RAMESH JAISINGHANI,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -5(2), MUMBAI
In the result, appeal of the assessee is allowed
ITA 980/MUM/2025[2020-21]Status: DisposedITAT Mumbai10 Oct 2025AY 2020-21
Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)
Section 143(3)Section 244ASection 50(2)(ec)Section 55(2)(aa)Section 55(2)(ac)Section 55(2)(as)Section 56(2)(ac)
shares held in Polycab Ltd, offered under "offer for sale at the time of initial Public Offering
(IPO);
Provisions of Explanation to section 55(2)(ac) of the Act as applicable at the time when the Impugned OFS transactions was entered into should be applied.
2. failed to appreciate ... existing at the time of the transaction, the computation mechanism in relation to determination of cost of shares offered under OFS as per section 55(2)(ac) of the Act fails, by virtue of which the capital gains cannot be computed and hence there can be no levy of capital
