NAV CONSEC P.LTD,MUMBAI vs. ITO 9(2)(3), MUMBAI

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ITA 3258/MUM/2016Status: DisposedITAT Mumbai25 January 2023AY 2011-1226 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the share premium received was a capital receipt and not income. It also noted that the relevant provisions of the Income Tax Act for taxing share premium in excess of fair market value were not applicable to the assessment year in question.

What were the facts?

The assessee company increased its paid-up capital and share premium account by issuing shares for consideration other than cash. The Assessing Officer added the share premium amount to the assessee's income, treating it as unjustified.

What were the issues?

Whether the share premium received by the assessee could be added to its income under Section 68 of the Income Tax Act, and whether the amendments to the Act regarding share premium were applicable retrospectively.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(11)Show list

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Income Tax Appellate Tribunal, “B” BENCH, MUMBAI

Before: SHRI ABY T. VARKEY, JM & SHRI. GAGAN GOYAL, AM

For Respondent: Shri Anil Surana, CA (written, Dr Mahesh Akhade, CIT DR
Hearing: 21/11/2022Pronounced: 25/01/2023

आदेशधिुसधर/ BY ORDER, सत्यावपत प्रवत //True Copy//

उि/सहधयक िंजीकधर /(Dy./Asstt. Registrar) आयकर अिीिीय अनर्करण, मुंबई / ITAT, Mumbai Details Date Initials Designation 1 Draft dictated/ directed typed on computer on 24.11 Sr.PS/PS 2 Draft Placed before author 28.11 Sr.PS/PS 3 Draft proposed & placed before the Second JM/AM Member 4 Draft discussed/approved by Second Member JM/AM 5. Approved Draft comes to the Sr.PS/PS Sr.PS/PS 6. Kept for pronouncement on Sr.PS/PS 7. File sent to the Bench Clerk Sr.PS/PS 8 Date on which the file goes to the Head clerk 9 Date of Dispatch of order

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