“Section 56(2)(vita)”

Section References (mined)Section 56Section 56(2)(vita)2 judgments

SILGATE SOLUTIONS LIMITED,MUMBAI vs. DCIT-3(2)(1), MUMBAI

In the result, the appeal of the assessee is allowed

ITA 5367/MUM/2025[2013-14]Status: DisposedITAT Mumbai04 Nov 2025AY 2013-14

Bench: or at the time of hearing of the matter with the Income Tax Appellate Tribunal." 2. The assessee is a company engaged in the business of international call centre. The assessee filed a return of income for AY 2013-14 on 24.10.2013, declaring total income of Rs.92,36,060/-. The case was selected for scrutiny and statutory notices were duly served on the assessee. During the assessment proceedings the AO noticed that there was change in the shareholding pattern of the assessee wherein the ass

For Appellant: Shri. SwapnilChoudhary Sr. AR

Section 234ASection 250Section 56(2)Section 56(2)(viia)

IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFOREHON’BLE SHRI SAKTIJIT DEY, VICE PRESIDENT & MS PADMAVATHY S, AM

UTILITY SUPPLY PRIVATE LIMITED,MUMBAI vs. DCIT CENTRAL CIRCLE 8(4) MUMBAI, MUMBAI

ITA 3585/MUM/2024[2017-18]Status: DisposedITAT Mumbai03 Apr 2025AY 2017-18

Bench: Shri Narender Kumar Choudhry & Ms. Padmavathy S

For Appellant: Shri Dhaval Shah, Ld. A.RFor Respondent: Ms. Smiti Samant, Ld. D.R

Section 132Section 143(1)Section 153ASection 250Section 56(2)(via)Section 56(2)(viia)

Wherein the definition of property is discussed. The definition discussed therein will have same meaning in the extended proviso to section 56(2)(vita) because the said proviso is an extension of section 56(2)(vii) only. If your goodself read the section strictly and harmoniously you will admit ... current asset before the date of search it could not be now treated as investment for the purposes of invocation of provisions of section 56(2)(vita) without any valid reason. Since the aforesaid provision applies only to investment being capital asset and not as trading stock