Vodafone India Services (P.) Ltd. v. Union of India

368 ITR 1High Court2014#563 most cited

What is Vodafone India Services (P.) Ltd. v. Union of India authority for?

The issue of shares and share premium is a capital account transaction, not an income-generating event, therefore Chapter X (Transfer Pricing) provisions are not attracted to deem notional or hypothetical income from such transactions.

172

judgments rely on this decision, according to BharatTax’s citation analysis of 367,368 Indian tax judgments — from 2015 to 2026.

Also referred to as

Vodafone India Services v. UOI · issue of shares · share premium · capital account transaction · transfer pricing · Chapter X applicability · international transaction · notional income · section 92 · section 56(2)(viib)

Also reported as

50 Taxmann.com 300228 Taxmann 25

Sections most often in play

Section 143(3)Section 68Section 147Section 131Section 144C(13)Section 148Section 263Section 144C
Read the full judgment

Issues it is cited on

section 56(1)section 92(1)section 56(2)(viib)dcf methodonus of proofshare capital and share premiumsource of sourcesection 40a(2)(b)disallowance of interest expenditureshare application moneysection 40a(2)section 92b

Judgments citing Vodafone India Services (P.) Ltd. v. Union of India

ACIT CC 3(4) Cen RG 3, Mumbai vs. Patel Engineering Ltd, Mumbai

In the result, cross objection filed by the assessee is partly allowed

ITA 2758/MUM/2017[2009-10]Status: DisposedITAT Mumbai31 Oct 2022AY 2009-10

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

Section 14ASection 199(2)Section 801A(4)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER ITA Nos. 2757 & 2758/MUM/2017 (A.Y. 2008-09 & 2009-10) ITA.No. 2933/MUM/2019 (A.Y. 2014-15) DCIT – Central Circle – 3(4) v. M/s. Patel Engineering Ltd., Central Range -3 Patel Estate Road Room No. 1915, 19th Floor Jogeswari (W) Air India Building, Nariman Point Mumbai - 400102 Mumbai – 400 021 PAN: AAACP2567L Appellant Respondent C.O. Nos. 259 &260/MUM/2018 [ARISING OUT OF ITA Nos. 2757 & 2758 /MUM/2017 (A.Y. 2008-09 & 2009-10)] M/s. Patel Engineering Ltd.…

ACIT CC 3(4) Cen RG 3, Mumbai vs. Patel Engineering Ltd, Mumbai

In the result, cross objection filed by the assessee is partly allowed

ITA 2757/MUM/2017[2008-09]Status: DisposedITAT Mumbai31 Oct 2022AY 2008-09

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

Section 14ASection 199(2)Section 801A(4)Section 80I

…IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SHRI VIKAS AWASTHY, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER ITA Nos. 2757 & 2758/MUM/2017 (A.Y. 2008-09 & 2009-10) ITA.No. 2933/MUM/2019 (A.Y. 2014-15) DCIT – Central Circle – 3(4) v. M/s. Patel Engineering Ltd., Central Range -3 Patel Estate Road Room No. 1915, 19th Floor Jogeswari (W) Air India Building, Nariman Point Mumbai - 400102 Mumbai – 400 021 PAN: AAACP2567L Appellant Respondent C.O. Nos. 259 &260/MUM/2018 [ARISING OUT OF ITA Nos. 2757 & 2758 /MUM/2017 (A.Y. 2008-09 & 2009-10)] M/s. Patel Engineering Ltd.…

ACIT Cent. Cir 3(3), Mumbai vs. M/S. Aym Syntex Ltd, Mumbai

ITA 2550/MUM/2021[2014-15]Status: DisposedITAT Mumbai29 Sept 2022AY 2014-15

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

ACIT- CC -3, Mumbai vs. Aym Syntex Ltd., Mumbai

ITA 2549/MUM/2021[2015-16]Status: DisposedITAT Mumbai29 Sept 2022AY 2015-16

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

Aym Syntex Ltd. (Formerly Known As M/S. Welspun Syntex Ltd.), Mumbai vs. DCIT- CC- 3(4), Mumbai

ITA 2342/MUM/2021[2015-16]Status: DisposedITAT Mumbai29 Sept 2022AY 2015-16

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

M/S. Aym Syntex Ltd (Formerly Known As M/S. Welspun Syntex Ltd, Mumbai vs. DCIT -Cent Cir-3(4), Mumbai

ITA 2341/MUM/2021[2014-15]Status: DisposedITAT Mumbai29 Sept 2022AY 2014-15

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

Aym Syntex Ltd.(Formerly Known As M/S. Welspun Syntex Ltd.), Mumbai vs. DCIT- CC- 3(3), Mumbai

ITA 2340/MUM/2021[2013-14]Status: DisposedITAT Mumbai29 Sept 2022AY 2013-14

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2013-14 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 M/S Aym Syntex Ltd. (Formerly Dcit-Central Circel-3(3), Known As M/S Welspun Syntex Ltd.), Air India Building Nariman 9Th Floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. Pan No. Aaacw 0489 L Appellant Respondent Assessment Year: 2014-15 Asst. Cit Cc-3(3), Central Range-3, M/S Aym Syntex Ltd., Room No. 1923, 19Th Floor, Air India 9Th Floor Trade World, Senapati Building, Nariman Point, Vs. Bapat Marg, Kmala Mills Mumbai-400021. Compound, Lower Parel, Mumbai-400011. Pan No. Aaacw 0489 L Appellant Respondent

Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “A” MUMBAI BEFORE SHRI KULDIP SINGH (JUDICIAL MEMBER) AND SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) Assessment Year: 2013-14 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs. Point, Senapati Bapat Marg, Lower Parel, Mumbai-400021. Mumbai-400013. PAN No. AAACW 0489 L Appellant Respondent Assessment Year: 2014-15 M/s AYM Syntex Ltd. (formerly DCIT-Central Circel-3(3), known as M/s Welspun Syntex Ltd.), Air India Building Nariman 9th floor, B Wing, Trade World, Vs.…

Metallurgical Services P. Ltd., Mumbai vs. Pr. CIT-6, Mumbai

In the result, the impugned order is set-aside and the appeal of assessee is allowed

ITA 835/MUM/2021[2015-16]Status: DisposedITAT Mumbai13 Sept 2022AY 2015-16

Bench: Shri G. S. Pannu & Shri Vikas Awasthyआअसं. 835/मुं/2021 (िन.व. 2015-16) Metallurgical Services Private Limited, Mehta House, Ashok Silk Mills Lane, Opp. Damodar Park, Off Lbs Marg, Ghatkopar (W), Mumbai 400 086 Pan: Aafcm-5665-D ...... अपीलाथ" /Appellant बनाम Vs. Principal Commissioner Of Income Tax, Mumba-6, Room No.501, 5Th Floor, Aaykar Bhavan, M.K.Road, Mumbai-400020 ..... "ितवादी/Respondent अपीलाथ" "ारा/ Appellant By : S/Shri Siddesh Chougule & Ajit Jain "ितवादी "ारा/Respondent By : S/Shri Amol Kirtane & Mehul Jain सुनवाई की ितिथ/ Date Of Hearing : 17/06/2022 घोषणा की ितिथ/ Date Of Pronouncement : 13/09/2022 आदेश/ Order

For Appellant: S/Shri Siddesh Chougule & Ajit JainFor Respondent: S/Shri Amol Kirtane & Mehul Jain
Section 263Section 92BSection 92B(1)

…आयकर अपीलीय अिधकरण मुंबई पीठ “ डी”, मुंबई "ी जी. एस. प"ू,अ"" एवं "ी िवकास अव"थी, "ाियक सद" के सम" IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D”, MUMBAI BEFORE SHRI G. S. PANNU, PRESIDENT & SHRI VIKAS AWASTHY, JUDICIAL MEMBER आअसं. 835/मुं/2021 (िन.व. 2015-16) Metallurgical Services Private Limited, Mehta House, Ashok Silk Mills Lane, Opp. Damodar Park, Off LBS Marg, Ghatkopar (W), Mumbai 400 086 PAN: AAFCM-5665-D ...... अपीलाथ" /Appellant बनाम Vs. Principal Commissioner of Income Tax, Mumba-6, Room No.501, 5th Floor, Aaykar Bhavan, M.K.Road, Mumbai-400020 ..... "ितवादी/Respondent अपीलाथ" "ारा/ Appell…

Brocade Communications Systems Private Limited, Bengluru vs. Principal Commissioner of Income Tax-1, Bengaluru

In the result, the appeal filed by the assessee stands partly allowed

ITA 656/BANG/2021[2013-14]Status: DisposedITAT Bangalore30 Aug 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2013-14 M/S. Brocade Communications Systems Pvt. Ltd., Floor 3, B & C Wing & The Principal Floor 8, D Wing, S1 Commissioner Of Wipro Electronic City Income Tax – 1, Sez, Doddathogur Bengaluru. Vs. Village, Bengaluru – 560 100. Pan: Aaccb4490N Appellant Respondent : Smt. Tanmayee Rajkumar, Assessee By Advocate : Smt. Priyadarshini Revenue By Baseganni, Addl. Cit (Dr) Date Of Hearing : 28-07-2022 Date Of Pronouncement : 30-08-2022 Order Per Beena Pillaipresent Appeal Is Filed By The Assessee Against Order Dated 18/03/2020 Passed By The Ld.Pr.Cit For A.Y. 2013-14 On Following Grounds Of Appeal: “1. The Order Of The Principal Commissioner Of Income Tax ('Pr.Cit') Passed Under Section 263 Of The Income-Tax Act, 1961 ('The Act'), Is Bad In Law & Liable To Be Quashed. 2. The Learned Pr.Cit Erred In Law & Facts In Concluding That The Order Of The Assessing Officer ('Ao') Is "Erroneous

For Respondent: Smt. Tanmayee Rajkumar
Section 10ASection 143(3)Section 144C(5)Section 263Section 28Section 92C

…order passed by AO pursuant to DRP direction. This decision was however not followed by the Mumbai ITAT for the reason that the same was contrary to the law laid down by the Bombay High Court in the case of Vodafone India Services Pvt.Ltd. Vs. Union of India 368 ITR 1 (Bom). Therefore, we are of the view that the decision rendered by the ITAT Mumbai which is contrary to the law laid down by the Jurisdictional Karnataka High Court, cannot be of any assistance to the plea of the Assessee before us. As far as the decision of the Hon’ble ITAT, Mumbai Bench in the case of Barclays Bank PLI is concerned, factually the…

Dy Cti, CC-16(1), Mumbai vs. Shipa Shetty, Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 478/MUM/2021[2012-13]Status: DisposedITAT Mumbai11 Aug 2022AY 2012-13
Section 92A(2)(j)Section 92B

…5 at Pg. 472 vi. Goodyear Tire & Rubber Co. [2011] 334 ITR 69 (AAR) - Para 10 at Pg. 78 vii. Vodafone India Services (P.) Ltd. v. Union of India [2013] 361 ITR 531 (Born HC) - Para 32 at Pg. 564 viii. Vodafone India Services (P.) Ltd. v. Union of India [2014] 368 ITR 1 (Born HC) - Para 24 (Pg. 30), 40 (Pg. 37-38) ix. Vodafone India Services (P.) Ltd. v. Union of India [2015] 369 ITR 511 (Born HC) - Para 8 at Pg. 515 x. Vodafone India Services (P.) Ltd. v. CIT [2016] 385 ITR 169 (Born HC) - Pg. 312 and 320 And keeping in view of our above finding, we allow these grounds and direct the AO to deleted the additions.…

DCIT-CC-7(3), Mumbai vs. Shri Majni Karamshi Patel, Mumbai

In the result, the cross objections of the assessee and the appeal filed by the revenue is dismissed

ITA 6128/MUM/2019[2014-15]Status: DisposedITAT Mumbai10 Aug 2022AY 2014-15

Bench: Shri Pavan Kumar Gadale & Shri Gagan Goyal, Accountat Member Dcit, Cc-7(3) Vs. Shri Manji Karamshi Room No. 655, Patel Aayakar Bhavan, Office No. 1, Patel M.K.Road, Bhavan-29, Vijaywadi, Mumbai.-400020. Dr. Nagindas N Shah Lane Chira Bazar, Mumbai – 400002. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabpp0130D Appellant .. Respondent Co No. 45/Mum/2021 (A.Y: 2014-15) Shri Manji Karamshi Vs. Dcit, Cc-7(3) Patel Room No. 655, Aayakar Office No. 1, Patel Bhavan, Bhuvan-29, Vijaywadi, M.K .Road, Dr. Nagindas N Shah Mumbai-400002. Lane Chira Bazar, Mumbai – 400002. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabpp0130D Appellant .. Respondent

For Appellant: Shri.Rushab Mehta.ARFor Respondent: Shri .T .Shankar.DR
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 148Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & SHRI GAGAN GOYAL, ACCOUNTAT MEMBER DCIT, CC-7(3) Vs. Shri Manji Karamshi Room No. 655, Patel Aayakar Bhavan, Office No. 1, Patel M.K.Road, Bhavan-29, Vijaywadi, Mumbai.-400020. Dr. Nagindas N Shah Lane Chira Bazar, Mumbai – 400002. "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AABPP0130D Appellant .. Respondent CO No. 45/Mum/2021 (A.Y: 2014-15) Shri Manji Karamshi Vs. DCIT, CC-7(3) Patel Room No. 655, Aayakar Office No. 1, Patel Bhavan, Bhuvan-29, Vijaywadi, M.K .Road, Dr. Nagindas N Shah Mumbai-400002. Lane Chira…

Income Tax Officer, Ward 5(3), Nagpur vs. M/S. 21St Century Infrastructure (India) Pvt. Ltd., Nagpur

In the result, the appeal of the Department is dismissed

ITA 207/NAG/2017[2012-13]Status: DisposedITAT Nagpur28 Jun 2022AY 2012-13

Bench: Shri Sandeep Gosain, Jm & Shri Arun Khodpia, Am

For Appellant: Shri MahaveerAtal, CAFor Respondent: ShriPiyushKohle, CIT-DR
Section 133(6)Section 143(1)Section 143(2)Section 143(3)Section 56

…2.17 The landmark judgment on the subject whether Share Capital is a capital receipt or revenue receipt, we wish to draw support from the landmark judgment of Hon’ble Bombay High Court in the case of Vodafone India Services (P) Ltd. v. UOI reported in (2014) 368 ITR 1 (Bom-HC) The Hon'ble Bombay High Court held that ‘The amounts received on issue of share capital including the premium are undoubtedly on capital account share premium have been made taxable by a legal fiction under section 56(2) (viib) of the Act and the same is enumerated as income in section 2(24) (xvi) of the Act.’ 2.18 The Central Board of Dir…

Deputy Commissioner of Income Tax-4(3)(1), Mumbai vs. Qmax Synthetics Private Limited, Mumbai

ITA 4378/MUM/2017[2008-09]Status: DisposedITAT Mumbai27 Apr 2022AY 2008-09

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhailacit-4(3)(1) Vs. M/S Qmax Synthetics R. No. 649, 6Th Floor, Pvt. Ltd., 5-B/174, Aayakar Bhavan, Sanjay Building, Mittal Mumbai – 400 020 Industrial Estate, Andheri (E), Mumbai 400 059 "थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacq0206D Respondent .. Appellant

For Appellant: Ashok BansalFor Respondent: T. Shankar
Section 133(6)Section 143(3)Section 148Section 68

…1 ITA No.4378/Mum/2017 A.Y.2008-09 ACIT-4(3)(1) Vs. M/s Qmax Synthetics pvt. Ltd. THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI BEFORE SHRI AMARJIT SINGH, ACCOUNTANT MEMBER & SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ACIT-4(3)(1) Vs. M/s Qmax Synthetics R. No. 649, 6th Floor, Pvt. Ltd., 5-B/174, Aayakar Bhavan, Sanjay Building, Mittal Mumbai – 400 020 Industrial Estate, Andheri (E), Mumbai 400 059 "थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACQ0206D Respondent .. Appellant Appellant by : Ashok Bansal Respondent by : T. Shankar Date of Hearing 23.02.2022 Date of Pronouncement 27.04.2022 आदेश / O R D E…

The Indian Hotels Co. Ltd., Mumbai vs. Pr. CIT-1, Mumbai

In the result, the appeal of the assessee is hereby allowed

ITA 950/MUM/2021[2014-15]Status: DisposedITAT Mumbai12 Apr 2022AY 2014-15

Bench: Shri Amarjit Singh, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.950/Mum/2021 (ननधधारण वर्ा / Assessment Years: 2014-15) बनधम/ The Indian Hotels Company Pcit-1 Room No.330, 3Rd Floor, Ltd. Vs. 9Th Floor, Express Towers, Aayakar Bhavan, Barrister Rajini Patel Marg, Maharishi Karve Road, Nariman Point, Mumbai- Mumbai-400020. 400021. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaact3957G (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri K. K. Ved Revenue By: Shri Surendra Kumar (Dr) सुनवाई की तारीख / Date Of Hearing: 17/03/2022 घोषणा की तारीख /Date Of Pronouncement: 12/04/2022 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 31.03.2021 Passed By The Principal Commissioner Of Income Tax-01, Mumbai [Hereinafter Referred To As The “Pcit”] Relevant To The A.Y.2014-15 In Which The Principal Commissioner Of Income Tax-01 Has Invoked The Revisional Power U/S 263 Of The I.T. Act, 1961. 2. The Assessee Has Raised The Following Grounds Of Appeal: - “Re.: Validity Of Order U/S, 263; On The Facts & In The Circumstances Of The Case & In Law, The Impugned Order Dated 31 March 2021 Passed Under Section 263 Of The Act Is Without Jurisdiction & Bad In Law. Without Prejudice To The Above, On The Facts & Circumstances Of The Case & In Law, The Principal Commissioner Of Income Tax (“Pcit”) Has Erred In Passing The Order Dated 31 March 2021 U/S. 263 Of The Act.

For Appellant: Shri K. K. VedFor Respondent: Shri Surendra Kumar (DR)
Section 143(3)Section 144CSection 263Section 36

…as expounded that proceedings before the DRP is not an appeal proceedings, but correction mechanism in the nature of a second look at the proposed assessment order by high functionaries of revenue (ii)Vodafone India Services Pvt.Ltd. vs. Union of India (2014) 368 ITR 1(Bom.). In the present case, this Tribunal is under the jurisdiction of Hon‟ble Bombay High Court. Hence, we do not have any authority whatsoever to deviate from the exposition of the Hon‟ble jurisdictional High Court that the proceedings at DRP is not an appeal proceedings, but a correcting mechanism. Furthermore, the ratio from the Hon‟ble Bombay…

Income Tax Officer 11(3)(2), Mumbai vs. M/S. Vastu Minerals Private Limited, Mumbai

In the result, the appeal filed by the Revenue is allowed for statistical purposes

ITA 6115/MUM/2017[2010-11]Status: DisposedITAT Mumbai10 Mar 2022AY 2010-11

Bench: Shri Om Prakash Kant () & Shri Amarjit Singh () Assessment Year: 2010-11 Income Tax Officer-11(3)(2), M/S Vastu Minerals Pvt. Ltd., R.No. 428, Aayakar Bhavan, M.K. Vs. 4, Arun Villa, Subhash Road-B, Vile Road, Parle (E), Mumbai-400020. Mumbai-400057. Pan No. Aaccv 0308 B Appellant Respondent

For Appellant: Mr. Rohit Golecha, ARFor Respondent: Mr. Arvind Sontakke, DR
Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “F” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI AMARJIT SINGH (JUDICIAL MEMBER) Assessment Year: 2010-11 Income Tax Officer-11(3)(2), M/s Vastu Minerals Pvt. Ltd., R.No. 428, Aayakar Bhavan, M.K. Vs. 4, Arun Villa, Subhash Road-B, Vile Road, Parle (E), Mumbai-400020. Mumbai-400057. PAN No. AACCV 0308 B Appellant Respondent Revenue by : Mr. Arvind Sontakke, DR Assessee by : Mr. Rohit Golecha, AR Date of Hearing : 14/02/2022 Date of pronouncement : 10/03/2022 ORDER PER OM PRAKASH KANT, AM This appeal by the Revenue is directed against order dat…

ITO 1(3)(2), Mumbai vs. Suntech Peripherals P.Ltd, Mumbai

The appeal stands dismissed

ITA 3502/MUM/2017[2012-13]Status: DisposedITAT Mumbai18 Feb 2022AY 2012-13

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील िं./ I.T.A. No. 3502/Mum/2017 (धििाारण वर्ा / Assessment Year: 2012-13 Ito – 1(3)(2) M/S Suntech Peripherals Pvt. Ltd. 5Th Floor, R. No. 541 बिाम 2-B, Prem Kutir, 177 Aaykar Bhavan, M. K. Road Babubhai Chinoi Road / Vs. Mubmai-400 020 Marine Drive, Mumbai-400 020 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aabcs-6873-P (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri Prakash Jotwani – Ld. Ar Revenue By : Shri Hoshang Boman Irani – Ld. Dr ुनवाई की तारीख/ : 24/11/2021 Date Of Hearing घोषणा की तारीख / : 18/02/2022 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal () 1. Aforesaid Appeal By Revenue For Assessment Year (Ay) 2012-13 Arises Out Of The Order Of Learned Commissioner Of Income-Tax (Appeals)-3, Mumbai [Cit(A)], Dated 28/02/2017 In The Matter Of Assessment Framed By Ld. Ao U/S 143(3) On 30/03/2015. The Grounds Raised By The Revenue Read As Under: - 1. On The Facts & In The Circumstances Of The Case & In Law, The Ld. Cit(A) Was Erred In Deleting The Addition Of Share Premium Received On The Ground That It Was A Capital Receipt When In Reality There Is Accretion To Assets Without A Corresponding Increase In Claimable Liability (Shares & Premium Reserve) & Therefore Determining The Nature Of Such Receipt Of Share Premium As Income On It Remaining

For Appellant: Shri Prakash Jotwani – Ld. ARFor Respondent: Shri Hoshang Boman Irani – Ld. DR
Section 143(3)Section 68

…1 आयकर अपीलीय अधिकरण “जी” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI माननीय श्री महावीर स िंह, उपाध्यक्ष एवुं माननीय श्री मनोज कुमार अग्रवाल ,लेखा दस्य के मक्ष। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपील िं./ I.T.A. No. 3502/Mum/2017 (धििाारण वर्ा / Assessment Year: 2012-13 ITO – 1(3)(2) M/s Suntech Peripherals Pvt. Ltd. 5th floor, R. No. 541 बिाम 2-B, Prem Kutir, 177 Aaykar Bhavan, M. K. Road Babubhai Chinoi Road / Vs. Mubmai-400 020 Marine Drive, Mumbai-400 020 स्थायीलेखा िं./ जीआइआर िं./ PAN/GIR No. AABCS-6873-P (अपीलाथी/Appellant…

ITO 6 (2)(1), Mumbai vs. M/S Confiance Trading Pvt Ltd., Mumbai

ITA 199/MUM/2020[2012-13]Status: DisposedITAT Mumbai24 Jan 2022AY 2012-13

Bench: Shri Rajesh Kumar & Shri Amarjit Singhassessment Year: 2012-13 Ito 6(2)(1), M/S. Confiance Trading 5Th Floor, Pvt. Ltd., Room No.510, 308, Adharu Industrial Aaykar Bhavan, Vs. Estate, M.K. Road, Sun Mill Compound, Mumbai – 400 020 Lower Parel, Mumbai – 400 013 Pan: Aaccc4316L (Appellant) (Respondent) Present For: Assessee By : Shri Dharmvir, A.R. Revenue By : Shri Gaurav Kabra, D.R. Date Of Hearing : 10.11.2021 Date Of Pronouncement : 24.01.2022 O R D E R

For Appellant: Shri Dharmvir, A.RFor Respondent: Shri Gaurav Kabra, D.R
Section 143(1)Section 56(2)(viib)Section 68

…7) 392 ITR 7 wherein it has been held that the valuation of share is not relevant for determining the genuineness of the transaction for the purpose of section 68 of the Act. The Ld. CIT(A) also referred to the decision of Vodafone India Services Ltd. vs. UOI 368 ITR 1 wherein it has been held that share premium is not an income of the assessee. The Ld. CIT(A) also recorded a finding that AO has not done any verification on the evidences filed by the assessee neither pointed out any defect or deficiency in the said evidences. It was recorded by the Ld. CIT(A) that assessee has discharged its onus by filing the ne…

Barclays Bank Plc, Mumbai vs. CIT (International Taxation)-Range-1, Mumbai

In the result, the appeal by the assessee stands partly allowed

ITA 827/MUM/2021[2013-14]Status: DisposedITAT Mumbai03 Jan 2022AY 2013-14

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm)

Section 143(3)Section 144C(13)Section 263Section 37

…1 IN THE INCOME TAX APPELLATE TRIBUNAL “I” Bench, Mumbai Before Shri Shamim Yahya (AM) & Shri Amarjit Singh (JM) I.T.A. No.827/Mum/2021 (Assessment Year 2013-14) Vs. CIT(IT), Range-1 Barclays Bank PLC 9th Floor, Building No.6 17th Floor Nirlon Knowledge Park Room No.1704, Air Off. Western Express India Building Highway Nariman Point Goregaon (E) Mumbai-400 021 Mumbai-400 63 PAN : AAACB4876G (Appellant) (Respondent) Assessee by Shri P.J.Pardiwala & Madhur Agarwal Department by Shri Sanjay Singh Date of Hearing 04.10.2021 Date of 03.01.2022 Pronouncement O R D E R Per Shamim Yahya (AM) :- This appeal by…

Thai Glico Co. Ltd., Gurgaon vs. DCIT, Circle- 3(1)(1), Intl. Taxation, New Delhi

In the result, appeal of the assessee is dismissed

ITA 7261/DEL/2017[2013-14]Status: DisposedITAT Delhi28 Dec 2021AY 2013-14

Bench: Sh. Anil Chaturvedi & Sh. K. Narasimha Chary

Section 139Section 139(1)Section 143(2)Section 144C(3)Section 250Section 274

…g the fact that appellant bona fide filed form 3CEB to avoid any transfer pricing non-compliance in view of decision of Hon’ble Bombay High Court in Shell India Markets (P.) Ltd. Vs. ACIT [369 ITR 516] and Vodafone India Services (P.) Ltd. Vs. Union of India (369 ITR 511) and filed tax return as per provisions of the Act. 4. That Ld.CIT (A)/ AO erred on facts and in law, in initiating penalty proceedings under section 274 r.w.s 271 of the Act, without considering the fact that the appellant has neither concealed any particulars of income nor furnished inaccurate particulars of income. The appellant craves leave…

Jindal Steel & Power Ltd., New Delhi vs. Addl. CIT, Haryana

In the result, the appeal filed by the Revenue for the Assessment Year 2008-09 is dismissed

ITA 4185/DEL/2011[2008-09]Status: DisposedITAT Delhi01 Dec 2021AY 2008-09

Bench: Shri Amit Shukla & Dr. B.R.R. Kumar(Through Video Conferencing)

For Appellant: Shri Salil Kapoor, AdvocateFor Respondent: Date of Hearing
Section 115JSection 143(3)Section 234BSection 80H

…010 (Delhi) (ITAT) • Deepak Fertilisers and Petrochemicals Corpn. Ltd. vs DCIT: 304 ITR 167 (Mum. ITAT) • Prism Cement Limited v. JCIT: 285 ITR 43 (Mum. ITAT) 102. Hon’ble Bombay High Court in the case of Vodafone India Services Pvt. Ltd. v. ACIT reported in 368 ITR 1 has also held that money received on account of share capital is capital in nature not chargeable to tax. 103. In view of the aforesaid judgments, we do not find any infirmity in the order passed by the ld. CIT (A) in deleting the said addition holding that money received on account of shares is capital in nature and accordingly, the same is confir…