ERCIALS P LTD 3272 ITR 740 (J&K-HC) 9 AMERICAN SPRING & PRESSING WORKS P LTD. v. PCIT

177 ITD 809Income Tax Appellate Tribunal2019#8263 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2019 to 2026.

Sections most often in play

Section 56(2)(viib)Section 143(3)Section 11UA Section 142(1)Section 250 Section 11UA(2)Section 133(6)Section 143(2)

Issues it is cited on

nav method dcf method section 56(2)(viib)valuation of shares going concern section 56(2)fair market value section 56(2)(vii)section 56 income from other sources prescribed company

Judgments citing ERCIALS P LTD 3272 ITR 740 (J&K-HC) 9 AMERICAN SPRING & PRESSING WORKS P LTD. v. PCIT

ITO, WARD-8(1), NEW DELHI vs. ECOSPHERE AGROFARMS P.LTD, NEW DELHI

In the result, appeal of the Revenue is dismissed

ITA 4993/DEL/2019[2015-16]Status: DisposedITAT Delhi10 Apr 2026AY 2015-16

Bench: Shri Anubhav Sharma & Shri Manish Agarwal[Assessment Year : 2015-16] Ito Vs M/S Ecosphere Agrofarms Ward-8(1) Pvt. Ltd., 921A, 9Th Floor, New Delhi Devika Tower, Nehru Place, New Delhi-110019. Pan-Aacce9290R Appellant Respondent Revenue By Ms. Indu Bala Saini, Sr.Dr Assessee By Shri V.K.Aggarwal, Ar Date Of Hearing 21.01.2026 Date Of Pronouncement 10.04.2026 Order Per Manish Agarwal, Am : The Present Appeal Is Filed By Revenue Against The Order Dated 26.03.2019 By Ld. Commissioner Of Income Tax (A)-3, New Delhi [“Ld. Cit(A)”] In Appeal No.3/10187/2017-18 Passed U/S 250 Of The Income Tax Act, 1961 [“The Act”] Arising Out Of Assessment Order Dated 18.12.2017 Passed U/S 143(3) Of The Act Pertaining To Assessment Year 2015-16. 2. Brief Facts Of The Case Are That Assessee Has Filed Return Of Income On 26.09.2015, Declaring Nil Income. The Case Was Selected For Limited Scrutiny For The Reason Large Share Premium Receipt. Notice U/S 142(1) Of The Act Alongwith Questionnaires Were Issued From Time To Time. The Assessee Has Issued Shares At A Premium Of Inr 990/- Per Share Having Face Value Of Inr 10/- Per Share. The Assessee Filed Certificate From Chartered Accountant Who Had Valued The Share At Inr 1007/- Per Share Followed Dcf Method. The Ao Observed That Assessee Has Failed To File Documentary Evidences In Support Of The Basis Of Projected Data Supply To The Valuer For Valuation Of Shares & Thus, Invoked The Provisions Of Section 56(2)(Viib) Of The Act. Thereafter, Ao Has Treated The Entire Share Premium As Income Of The Assessee U/S 56(2)(Viib) Of The Act & Made The Addition Thereof.

Section 142(1)Section 143(3)Section 250Section 56(2)(viib)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI “B” BENCH: NEW DELHI BEFORE SHRI ANUBHAV SHARMA, JUDICIAL MEMBER & SHRI MANISH AGARWAL, ACCOUNTANT MEMBER [Assessment Year : 2015-16] ITO vs M/s Ecosphere Agrofarms Ward-8(1) Pvt. Ltd., 921A, 9th Floor, New Delhi Devika Tower, Nehru Place, New Delhi-110019. PAN-AACCE9290R APPELLANT RESPONDENT Revenue by Ms. Indu Bala Saini, Sr.DR Assessee by Shri V.K.Aggarwal, AR Date of Hearing 21.01.2026 Date of Pronouncement 10.04.2026 ORDER PER MANISH AGARWAL, AM : The present appeal is filed by Revenue against the order dated 26.03.2019 by Ld. Commissioner of Income Tax (A)-3, New…

TECHPARK HOTELS PVT LTD,GURGAON vs. ADDI. CIT SPECIAL RANGE-9, NEW DELHI

In the result, the appeal filed by the Assessee is allowed

ITA 9450/DEL/2019[2015-16]Status: DisposedITAT Delhi20 Mar 2026AY 2015-16

Bench: Shri S. Rifaur Rahman & Shri Vimal Kumartechpark Hotels Pvt. Ltd., Addl. Cit, Ground Floor, Central Wing, Special Range-9, Thapar House 124, Janpath, Vs. New Delhi. New Delhi-110001. Pan-Aabce5833H (Appellant) (Respondent) Assessee By Shri Neeraj Jain, Adv. & Shri Tavish Verma, Adv. Ms. Harpreet Kaur Hansra Sr. Dr Department By Date Of Hearing 20.01.2026 Date Of Pronouncement 20.03.2026 O R D E R Per Vimal Kumar, Jm: The Appeal Filed By The Assessee Is Against Order Dated 11.09.2019 Of The Learned Commissioner Of Income Tax (Appeals), New Delhi [Hereinafter Referred To As ‘The Ld. Cit(A)’] Passed U/S 250 Of The Income Tax Act, 1961, [Hereinafter Referred To As ‘The Act’] Arising Out Of Assessment Order Dated 30.12.2017 Of The Ld. Assessing Officer U/S 143(3) Of The Act For Assessment Year 2015-16. 2. Brief Facts Of The Case Are That The Assessee Filed Return Declaring Loss Of Rs.23,06,28,106/- On 30.11.2015. Notice U/S 143(2) Dated 22.09.2016 Was Issued. Notices U/S 142(1) Were Issued. Sh. Nikhil Agarwal & Shri Nirmal Malpani, Ca Appeared & Filed Details. On Completion Of Proceedings, Ld. Ao Vide Order Dated Techpark Hotels Pvt. Ltd. Vs. Acit

Section 142(1)Section 143(2)Section 143(3)Section 154Section 234DSection 250Section 56(2)Section 56(2)(viib)

…ng the valuation date which has been approved in the annual general meeting of the shareholders of the company. 4.5 Reliance in this regard is placed on the decision of the Delhi Bench of the Tribunal in the case of Cinestaan Entertainment (P.) Ltd. vs. TIO :177 ITD 809 wherein, the context of valuation of shares under section 56(2)(viib) of the Act read with Rule 11UA of the Income Tax Rules, 1961 (‘the Rules’), it was held that if law provides the assessee to get the valuation done from a prescribed expert (Chartered Accountant) as per the prescribed method, then the same cannot be rejected because neither the…

ORAGADAM CITY DEVELOPERS PVT. LTD.,CHENNAI vs. ITO, CORPORATE WARD-5(1), CHENNAI

In the result, Addition u/s

ITA 2173/CHNY/2025[2014-15]Status: DisposedITAT Chennai23 Feb 2026AY 2014-15

Bench: Shri Manu Kumar Giri & Shri S.R.Raghunatha

For Appellant: MR. R. Sivaraman, AdvFor Respondent: Mr. Guru Prasad, Addl. CIT

Section 143(2)Section 147Section 148Section 40Section 56(2)(viib)

…ended that once valuation is done under Rule 11UA(2)(a)(i), the Assessing Officer cannot substitute his own valuation under DCF method. Reliance was placed on judicial precedents including: • Cinestaan Entertainment Pvt. Ltd. (2019) 180 DTR 65/ 200 TTJ 459 / 177 ITD 809 (Delhi)(Trib.) affirmed by Hon’ble Delhi High Court in PCIT v. Cinestaan Entertainment Pvt. Ltd. (2021) 433 ITR 82/ 199 DTR 345/ 320 CTR 381 (Delhi) (HC); • ACIT vs. Lifestyle Probuild (P.) Ltd. [2023] 155 taxmann.com 338 (Delhi - Trib.)/[2023] 203 ITD 585 (Delhi - Trib.)[09-10-2023]; • Dy. CIT v. Kilitch Healthcare India Ltd. [IT Appeal No. 7061…

DCIT-CC-5(3), MUMABI, MUMBAI vs. JWL COLD STORE PRIVATE LIMITED , PANVEL , MAHARASHTRA

In the result, appeal of the revenue is dismissed

ITA 3098/MUM/2023[2014-15]Status: DisposedITAT Mumbai31 Jul 2024AY 2014-15

Bench: Shri Pavan Kumar Gadale, Hon’Ble & Shri Girish Agrawal, Hon’Ble

For Appellant: Shri Satish Mody, A/RFor Respondent: Ms. Rajeshwari Menon, Sr. D/R

Section 115JSection 143(3)Section 56(2)(viib)

…| | आयकर अपील"य अ"धकरण "यायपीठ, मुंबई | | | IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, HON’BLE JUDICIAL MEMBER & SHRI GIRISH AGRAWAL, HON’BLE ACCOUNTANT MEMBER I.T.A. No. 3098/Mum/2023 Assessment Year: 2014-15 DCIT – CC, 5(3), Mumbai JWL Cold Store Private Vs Limited, Panvel Air India Building 19th Floor, Room No. 1906 Nariman Point Mumbai - 400021 [PAN: AACCJ8416G] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee by : Shri Satish Mody, A/R Revenue by : Ms. Rajeshwari Menon, Sr. D/R सुनवाई क" तार"ख/Date of Hearing : 05/06/2024 घोषणा क" तार"ख /Date of Pronouncement:…

DCIT, CC-20, DELHI vs. WELDON POLYMERS PVT. LTD. , DELHI

The appeal of the Revenue is dismissed

ITA 1868/DEL/2021[2017-18]Status: DisposedITAT Delhi10 Jun 2024AY 2017-18

Bench: Shri Gs Pannu & Shri Anubhav Sharma

For Appellant: Shri Salil Kapoor, Adv. and Shri Utkarsh Kumar Gupta, AdvFor Respondent: Shri Amit Katoch, Sr. Dr

Section 143(3)Section 56(2)(viib)Section 68A

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH: ‘H’: NEW DELHI) BEFORE SHRI GS PANNU, VICE PRESIDENT AND SHRI ANUBHAV SHARMA, JUDICIAL MEMBER ITA No:- 1868/Del/2021 (Assessment Year: 2017-18) DCIT, M/s Weldon Polymers Pvt. Ltd., Central Circle-20, Vs. 14/35 RBC, DDA shopping Delhi. complex, Moti Nagar, Nagpal Raya, South West Delhi-110046. PAN No: AAACW6549H APPELLANT RESPONDENT Revenue by : Shri Amit Katoch, Sr. Dr Assessee by : Shri Salil Kapoor, Adv. and Shri Utkarsh Kumar Gupta, Adv. Date of Hearing : 05.04.2024 Date of Pronouncement : 10.06.2024 ORDER PER ANUBHAV SHARMA, JM This appeal has bee…

BREEZEFRESH DAIRY AND AGRO FARMS PVT. LTD.,NEW DELHI vs. ITO, WARD- 5(2), NEW DELHI

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

ITA 2151/DEL/2019[2015-16]Status: DisposedITAT Delhi27 Oct 2023AY 2015-16

Bench: Shri N.K. Billaiya & Shri Kul Bharat

For Appellant: Shri Gaurav Jain, AdvFor Respondent: Shri Zafarul Haque Tanweer, CIT-DR

Section 56(2)(viib)

…n view the entire facts of the case, the reports of the valuer, the comparison of the actual and projected revenues, provisions of Section 56(2)(viib) and keeping in view the order of Co- ordinate Bench of ITAT in the case of Cinestaan Entertainment Pvt. Ltd. 177 ITD 809 Rockland Diagnostics Services Pvt. Ltd. Vs. ITO wherein it has been held that the Assessing Officer cannot substitute his own value in place of the value determined either on DC” method or NAV method, the appeal of the assessee is hereby allowed.” 5.2 Thus, it has been held by the Co-ordinate Bench of the Tribunal that in absence of any specific…

ASHUTOSH SINHA,MUMBAI vs. ITO 4(2)(1), MUMBAI

In the result, appeal of the assessee is partly allowed

ITA 643/MUM/2023[2016-17]Status: DisposedITAT Mumbai29 Aug 2023AY 2016-17

Section 147Section 148Section 56(2)(vii)

…there is any evasion of tax and if there is a finding to this extent. Reliance is placed on the following decisions: i. 431 ITR 250(Kar) PCIT vs. Rajan Pai ii. 175 ITD 449(Mum) ACTT vs. Subodh Menon iii. 193 ITD 860 (Mum) ITO vs. Rajeev Ratanlal Tulsyan (iv. 177 ITD 809(Del) Cinestaan Entertainment (P.) Ltd. vs. ITO (Para 27) - this order has been upheld in 433 ITR 82(Del) (HC) - [Ld. JM is a party] v. 172 ITD 629 (Che) Vaani Estates (P.) Ltd. vs. ITO (para 7) 8 Shri Ahutosh Sinha c. In fact, the Hon'ble Apex Court has time and again held that, where the provisions are inserted to deter tax evasion, then the sa…

QUICK TECHNOLOGIES PVT. LTD.,NEW DELHI vs. ACIT , CIRCLE-20(2), NEW DELHI

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

ITA 7353/DEL/2019[2016-17]Status: DisposedITAT Delhi15 Jun 2023AY 2016-17

Bench: Shri Saktijit Dey & Shri N.K. Billaiya

For Appellant: Shri Gautam Jain, AdvFor Respondent: Shri Vivek Vardhan, Sr. DR

Section 131Section 56(2)(vii)

…t or error in the said method and has simply rejected the valuation report without any basis. 10. Strong reliance was placed on the decision of the coordinate bench in the case of India Today Online Pvt. Ltd 176 ITD 459 and Cinestaan Entertainment (Pvt) Ltd 177 ITD 809. 11. Per contra, the ld. DR strongly supported the findings of the ld. CITA and read the operative part. 12. We have given thoughtful consideration to the orders of the authorities below. There is no dispute that the assessee has supported its valuation by a valuer’s report as per the relevant provisions of the Act. It is also true that the lo…

ITO, WARD - 11(3), , KOLKATA vs. M/S. LNB RENEWABLE ENERGY PVT. LTD., , KOLKATA

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

ITA 2011/KOL/2018[2013-14]Status: DisposedITAT Kolkata30 Nov 2022AY 2013-14

Bench: Sri Sanjay Garg & Dr. Manish Borad

Section 143(2)Section 143(3)Section 250Section 56(2)Section 56(2)(viib)

…see wishes to place reliance on the following judicial precedents, which have clarified that the valuation report prepared by an Independent Valuer basis the discounted cash flow method, cannot be rejected by the AO:  Cinestaan Entertainment (P) Ltd. (2019) (177 ITD 809) (Delhi Tribunal) -Page 120-139 of the supplementary paper book  Rameshwaram Strong Glass (P) Ltd (2018) (172 ITD 571) (Jaipur Tribunal) - Page 140 - 157 of the supplementary paper book  Narang Access Pvt. Ltd. (ITA No. 3521/M/2018) (Mumbai Tribunal) - Page 158-165 of the supplementary paper book  Karmic Labs Pvt. Ltd. (ITA No. 3955/M/2018) (M…

M/S. TE CONNECTIVITY SERVICES INDIA PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE

In the result, the appeal by the assessee is partly allowed for statistical purposes

ITA 300/BANG/2021[2016-17]Status: DisposedITAT Bangalore26 May 2022AY 2016-17

Bench: Shri Chandra Poojari & Smt. Beena Pillaiit(Tp)A No.300/Bang/2021 Assessment Year : 2016-17

For Appellant: Shri Sriram Sheshadri & Ms. Amulya K., CAsFor Respondent: Dr. Manjunath Karkihalli, CIT(DR)(ITAT), Bengaluru

Section 143(3)

…in view the entire facts of the case, the reports of the valuer, the comparison of the actual and projected revenues, provisions of Section 56(2)(viib) and keeping in view the order of Co-ordinate Bench of ITAT in the case of Cinestaan Entertainment Pvt. Ltd. 177 ITD 809 wherein it has been held that the Assessing Officer cannot substitute his own value in place of the value determined either on DC” method or NAV method, the appeal of the assessee is hereby allowed.’ 5.2 Thus, it has been held by the Co-ordinate Bench of the Tribunal that in absence of any specific inaccuracies or short comings in the DCF valuati…

INTELLIGRAPE SOFTWARE PVT. LTD.,NEW DELHI vs. DCIT, CIRCLE-12(2), NEW DELHI

In the result, the appeal of the assessee is allowed

ITA 9042/DEL/2019[2015-16]Status: DisposedITAT Delhi28 Jan 2022AY 2015-16

Bench: Sh. A. D. Jain, Vice-Dr. B. R. R. Kumarita No. 9042/Del/2019 : Asstt. Year : 2015-16 Intelligrape Software Pvt. Ltd., Vs Dcit, C/O Sanjiv Sapra & Associates Llp, Ca, Circle-12(2), C-763, New Friends Colony, New Delhi New Delhi-110025 (Appellant) (Respondent) Pan No. Aabci9247F Assessee By : Sh. Sanjiv Sapra, Fca Revenue By : Sh. Umesh Takyar, Sr. Dr Date Of Hearing: 28.10.2021 Date Of Pronouncement: 28.01.2022

For Appellant: Sh. Sanjiv Sapra, FCAFor Respondent: Sh. Umesh Takyar, Sr. DR

Section 56Section 56(2)(vii)Section 56(2)(viib)

…in view the entire facts of the case, the reports of the valuer, the comparison of the actual and projected revenues, provisions of Section 56(2)(viib) and keeping in view the order of Co-ordinate Bench of ITAT in the case of Cinestaan Entertainment Pvt. Ltd. 177 ITD 809 wherein it has been held that the Assessing Officer cannot substitute his own value in place of the value determined either on DCF method or NAV method, the appeal of the assessee is hereby allowed.” 13. In the absence of any change in the material facts and legal proposition, we hereby allow the appeal of the assessee. 15 Intelligrape Software…

ROCKLAND DIAGNOSTICS SERVICES P.LTD,NEW DELHI vs. ITO, WARD-21(3), NEW DELHI

The appeal of the assessee stands allowed

ITA 316/DEL/2019[2015-16]Status: DisposedITAT Delhi25 Feb 2021AY 2015-16

Bench: The Ld. Cit (A) Was Dismissed & Now The Assessee Has Approached This Tribunal

Section 143(1)Section 56(2)(b)Section 56(2)(viib)

…in view the entire facts of the case, the reports of the valuer, the comparison of the actual and projected revenues, provisions of Section 56(2)(viib) and keeping in view the order of Co-ordinate Bench ofTTAT in the case of Cinestaan Entertainment Pvt. Ltd. 177 ITD 809 14 Rockland Diagnostics Services Pvt. Ltd. vs. ITO wherein it has been held that the Assessing Officer cannot substitute his own value in place of the value determined either on DC” method or NAV method, the appeal of the assessee is hereby allowed.” 5.2 Thus, it has been held by the Co-ordinate Bench of the Tribunal that in absence of any s…

N. J. ECO-BUILD PVT. LTD,SURAT vs. PR. CIT-1,. SURAT, SURAT

In the result, appeal of the assessee is allowed

ITA 221/SRT/2019[2014-15]Status: DisposedITAT Surat13 Dec 2019AY 2014-15

Bench: Shri Sandeep Gosain & Shri O.P.Meenaआ.अ.सं./I.T.A No.221/Srt/2019 "नधा"रण वष"/Assessment Year: 2014-15 M/S.N.J.Eco-Build Pvt Ltd., V The Principal Commissioner S-42, Belgium Square, Opp.Laxmi S Of Income Tax, Surat-1. Vilas Bank. Delhi Gate, Ring Road, . Surat. [Pan: Aaecn 1584 H] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee By Shri Suresh K.Kabra – Ca राज"वक"ओरसे /Revenue By Shri Sreenivas T.Bidari – Cit-Dr सुनवाईकीतारीख/ Date Of Hearing: 09.12.2019 उ"घोषणाक"तार"ख/Pronouncement On: 13.12.2019 आदेश /O R D E R Per Sandeep Gosain, Jm: 1. This Appeal By The Assessee Is Directed Against The Order Of Ld.Principal Commissioner Of Income Tax, Surat-1, Dated 25.03.2019 For The Assessment Year 2014-15. 2. The Appeal Has Been Filed By The Assessee Against The Order Of Ld.Pr.Cit U/S.263 Of The Act.

Section 143(3)Section 263

…Page 1 of 16 N.J.ECO-BUILD PVT LTD. Vs. Pr.CIT, Surat -1/ITA No.221/SRT/2019 for A.Y. 2014-15 आयकरअपील"यअ"धकरण,सुरत"यायपीठ,सुरत IN THE INCOME TAX APPELLATE TRIBUNAL SURAT BENCH, SURAT BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER AND SHRI O.P.MEENA, ACCOUNTANT MEMBER आ.अ.सं./I.T.A No.221/SRT/2019 "नधा"रण वष"/Assessment Year: 2014-15 M/s.N.J.ECO-BUILD PVT LTD., V The Principal Commissioner S-42, Belgium Square, Opp.Laxmi s of Income Tax, Surat-1. Vilas Bank. Delhi Gate, Ring Road, . Surat. [PAN: AAECN 1584 H] अपीलाथ" / Appellant ""यथ"/Respondent "नधा"रतीक"ओरसे /Assessee by Shri Suresh K.Kabra – CA राज"वक"ओरसे /Reve…