FRAGMENT NIVESH P.LTD,NEW DELHI vs. ACIT, CENTRAL CIRCLE-13, NEW DELHI
In the result, both the appeals of the assessee are allowed
ITA 572/DEL/2019[2015-16]Status: DisposedITAT Delhi30 Sept 2025AY 2015-16
Bench: Shri M Balaganesh & Shri Vimal Kumarassessment Year: 2015-16 M/S. Enormous Nivesh Pvt. Vs. Assistant Commissioner Of Ltd., 1, Zamrudpur Community Income Tax, Central Circle Centre, Kailash Colony, 13, Ara Centre, New Delhi – 1100 48 Jhandewalan Extension, Pan No. Aabcd1454F Delhi -1100 55 (Appellant) (Respondent) Assessment Year: 2015-16 M/S. Fragment Nivesh P. Ltd., Vs. Assistant Commissioner Of 1, Zamrudpur Community Income Tax, Central Circle Centre, Kailash Colony, 13, Ara Centre, New Delhi – 1100 48 Jhandewalan Extension, Pan No. Aaecs5314G Delhi -1100 55 (Appellant) (Respondent)
For Appellant: Shri Manoj Kataruka, AdvFor Respondent: Shri Kumar Avikal Manu, CIT - DR
Section 142(1)Section 143(2)Section 143(3)Section 250(6)Section 56(2)
section 56(2)(viib) of the Act was only applicable in circumstances where the receipt of consideration for issue of shares were involved. Circular No.3 dated 21.01.2019 was not applicable.
Reliance was placed on paras 5, 11 and 17 to 19 of the decision in the case of “PCIT vs. Jigir Jaswantlal Shah”. On merit, it was submitted that Assessing
