CYQUATOR MEDIA SERVICES PRIVATE LIMITED,MUMBAI vs. DCIT, RANGE .6(2)(1), MUMBAI

In the result, overall, the appeal of the Revenue in ITA No

Bench: Shri Aby T. Varkey, Jm & Shri Gagan Goyal, Am आयकर अपील सं/ I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) Dcit-6(2)(1) बिधम/ M/S. Cyquator Media R. No. 504, 5Th Floor, Services Pvt. Ltd. Vs. Aayakar Bhavan, M. K. 135, Continental Building, Road, Mumbai-400020. Dr. A. B. Road, Worli, Mumbai-400018. Cross Objection No. 302/Mum/2018 Arising Out Of I.T.A. No.4312/Mum/2017 (निर्धारण वर्ा / Assessment Years: 2012-13) Cyquator Media Services बिधम/ Dcit-6(2)(1) Pvt. Ltd. Aayakar Bhavan, Vs. 18Th Floor, A Wing, Mumbai-400020. Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai-400013. आयकर अपील सं/ I.T.A. No.4478/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2012-13) M/S. Cyquator Media बिधम/ Dcit-6(2)(1) R. No. 504, 5Th Floor, Services Pvt. Ltd. Vs. 135, Continental Building, Aayakar Bhavan, M. K. Dr. A. B. Road, Worli, Road, Mumbai-400020 Mumbai-400018. Dcit-6(2)(1) R. No. 504, 5Th Floor, Aayakar Bhavan, M. K. Road, Mumbai-400020. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaecp0069P (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Jay Bhansali/Ms. Slachi Jain Revenue By: Shri H. N. Singh (Dr) & Mr. R. A. Dhyani (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 12/12/2022 घोषणा की तारीख /Date Of Pronouncement: 06/03/2023 C.O. 302/Mum/2018 A.Ys. 2012-13 Shri Cyquator Media Services Pvt. Ltd.

purchase of such property by the other company or as a result of the distribution of such property to the other company after the winding up of the first-mentioned company;” 29. From the facts placed before us, it is noted that the terms of the scheme of amalgamation was in consonance with Section 2

HRI HEALTHCARE PVT LTD.,MUMBAI vs. ASST. CIT CIRCLE-10(1)(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T Varkey & Shri Amarjit Singhhri Healthcare Pvt. Ltd. Vs. Asst. Commissioner Of 602, 6Th Floor, Supreme Income Tax, Circle Chambers, Off Veera 10(1)(1), Aaykar Bhavan, Desai Road, Andheri (W) 2Nd Floor, Mumbai – 400053 Mumbai - 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aacch7613M Appellant .. Respondent [ Appellant By : K. Gopal Respondent By : Soumendu Kumar Dash Date Of Hearing 16.06.2023 Date Of Pronouncement 11.07.2023 आदेश / O R D E R Per Amarjit Singh (Am): This Appeal Filed By The Assesse Is Directed Against The Order Passed By The Cit(A)-17, Mumbai, Dated 28.01.2019 For A.Y. 2015-16. The Assessee Has Raised The Following Grounds Before Us: “1.1 The Learned Assessing Officer Erred In Making An Addition Of Rs.4,96,08,000 Under Section 56(2)(Viib) Of The Income-Tax Act, 1961 ("The Act') Being The Difference Between The Share Premium Received By The Appellant From Its Holding Company & The Fair Market Value Of The Shares There Of As Computed Under Rule 11Ua Of The Income-Tax Rules, 1962( The Rules") & Cit(A) In Confirming The Same 1.2 The Assessing Officer Erred In Holding The Issue Price Of Right Shares To Existing Shareholder Of The Company Which Were Adopted On The Basis Of A Valuation Report Of An Independent Valuer As Exorbitant On Reasons Purely In The Realm Of Conjectures/Surmises Without Appreciating That The Same Is In Accordance With Provisions Of The Act & Cit(A) In Confirming The Same. 1.3 It Is Submitted That Valuation Is An Art & Not A Science. The Valuation Are Based On Certain Assumptions & Estimations Especially In Case Of New Company. The Valuation Has Been Done Based On The Dcf Method

bogus sources or sources whose identity and capacity was unsatisfactory and given that the shareholder of the Appellant was known and was reputed company, section 56(2)(viib) of the Act could not be pressed into service.” 2. Fact in brief is that return of income declaring loss of Rs.256,11,730/- was filed on 29.09.2015. The case was subject

ITO-13(2)(1), MUMBAI, MUMBAI vs. SETHIA INFRASTRUCTURE PVT. LTD, MUMBAI

In the result, appeal filed by the revenue is allowed

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Rahul Chaudhary, Hon'Bleito-13(2)(1) V. Sethia Infrastructure Pvt. Ltd 701, Central Plaza 147, 1St Floor, Aayakar Bhavan Daftari Road, Malad (East) M. K. Marg, Mumbai Mumbai, Maharashtra -400097 Maharashtra-400020 Pan: Aalcs9354B (Appellant) (Respondent) Assessee Represented By : Jaiprakash Bairaga & Rupa Nanda Department Represented By : Dr. Kishor Dhule

56(2)(viib) of the Act and the Tribunal held that the said section Page No. 17 Sethia Infrastructure Pvt. Ltd is not applicable on the share premium received. In fact during the course of arguments, the Ld. DR sought permission to argue the case on the applicability of section 68 of the Act and the Tribunal after refereing

ITO WD 1(1)(4), MUMBAI vs. GOODYIELD FARMING LTD, MUMBAI

In the result, appeal of the Revenue is partly allowed

bogus kind of transaction on the part of assessee which cannot be proved by any stretch of imagination. 2.6. The ld. AO while making the aforesaid observations concluded that the assessee company had not carried out any single agricultural related activity and it is nothing but siphoning the own money of the assessee company to introduce in the garb

M/S MONK AKARSHALA PRIVATE LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CIRCLE-2(2)(1), MUMBAI

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Sunil Kumar Singh, Hon'Blem/S. Monk Akarshala Private Limited V. Dcit – Circle – 2(2)(1) 4116 Oberoi Garden Estate Room No. 545 Chandivli Vlg Farm Road Aayakar Bhavan, M.K. Road Near Chandivli Studio, Saki Naka Mumbai - 400020 Mumbai City - 400072 Pan: Aagcm4703K (Appellant) (Respondent) Assessee Represented By : Shri Ajay Wadhwa & Ms. Manasi Vyas Department Represented By : Smt Mahita Nair

56(2)(viib) of the Act were amendments which were to apply only from 1st April, 2013, i.., assessment year 2013-14. The amendment to Section 68 of the Act by incorporation of the first proviso also came into effect by virtue of the Finance Act, 2012 w.e.f. 1st April, 2019 and was to apply for the assessment year

TUTOR INVESTMENT AND FINANCE PVT LTD,MUMBAI vs. DCIT, CENTRAL CIRCLE 6(4), MUMBAI

In the result, the orders of the ld

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

56(2)(viib) of the Act, 1961 without appreciating the facts of the case in the right perspective. P a g e | 3 ITA No. 287,288,289, 290 &291/Mum/2025 A.Y. 2013-14, 2014-15, 2015-16, 2016-17, 2017-18 Tutor Investment and Finance Pvt. Limited, Mumbai 1.The learned CIT (A) 54, Mumbai erred in confirming

TUTOR INVESTMENT AND FINANCE PVT LTD,MUMBAI vs. DCIT CENTRAL CIRCLE 6(4), MUMBAI

In the result, the orders of the ld

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

56(2)(viib) of the Act, 1961 without appreciating the facts of the case in the right perspective. P a g e | 3 ITA No. 287,288,289, 290 &291/Mum/2025 A.Y. 2013-14, 2014-15, 2015-16, 2016-17, 2017-18 Tutor Investment and Finance Pvt. Limited, Mumbai 1.The learned CIT (A) 54, Mumbai erred in confirming

TUTOR INVESTMENT AND FINANCE PVT LTD,MUMBAI vs. DCIT, CENTRAL CIRCLE 6(4), MUMBAI

In the result, the orders of the ld

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

56(2)(viib) of the Act, 1961 without appreciating the facts of the case in the right perspective. P a g e | 3 ITA No. 287,288,289, 290 &291/Mum/2025 A.Y. 2013-14, 2014-15, 2015-16, 2016-17, 2017-18 Tutor Investment and Finance Pvt. Limited, Mumbai 1.The learned CIT (A) 54, Mumbai erred in confirming