25FPS MEDIA PVT. LTD.,MUMBAI vs. ITO ,RANGE -6(3)(1), MUMBAI

In the result, the appeal filed by the assessee is hereby allowed and the appeal filed by the revenue is hereby dismissed

Bench: Shri Amarjit Singh, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No. 2798/Mum/2018 (निर्धारण वर्ा / Assessment Year:2012-13) Ito, Range-6(3)(1) बिधम/ 25Fps Media Pvt. Ltd. Room No.524, 5Th Floor, 18Th Floor, Marathon Futurex, Vs. Aayakar Bhavan, Mumbai- N. M. Joshi Marg, Lower 400020. Parel, Mumbai-400013. & आयकर अपील सं/ I.T.A. No. 3085/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) बिधम/ 25Fps Media Pvt. Ltd. Ito, Range-6(3)(1) 18Th Floor, Marathon Futurex, Room No.524, 5Th Floor, Vs. N. M. Joshi Marg, Lower Aayakar Bhavan, Mumbai- Parel, Mumbai-400013. 400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacz2076J (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Percy Pardiwala & Madhur Aggarwal Revenue By: Shri Achal Sharma (Dr) सुनवाई की तारीख / Date Of Hearing: 27/01/2022 घोषणा की तारीख /Date Of Pronouncement: 02/03/2022 आदेश / O R D E R Per Amarjit Singh (Jm): The Assessee As Well As Revenue Have Filed The Above Mentioned Appeals Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2012-13. Ita. No.2798/Mum/2018 2. The Revenue Has Filed The Present Appeal Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai Relevant To The A.Y.2012-13. 3085/M/2018 A.Y. 2012-13 3. The Revenue Has Raised The Following Grounds: -

gain, the Hon'ble Bombay High Court held as under: "4. Regarding question no. (ii):— (a) The issue which arises herein for consideration is whether it is open to the Assessing Officer to substitute the 'full value of consideration1 received on sale of shares by its 'fair market value' in the subject Assessment Year. The impugned order of the Tribunal

ITO 6(3)(1), MUMBAI vs. 25 FPS MEDIA PVT. LTD. , MUMBAI

In the result, the appeal filed by the assessee is hereby allowed and the appeal filed by the revenue is hereby dismissed

Bench: Shri Amarjit Singh, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No. 2798/Mum/2018 (निर्धारण वर्ा / Assessment Year:2012-13) Ito, Range-6(3)(1) बिधम/ 25Fps Media Pvt. Ltd. Room No.524, 5Th Floor, 18Th Floor, Marathon Futurex, Vs. Aayakar Bhavan, Mumbai- N. M. Joshi Marg, Lower 400020. Parel, Mumbai-400013. & आयकर अपील सं/ I.T.A. No. 3085/Mum/2018 (निर्धारण वर्ा / Assessment Year: 2012-13) बिधम/ 25Fps Media Pvt. Ltd. Ito, Range-6(3)(1) 18Th Floor, Marathon Futurex, Room No.524, 5Th Floor, Vs. N. M. Joshi Marg, Lower Aayakar Bhavan, Mumbai- Parel, Mumbai-400013. 400020. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaacz2076J (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Assessee By: Shri Percy Pardiwala & Madhur Aggarwal Revenue By: Shri Achal Sharma (Dr) सुनवाई की तारीख / Date Of Hearing: 27/01/2022 घोषणा की तारीख /Date Of Pronouncement: 02/03/2022 आदेश / O R D E R Per Amarjit Singh (Jm): The Assessee As Well As Revenue Have Filed The Above Mentioned Appeals Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y. 2012-13. Ita. No.2798/Mum/2018 2. The Revenue Has Filed The Present Appeal Against The Order Dated 28.02.2018 Passed By The Commissioner Of Income Tax (Appeals) -12, Mumbai Relevant To The A.Y.2012-13. 3085/M/2018 A.Y. 2012-13 3. The Revenue Has Raised The Following Grounds: -

gain, the Hon'ble Bombay High Court held as under: "4. Regarding question no. (ii):— (a) The issue which arises herein for consideration is whether it is open to the Assessing Officer to substitute the 'full value of consideration1 received on sale of shares by its 'fair market value' in the subject Assessment Year. The impugned order of the Tribunal

ACIT 14(1)(2), MUMBAI vs. BOMBAY FOOTWEAR PRIVATE LIMITED, MUMBAI

Accordingly, all the Grounds raised by the Revenue are dismissed

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Capital Gains Income computed in accordance with Section 45 read with Section 50D of the Act in the return of income

MORARJEE REALITIES LTD. (NOW KNOWN AS PENINSULA LAND LTD.),MUMBAI vs. DY.C.I.T. CIRCLE 6(3), MUMBAI

In the result, appeal of the assessee as well as of the Revenue is partly allowed

Bench: Shri G.S. Pannu & Shri Sandeep Gosain: A.Y : 2004-05

gains on sale of converted stock- in-trade and on contrary, the same were done as a part of restructuring 34 Morarjee Realties Ltd. ITA Nos. 2135 & 2343/Mum/2009 exercise as stated above by the appellant and the loss on account of share application money arose out of transfer of capital asset within in the meaning of section

HUNTSMAN INVESTMENTS (NETHERLANDS),MUMBAI vs. THE DY COMMISSIONER OF INCOME TAX INTERNATIONAL TAX CIRCLE-2(2)(2), MUMBAI, MUMBAI

Bench: Shri Anikesh Banerjee & Miss. Padmavathy S.

section 50D for computation of capital gain on deferred gain. The relevant paragraph of the order of DRP is reproduced

THE DY CIT, CIRCLE-4(1)(2),, AHMEDABAD vs. VODAFONE WEST LIMITED,, AHMEDABAD

In the result, the appeal by the Revenue is partly allowed for statistical\npurposes

50D of the Act, which are neither applicable to the year\nunder consideration nor attracted where the consideration for transfer of the\nasset is 'determinable' or 'nil',\nITAs No.671 & 1634/Ahd/2015 (A.Y. 2010-11) 3\n1.6 On the facts and in the circumstances of the case and in law, the learned\nAO has erred in applying the GAAR provisions prescribed under

VODAFONE WEST LIMITED,(FORMERLY KNOWN AS VODAFONE ESSAR GUJARAT LIMITED),AHMEDABAD vs. THE DY.CIT, CIRCLE-4(1)(2),, AHMEDABAD

In the result, the appeal by the Revenue is partly allowed for statistical\npurposes

50D of the Act, which are neither applicable to the year\nunder consideration nor attracted where the consideration for transfer of the\nasset is 'determinable' or 'nil';\nITAs No.671 & 1634/Ahd/2015 (A.Y. 2010-11)\n1.6 On the facts and in the circumstances of the case and in law, the learned\nAO has erred in applying the GAAR provisions prescribed under section

VARSHA SHRIKANT PARANJAPE,MUMBAI vs. ASSTT. COMMISSIONER OF INCOME TAX - 25(3) , MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T Varkey & Shri Amarjit Singhvarsha Shrikant Vs. Acit, Circle 25(3) Paranjape, Paranjape C-10, 6Th Floor, Room No. Bungalow, 2Nd Floor, 34, 601, Pratyaksha Kar Mg Road, Vile Parle Bhavan, Bandra Kurla (East), Mumbai – 400057 Complex, Bandra (E) Mumbai – 51 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaapp6199H Appellant .. Respondent [ Appellant By : Ronak Doshi, Chaitanya Doshi & Karan Jain Respondent By : Vithal Machindra Bhosale Date Of Hearing 05.10.2023 Date Of Pronouncement 20.10.2023

CAPITAL GAIN CANNOT BE TAXED: 3.1 On the facts and in the circumstances of the case and in law, the ld. AO erred in substituting full value of consideration declared by the Appellant of Rs.8,61,04,750/- with Rs.13,72,13,911/- and thereby making an addition of Rs. 5,11,09,161/- 3.2 Ld. AO failed to appreciate

THE DCIT CIR 7(1), MUMBAI vs. M/S. PIRAMAL ENTERPRISES LTD., MUMBAI

In the result, appeal of the assessee in ITA

Bench: Known As Nicholas Piramal Mumbai - 400020 India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) Dcit. Circle 7(1), Vs. M/S. Piramal Enterprises Ltd. Aayakar Bhavan (Formerly Known As Piramal Healthcare Mumbai - 400020 Ltd.,) (Before Known As Nicholas Piramal India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) M/S. Piramal Enterprises Ltd. Vs. Deputy Commissioner Of Income (Formerly Known As Piramal Tax Healthcare Ltd.,) Range 7(3)(2), (Before Known As Nicholas Piramal Mumbai - 400020 India Ltd.,) Piramal Tower, Ganpatrao Kadam Marg Lower Parel, Mumbai-400013 Pan/Gir No.Aaacn4538P (Appellant) .. (Respondent) M/S. Piramal Enterprises Limited

capital gain?” 8.10. This question was disposed of by the Hon‟ble Court by observing as under:- M/s. Piramal Enterprises Limited “4. Regarding question no.(ii): a) The issue which arises herein for consideration is whether it is open to the Assessing Officer to substitute the 'full value of consideration received on sale of shares by its 'fair market value

JIGAR SEVANTILAL SHAH ,MUMBAI vs. ITO WARD 19(1)(5), MUMBAI

In the result, appeal is partly allowed

Bench: Shri Saktijit Dey & Shri Makarand Vasant Mahadeokarjigar Sevantilal Shah, Income Tax Officer, 503, 5Th Floor, Praman Heritage, Vp Ward 19(1)(5), Vs. Road, Sikka Nagar, Girgaon, Mumbai - 400012 Mumbai - 400004 (Appellant) : (Respondent) Pan No. Alkps 6823J Appellant By : Shri Rajesh Shah Respondent By : Shri Nayanjoti Nath, Sr. Ar Date Of Hearing : 09.03.2026 Date Of Pronouncement : 17.04.2026 O R D E R Per Saktijit Dey:

Capital Gain’ and brought to tax in terms with Section 56(2) r.w.s. 50D of the Income Tax Act, 1961 (in 3 Jigar

ACIT 17(1) , MUMBAI vs. GUPTA C K , MUMBAI

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm Acit-17(1) Gupta C K O/O The Government Of India 21, K. T. Building, O/O The Dy. Cit Cirr 17(1), Devji Ratansey Marg, Masjid Vs. Kautilya Bhavan, Room No. 117, Bunder, Mumbai-400 009 Bkc, Bandra (E), Mumbai-400 051

section 50D of the Act and relied on the CBDT Circular No. 3rd March, 2016 for deferment of tax. The contention of the assessee has not been satisfactory to the ld. A.O. who then passed the assessment order dated 30.12.2018 making an addition towards conversion of ‘capital gain

ACIT CEN CIR 13, MUMBAI vs. 'A' STAR EXPORTS, MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

gains, that is to say, on the heads of income falling under one or more of the heads mentioned in that section. Therefore, it will not be permissible to hold that there can be some other source of income other than the heads enumerated in this section, such as, income which is statutorily liable to income tax in the hands

ACIT CEN CIR 13, MUMBAI vs. ASIAN STAR DIAMONDS ITERNATIONAL P.LTD, MUMBAI

In the result, both appeals of the revenue are dismissed

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm आमकय अऩीर सं./Ita No.4411/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S ‘A’ Star Exports, No.1103, 11Th Floor Old Cgo 114/116, Mittal Court, C- Wing, 11Th Floor, Nariman Building (Annex.) M.K.Road, Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aabfv 4508 K (अऩीराथी /Appellant) (प्रत्मथी / Respondent) .. & आमकय अऩीर सं./Ita No.4412/Mum/2014 (नििाारण वषा / Assessment Years : 2011-2012) Acit, Central Circle-13, Room Vs. M/S Asian Star Diamonds No.1103, 11Th Floor Old Cgo International Pvt. Ltd., Building (Annex.) M.K.Road, 114, Mittal Court, C- Wing, 11Th Floor, Nariman Mumbai-400020 Point, Mumbai-400021 स्थामी रेखा सं./ जीआइआय सं./ Pan/Gir No. : Aaacp 4726 H (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

gains, that is to say, on the heads of income falling under one or more of the heads mentioned in that section. Therefore, it will not be permissible to hold that there can be some other source of income other than the heads enumerated in this section, such as, income which is statutorily liable to income tax in the hands

JIOSTAR INDIA PRIVATE LIMITED,MUMBAI vs. ASST CIT 16 (1), MUMBAI

Bench: Shri R.S. Syal (V.P.), Shri Aby T. Varkey (J.M.) & Shri Prashant Maharishi (A.M.) आयकर अपील सं. / Ita. No.7872/Mum/2019 "नधा"रण वष" / Assessment Year : 2015-16

sections 45, 50A, 50C and 50D etc., substituting the full value of consideration and to sec. 49 substituting cost of acquisition in the computation of income under the head `Capital gains