MR. SURESH SHANTILAL JAIN ,MUMBAI vs. ITO WARD 16(3)(1), MUMBAI

In the result, the appeal of the Assessee is allowed

Bench: Shri Narender Kumar Choudhryassessment Year: 2018-19

gain. By Finance Act, 2018, the third proviso to section 50C(1) of the Act was introduced to the statute with effect from 01-04-2019, which reads as under:- “50C. (1) Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than

ACIT-CC-7(3), MUMBAI vs. MANGALPRABHAT GUMANMAL LODHA , MUMBAI

In the result, appeal of the revenue is dismissed

56(2)(vii)(ii) of the Act is concerned,\nthe undisputed fact is that the difference between the agreement value\nand stamp value is much less than 10%. Therefore, the decision of the\nCo-ordinate Bench in the case of Joseph Mudaliar vs. DCIT [2021] 130\ntaxmann.com 250 (Mumbai-Trib.), squarely applies. The relevant findings\nread as under

GAURAV RAJESH DESAI ,MUMBAI vs. ITO WARD -3(2), MUMBAI

Appeal of the assessee is allowed for statistical purposes

Bench: Justice (Retd.) C V Bhadang & Ms Padmavathy S, Am

section 50C(2)/(3) and corresponding rules for 56(2)(vii)(b)). The assessee was given opportunity to be heard by the DVO as well, as per standard procedure (though he may not have availed it actively). The CIT(A) explicitly found that "from the DVO's report itself it is evident that he was well aware of the nature

UTILITY SUPPLY PRIVATE LIMITED,MUMBAI vs. DCIT CENTRAL CIRCLE 8(4) MUMBAI, MUMBAI

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

capital asset of the recipient and therefore would not apply to\nstock-in-trade, raw material and consumable stores of any business of\nsuch recipient.\n53. As we have observed above that the provisions of section\n56(2)(vii) of the Act were not covering the cases of the firm or a\ncompany (not being a company in which

HBS VIEW PRIVATE LIMITED,MUMBAI vs. PR. COMMISSIONER OF INCOME TAX - 8, MUMBAI

In the result, appeal of the revenue is dismissed

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Sandeep Singh Karhail, Hon’Ble

56(2)(vii)(ii) of the Act is concerned, the undisputed fact is that the difference between the agreement value and stamp value is much less than 10%. Therefore, the decision of the Co-ordinate Bench in the case of Joseph Mudaliar vs. DCIT [2021] 130 taxmann.com 250 (Mumbai-Trib.), squarely applies. The relevant findings read as under:- “9. Before

GLORY SHIPMANAGEMENT PVT LTD,MUMBAI vs. CIT (A), NFAC DELHI, DELHI

Accordingly, Ground no 2 is dismissed

Bench: IN THE INCOME TAX APPELLATE TRIBUNAL "G" BENCH, MUMBAI SHRI AMARJIT SINGH, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA No. 3149/MUM/2023 (Assessment Year: 2018-2019) Glory Shipmanagement Private Limited, 504, Abhay Steel House, 22 Baroda Street, Masjid (East), Mumbai - 400009 [PAN: AACCG2684H] ...... Appellant Commissioner of Income Tax (Appeals), Centralized Processing Centre, Delhi Vs .......... .... Respondent Appearance For the Appellant/Assessee : None For the Responden

gain. By Finance Act, 2018, the third proviso to section 50C(1) of the Act was introduced to the statute with effect from 1-4-2019, which reads as under:- '50C. (1) Where the consideration received or accruing as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than

ASSISTANT COMMISSIONER OF INCOME TAX 25(3), MUMBAI vs. PANKAJ ENTERPRISES, MUMBAI

In the result, both the appeals of the Revenue for AY 2012

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2012-13 Pankaj Enterprises, Jt. Cit Range-25(3), C/O Shankarlal Jain & Assoicates Pritashkar Bhavan, Bkc, 12, Engineer Building, 265, Vs. Bandra (E), Princess Street, Mumbai-400051. Mumbai-400 002. Pan No. Aacfp 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner Of Income Tax- M/S Pankaj Enterprises, 25(3), Plot No. 1, Behind Ice Factory, Room No. 601, C-10, 6Th Floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. Pan No. Aacfp 3044 K Appellant Respondent Co No. 313/Mum/2018 (Ita No. 4875/Mum/2017) Assessment Year: 2009-10 & Co No. 312/Mum/2018 (Ita No. 4876/Mum/2017) Assessment Year: 2012-13

vii) Thereafter, Thereafter, the assessee i.e. owner of the land i.e. owner of the land, entered into an agreement With M/s V into an agreement With M/s Vidhi Enterprises i.e. idhi Enterprises i.e. Developer, for development of the plot wherein they , for development of the plot wherein they , for development of the plot wherein they agreed to share the constructed

ASSISTANT COMMISSIONER OF INCOME TAX 25(3), MUMBAI vs. PANKAJ ENTERPRISES, MUMBAI

In the result, both the appeals of the Revenue for AY 2012

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2012-13 Pankaj Enterprises, Jt. Cit Range-25(3), C/O Shankarlal Jain & Assoicates Pritashkar Bhavan, Bkc, 12, Engineer Building, 265, Vs. Bandra (E), Princess Street, Mumbai-400051. Mumbai-400 002. Pan No. Aacfp 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner Of Income Tax- M/S Pankaj Enterprises, 25(3), Plot No. 1, Behind Ice Factory, Room No. 601, C-10, 6Th Floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. Pan No. Aacfp 3044 K Appellant Respondent Co No. 313/Mum/2018 (Ita No. 4875/Mum/2017) Assessment Year: 2009-10 & Co No. 312/Mum/2018 (Ita No. 4876/Mum/2017) Assessment Year: 2012-13

vii) Thereafter, Thereafter, the assessee i.e. owner of the land i.e. owner of the land, entered into an agreement With M/s V into an agreement With M/s Vidhi Enterprises i.e. idhi Enterprises i.e. Developer, for development of the plot wherein they , for development of the plot wherein they , for development of the plot wherein they agreed to share the constructed

PANKAJ ENTERPRISES,MUMBAI vs. JT CIT RG 25(3), MUMBAI

In the result, both the appeals of the Revenue for AY 2012

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2012-13 Pankaj Enterprises, Jt. Cit Range-25(3), C/O Shankarlal Jain & Assoicates Pritashkar Bhavan, Bkc, 12, Engineer Building, 265, Vs. Bandra (E), Princess Street, Mumbai-400051. Mumbai-400 002. Pan No. Aacfp 3044 K Appellant Respondent Assessment Year: 2009-10 & Assessment Year: 2012-13 Asst. Commissioner Of Income Tax- M/S Pankaj Enterprises, 25(3), Plot No. 1, Behind Ice Factory, Room No. 601, C-10, 6Th Floor, Vs. Saki Vihar Road, Chandivali, Pratyakshakar Bhavan, Bandra Mumbai-400072. Kurla Complex, Bandra (East), Mumbai-400051. Pan No. Aacfp 3044 K Appellant Respondent Co No. 313/Mum/2018 (Ita No. 4875/Mum/2017) Assessment Year: 2009-10 & Co No. 312/Mum/2018 (Ita No. 4876/Mum/2017) Assessment Year: 2012-13

vii) Thereafter, Thereafter, the assessee i.e. owner of the land i.e. owner of the land, entered into an agreement With M/s V into an agreement With M/s Vidhi Enterprises i.e. idhi Enterprises i.e. Developer, for development of the plot wherein they , for development of the plot wherein they , for development of the plot wherein they agreed to share the constructed

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: -

capital gains as per section 45, and gifts received as per section 56(2)(v), (vi), (vii) etc. are included

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: -

capital gains as per section 45, and gifts received as per section 56(2)(v), (vi), (vii) etc. are included

JOSEPH MUDALIAR,MUMBAI vs. DCIT CC 4 (3), MUMBAI

In the result, appeal is partly allowed

Bench: Shri Saktijit Dey () & Shri S. Rifaur Rahman ()

capital gain by Rs.569723/-. 3. The Learned CIT(A) erred in charging interest U/s 234A, 234B, 234C of the I.T.Act, 1961. 3. In ground 1 assessee has challenged the addition of Rs.23,30,694/- under section 56(2)(vii

CABLE CORPORATION OF INDIA LTD,MUMBAI vs. DCIT CIRCLE 2(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Amarjeet Singhassessment Year: 2010-11

capital gains as per section 45, and gifts received as per section 56(2)(v), (vi), (vii) etc. are included

VAIJANTHI MAHAVIR OZA,MUMBAI vs. INCOME TAX OFFICER(IT)-3(3)(1), MUMBAI

In the result, appeal of the assessee in ITA no

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.5799/Mum/2017 (नििाारण वर्ा / Assessment Year: 2014-15) बिाम/ Vaijanthi Mahavir Oza, Income Tax Officer- C/O. Chhajed & Doshi, (International Taxation)- 101, Hubtown Solaris, 3(3)(1) V. N.S Phadke Marg, Room No. 1628, Near East West Flyover, 16Th Floor Andheri (E), Air India Building Mumbai- 400069 Mumbai स्थायी ऱेखा सं./ Pan: Abepo5631J (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. Assessee By: Shri. Piyush Chhajjed Revenue By: Miss. Deepika Arora (Dr) सुनवाई की तारीख /Date Of Hearing : 09.01.2019 घोषणा की तारीख /Date Of Pronouncement : 03.04.2019 आदेश / O R D E R Per Ramit Kochar: This Appeal, Filed By Assessee, Being Ita No. 5799/Mum/2017, Is Directed Against Appellate Order Dated 23.06.2017, Passed By Learned Commissioner Of Income Tax (Appeals)-57, Mumbai (Hereinafter Called “The Cit(A)”), For Assessment Year 2014-15, The Appellate Proceedings Had Arisen Before Learned Cit(A) From The Assessment Order Dated 23.12.2016 Passed By Learned Assessing Officer (Hereinafter Called “The Ao”) U/S 143(3) Of The Income-Tax Act, 1961 (Hereinafter Called “The Act”) For Ay 2014-15. I.T.A. No.5799/Mum/2017

vii) Thus, in case of non-residents, the words 'in India' has to be read in the charging sections automatically by virtue of section 5(2) of the Act and there is no requirement of providing it separately for non-residents. Only in case of residents, when the Legislature is of the view that the word 'India

ACIT - CIRCLE- 6(2)(2), MUMBAI vs. DIRECT MEDIA DISTRIBUTION VENTURES PVT. LTD., MUMBAI

In the result, appeal of the revenue dismissed and appeal of the assessee is also dismissed

Bench: Shri Amit Shukla, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No.2715/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2012-13) The Assistant Commissioner Direct Media Distribution Of Income Tax 6(2)(2), Ventures Pvt. Ltd. बिधम/ Mumbai 135, Continental Building, Vs. Aayakar Bhavan, M.K.Road, Annie Besant Road, Worli, Churchgate, Mumbai-400 020 Mumbai-400 048 स्थायीलेखासं./जीआइआरसं./Pan No. Aadcd1940Q (अपीलाथी/Appellant) (प्रत्यथी / Respondent) :

capital gains as per section 45, and gifts received as per section 56(2)(v),(vi),(vii) etc. are included

DIRECT MEDIA DISTRIBUTION VENTURES PVT. LTD.,MUMBAI vs. ITO , RG-6(2)(3)(PRESENT IN CHARGE ACIR-RG-6(2)(2), MUMBAI

In the result, appeal of the revenue dismissed and appeal of the assessee is also dismissed

Bench: Shri Amit Shukla, Jm & Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No.2715/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2012-13) The Assistant Commissioner Direct Media Distribution Of Income Tax 6(2)(2), Ventures Pvt. Ltd. बिधम/ Mumbai 135, Continental Building, Vs. Aayakar Bhavan, M.K.Road, Annie Besant Road, Worli, Churchgate, Mumbai-400 020 Mumbai-400 048 स्थायीलेखासं./जीआइआरसं./Pan No. Aadcd1940Q (अपीलाथी/Appellant) (प्रत्यथी / Respondent) :

capital gains as per section 45, and gifts received as per section 56(2)(v),(vi),(vii) etc. are included

MANJULA HIMMATLAL JAIN,MUMBAI vs. ITO WD-20(2)(2), MUMBAI

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

section 56(2)(vii)(b)\n(e) Dy. CIT-5(3)(1) vs. Deepak Shashi Bhusan Roy ITA No. 3204\n&3316/M/2016 dtd. 30/07/2018(Mum.) (Trib.)\nIn order to determine taxability of capital gain

UMESH PADAMSI GOSAR,MUMBAI vs. INCOME TAX OFFICER WARD 16(3)(5), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Sri Mahavir Singhआयकर अपील सुं./ Ita No. 6578/Mum/2018 (यिर्ाारण वर्ा / Assessment Year 2014-15) Umesh Padamsi Gosar The Income Tax Officer, 402, 4Th Floor, Rna Classic Ward 16(3)(5) बनाम/ Building, S.V. Road, Khar Room No. 3103, 3 Rd Floor, West, Mumbai-400 054 Mittal Court, Nariman Point, Vs. Mumbai-400 021 (अपीलार्थी / Appellant) (प्रत्यर्थी/ Respondent) स्र्थायी लेखा सुं./Pan No. Aabpg4904C अपीलार्थी की ओर े / Appellant By : Shri Viral Doshi, Ar प्रत्यर्थी की ओर े / Respondent By : Shri Akhtar H Ansari, Dr ुिवाई की तारीख / Date Of Hearing: 17.12.2019 घोर्णा की तारीख / Date Of Pronouncement : 17.12.2019 आदेश / O R D E R महावीर ससुंह, न्याययक सदस्य/ Per Mahavir Singh, Jm: This Appeal Of The Assessee Is Arising Out Of The Order Of Commissioner Of Income Tax (Appeals)]-7, Mumbai [In Short Cit(A)], In Appeal No. Cit(A)-7/It-94/184/2016-17 Order Dated 15.10.2018. The Assessment Was Framed By The Income Tax Officer, Ward-16(3)(5) Mumbai (In Short Ito / Ao) For The A.Y. 2014-15 Vide Order Dated 28.12.2016, Under Section 143(3)

capital gains tax which is not in dispute in the present appeal. In view of the above, I do not find any force in the contentions of the appellant that the transfer in property took place in A.Y.2013-14 and not in A.Y.2014-15 when the provisions of section 56(2)(vii