DCIT CENTRAL CIRCLE 05 , DELHI vs. DEEPAK KOTHARI , KANPUR

In the result, the appeal filed by the assessee is allowed

Bench: SHRI S. RIFAUR RAHMAN (Accountant Member), SHRI VIMAL KUMAR (Judicial Member)

56(2)(viia) was to prevent the practice of transferring of unlisted shares at prices below their fair market value. The expression "transfer" has altogether different connotation and meaning than the expression "issuance" and as such the provisions of said section

(Now known as Sony India Limited)

Sections (1) and (2) to Section 92C are applicable to the assessed, as well as the Assessing Officer invoking power under Sub-Section (3) to Section 92C of the Act. As noted above, sub-section (2) to Section 92C stipulates that most appropriate method, out of the methods specified in sub-section (1) shall be applied to determine

ACIT, CIRCLE- 2(2), NEW DELHI vs. ANSAL CONDOMINIUM PVT. LTD., NEW DELHI

Appeal is allowed

Bench: Dr. B.R.R. Kumar & Shri Yogesh Kumar Us

transfer of property either without consideration or inadequate consideration. A combined reading of the provisions of section 56(2)(viia) and the Memorandum explaining the provisions shows that the provision of section 56(2)(viia) would be attracted in the case of a recipient firm or company which receives the shares of a company without any consideration

VACHASPATI SHARMA,GURGAON vs. ITO WARD -4(1), GURGAON

In the result, the appeal of the assessee is dismissed

Bench: Sh. S. Rifaur Rahman & Sh. Sudhir Kumarassessment Year: 2019-20 Vachaspati Sharma Vs Ito Village – Hayatpur Garhi Ward-4 Harsaru, Hayatpur, Gurgaon Gurgaon Pan No.Fnqps2021R (Appellant) (Respondent) Appellants By Sh. Suraj Bhan Nain, Advocate Sh. K.L. Pahwa, Advocate Respondent By Ms. Sapna Bhatia, Cit Dr Date Of Hearing: 11/09/2024 Date Of Pronouncement: 21/11/2024 Order Sh. Sudhir Kumar, Jm :

56 of the Income-tax Act on account of interest u/s 28 of the Land Acquisition Act 1894 of Rs. 4,78,95,440/- received by the appellant during the year, which was part of enhanced compensation for compulsory acquisition of his agricultural land exempt u/s 10(37) of the Income Tax Act 1961. 2. That having regard

VEENA SHAH,PANIPAT vs. PR CIT, ROHTAK

The appeal stands dismissed

Bench: SHRI VIKAS AWASTHY (Judicial Member), SHRI AVDHESH KUMAR MISHRA (Accountant Member)

transfer received by such assessee on or after the 1st day of April, 2004. 11. The amendment brought into Section 56 of the Act,vide Finance (No.2) Act, 2009 (with effect from 01.10.2010) [clause (viii) of sub- Section 2 to Section 56], relevant for deciding this caseis extracted hereunder: - 15 "56. Income from other sources: - (2) In particular and without

JAGPAL,GURUGRAM vs. PR. COMMISSIONER OF INCOME TAX, FARIDABAD

In the result, appeal of assessee in ITA No

Bench: Shri Anubhav Sharma & Shri Naveen Chandra

transfer received by such assessee on or after the 1st day of April, 2004. 21. From the study of law as it exists today, we are of the considered view that the legal position as deliberated by the ld counsel of the assessee has undergone a sea change in the present with the amendment brought in the statute in section

TELETUBE ELECTRONICS LTD

The appeal of the Assessee is allowed

price of the asset was fixed it was between the parties to decide about the terms of payments which unless prohibited in the statute cannot be gone behind. 15. On an examination of the lease deed, the ITAT held that the leasehold rights in the business assets were sold for Rs.20.729 crore which was undoubtedly agreed to be paid

TELETUBE ELECTRONICS LTD

The appeal of the Assessee is allowed

price of the asset was fixed it was between the parties to decide about the terms of payments which unless prohibited in the statute cannot be gone behind. 15. On an examination of the lease deed, the ITAT held that the leasehold rights in the business assets were sold for Rs.20.729 crore which was undoubtedly agreed to be paid

BHIM SINGH,GURGAON vs. ITO WARD 1(3) , GURGAON

In the result, the appeal of the assessee in ITA No

Bench: Shri Challa Nagendra Prasad & Shri Naveen Chandra

transfer received by such assessee on or after the 1st day of April, 2004. 21. From the study of law as it exists today, we are of the considered view that the legal position as deliberated by the ld counsel of the assessee has undergone a sea change in the present with the amendment brought in the statute in section

JCIT, SPECIAL RANGE-10, NEW DELHI vs. BHANU CHOPRA, NEW DELHI

In the result, appeal filed by the Revenue Department stands dismissed

Bench: Shri R.K. Panda & Shri N. K. Choudhryjt. Commissioner Of Income Vs. Sh. Bhanu Chopra, Tax,Special Range-10, M-140, Greater Kailash-Ii, New Delhi Delhi Pan: Agwpc5625R (Appellant) (Respondent)

transfer‟ involved in allotment of shares by a company to the share applicants as has been observed by the Hon‟ble Supreme Court in the case of Khoday Distilleries Ltd. vs. CIT (civil appeal no. 6654 of 2008 dated 14-11- 2008). The Supreme Court in this case observed that the bonus shares are nothing but mere capitalisation

ABHIRVEY PROJECTS PRIVATE LIMITED,NEW DELHI vs. ACIT CIRCLE-1(2), NEW DELHI

In the result, the appeal of the assessee is allowed

Bench: Shri Challa Nagendra Prasad & Shri Pradip Kumar Kedia

transfer agent, investments, consultants, stocks, shares and securities of all kind of description. During the previous year relevant for the assessment year 2014-15, the assessee had allotted 3,15,000 Equity shares of face value of Rs. 10/- each at a premium of Rs. 40/- per share consisting total amount of Rs. 1,26,00,000/-. The said allotment

BIR SINGH,FARIDABAD vs. INCOME TAX OFFICER, WARD 1(1), FARIDABAD

In the result, appeal of assessee in ITA No

Bench: Shri Anubhav Sharma & Shri Naveen Chandra

transfer received by such assessee on or after the 1st day of April, 2004. 21. From the study of law as it exists today, we are of the considered view that the legal position as deliberated by the ld counsel of the assessee has undergone a sea change in the present with the amendment brought in the statute in section

DCIT, CENTRAL CIRCLE-25, NEW DELHI vs. MAHAVEER TRANSMISSION LTD, NEW DELHI

In the result, the all appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty. (3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section

DCIT, CENTRAL CIRCLE-25, NEW DELHI vs. MAHAVEER TRANSMISSION LTD., NEW DELHI

In the result, the all appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty. (3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section

MAHAVIR TRANSMISSION LTD,NEW DELHI vs. DCIT, CENTRAL CORCLE-25, NEW DELHI

In the result, the all appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty. (3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section

MAHAVIR TRANSMISSIN LTD ,NEW DELHI vs. DCIT, CENTRAL CIRCLE-25 , NEW DELHI

In the result, the all appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty. (3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section

MAHAVIR TRANSMISSION LTD,NEW DELHI vs. DCIT, CENTRAL CIRCLE-25, NEW DELHI

In the result, the all appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty. (3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section

MAHAVIR TRANSMISSION LTD,NEW DELHI vs. DCIT, CENTRAL CIRCLE-25, NEW DELHI

In the result, the all appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty. (3) Subject to the provisions contained in sub-section (2), where the value ascertained under sub-section