PCIT v. Dr. Ranjan Pai

431 ITR 250High Court2021#20855 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 341,001 Indian tax judgments — from 2022 to 2025.

Sections most often in play

Section 45 Section 48 Section 49(4)Section 54F Section 56(2)(vii)(c)Section 143(3)

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Issues it is cited on

section 56(2)(vii)section 56(2)fair market value section 56 non-resident income from other sources person india document

Judgments citing PCIT v. Dr. Ranjan Pai

DCIT Central Circle 05, Delhi vs. Deepak Kothari, Kanpur

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

ITA 1834/DEL/2021[20017-18]Status: DisposedITAT Delhi06 Aug 2025

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

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Shri Dayainder Singh Sidhu, CIT DR

Section 143(3)Section 49(4)Section 56(2)(vii)

…property therein is comprised in the existing shareholding of the allottee. Similarly no property however is being passed on to the assessee in the (2) (vii) as the case may be.” 4.3.18 Hon'ble Karnataka High Court in the case of PCIT Vs Dr. Ranjan Pai [2021] 431 ITR 250 (Karnataka) held that when there is an issue of bonus shares, money remains with company and nothing comes to shareholders as there is no transfer of property, and thus, provisions of section 56(2)(vii)(c) are not attracted. The operative part of the judgment is reproduced below: "6. We have considered the submissions made by learned counsel for…

Deepak Kathari, Kanpur vs. ACIT, CC-5, New Delhi

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

ITA 1205/DEL/2021[2017-18]Status: DisposedITAT Delhi06 Aug 2025AY 2017-18

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

For Appellant: Dr. Rakesh Gupta, AdvocateFor Respondent: Shri Dayainder Singh Sidhu, CIT DR

Section 143(3)Section 49(4)Section 56(2)(vii)

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)

…ed 03.06.2010 iii. Circular No. 1/2011 dated 06.04.2011 b. The Hon'ble Courts have taken a view that such provisions can be applied only if 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…

Atr Warehousing Private Limited, Visakhapatnam vs. The Deputy Commissioner of Income Tax, Central Circle, Visakhapatnam

In the result, appeal of the assessee is partly allowed

ITA 88/VIZ/2020[2013-14]Status: DisposedITAT Visakhapatnam21 Dec 2022AY 2013-14

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Ble

For Appellant: Sri GVN Hari, AdvocateFor Respondent: Sri MN Murthy Naik, CIT-DR

Section 132Section 139Section 142(1)Section 143(2)Section 143(3)Section 14ASection 153ASection 194ASection 2(22)(e)Section 36(1)(iii)

…आयकर अपील"यअ"धकरण, "वशाखापटणम पीठ, "वशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM "ी दु"वू" आर एल रे"डी, "या"यक सद"य एवं "ी एस बालाकृ"णन, लेखा सद"य के सम" BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER & SHRI S BALAKRISHNAN, HON’BLE ACCOUNTANT MEMBER आयकर अपील सं./ I.T.A. No.88/Viz/2020 ("नधा"रण वष" / Assessment Year :2013-14) ATR Warehousing Private Limited, Vs. DCIT, D.No. 11-8-34, Central Circle-2, Daspalla Hills, Visakhapatnam. Visakhapatnam. PAN: AADCA 2121 Q (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ" क" ओर से/ Appellant by : Sri GVN Hari, Advocate ""याथ" क…