Vora Financial Services (P.) Ltd. v. Asstt. CIT, Mumbai by the ITAT, Mumbai Bench

171 ITD 646Income Tax Appellate Tribunal2018#17418 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2022 to 2025.

Sections most often in play

Section 115QASection 133ASection 143(3)Section 263Section 36(1)(iii)Section 391Section 394Section 56(2)(viia)

Issues it is cited on

buyback of sharessection 115qsection 56(2)(viia)section 56(2)(vii)section 36(1)(iii)section 56(2)fair market valuesection 56section 36(1)section 36section 23section 14a

Judgments citing Vora Financial Services (P.) Ltd. v. Asstt. CIT, Mumbai by the ITAT, Mumbai Bench

ACIT, CHENNAI vs. UPDATER SERVICES LIMITED, CHENNAI

In the result, the grounds of appeal raised by both the assessee and the Revenue, as well as the grounds raised in the cross-objections filed by the assessee, are treated as allowed for statistical...

ITA 1616/CHNY/2025[2017]Status: DisposedITAT Chennai14 Nov 2025

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.:1339 /Chny/2025 िनधा#रण वष# / Assessment Year: 2017-18 M/S. Updater Services Limited (Formerly Dcit, Known As Updater Services Private Vs. Central Circle -2(3), Limited), No.2/302-A, Uds Salai, Chennai. Off Old Mahabalipuram Road, Thoraipakkam, Chennai – 600 097. [Pan:Aaacu-6845-J] (अपीलाथ%/Appellant) (&'थ%/Respondent)

For Appellant: Shri. K. Prasanna, C.AFor Respondent: Ms. E. Pavuna Sundari, C.I.T
Section 115QSection 250Section 263Section 391Section 77A

…of the valuer by referring to subsequent valuations/transactions; and :-7-: ITA Nos.:1339, 1616/Chny/2025 & C.O.No.66/Chny/2025 • The assessee has not established that the factual matrix of the how the case of Vora Financial Service Private Limited (2018) (171 ITD 646) is applicable to the Respondent's facts. 12. Aggrieved with the order of the Ld.PCIT u/s.263 of the Act, the assessee filed an appeal before this Tribunal, which was dismissed by this Tribunal on 18.04.2023. Pursuant to the order of the Ld.PCIT u/s.263 of the Act, the AO passed the impugned assessment order u/s.143(3) r.w.s 263 of the Act wit…

M/S. UPDATER SERVICES LTD.,CHENNAI vs. DCIT, CENTRAL CIRCLE-2(3), CHENNAI

In the result, the grounds of appeal raised by both the assessee and the Revenue, as well as the grounds raised in the cross-objections filed by the assessee, are treated as allowed for statistical...

ITA 1339/CHNY/2025[2017-18]Status: DisposedITAT Chennai14 Nov 2025AY 2017-18

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.:1339 /Chny/2025 िनधा#रण वष# / Assessment Year: 2017-18 M/S. Updater Services Limited (Formerly Dcit, Known As Updater Services Private Vs. Central Circle -2(3), Limited), No.2/302-A, Uds Salai, Chennai. Off Old Mahabalipuram Road, Thoraipakkam, Chennai – 600 097. [Pan:Aaacu-6845-J] (अपीलाथ%/Appellant) (&'थ%/Respondent)

For Appellant: Shri. K. Prasanna, C.AFor Respondent: Ms. E. Pavuna Sundari, C.I.T
Section 115QSection 250Section 263Section 391Section 77A

…of the valuer by referring to subsequent valuations/transactions; and :-7-: ITA Nos.:1339, 1616/Chny/2025 & C.O.No.66/Chny/2025 • The assessee has not established that the factual matrix of the how the case of Vora Financial Service Private Limited (2018) (171 ITD 646) is applicable to the Respondent's facts. 12. Aggrieved with the order of the Ld.PCIT u/s.263 of the Act, the assessee filed an appeal before this Tribunal, which was dismissed by this Tribunal on 18.04.2023. Pursuant to the order of the Ld.PCIT u/s.263 of the Act, the AO passed the impugned assessment order u/s.143(3) r.w.s 263 of the Act wit…

DCIT CORPORATE CIRCLE 3(2), CHENNAI vs. VENTURE LIGHTING INDIA LIMITED, CHENNAI

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

ITA 3171/CHNY/2019[2011-12]Status: DisposedITAT Chennai14 Dec 2022AY 2011-12

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwal

For Appellant: Shri P. Sajit Kumar, JCITFor Respondent: Shri N. Arjun Raj, CA
Section 143(3)Section 56(2)(viia)

…which is invariable higher than the value for which it received the same. 8. On the other hand, the ld.counsel for the assessee relied on the decision of Co-ordinate Bench of Mumbai Tribunal in the case of Vora Financial Services (P.) Ltd., vs. ACIT, [2018] 171 ITD 646 (Mumbai), wherein it is held that the provisions of section 56(2)(viib) of the Act are applicable only in cases where shares become property in the hands of recipient and shares shall become property of recipient only if it is shares of any other company. The ld.counsel for the assessee relied on para 30 to 32 of the order of the Tribunal. He arg…

KITIR LAXMICHAND LAPSIA,MUMBAI vs. ACIT 17(2), MUMBAI

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

ITA 1202/MUM/2020[2014-15]Status: DisposedITAT Mumbai15 Sept 2022AY 2014-15

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singhkirit Laxmichand Lapsia Vs. Acit-17(2) A-43, Bharat Thirth Chs, R.No. 137, Aayakar V. N. Purav Marg, Bhavan, M.K. Road, Chembur – 400 071 Mumbai - 400020

For Appellant: M.SubramaianFor Respondent: Tejinder Pal Singh Anand
Section 143(3)Section 148Section 35Section 35(1)(ii)

…ecision of jurisdictional High Court and ITAT in the case of i.e (i) National Leather Cloth Manufacturing Co. V. Indian Council of Agricultural Research & Others 241 ITR 482 (Bom); (ii) Vora Financial Services (P) Ltd. Vs. Assistant Commissioner of Income Tax 171 ITD 646; (iii) Motilal Dahyabhai Jhaveri & Sons Vs. ACIT, ITA No. 3453/Mum/2018 & 1584/Mum/2019; (iv) Urmish Jewellers Vs. ACIT, 177 ITD 364. On the other hand, the ld. D.R has supported the order of the A.O. and ld. CIT(A). 5. Heard both the sides and perused the material on record. During the course of assessment on the basis of information received fr…

SUMAN P KHURANA,MUMBAI vs. ACIT CENTRAL CIRCLE-3(2), MUMBAI

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

ITA 2415/MUM/2019[2012-13]Status: DisposedITAT Mumbai18 Apr 2022AY 2012-13

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No. 2415/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2012-13) Suman P. Khurana बिधम/ Acit, Central Circle-3(2) Room No.402, 4Th Floor, 501, Raheja Centre, Free Press Vs. Journal Marg, Nariman Point, Aayakar Bhawan, Maharshi Mumbai-400021. Karve Road, Churchgate, Mumbai-400020.S स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aahpk0190Q (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri Shekhar Gupta Revenue By: Shri Hoshang B. Irani सुनवाई की तारीख / Date Of Hearing: 24/01/2022 घोषणा की तारीख /Date Of Pronouncement: 18/04/2022 आदेश / O R D E R Per Amarjit Singh, Jm: The Assessee Has Filed The Present Appeal Against The Order Dated 21.02.2019 Passed By The Commissioner Of Income Tax (Appeals) -51, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2012- 13. 2. The Assessee Has Raised The Following Grounds: - “1. The Learned Cit(A) Has Erred In Law & On The Facts Of The Case In Estimating The Annual Value Of The Property At Maker Chambers Iv, Nariman Point, Mumbai At Rs.82,86,301/- As Against Nil Declared By The Assessee & Denying The Exemption Claimed U/S 23(1)(C) By The Assessee. A.Y. 2012-13 2. The Learned Cit(A) Has Erred In Law & On The Facts Of The Case In Estimating The Value Of The Property At Gujranwala Town, Delhi At Rs.6,60,000/- As Against Nil Declared By The Assessee & Denying The Exemption Claimed U/S 23(1)(C) By The Assessee.

For Appellant: Shri Shekhar GuptaFor Respondent: Shri Hoshang B. Irani
Section 143(2)Section 14ASection 23(1)(a)Section 23(1)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI SHAMIM YAHYA, AM AND SHRI AMARJIT SINGH, JM आयकर अपील सं/ I.T.A. No. 2415/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2012-13) Suman P. Khurana बिधम/ ACIT, Central Circle-3(2) Room No.402, 4th Floor, 501, Raheja Centre, Free Press Vs. Journal Marg, Nariman Point, Aayakar Bhawan, Maharshi Mumbai-400021. Karve Road, Churchgate, Mumbai-400020.s स्थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAHPK0190Q (अपीलाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee by: Shri Shekhar Gupta Revenue by: Shri Hoshang B. Irani सुनवाई की तारीख / Date of Hearing: 24/01/2…