“Section 56(2)(vila)”

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

NAVRATAN MANAGEMENT PRIVATE LIMITED,MUMBAI vs. DY.COMM CENTRAL CIRCLE 8(4) MUMBAI, MUMBAI

ITA 3586/MUM/2024[2017-18]Status: DisposedITAT Mumbai04 Apr 2025AY 2017-18

Bench: Shri Narender Kumar Choudhry

Section 132Section 143(1)Section 153ASection 2(14)Section 250Section 56(2)(via)Section 56(2)(vii)Section 56(2)(viia)

balance sheet as stock in trade, the provision of section 56(2)(viia) is not applicable. The assessee also contended that section 56(2)(vila) as an extension of section 56(2)(vii) and hence, it is applicable only to capital asset. The assessee also relied on the decision ... appellant is that the shares were purchased as a part of regular trading activity of the appellant and hence the provision of section 56(2)(vila) are not applicable. The appellant has also submitted that the Id. CIT(A) on the same fact in the appellant sister concerns namely Muktamani

TPG GROWTH II MAKETS PTE LTD.,MUMBAI vs. DCIT 4(1)(2), MUMBAI

Accordingly, Ground No. 4 raised by the Appellant is partly allowed

ITA 1387/MUM/2022[2017-18]Status: DisposedITAT Mumbai06 Jun 2023AY 2017-18

For Appellant: Shri Dinesh BafnaFor Respondent: Dr. Samuel Pitta

Section 143(3)Section 144C(13)Section 144C(5)Section 5Section 9Section 92C(3)

acted without Jurisdiction in determining income chargeable to tax under section 56(2)(viia) of the Act and further that the provisions of section 56(2)(vila) of the Act are attracted where a company receives any shares of another company for a consideration which is less than its fair ... share, which is less than the value determined by the Assessee re INR 8,653.85, hence, the provisions of section 56(2)(vila) of the Act cannot be attracted 6.3.11 We have considered the submission of the assesseee and find merit in the argument of the assessee. Accordingly we direct