(i) Vaani Estates (P) Ltd. v. ITO

172 ITD 629Income Tax Appellate Tribunal2018#16980 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2020 to 2026.

Sections most often in play

Section 11UASection 56(2)(viib)Section 68Section 142(1)Section 143(2)Section 143(3)Section 1961Section 56(2)(viib) of the Income Tax Act

Issues it is cited on

nav methoddcf methodsection 56(2)(viib)valuation of sharessection 56(2)fair market valuesection 56genuineness of the transactionincome from other sourcesprevious yearprescribedperson

Judgments citing (i) Vaani Estates (P) Ltd. v. ITO

Asirvad Micro Finance Limited, Anna Salai vs. Deputy Commissioner of Income Tax, Corporate Circle -1(1), Chennai

The appeal of the assessee is partly allowed

ITA 1139/CHNY/2025[2015-16]Status: DisposedITAT Chennai10 Mar 2026AY 2015-16

Bench: Shri Aby T. Varkey & Ms. Padmavathy.Sआयकर अपील सं./Ita No.1139/Chny/2025 िनधा$रण वष$ /Assessment Year: 2015-16

For Appellant: Mr. P.R. Prasanna Varma, FCAFor Respondent: Mr. Bipin C.N., CIT
Section 250Section 56(2)(viib)

…rvations of the Hon'ble Finance Minister it is clear that the intention behind introduction of section 56(2)(viib) is to discourage the generation and use of unaccounted money. The coordinate Bench of the Tribunal in the case of Vaani Estates Pvt. Ltd [(2018) 172 ITD 629 (Chennai)] has made the following observations with regard to interpretation of the provisions of section 56(2)(viib) – 7.2. **************** Thus in the case of the assessee, when the provisions of Section 56(2)(vi), (viib) & (x) of the Act, are interpreted in a harmonious manner lifting the corporate wheel of the assessee company, it is abunda…

Income Tax Officer, New Delhi vs. Ninecube Technologies Pvt. Ltd., New Delhi

ITA 3186/DEL/2024[2016-17]Status: DisposedITAT Delhi31 Jul 2025AY 2016-17

Bench: Ms. Madhumita Roy & Shri Amitabh Shuklaassessment Year: 2016-17

Section 11USection 143(2)Section 143(3)Section 56(2)Section 56(2)(viib)

…f section 56(2)(viib) is to curb generation and use of unaccounted income and not to hinder the genuine and bonafide business transactions. In this regard, he relied on the following case laws :- (i) Vaani Estates (P) Ltd. vs. ITO – (2018) 98 taxmann.com 92 / 172 ITD 629 (Chennai-Trib.) (ii) ACIT vs. Subodh Menon (2019) 103 taxmann.com 15 / 175 ITR 449; (iii) Clearview Healthcare Pvt. Ltd. vs. ITO (2020) 114 taxmann.com 167 (Del-Trib.). 8 ITA No.2720/DEL/2023 9. He further submitted that the Assessing Officer cannot substitute NAV method in place of DCF and relied on the following cases :- (i) Cinestaan Entertain…

Ipsaa Holdings Private Limited, Gurgaon vs. ACIT Circle 4(1), Gurgaon

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

ITA 2720/DEL/2023[2017-18]Status: DisposedITAT Delhi23 Jul 2025AY 2017-18

Bench: SHRI S. RIFAUR RAHMAN (Accountant Member), SHRI VIMAL KUMAR (Judicial Member)

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Shri Om Prakash, Sr. DR
Section 56

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘C’: NEW DELHI BEFORE SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER and SHRI VIMAL KUMAR, JUDICIAL MEMBER IPSAA Holdings Private Limited, vs. ACIT, Circle 4 (1), 21 A, J Block, Mayfield Garden, Gurugram. Sector 51, Gurugram – 122 018 (Haryana). (PAN : AADCI2179Q) (APPELLANT) (RESPONDENT) ASSESSEE BY : Dr. Rakesh Gupta, Advocate Shri Shrey Jain, Advocate Shri Deepesh Garg, Advocate REVENUE BY : Shri Om Prakash, Sr. DR Date of Hearing : 04.06.2025 Date of Order : 23.07.2025 O R D E R PER S.RIFAUR RAHMAN, ACCOUNTANT MEMBER : 1. This appeal is filed by the assessee agains…

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)

…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 same can apply only to tax evaders. Reliance is placed on the following decisions i. 372 ITR 746(SC) CIT vs. Sati Oil Udyog Ltd. (para 18-22) ii. 131…

Rissala Decor Pvt Ltd, Gurgaon vs. Pr. CIT, Gurgaon

The appeal is dismissed

ITA 2895/DEL/2019[2014-15]Status: DisposedITAT Delhi03 Jan 2020AY 2014-15

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

For Appellant: Shri M.R. Sahu, CAFor Respondent: Shri Sulekha Vema, CIT(DR)
Section 14Section 143(3)Section 263Section 263(1)

…ted by assessee can not be changed by AO Vodafone M-Pesa Ltd Vs. Pr. CIT (2018) 92 taxmann.com (Bom. HC) 15. Provisions of Sec 56(2) (viib) can not be invoked where Share Applicants are close relatives of the Directors. Vanni Estates (P.) Ltd. Vs. ITO (2018) 172 ITD 629 (Chennai Trib.) 16. Submissions of the Assessee was rejected and matter was merely to AO for fresh assessment –No Enquiry was done by Pr. CIT – No revision order u/s 263. Amendment to Sect 263 w.e.f. 1st 2015 – Applies Prospectively. M/s Arun Kumar Garg HUF Vs. Pr. CIT ITA No.: 3391/Del/2019, AY 2014-15 Order dated 08/01/2019. (Del. Trib) 17. Ord…

(i) Vaani Estates (P) Ltd. v. ITO (172 ITD 629) — Cited in 5 Judgments | BharatTax