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“Section 56(2)(x)(c)”

Section References (mined)Section 56Section 56(2)(x)(c)12 judgments

The decision most relied on for Section 56(2)(x)(c) is Ultratech Cement Ltd. v. State of Rajasthan (117 Taxmann.com 807), cited in 12 judgments on BharatTax.

Leading authorities on Section 56(2)(x)(c)

Ultratech Cement Ltd. v. State of Rajasthan
117 Taxmann.com 807 · 2020 · Supreme Court
12
citing judgments

The Commissioner cannot invoke revisionary powers under Section 263 if the Assessing Officer has adopted one of two possible views, even if the Commissioner disagrees. An assessment order is not erroneous and prejudicial to the revenue merely because a different view could be taken.

Judgments citing Section 56(2)(x)(c)

V S Trust, Chennai vs. ITO, Ncw-3(5), Chennai

In the result, the appeal of the assessee is allowed

ITA 2633/CHNY/2025[2022-23]Status: DisposedITAT Chennai28 Jan 2026AY 2022-23

Bench: Shri Aby T. Varkey & Shri S.R.Raghunatha

For Appellant: Mr.Vikram VijayaraghavanFor Respondent: Mr.Shiva Srinivas, CIT
Section 234DSection 250Section 270ASection 56(2)(vii)Section 56(2)(x)

Before adverting to the facts relating to the impugned issue let us first take note of the relevant position of law. Section 56(2)(x)(c) of the Act provides that, where ‘any person’ [assessee, in this case] receives ‘any property’ [shares, in this case] without consideration, whose aggregate fair ... thousand rupees, the aggregate fair market value of such property as exceeds such consideration :” 4.6 It is observed that the proviso to Section 56(2)(x)(c) of the Act contains exception to the above provision and it envisages situations to VS Trust :: 9 :: which provisions of Section 56(2

Sanjitha Reddy, Bangalore vs. Income Tax Officer, Ward-4(2)(1), Bangalore

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 1173/BANG/2025[2016-17]Status: DisposedITAT Bangalore18 Dec 2025AY 2016-17

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K.Assessment Year : 2016-17

For Appellant: Shri H. Guruswamy, ITPFor Respondent: Shri Subramanian .S, JCIT-DR
Section 133(6)Section 142(1)Section 144BSection 148Section 250Section 56(2)(x)Section 69A

most of the amounts were received by her as gifts from her relatives. The assessee also relied on the first proviso to section 56(2)(x)(c) of the Act and objected that the gifts received from the relatives could not be treated as income. The AO had not accepted

Anjani Agarwal, Kolkata vs. PCIT (Central) Kolkata - 2, Kolkata

In the result, the appeal of the assessee is allowed

ITA 403/KOL/2025[2021-22]Status: DisposedITAT Kolkata11 Nov 2025AY 2021-22

Bench: Shri Duvvuru Rl Reddy, Vp & Shri Rajesh Kumar, Am Pcit (Central) Kolkata-2, Anjani Agarwal Dcit, Central Circle-4(3), 1D, Ashoka, 14, Ashoka Road, Aayakar Bhawan Poorva, Alipore H.O. Vs. 110, Shantipally, Kolkata- Kolkata-700027, West Bengal 700107, West Bengal (Appellant) (Respondent) Pan No. Aehpa0038H Assessee By : Shri S.K. Tulsiyan, Ar Revenue By : Shri Raja Sengupta, Dr Date Of Hearing: 21.08.2025 Date Of Pronouncement: 11.11.2025

For Appellant: Shri S.K. Tulsiyan, ARFor Respondent: Shri Raja Sengupta, DR
Section 142(1)Section 143(3)Section 263Section 56(2)(x)

consideration of ₹1,86,76,115/-, whereas the market value of the shares in terms of Provision of Section 56(2)(x)(c) of the Act, was ₹4,78,54,490/- and thereby the ld. AO has under assessed the income to the extent of ₹2 ... purchased shares of M/s Ankit Polyfabs Pvt. Ltd. at a price higher than the fair market value and hence, the provisions of Section 56(2)(x)(c) of the Act were not applicable and therefore, provisions of Section 263 of the Act were wrongly invoked. 05. The ld. AR also

Deputy Commissioner of Income Tax, Central Circle-2(1), Chennai vs. Kag India Private Limited, Velachery

ITA 632/CHNY/2025[2021-22]Status: DisposedITAT Chennai29 Aug 2025AY 2021-22

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri S.R.Raghunathaआयकर अपील सं./Ita No.322/Chny/2025, A.Y.: 2014-15 आयकर अपील सं./Ita No.323/Chny/2025, A.Y.: 2015-16 आयकर अपील सं./Ita No.324/Chny/2025, A.Y.: 2017-18 आयकर अपील सं./Ita No.325/Chny/2025, A.Y.: 2018-19 आयकर अपील सं./Ita No.321/Chny/2025, A.Y.: 2019-20 आयकर अपील सं./Ita No.632/Chny/2025, A.Y.: 2021-22

For Appellant: Mr.Bipin C.N, CIT
Section 139(1)Section 142(1)Section 143(2)Section 144ASection 153A

आयकर अपीलीय अधिकरण ’सी’ न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH: CHENNAI माननीय श्री मनु कुमार गिरि

Deputy Commissioner of Income Tax, Central Circle-2(1), Chennai vs. Kag India Private Limited, Chennai

ITA 325/CHNY/2025[2018-19]Status: DisposedITAT Chennai29 Aug 2025AY 2018-19

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri S.R.Raghunathaआयकर अपील सं./Ita No.322/Chny/2025, A.Y.: 2014-15 आयकर अपील सं./Ita No.323/Chny/2025, A.Y.: 2015-16 आयकर अपील सं./Ita No.324/Chny/2025, A.Y.: 2017-18 आयकर अपील सं./Ita No.325/Chny/2025, A.Y.: 2018-19 आयकर अपील सं./Ita No.321/Chny/2025, A.Y.: 2019-20 आयकर अपील सं./Ita No.632/Chny/2025, A.Y.: 2021-22

For Appellant: Mr.Bipin C.N, CIT
Section 139(1)Section 142(1)Section 143(2)Section 144ASection 153A

आयकर अपीलीय अधिकरण ’सी’ न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH: CHENNAI माननीय श्री मनु कुमार गिरि

Deputy Commissioner of Income Tax, Chennai vs. Kag India Private Limited, Chennai

ITA 324/CHNY/2025[2017-18]Status: DisposedITAT Chennai29 Aug 2025AY 2017-18

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri S.R.Raghunathaआयकर अपील सं./Ita No.322/Chny/2025, A.Y.: 2014-15 आयकर अपील सं./Ita No.323/Chny/2025, A.Y.: 2015-16 आयकर अपील सं./Ita No.324/Chny/2025, A.Y.: 2017-18 आयकर अपील सं./Ita No.325/Chny/2025, A.Y.: 2018-19 आयकर अपील सं./Ita No.321/Chny/2025, A.Y.: 2019-20 आयकर अपील सं./Ita No.632/Chny/2025, A.Y.: 2021-22

For Appellant: Mr.Bipin C.N, CIT
Section 139(1)Section 142(1)Section 143(2)Section 144ASection 153A

आयकर अपीलीय अधिकरण ’सी’ न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH: CHENNAI माननीय श्री मनु कुमार गिरि

Deputy Commissioner of Income Tax, Central Circle-2(1), Chennai vs. Kag India Private Limited, Chennai

ITA 323/CHNY/2025[2015-16]Status: DisposedITAT Chennai29 Aug 2025AY 2015-16

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri S.R.Raghunathaआयकर अपील सं./Ita No.322/Chny/2025, A.Y.: 2014-15 आयकर अपील सं./Ita No.323/Chny/2025, A.Y.: 2015-16 आयकर अपील सं./Ita No.324/Chny/2025, A.Y.: 2017-18 आयकर अपील सं./Ita No.325/Chny/2025, A.Y.: 2018-19 आयकर अपील सं./Ita No.321/Chny/2025, A.Y.: 2019-20 आयकर अपील सं./Ita No.632/Chny/2025, A.Y.: 2021-22

For Appellant: Mr.Bipin C.N, CIT
Section 139(1)Section 142(1)Section 143(2)Section 144ASection 153A

आयकर अपीलीय अधिकरण ’सी’ न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH: CHENNAI माननीय श्री मनु कुमार गिरि

Deputy Commissioner of Income Tax, Central Circle-2(1), Chennai vs. Kag India Private Limited, Chennai, Tamilnadu

ITA 322/CHNY/2025[2014-15]Status: DisposedITAT Chennai29 Aug 2025AY 2014-15

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri S.R.Raghunathaआयकर अपील सं./Ita No.322/Chny/2025, A.Y.: 2014-15 आयकर अपील सं./Ita No.323/Chny/2025, A.Y.: 2015-16 आयकर अपील सं./Ita No.324/Chny/2025, A.Y.: 2017-18 आयकर अपील सं./Ita No.325/Chny/2025, A.Y.: 2018-19 आयकर अपील सं./Ita No.321/Chny/2025, A.Y.: 2019-20 आयकर अपील सं./Ita No.632/Chny/2025, A.Y.: 2021-22

For Appellant: Mr.Bipin C.N, CIT
Section 139(1)Section 142(1)Section 143(2)Section 144ASection 153A

आयकर अपीलीय अधिकरण ’सी’ न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH: CHENNAI माननीय श्री मनु कुमार गिरि

Deputy Commissioner of Income Tax, Central Circle-2(1), Chennai vs. Kag India Private Limited, Chennai

ITA 321/CHNY/2025[2019-20]Status: DisposedITAT Chennai29 Aug 2025AY 2019-20

Bench: Hon’Ble Shri Manu Kumar Giri & Hon’Ble Shri S.R.Raghunathaआयकर अपील सं./Ita No.322/Chny/2025, A.Y.: 2014-15 आयकर अपील सं./Ita No.323/Chny/2025, A.Y.: 2015-16 आयकर अपील सं./Ita No.324/Chny/2025, A.Y.: 2017-18 आयकर अपील सं./Ita No.325/Chny/2025, A.Y.: 2018-19 आयकर अपील सं./Ita No.321/Chny/2025, A.Y.: 2019-20 आयकर अपील सं./Ita No.632/Chny/2025, A.Y.: 2021-22

For Appellant: Mr.Bipin C.N, CIT
Section 139(1)Section 142(1)Section 143(2)Section 144ASection 153A

आयकर अपीलीय अधिकरण ’सी’ न्यायपीठ, चेन्नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH: CHENNAI माननीय श्री मनु कुमार गिरि

Dy. Commissioner of Income Tax, Central Circle-3(4), Mumbai vs. Samagra Wealthmax Private Limited, Mumbai

In the result, appeal of the learned AO is dismissed

ITA 2165/MUM/2023[2018-2019]Status: DisposedITAT Mumbai08 Oct 2024AY 2018-2019

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Dy. Commissioner Of Samagra Wealthmax Income Tax, Private Limited, Central Circle-3(4) 5Th Floor, Sunteck Centre Room No. 1915, 19Th 37-40 Vs. Floor, Subhash Road, Air India Building, Vile Parle East, Nariman Point, Mumbai-400 057 Mumbai-400021 (Appellant) (Respondent) Pan No. Aaqcs5451E

For Appellant: Shri Rakesh Joshi &For Respondent: Shri Dr. Kishor Dhule – CIT
Section 19Section 41(1)

covered under the provisions of Clause(v) of Section 47 of the Act. Consequently, the assessee cannot claim the benefit of Section 56(2)(X) (c) of the Act. According to the Assessing Officer all the three companies are different entities. The Assessing Officer further noted that the Directors ... merger consideration. Thus, it is evident that the assessee company has received assets worth Rs.149.29 crores without consideration. Accordingly, the provisions of Section 56(2)(x) (c) of the Act are applicable. 07. Thus, according to him, the issue of diminution in value of investment can be separately dealt with

Dy. Commissioner of Income Tax, Central Circle-3(3), Mumbai vs. M/S. Welspun Steel Ltd, Mumbai

ITA 2169/MUM/2023[2017-2018]Status: DisposedITAT Mumbai29 Feb 2024AY 2017-2018
For Appellant: Shri Madhur Agrawal/Shri Mani
Section 132Section 139(1)Section 143(2)Section 153ASection 19Section 250

IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI BR BASKARAN, AM AND SHRI ABY T. VARKEY, JM

Ozone Overseas P.Ltd, New Delhi vs. Prcit-7, New Delhi

In the result, appeal filed by the Assessee is allowed

ITA 1535/DEL/2023[2018-19]Status: DisposedITAT Delhi23 Feb 2024AY 2018-19

Bench: SHRI M. BALAGANESH (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

For Appellant: “1. That
Section 143(3)Section 263Section 56(2)(x)

these shares is Rs.2392. Thus, the FMV purchases exceeds the price of shares by Rs.97 per share. As per the provisions of Section 56(2)(x)(C) (B) of the Income Tax Act, 1961. Where any person receives in any previous year any property other than Page ... valuation and other particulars of the investment has made no addition. The Ld. PCIT observed that as per the provision of Section 56(2) (x)(c)(B) of the Act where a person received any previous year, any property other than immovable property the aggregate fair market value of such