ACIT-6(1)(1), MUMBAI, MUMBAI vs. CITY CENTRE MALL NASHIK PVT. LTD., MUMBAI

ITA 1820/MUM/2025Status: DisposedITAT Mumbai25 August 2025AY 2010-11Bench: SHRI NARENDRA KUMAR BILLAIYA, HON'BLE (Accountant Member), SHRI SANDEEP SINGH KARHAIL, HON'BLE JUDICIAL MEMBER I.T.A. No. 1691/Mum/2025 Assessment Year: 2009-10 & ACIT – 6(1)(1), Mumbai Vs City Centre Mall Nashik Pvt. Ltd. Room No. 62, Plot No. 8-9 2nd Floor, Parekh Mahal Lady Jamshedji Road Sakharam Keer Marg Mahim Mumbai - 400016 [PAN: AACCC6422B] अपीलार्थी/ (Appellant) प्रत्यर्थी / (Respondent) C.O. No. 81/Mum/2025 & C.O. No. 80/Mum/2025 City Centre Mall Nashik Pvt. Ltd. Room No. 62, Plo1 pages
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What did the Tribunal hold?

The Tribunal held that the AO had not disputed the identity or capacity of the subscribers and that the share premium was supported by a valuation report using the DCF method. The Tribunal further relied on High Court decisions stating that share premium is a capital receipt not chargeable to tax for the assessment years in question.

What were the facts?

The Assessing Officer (AO) noticed that the assessee company introduced Rs. 19 Crores as share capital and premium. The AO questioned the genuineness of share premium amounting to Rs. 17.10 Crores, treating it as unexplained credit under Section 68.

What were the issues?

Whether the share premium received by the assessee is to be treated as unexplained credit under Section 68 of the Income Tax Act, or if it is a capital receipt not chargeable to tax.

Which sections of the Income-tax Act were involved?

Section 68

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Income Tax Appellate Tribunal, “C” BENCH, MUMBAI

Before: SHRI NARENDRA KUMAR BILLAIYA, HON’BLE & SHRI SANDEEP SINGH KARHAIL, HON’BLE

For Respondent: Mr. R.A. Dhyani, CIT D/R
Hearing: 19/08/2025Pronounced: 25/08/2025

Heard together (4 matters)

I.T.A. No. 1691/Mum/2025
I.T.A. No. 1820/Mum/2025
C.O. No. 81/Mum/2025
C.O. No. 80/Mum/2025

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PER NARENDRA KUMAR BIL

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