AJAY JAISINGHANI ,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -5(2), MUMBAI
In the result, the appeal filed by the assessee is hereby allowed for statistical purpose
ITA 972/MUM/2025[2020-21]Status: DisposedITAT Mumbai19 Jun 2025AY 2020-21
Bench: SHRI. NARENDRA KUMAR BILLAIYA (Accountant Member), MS. KAVITHA RAJAGOPAL (Judicial Member)
For Appellant: Shri Rajan Vora, Shri Pranay GandhiFor Respondent: DR. K. R. Subhash (CIT-DR)
Section 143(1)Section 234ASection 250Section 55(2)(aa)Section 55(2)(ac)
Market Value
('FMV') of shares as on 31 January 2018 for the purpose of computation of capital gains:
Without prejudice, provisions of section 55(2)(aa)(ia) of the Act cannot be imported into the provisions of section 55(2)(ac) of the Act.
8. without prejudice to the above ... failed to appreciate that the provisions of section 55(2)(aa)(ia) of the Act providing for cost of acquisition of bonus shares to be Nil cannot be imported into the provisions of section 55(2)(ac) of the Act and it has to be considered as per grand-fathering
