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)

price (i.e., INR 275 per share) was wrongly assessed as income under Section 56(2)(viia) of the Act. The learned AO failed to note that the valuation of INR 607 determined under the DCF method is not in accordance with the valuation methodology prescribed under the Act. • If one were to compute the FMV of the shares bought back

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

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

vii), Rule 11U and Rule 11UA, the Ld. CIT(A) held that, only where the purchase price of shares is lower than the FMV as per Rule 11UA, that an addition can be made u/s 56(2)(x) of the Act, and that any comparison with any third party purchase price [which is different from FMV as per Rule 11UA

VAANI ESTATES PVT LTD.,CHENNAI vs. ITO CORPORATE WARD 3(4), CHENNAI

In the result appeal of the assessee is allowed

Bench: Shri A.Mohan Alankamony & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.1352/Chny/2018 (िनधा"रण वष" / Assessment Year: 2014-15) M/S. Vaani Estates Pvt. Ltd., Vs The Ito, No.60, Old No.100, Iv Street, Corporate Ward – 3(4), Abhiramapuram, Chennai Chennai – 600 018. Pan: Aaecv0933A (अपीलाथ"/Appellant) (""यथ"/Respondent)

price / share premium for the shares allotted to Mrs.Sasikala Raghupathy over and above the face value of shares which works out to Rs.23,31,68,600/- (i.e., 23,086 * 10,100). Accordingly the Ld.AO invoking the provisions of Section 56(2)(viib) of the Act, added the amount of Rs.23,31,68,600/- to the income of the assessee

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

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

In the result the appeal of the assessee is allowed

vii)(c) and not in the context of\nSection 56(2)(viib) of the Income-tax Act.\nFor these and for any other grounds that may be adduced at the time of Hearing\nthe HON'BLE TRIBUNAL be pleased to allow the appeal and render justice.\n3. The brief facts of the case emanating from the records are that

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 2 with effect from the 1° day of April 2024- (a) in clause (vii b), the words \"being a resident\" shall be omitted'. This makes it crystal clear that it is only from Assessment Year 2024-25 that share premia received from a non-resident in excess of the fair market value can be taxed. Thus, there

PALANIAPPAN LAKSHUMANAN CHETTIAR,,METTUPALAYAM vs. ACIT, NCC - 8 (1),, CHENNAI

In the result, the appeal filed by assessee in ITA

Bench: Shri N.R.S. Ganesan & Shri Ramit Kochar"नधा(रण वष( /Assessment Year: 2016-17 V. Shri Palaniappan Lakshumanan The Asst. Commissioner Of Chettiar, Income Tax, 3/181, Gangai Amman Koil Street, Non-Corporate Circle-8(1), Mettupalayam-600 077. Chennai-600 034. [Pan: Adnpc 4871 F] (अपीलाथ+/Appellant) (,-यथ+/Respondent) : Mr.M.Narayanan, Retd. Acit अपीलाथ+ क. ओर से/ Appellant By : Ms.R.Anitha, Jcit ,-यथ+ क. ओर से /Respondent By : 13.11.2019 सुनवाई क. तार"ख/Date Of Hearing : 10.02.2020 घोषणा क. तार"ख /Date Of Pronouncement आदेश / O R D E R Per Ramit Kochar:

transfer shall, for the purposes of section 48, be deemed to be the full value of the consideration. This amendment will take effect from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-2020 and subsequent years.” “Clause 21 of the Bill seeks to amend section 56 of the Income-tax Act relating to income

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 2 with effect from the 1° day of\nApril 2024- (a) in clause (vii b), the words \"being a resident\"\nshall be omitted'. This makes it crystal clear that it is only\nfrom Assessment Year 2024-25 that share premia received\nfrom a non-resident in excess of the fair market value can\nbe taxed. Thus, there

DCIT CORPORATE CIRCLE 3(2), CHENNAI vs. VENTURE LIGHTING INDIA LIMITED, CHENNAI

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

section 56(2)( vii) includes immovable property being land or building or both, shares and securities, jewellery, archeological collection, drawings, paintings, sculpture or any work of art. A. These are anti-abuse provisions which are currently applicable only if an individual or an HUF is the recipient. Therefore, transfer of shares of a company to a firm or a company

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

GEENA GARMENTS,TIRUPPUR vs. ACIT, CIRCLE-1, TIRUPPUR, TIRUPPUR

In the result, the appeal of the assessee is allowed

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.3326/Chny/2019 & 326/Chny/2024 िनधा"रण वष"/Assessment Years: 2017-18 & 2018-19 The Assistant Commissioner Of Vs. Eastman Exports Global Clothing (P) Ltd., No. 10, 12, 2Nd Street, Kumar Income Tax, Circle 1(1), 121, Adams Buildings, 60 Feet Road, Nagar South, Tirupur 641 603. Tirupur 641 602. [Pan: Aaccc0952E] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.706/Chny/2022 िनधा"रण वष"/Assessment Year: 2017-18 Victus Dyeings, The Assistant Commissioner Of 410, P.N. Road, R.K. Nagar, Income Tax, Circle 1, Vs. Tirupur 641 601. Tirupur. [Pan: Aacfv4420D] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.768/Chny/2022 िनधा"रण वष"/Assessment Year: 2017-18 The Deputy Commissioner Of M/S. K.M. Knit Wear, Income Tax, Circle 1, 14, E.F. Lakshmi Nagar, First Street, Vs. Tirupur. City Garden, Tirupur 641 602. [Pan: Aacfk3053B] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.358/Chny/2022 िनधा"रण वष"/Assessment Year: 2018-19 M/S. K.M. Knit Wear, The Assistant Commissioner Of 14, E.F. Lakshmi Nagar, First Street, Income Tax, Circle 1, Vs. City Garden, Tirupur 641 602. Tirupur. (अपीलाथ"/Appellant) (""थ"/Respondent)

56 of the Act. On examination of the said provisions, we find the reasoning of the Assessing Officer in treating the sale of MLFPS as business income. In this regard, we shall examine as to whether the sale of scrips of MLFPS would fall under the provisions of section 2(24)(xviii) of the Act. We note that export from

ACIT, CIRCLE-1, , TIRUPUR vs. EASTMAN EXPORTS GLOBAL CLOTHING (P) LTD., TIRUPUR

In the result, the appeal of the assessee is allowed

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.3326/Chny/2019 & 326/Chny/2024 िनधा"रण वष"/Assessment Years: 2017-18 & 2018-19 The Assistant Commissioner Of Vs. Eastman Exports Global Clothing (P) Ltd., No. 10, 12, 2Nd Street, Kumar Income Tax, Circle 1(1), 121, Adams Buildings, 60 Feet Road, Nagar South, Tirupur 641 603. Tirupur 641 602. [Pan: Aaccc0952E] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.706/Chny/2022 िनधा"रण वष"/Assessment Year: 2017-18 Victus Dyeings, The Assistant Commissioner Of 410, P.N. Road, R.K. Nagar, Income Tax, Circle 1, Vs. Tirupur 641 601. Tirupur. [Pan: Aacfv4420D] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.768/Chny/2022 िनधा"रण वष"/Assessment Year: 2017-18 The Deputy Commissioner Of M/S. K.M. Knit Wear, Income Tax, Circle 1, 14, E.F. Lakshmi Nagar, First Street, Vs. Tirupur. City Garden, Tirupur 641 602. [Pan: Aacfk3053B] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.358/Chny/2022 िनधा"रण वष"/Assessment Year: 2018-19 M/S. K.M. Knit Wear, The Assistant Commissioner Of 14, E.F. Lakshmi Nagar, First Street, Income Tax, Circle 1, Vs. City Garden, Tirupur 641 602. Tirupur. (अपीलाथ"/Appellant) (""थ"/Respondent)

56 of the Act. On examination of the said provisions, we find the reasoning of the Assessing Officer in treating the sale of MLFPS as business income. In this regard, we shall examine as to whether the sale of scrips of MLFPS would fall under the provisions of section 2(24)(xviii) of the Act. We note that export from

DEPUTY COMMISSIONER OF INCOME TAX,CIRCLE-1, TIRUPPUR vs. EASTMAN EXPORTS GLOBAL CLOTHING P LTD, TIRUPPUR,TAMILNADU

In the result, the appeal of the assessee is allowed

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.3326/Chny/2019 & 326/Chny/2024 िनधा"रण वष"/Assessment Years: 2017-18 & 2018-19 The Assistant Commissioner Of Vs. Eastman Exports Global Clothing (P) Ltd., No. 10, 12, 2Nd Street, Kumar Income Tax, Circle 1(1), 121, Adams Buildings, 60 Feet Road, Nagar South, Tirupur 641 603. Tirupur 641 602. [Pan: Aaccc0952E] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.706/Chny/2022 िनधा"रण वष"/Assessment Year: 2017-18 Victus Dyeings, The Assistant Commissioner Of 410, P.N. Road, R.K. Nagar, Income Tax, Circle 1, Vs. Tirupur 641 601. Tirupur. [Pan: Aacfv4420D] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.768/Chny/2022 िनधा"रण वष"/Assessment Year: 2017-18 The Deputy Commissioner Of M/S. K.M. Knit Wear, Income Tax, Circle 1, 14, E.F. Lakshmi Nagar, First Street, Vs. Tirupur. City Garden, Tirupur 641 602. [Pan: Aacfk3053B] (अपीलाथ"/Appellant) (""थ"/Respondent) आयकर अपील सं./I.T.A. No.358/Chny/2022 िनधा"रण वष"/Assessment Year: 2018-19 M/S. K.M. Knit Wear, The Assistant Commissioner Of 14, E.F. Lakshmi Nagar, First Street, Income Tax, Circle 1, Vs. City Garden, Tirupur 641 602. Tirupur. (अपीलाथ"/Appellant) (""थ"/Respondent)

56 of the Act. On examination of the said provisions, we find the reasoning of the Assessing Officer in treating the sale of MLFPS as business income. In this regard, we shall examine as to whether the sale of scrips of MLFPS would fall under the provisions of section 2(24)(xviii) of the Act. We note that export from

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

RENAULT INDIA PRIVATE LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, appeal of the assessee is partly allowed

Bench: Shri Abraham P.George & Shri George Mathanआयकर अपील सं./I.T.A. No. 1078/Mds/2017 "नधा"रण वष" /Assessment Year : 2012-2013. M/S. Renault India Private Vs. The Deputy Commissioner Of Limited, Income Tax, No.37 & 38, Asv Ramana Corporate Circle 5(1) Towers, Chennai. 4Th Floor, Venkatnarayana Road, T.N Agar, Chennai 600 017. [Pan Aadcr 2042M ] (अपीलाथ"/Appellant) (""यथ"/Respondent)

56,11,939 TNMM Renault SAS Sale of trial cars 71,93,334 Renault SAS Purchase of sample 15,96,100 miniature car models Renault Nissan Reimbursement of salaries 3,46,14,038 CUP Global Management and wages paid Renault SAS Reimbursement of F1 race 68,83,300 CUP related cost received Renault BV Interest paid

ACIT CORPORATE CIRCLE 2, COIMBATORE vs. LATE SHRI NAREN RAJAN, REP.BY L/H SMT. PADMINI V.R, COIMBATORE

In the result, the appeal filed by the assessee for assessment year 2012-13 is partly allowed and appeal filed by the Revenue for assessment year 2012-13 is dismissed

Bench: Shri Mahavir Singh & Shri G. Manjunatha

price remains unpaid at the end of the previous year. Under those facts, the Hon’ble High Court came to the conclusion that amount due to the company as an advance to the director falling 29 I.T.A. Nos.1002 & 1161/Chny/2018 & 743/Chny/2015 within the mischief of section 2(22)(e) of the Act. In this case, the concern in which assessee

NAREN RAJAN,COIMBATORE vs. ACIT, COIMBATORE

In the result, the appeal filed by the assessee for assessment year 2012-13 is partly allowed and appeal filed by the Revenue for assessment year 2012-13 is dismissed

Bench: Shri Mahavir Singh & Shri G. Manjunatha

price remains unpaid at the end of the previous year. Under those facts, the Hon’ble High Court came to the conclusion that amount due to the company as an advance to the director falling 29 I.T.A. Nos.1002 & 1161/Chny/2018 & 743/Chny/2015 within the mischief of section 2(22)(e) of the Act. In this case, the concern in which assessee

PADMINI RAJAN, L/R OF LATE (SHRI) NAREN RAJAN,COIMBATORE vs. DCIT CORPORATE CIRCLE 2, COIMBATORE

In the result, the appeal filed by the assessee for assessment year 2012-13 is partly allowed and appeal filed by the Revenue for assessment year 2012-13 is dismissed

Bench: Shri Mahavir Singh & Shri G. Manjunatha

price remains unpaid at the end of the previous year. Under those facts, the Hon’ble High Court came to the conclusion that amount due to the company as an advance to the director falling 29 I.T.A. Nos.1002 & 1161/Chny/2018 & 743/Chny/2015 within the mischief of section 2(22)(e) of the Act. In this case, the concern in which assessee