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)

1. Non-applicability of Section 56(2)(viia) of the Act 1.1 The Commissioner of Income Tax (Appeals) Chennai-19 ('learned CIT(A)'), after duly examining the facts of the case, rightly held that the provisions of Section 56(2)(viia) of the Income Tax Act, 1961 (the Act') would not be applicable for buyback of own shares

ACIT, CHENNAI vs. UPDATER SERVICES LIMITED, 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)

1. Non-applicability of Section 56(2)(viia) of the Act 1.1 The Commissioner of Income Tax (Appeals) Chennai-19 ('learned CIT(A)'), after duly examining the facts of the case, rightly held that the provisions of Section 56(2)(viia) of the Income Tax Act, 1961 (the Act') would not be applicable for buyback of own shares

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

price is equal or higher, the said provision has no implication. It is noted from Rule 11UA(1) that, the valuation methodology set out therein is to be applied for the purposes of Section 56 of the Act, and more specifically Rule 11UA(1)(c) is relevant to the present case. The valuation method set out in Rule 11UA

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

ADP INDIA PRIVATE LIMITED,CHENNAI vs. DEPUTY COMMISSIONER OF INCOME TAX CORPORATE CIRCLE 1(1), CHENNAI

In the result, the appeal in ITA No

Bench: Shri George George Kand Shri Jagadishआयकर अपीलसं/.Ita Nos.: 2670, 2671, 2672 & 2698/Chny/2024 िनधा"रण वष"/Assessment Years: 2016-17, 2017-18, 2018-19 & 2020-21 Adp India Private Limited, The Deputy Commissioner Of Thamarai Tech Park, 6Th Floor, Vs. Income Tax, Sp Plot No. 16 To 20 & 20A, Thiru Vi Ka Corporate Circle 1(1), Industrial Estate, Inner Ring Road, Chennai. Guindy Industrial Estate So, Guindy, Chennai 600 032. [Pan: Aadcm-5547-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri Sandeep Bagmar, Advocate ""यथ" क" ओर से/Respondent By : Shri V. Justin, Cit & Ms. R. Anita, Addl. Cit सुनवाई क" तारीख/Date Of Hearing : 08.05.2025 घोषणा क" तारीख/Date Of Pronouncement : 21.05.2025 आदेश/ O R D E R Per George George K: These Four Appeals Filed At The Instance Of The Assessee Are Directed Against Four Separate Orders Of The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi (All Dated 21.08.2024) Passed Under Section 250 Of The Income Tax Act, 1961 (Hereinafter Called ‘The Act’). The Relevant Assessment Years Are 2016-17, 2017-18, 2018-19 & 2020-21. Ita Nos.2670 To 2672 & 2698/Chny/2024

price arrived at ₹.193/- for the transferee company (M/s. ADP India private Limited) and ₹.910/- for the transferor company (M/s. ADP Solutions Private Limited), thereby, the assessee arrived at a goodwill value of ₹.24,50,82,483/-. Accordingly, the Assessing Officer show-caused the assessee as to why the depreciation on goodwill should not be disallowed. The Assessing Officer, after

ADP INDIA PRIVATE LIMITED,CHENNAI vs. NATIONAL FACELESS ASSESSMENT CENTRE, DELHI

In the result, the appeal in ITA No

Bench: Shri George George Kand Shri Jagadishआयकर अपीलसं/.Ita Nos.: 2670, 2671, 2672 & 2698/Chny/2024 िनधा"रण वष"/Assessment Years: 2016-17, 2017-18, 2018-19 & 2020-21 Adp India Private Limited, The Deputy Commissioner Of Thamarai Tech Park, 6Th Floor, Vs. Income Tax, Sp Plot No. 16 To 20 & 20A, Thiru Vi Ka Corporate Circle 1(1), Industrial Estate, Inner Ring Road, Chennai. Guindy Industrial Estate So, Guindy, Chennai 600 032. [Pan: Aadcm-5547-J] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri Sandeep Bagmar, Advocate ""यथ" क" ओर से/Respondent By : Shri V. Justin, Cit & Ms. R. Anita, Addl. Cit सुनवाई क" तारीख/Date Of Hearing : 08.05.2025 घोषणा क" तारीख/Date Of Pronouncement : 21.05.2025 आदेश/ O R D E R Per George George K: These Four Appeals Filed At The Instance Of The Assessee Are Directed Against Four Separate Orders Of The Commissioner Of Income Tax (Appeals), National Faceless Appeal Centre (Nfac), Delhi (All Dated 21.08.2024) Passed Under Section 250 Of The Income Tax Act, 1961 (Hereinafter Called ‘The Act’). The Relevant Assessment Years Are 2016-17, 2017-18, 2018-19 & 2020-21. Ita Nos.2670 To 2672 & 2698/Chny/2024

price arrived at ₹.193/- for the transferee company (M/s. ADP India private Limited) and ₹.910/- for the transferor company (M/s. ADP Solutions Private Limited), thereby, the assessee arrived at a goodwill value of ₹.24,50,82,483/-. Accordingly, the Assessing Officer show-caused the assessee as to why the depreciation on goodwill should not be disallowed. The Assessing Officer, after

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 for no or\ninadequate consideration. Hence, the provisions of section 56(2)(viia) of the\nAct shall not be applicable in cases of receipt of shares by the specified\ncompany or firm as a result of fresh issuance of shares as mentioned in\npara 2 above, by the specified company.”\n:-14-:\nITA. No: 2601/Chny/2024\n11.5 Though this circular

ADP INDIA PRIVATE LIMITED,CHENNAI vs. NATIONAL FACELESS ASSESSMENT CENTRE, NATIONAL FACELESS ASSESSMENT CENTRE

In the result, the appeal in ITA No

price arrived at ₹.193/- for the transferee company (M/s.\nADP India private Limited) and ₹.910/- for the transferor company (M/s.\nADP Solutions Private Limited), thereby, the assessee arrived at a goodwill\nvalue of ₹.24,50,82,483/-. Accordingly, the Assessing Officer show-caused\nthe assessee as to why the depreciation on goodwill should not be\ndisallowed. The Assessing Officer, after

ADP INDIA PRIVATE LIMITED,CHENNAI vs. DCIT, CC-1(1), CHENNAI

In the result, the appeal in ITA No

price arrived at ₹.193/- for the transferee company (M/s.\nADP India Private Limited) and ₹.910/- for the transferor company (M/s.\nADP Solutions Private Limited), thereby, the assessee arrived at a goodwill\nvalue of ₹.24,50,82,483/-. Accordingly, the Assessing Officer show-caused\nthe assessee as to why the depreciation on goodwill should not be\ndisallowed. The Assessing Officer, after

ASSISSTANT COMMISSIONER OF INCOME CORPORATE CIRCLE 1-1, CHENNAI vs. FL SMIDTH PRIVATE LIMITED, KANCHIPURAM

56,870/- to the international transactions of the Appellant in the Project segment,\nu/s 92CA(3) read with section 92C(3) of the Income-tax Act, 1961 ('the Act').\n3 Rejection of Transfer pricing analysis undertaken by the Appellant\n3.1 The TPO erred in rejecting the benchmarking analysis performed by the Appellant\nand incorrectly undertook a fresh benchmarking analysis.\n3.2

ASIRVAD MICRO FINANCE LIMITED,ANNA SALAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE -1(1), CHENNAI

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T Varkey & Shri Amitabh Shuklaआयकर अपील सं./Ita No.1140/Chny/2025 Assessment Years: 2016-17 Asirvad Micro Finance Limited, Assistant Commissioner Of No.9, 9Th Floor, Club House Road, Income Tax, Annasalai, Corporate Circle-1(1), Chennai-600 002 Chennai. [Pan: Aagca5275J] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलार्थी की ओर से/ Assessee By : Mr.P.R.Prasanna Varma, Fca & Mr.Arjun Rajagopalan, C.A. प्रत्यर्थी की ओर से /Revenue By : Mr.Bipin C.N, Cit सुनवाई की तारीख/Date Of Hearing : 25.09.2025 घोषणा की तारीख /Date Of Pronouncement : 05.12.2025 आदेश / O R D E R Per Amitabh Shukla, A.M :

price ought to have been Rs.56.36/share. The Ld.AO consequently made an addition of Rs.42,29,48,758/- invoking provisions of section 56(2)(viib) r.w. Rule 11UA. Aggrieved by the order, the assessee preferred appeal before the Ld.CIT(A) who confirmed the findings of the Ld.AO. The assessee is assailing the impugned order of Ld.CIT(A) dated

ASSISSTANT COMMISIONER OF INCOME TAX CORPORATE CIRCLE 1 1, CHENNAI vs. FL SMITH PRIVATE LIMITED, KANCHIPURAM

In the result, the appeals of the revenue in ITA

56,870/- to the international transactions of the Appellant in the Project segment,\nu/s 92CA(3) read with section 92C(3) of the Income-tax Act, 1961 ('the Act').\n3 Rejection of Transfer pricing analysis undertaken by the Appellant\n3.1 The TPO erred in rejecting the benchmarking analysis performed by the Appellant\nand incorrectly undertook a fresh benchmarking analysis.\n3.2

SARAVANAN ARUMUGAM,CHENNAI vs. ITO, CHENNAI

In the result, the appeal of the assessee is allowed for statistical\npurposes

56(2)(vii)(b). It\nhas been argued that section 50C(2) mandates that in cases where the\nstamp duty valuation is contested by the assessee then the assessing\nofficer may refer the valuation to a valuation officer. It has been argued\nthat by denying the assessee its above legal right the Ld.AO has passed\nan erroneous order and violated

KARADI PATH EDUCATION COMPANY PRIVATE LIMITED,CHENNAI vs. COMMISSIONER, CHENNAI

In the result the appeal of the assessee is allowed

price or in the alternative provided a valuation under DCF method to\ncounter the contentions of your appellant. The DCF method postulates that the\nvalue of an asset is the sum of the cash flows expected to be generated by the\nasset during the life of the asset discounted to present value by the cost of\ncapital. This is done

DEPUTY COMMISSIONER OF INCOME TAX, CHENNAI vs. SHRIPROP PROPERTIES PRIVATE LIMITED, BANGALORE

Bench: Shri George George K & Ms Padmavathy S, Am

price is an 16 ITA 1172-1273-1173-1283/Chny/2025 SPL Shelters Pvt. Ltd. and Sriprop Properties Pvt. Ltd. estimation nevertheless, even if by a statutory authority like the stamp duty valuation authority, and such a valuation can never be elevated to the status of such a precise computation which admits no variations. The rigour of Section 50C(1

SPL SHELTERS PVT. LTD.,BANGALORE vs. DCIT, CENTRAL CIRCLE-1(4), CHENNAI

Bench: Shri George George K & Ms Padmavathy S, Am

price is an 16 ITA 1172-1273-1173-1283/Chny/2025 SPL Shelters Pvt. Ltd. and Sriprop Properties Pvt. Ltd. estimation nevertheless, even if by a statutory authority like the stamp duty valuation authority, and such a valuation can never be elevated to the status of such a precise computation which admits no variations. The rigour of Section 50C(1

DEPUTY COMMISSIONER OF INCOME TAX, CHENNAI vs. SPL SHELTERS PRIVATE LIMITED, CHENNAI

Bench: Shri George George K & Ms Padmavathy S, Am

price is an 16 ITA 1172-1273-1173-1283/Chny/2025 SPL Shelters Pvt. Ltd. and Sriprop Properties Pvt. Ltd. estimation nevertheless, even if by a statutory authority like the stamp duty valuation authority, and such a valuation can never be elevated to the status of such a precise computation which admits no variations. The rigour of Section 50C(1

DEPUTY COMMISSIONER OF INCOMETAX, CHENNAI vs. SAINT - GOBAIN INDIA PRIVATE LIMITED, CHENNAI

In the result, the assessee succeeds

Bench: Shri Aby T. Varkey & Shri Jagadish

transfer pricing adjustment would be non-est. Consequently, the assessee would cease to be an eligible assessee as defined u/s 144C(15)(b) of the Act and therefore, the machinery provisions of Section 144C of the Act would not get triggered in the assessee’s case. In such a scenario, the assessment in the case of the assessee ought