Of No.10/5, Royal Enclave, Income Tax, Besant Avenue Road, Corporate Circle 3(1) Adyar, Chennai. Chennai 600 020. [Pan Aaact 4165G] (अपीलाथ"/Appellant) (""यथ"/Respondent)

price. The foregoing includes any payment made in respect of any claim (i) for any breach of this agreement (including, for the avoidance of doubt, a breach of a seller’s warranty) or any agreement entered into pursuant thereto or (ii) pursuant to an indemnity under this agreement) Conditions regarding escrow account as it appears at clause

ACIT CIRCLE 1 , SALEM vs. M/S AVR SWARNAMAHAL JEWELLERY PRIVATE LIMITED, SALEM

The appeals stand partly allowed for statistical purposes in terms of our above order

Bench: Hon’Ble Shri V. Durga Rao & Hon’Ble Shri Manoj Kumar Aggarwal, Am

transfer of bonds before maturity, the difference would be subjected to capital gains tax or assessable as business income, as the case may be. On final redemption, no capital gains will arise. The tax would be deducted at source on difference between the bid price and the redemption price at the time of maturity. The Para-8 of the Circular

ACIT CIRCLE 1 , SALEM vs. M/S AVR SWARNAMAHAL JEWELLERY PRIVATE LIMITED, SALEM

The appeals stand partly allowed for statistical purposes in terms of our above order

Bench: Hon’Ble Shri V. Durga Rao & Hon’Ble Shri Manoj Kumar Aggarwal, Am

transfer of bonds before maturity, the difference would be subjected to capital gains tax or assessable as business income, as the case may be. On final redemption, no capital gains will arise. The tax would be deducted at source on difference between the bid price and the redemption price at the time of maturity. The Para-8 of the Circular

ACIT CIRCLE 1 , SALEM vs. M/S AVR SWARNAMAHAL JEWELLERY PRIVATE LIMITED, SALEM

The appeals stand partly allowed for statistical purposes in terms of our above order

Bench: Hon’Ble Shri V. Durga Rao & Hon’Ble Shri Manoj Kumar Aggarwal, Am

transfer of bonds before maturity, the difference would be subjected to capital gains tax or assessable as business income, as the case may be. On final redemption, no capital gains will arise. The tax would be deducted at source on difference between the bid price and the redemption price at the time of maturity. The Para-8 of the Circular

ASHOK LEYLAND LIMITED,,CHENNAI vs. ACIT,, CHENNAI

Section\nITA Nos.2330 & 2618/Chny/2019 (AY 2015-16)\nM/s. Ashok Leyland Ltd.\n:: 23 ::\n2(42C) was not fulfilled. For arriving at such a conclusion, the AO referred\nto Clause (3) of the agreement, which read as under:-\n\"3. PURCHASE PRICE:\n3. 1. The purchase price/consideration (\"Purchase Price\") payable by the\nBuyer to the Seller, for the transfer and sale

DCIT, CHENNAI vs. M/S. SIFY TECHNOLOGIES LTD., CHENNAI

In the result, the appeal of the Revenue in ITA No

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

section 90 (2), the provision of DTAA or that Indian tax law whichever is more beneficial would apply. e) The learned Assessing Officer erred in not giving sufficient time to collect the information‘’. The ld. Commissioner of Income Tax (Appeals) examined 16. the facts, submissions, nature and purpose of payment. The assessee has incurred expenses in relation to the business

DCIT, CHENNAI vs. M/S. SIFY TECHNOLOGIES LTD., CHENNAI

In the result, the appeal of the Revenue in ITA No

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

section 90 (2), the provision of DTAA or that Indian tax law whichever is more beneficial would apply. e) The learned Assessing Officer erred in not giving sufficient time to collect the information‘’. The ld. Commissioner of Income Tax (Appeals) examined 16. the facts, submissions, nature and purpose of payment. The assessee has incurred expenses in relation to the business

DCIT, CHENNAI vs. M/S. SIFY TECHNOLOGIES LTD., CHENNAI

In the result, the appeal of the Revenue in ITA No

Bench: Shri Chandra Poojari & Shri G. Pavan Kumar

section 90 (2), the provision of DTAA or that Indian tax law whichever is more beneficial would apply. e) The learned Assessing Officer erred in not giving sufficient time to collect the information‘’. The ld. Commissioner of Income Tax (Appeals) examined 16. the facts, submissions, nature and purpose of payment. The assessee has incurred expenses in relation to the business