TRONG GLASS P LTD VS Income Tax Officer 172 ITD 571 (JAIPUR-T) 12 'India TODAY ONLINE P LTD. v. Income Tax Officer

176 ITD 459Income Tax Appellate Tribunal2019#15165 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2019 to 2024.

Sections most often in play

Section 143(3)Section 250 Section 56(2)(viib)Section 144B Section 144C(13)Section 234B Section 234D Section 263

Issues it is cited on

nav method dcf method section 56(2)(viib)valuation of shares section 56(2)fair market value section 56 scrutiny assessment prescribed company india section 143

Judgments citing TRONG GLASS P LTD VS Income Tax Officer 172 ITD 571 (JAIPUR-T) 12 'India TODAY ONLINE P LTD. v. Income Tax Officer

A.H.MULTISOFT P.LTD,NEW DELHI vs. ITO, WARD-1(1), NEW DELHI

Appeal of the appellant is dismissed

ITA 2400/DEL/2023[2016-17]Status: DisposedITAT Delhi05 Jul 2024AY 2016-17

Bench: SHRI G.S PANNU, HON'BLE (Vice President), SHRI ANUBHAV SHARMA (Judicial Member)

For Appellant: Shri Sanjiv Sapra, CAFor Respondent: Shri Zafarul Haque Tanweer, CIT-DR

Section 143(3)

…lly erroneous basis, or that it committed a mistake which went to the root of the valuation process. The deletion of addition was justified”. 11. Reliance is placed on the judgment of Delhi Bench in India Today Online (P) Ltd. vs. ITO (Delhi ITAT) reported in 176 ITD 459 for the proposition that while valuing unquoted shares of a Co. the value of its underlying assets (i.e.investment in shares of investee unquoted Co.) is to be taken at FMV instead of at book value. We find that, in this case assessee had substantiated the fair market value of its shares based on Valuation Report which in turn was largely based o…

ITO WARD - 24(1), NEW DELHI vs. SOLITAIRE BTN SOLAR PVT LIMITED, NEW DELHI

In the result, the appeal of the Revenue is dismissed

ITA 1416/DEL/2020[2016-17]Status: DisposedITAT Delhi12 Jun 2024AY 2016-17

Bench: Shri Kul Bharat & Shri Pradip Kumar Kedia

For Appellant: Shri Gaurav Jain, AdvocateFor Respondent: Shri Gurpreet Singh, Sr.DR

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

…the AO deserve to be deleted. 4.6 Reliance is placed on the ITAT Delhi decision in the case of India Today Online Pvt. Ltd. vs. Income Tax Officer in ITA Nos. 6453 & 6454/Del/2018 dated 15-03-2019 reported in [2019] 104 taxmann.com 385 (Delhi - Trib.)/[2019] 176 ITD 459 (Delhi - Trib.) wherein it was held that - "3.1 One of the cardinal principles of interpretation of fiscal statute is that they should be strictly construed and so long as the provision is free from any ambiguity, there should be no need to draw any analogy. 5 I.T.A. No.1416/Del/2020 A deeming provision on the other hand is intended to enlarge…

ITO WARD - 23(1), NEW DELHI vs. SHARP EYE BROADCASTING PVT LTD, NEW DELHI

In the result, the appeal of the Revenue is allowed for statistical purposes

ITA 1105/DEL/2020[2016-17]Status: DisposedITAT Delhi20 Nov 2023AY 2016-17

Bench: Shri Saktijit Dey- & Shri Pradip Kumar Kedia-

For Appellant: Shri Arun Kumar, AdvFor Respondent: Shri Anuj Garg, Sr.DR

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

…AR of the appellant referred to the ITAT Delhi decision in I.T.A. No.1105/Del/2020 9 the case of India Today Online Pvt. Ltd vs. Income Tax Officer in ITA Nos. 6453 & 6454 Del 2018 dated 15-03-2019 reported in [2019] 104 taxmann.com 385 (Delhi Trib.)/[2019] 176 ITD 459 (Delhi Trib.) wherein it was held - that - "3.1 One of the cardinal principles of interpretation of fiscal statute is that they should be strictly construed and so long as the provision is free from any ambiguity, there should be no need to draw any analogy. A deeming provision on the other hand is intended to enlarge the meaning of a particular…

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)

…ssing Officer /CITA has not pointed out any defect 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…

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)

…said principle was reiterated and upheld: Town Essential (P) Ltd., 191 ITD 55 Innoviti Payment Solutions (P.) Ltd., 102 taxmann.com 59 Cinestaan Entertainment P. Ltd., 106 taxmann.com 300 Rockland Diagnostics, TS-114-ITAT-2021-DEL India Today Online P. Ltd., 176 ITD 459 Rameshwaram Strong Glass P. Ltd., 96 taxmann.com 542 Credtalpha Alt. Inv. Advisors Pvt Ltd., 7056/mum/2019 AO cannot reject the purchase consideration paid by the Assessee 63. The Appellant submits that the AO merely alleging that the slump sale is a colourable device for reducing the Appellant's tax liability, rejected the valuation and the pu…

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

…NG & PRESSING WORKS P LTD VS PCIT 166 ITD 92 (MUM-T) 10 CINESTAAN ENTERTAINMENT P LTD VS Income Tax Officer 177 ITD 809 (DELHI-T) 11 RAMESHWARAM STRONG GLASS P LTD VS Income Tax Officer 172 ITD 571 (JAIPUR-T) 12 'India TODAY ONLINE P LTD VS Income Tax Officer 176 ITD 459 (DELHI-T) 7. On the other hand, the ld.Departmental Representative(DR) relied upon the written submissions submitted by him and the judicial pronouncements and supporting order passed by the ld.Pr.CIT. It was also submitted that both the twin conditions contain in section 263 of the Act are co-jointly present as per the facts of the present case…