ASSISTANT COMMISSIONER OF INCOME TAX -1(1)(1), MUMBAI vs. M/S AADHAR WHOLESALE TRADING AND DISTRIBUTION LTD , MUMBAI
In the result, the appeal filed by the Revenue is accordingly dismissed
ITA 2649/MUM/2023[2015-16]Status: DisposedITAT Mumbai07 Nov 2024AY 2015-16
Bench: Shri Om Prakash Kant, Am & Shri Rahul Chaudhary, Jm Asst. Cit Aadhaar Wholesale Trading & Room No. 533, Aayakar Bhawan, Distribution Ltd. Churchgate, Mumbai-400 020 Knowledge House Shyam Nagar, Vs. J V Link Road, Jogeshwari (E), S.O., Mumbai-400 060 Pan/Gir No. Aafca 8793 G (Assessee) : (Respondent) Assessee By : Shri Mani & Prateek Jain Respondent By : Shri Ram Krishn Kedia Date Of Hearing : 23.10.2024 Date Of Pronouncement : 07.11.2024
For Appellant: Shri Mani & Prateek JainFor Respondent: Shri Ram Krishn Kedia
Section 143(3)Section 2(18)Section 2(18)(b)Section 56(2)(viib)
applicable over the assessee. The assessee particularly referred to the definition of
‘Company in which public are substantially interested’ as provided in section
2(18)(b)(B)(c) of the Act, according to which a company ( say ‘X’ company) in which
more than 50% shares are held throughout the year ... company as per section 2(71) of the Companies Act, 2013 or Sec 3(1)(c) of the Companies Act,
1956. As per section 2(18)(b)(B) of the I. T. Act, 1961, FVIL holds 70% of the shares as well as voting rights in the appellant company with