DCIT, CC-1(4), KOLKATA, KOLKATA vs. JUPITER INTERNATIONAL LIMITED , KOLKATA

In the result, the appeal of the revenue is dismissed

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyassessment Year: 2014-15 Dcit, Cc-1(4), Kolkata ………….……………………….……….……….……Appellant Vs. Jupiter International Limited..……………………………….....……...…..…..Respondent Unnayanam, 20A, Ashutosh Chowdhury Avenue, Kol-19.. [Pan: Aaacj6956B] Appearances By: Shri P. N Barnwal, Cit-Dr, Appeared On Behalf Of The Appellant. Shri Soumitra Choudhury & Nandini Sureka, Advocate, Ar, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : November 12, 2026 Date Of Pronouncing The Order : January 21, 2026 Order Per Pradip Kumar Choubey: This Appeal Filed By The Revenue Is Directed Against The Order Dated 29.10.2024 Of The National Faceless Appeal Centre [‘Cit(A)’] Passed Under Section 250 Of The Income-Tax Act, 1961 (Hereinafter Referred To As “The Act”) For The Assessment Year 2014–15. 2. The Appeal Has Been Filed By The Revenue With A Delay Of 197 Days & The Revenue Has Filed A Petition For Condonation Of The Delay. After Going Over The Said Petition, We Find Sufficient Reasons Behind The Delay & Consequently, The Delay In Filing The Appeal Is Hereby Condoned & We Proceed To Dispose Of The Appeal On Merits.

section 56(2) (viib) of the Act. The ld. also submits that when an asset is sold, any losses are first deducted from the Revaluation Reserve and if there is any remaining surplus, it is transferred to the General Reserve, which can be distributed to shareholders, however, losses or depreciation

ACIT, CIR.-3(2), GANGTOK vs. M/S RODIC SIKKIM PROJECT PVT. LTD, EAST SIKKIM

In the result, appeal of the revenue is dismissed

Bench: Shri Sanjay Garg, Hon’Ble & Shri Girish Agrawal, Hon’Bleassessment Years: 2015-16 Assistant Commissioner Of M/S. Rodic Sikkim Project Pvt. Ltd. Vs. Shanti Nagar, Singtam Income-Tax, Circle-3(2), Gangtok East Sikkim - 737134 (Pan: Aahcr1752J) (Appellant) (Respondent) Assessee By : Shri Manish Tiwari, Fca Revenue By : Shri Vijay Kumar, Addl. Cit सुनवाई की तारीख/Date Of Hearing : 24/11/2022 घोषणा की तारीख/Date Of Pronouncement : 20/01/2023 O R D E R Per Girish Agrawal: This Appeal By The Revenue Is Directed Against The Order Passed By The Ld. Cit(A)- Siliguri Vide Appeal No. – 62/Cit(A)/Slg/2017-18 Dated 24/09/2020 For A.Y. 2015-16 Against The Assessment Order Passed U/S 143(3) Of The Income- Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Passed By Dcit, Circle – 3(2), Gangtok, Dated 30/12/2017. 2. The Grounds Taken By The Revenue Are Reproduced As Under:-

viib) of sub-section (2) of section 56 shall be the value, on the valuation date, of such unquoted equity shares as determined in the following manner under clause (a) or clause (b), at the option of the assessee, namely:— (a) the fair market value of unquoted equity shares = (A–L) × (PV), (PE) where, A = book value of the assets

ACIT, CIRCLE-5(2), KOLKATA , KOLKATA vs. M/S NIRNIDHI MARKETING PVT. LTD., KOLKATA

In the result, appeal of the revenue is dismissed

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

depreciation) and secured loans from bank was to the tune of Rs. 25,57,400/- (Refer paper book page 6). 9. In respect of the share issued during this assessment year, the Ld. A.R submitted that during the year the assessee had issued 47,500 shares of Rs. 10/- each at premium of Rs. 1990 and this capital was raised

DEEP JYOTI WAX TRADERS PVT. LTD.,KOLKATA vs. I.T.O., WARD - 6(1), KOLKATA, KOLKATA

In the result, the appeal of the assessee stands allowed

Bench: Shri Sanjay Garg & Dr. Manish Boradi.T.A No.6/Kol/2023 Assessment Year: 2014-15 Deep Jyoti Wax Traders Pvt. Ltd.................................................……Appellant 157 Metal Market, Netaji Subhas Road, Bara Bazar, Kolkata-1. [Pan: Aabcd4061C] Vs. Ito, Ward-6(1), Kolkata............................……........……...…..…..Respondent Appearances By: Shri Miraj D. Shah, Ar, Appeared On Behalf Of The Appellant. Smt. Ranu Biswas, Addl. Cit-Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : May 17, 2023 Date Of Pronouncing The Order : July 10, 2023 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 07.11.2022 Of The National Faceless Appeal Centre (Hereinafter Referred To As The ‘Cit(A)’) Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Sole Issue Raised By The Assessee Is Relating To The Addition Made By The Assessing Officer Of Rs.1,16,65,600/- U/S 56(2) Of The Act On Account Of Excess Share Premium Received By The Assessee As Compared To The Fair Market Value Of The Shares. 3. The Assessee During The Year Issued 920000 Shares @10/- Each & Further Of Rs.40/- Each Raising Total Share Capital Including Share

viib) of sub-section (2) of section 56 shall be the value, on the valuation date, of such unquoted equity shares as determined in the following manner under clause (a) or clause (b), at the option of the assessee, namely:— (A–L) × (a) the fair market value of unquoted equity shares = (PV), (PE) where, A = book value of the assets

M/S. EARNEST TOWERS PRIVATE LIMITED ,KOLKATA vs. ACIT, CIRCLE - 2(1), KOLKATA , KOLKATA

In the result, the appeal of the assessee is allowed in part

Bench: Sri J. Sudhakar Reddy & Sri S.S. Viswanethra Ravii.T.A. No. 2530/Kol/2017 Assessment Year: 2013-14 M/S. Earnest Towers Private Limited……….………....………………...…………………….….Appellant [Pan : Aabce 8612 N] Vs. Acit, Circle-2(1), Kolkata………............................................................…....….…………..…...Respondent Appearances By: Shri Ajit Kumar Jain & Siddhesh Chaugule, C.A Appearing On Behalf Of The Appellant. Shri P. K. Srihari, Cit- Dr, Appearing On Behalf Of The Respondent.

depreciation taken on machinery etc. All the above would be cases of income being affected due to a transaction on capital account. This is not the revenue's case here. Therefore, although Section 56(1) of the Act would permit including within its head, all income not otherwise excluded, it does not provide for a charge to tax on Capital

M/S. BARDHAMAN DHARMARAJ PAPER MILL PVT. LTD.,BURDWAN vs. ACIT, CIRCLE-2, BURDWAN

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year : 2015-16

56(viib) has been introduced." As another important aspect which should also be borne in mind in this case. These shares were received after paying huge premium by the allottees. These were subsequently transferred at face value or even at discount. This means that on transfer of shares the allotee did not receive any premium. This means that huge amount

ACIT, CIRCLE-1, BURDWAN, BURDWAN vs. M/S. BARDHAMAN DHARMARAJ PAPER MILL PVT. LTD., BURDWAN

Bench: Shri S.S.Godara & Dr. A.L. Sainiassessment Year : 2015-16

56(viib) has been introduced." As another important aspect which should also be borne in mind in this case. These shares were received after paying huge premium by the allottees. These were subsequently transferred at face value or even at discount. This means that on transfer of shares the allotee did not receive any premium. This means that huge amount