ASSISTANT COMMISSIONER OF INCOME TAX, NUNGAMBAKKAM vs. R K M POWERGEN PRIVATE LIMITED, T NAGAR

In the result the appeal of the revenue for the both the

properties received by an assessee for inadequate consideration, but it did not apply to companies and applies only to individuals and HUF. It was by Finance Act 2017 that with effect from Assessment Year 2018-19 that this provision was substituted by Section 56(2)(x) that extended these deeming provisions to companies also. Thus, there is no case

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. R K M POWERGEN PVT. LTD., CHENNAI

In the result the appeal of the revenue for the both the\n

House Property,\nBusiness) and not a deeming provision to assess to tax receipts\nthat are not income. Hence, Section 56(1) cannot be resorted\nto assess a receipt that does not constitute income. This\nproposition has been upheld by the hon'ble Supreme Court of\nIndia in CIT v D P Sandu Bros [2005] 142 Taxman 713 (SC),\nwhere

M/S SHRIRAM PROPERTIES LIMITED,CHENNAI vs. PCIT-CENTRAL1, CHENNAI

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri Manjunatha. G, Hon’Bleआयकर अपील सं./Ita No.: 431/Chny/2022 िनधा"रण वष" / Assessment Year: 2017-18

56(2)(viib) of the Act and :-10-: ITA. No: 431/Chny/2022 all other connected issues relating to the above issues. The relevant findings of the PCIT are as under: 10. I have considered the written submissions filed along with certain details enclosed. The arguments and pleas raised during the hearing were also Considered. I have also perused the assessment record

ITO CORPORATE WARD 4(3), CHENNAI vs. KAINO INFRA DEVELOPMENT PRIVATE LTD., CHENNAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri V. Durga Rao & Shri G. Manjunathaआयकर अपीलसं./I.T.A.No.1491/Chny/2019 ("नधा"रणवष" / Assessment Year: 2015-16) The Income Tax Officer, Vs M/S. Kaino Infra Development Corporate Ward-4(3) Pvt Ltd., Chennai-34. 37, Ttk Road, Alwarpet, Chennai-600 018. Pan: Aadcr 5655E (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/ Appellant By : Mr. Ar V Sreenivasan, Addl.Cit For Mr. V.Vikekananthan, Cit ""यथ"क"ओरसे/Respondent By : Mr. G.Seetharaman, C.A. & Mr.S.Sundararaman, C.A सुनवाईक"तार"ख/Date Of Hearing : 15.07.2022 घोषणाक"तार"ख /Date Of Pronouncement : 12.10.2022 आदेश / O R D E R Per G. Manjunatha, Am: This Appeal Filed By The Revenue Is Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-8, Chennai Dated 31.01.2019 & Pertains To Assessment Year 2015-16. 2. The Revenue Has Raised Following Grounds Of Appeal:- “1. The Order Of The Ld.Cit(A) Is Contrary To Law & Facts Of The Case. 2. The Ld.Cit(A) Erred In Allowing The Assessee'S Appeal By Stating That The Assessee Company Has Sufficiently & Reasonably Justified The Share Premium Received Of Rs.168.60 Crores For The Year.

section 56(2)(viib) of the Act, fair market value of shares has been defined, as per which value of shares shall be valued as may be determined in accordance with such method as may be prescribed or as may be substantiated by the company to the satisfaction of the Assessing Officer, based on the value on the date