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 gain. Accordingly, the provision of section 56(1) cannot be resorted to. 26. After Referring to Section 56(2)(viia

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 gain. Accordingly, the provisions of section 56(1) cannot be resorted to.” So far as the applicability of Section 56(2)(viia

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 gain. Accordingly, the provisions of section 56(1) cannot be resorted to.” So far as the applicability of Section 56(2)(viia

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

gains of business or profession”. 45. Further the coordinate bench in Rupee Finance Management (P) Ltd Vs ACIT (supra) held that when as a part of memorandum of understanding between group companies, certain shares of a group company were transferred to assessee at cost, and the purchase was by way of investment only and it was not a case

NERKA CHEMICALS P. LTD,GUJRAT vs. ASST CIT CEN CIR 38, MUMBAI

In the result this ground of appeal is allowed for statistical purpose

Bench: Shri R.C. Sharma, Accountant Mamber & Shri Pawan Singh

gains of business or profession”. 45. Further the coordinate bench in Rupee Finance Management (P) Ltd Vs ACIT (supra) held that when as a part of memorandum of understanding between group companies, certain shares of a group company were transferred to assessee at cost, and the purchase was by way of investment only and it was not a case

ADITYA BIRLA TELECOM LIMITED,MUMBAI vs. DY. COMM OF INCOME TAX 10(1), MUMBAI

In the result appeal of the assessee is allowed in part in terms indicated hereinabove

56(2) (viia) of the Act also recognises the concept of gift by one corporate to another. 32. Our attention was also invited to Clause 27 of the Memorandum of Association of the assessee which permits it to grant gift. Reliance placed on DP World Private Ltd vs DCIT (ITA No.3627/Mum/2012); KDA Enterprise (57 taxmann.com 284 (Mum Tribunal); Redington India

DCIT 6 (3)(2), MUMBAI vs. M/S KILITCH HEALTHCARE INDIA LTD., MUMBAI

In the result Revenue’s appeal is dismissed and assessee’s cross objection is held to be infructuous

viia) of the Act. 4. Apropos issue of addition under section 56(2)(vii)(b) of the Act :- During the course of assessment proceedings the AO observed that the assessee issued 4,20,000 shares of Rs.10 each at a premium of Rs.990 to Vulcan Developers Pvt. Ltd (VDPL) during the year under consideration. The Assessing Officer opined that since

LUPIN INVESTMENTS PRIVATE LIMITED (SUCCESSOR TO ZYMA LABORATORIES LIMITED),MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX - 14(2)(1), MUMBAI

In the result, appeal of the assessee is allowed in part for statistical purposes

section 56 to also include within its ambit transactions undertaken in shares of a company (not being a company in which public are substantially interested) either for inadequate consideration or without consideration where the recipient is a firm or a company (not being a company in which public are substantially interested).\"\n31. A combined reading of the provisions

TATVA GLOABAL ENVIRONMENT LTD,MUMBAI vs. ITO 9(3)(3), MUMBAI

In the result the appeal of the assessee is partly allowed and the appeal

Bench: Shri Pawan Singh & Shri Rajesh Kumartatva Global Environment Ltd Vs Ito-9(3)(3), (Now Known As Tatva Global Aayakar Bhawan, M.K. Road, Environment Pvt Ltd) Mumbai Uniphos House, C D Marg, Opp Madhu Park, Khar (W) Mumbai 400 052 Pan : Aaics1718A Appellant Respondednt Dcit, Cent.Cir.6(3), Vs Tatva Global Environment Ltd Mumbai (Now Known As Tatva Global Environment Pvt Ltd) Uniphos House, C D Marg, Opp Madhu Park, Khar (W) Mumbai 400 052 Pan : Aaics1718A Appellant Respondednt

viia) are anti abuse and intended to prevent the practice or receiving property without consideration or for inadequate consideration, are concerned, the ld AR has strongly relied on the Circular No. 01/2011 dated 6th April 2011 issued by Central Board of Direct Tax (CBDT) and the decision of Tribunal in ACIT Vs Subhodh Menon (supra). The throughout the proceedings took

DCIT 1(2)-2, MUMBAI vs. OZONELAND AGRO P.LTD, MUMBAI

gains,that the premium could not be termed as excessive or unreasonable. 3.1.With regard to business activities not being carried out during the year under consideration it was submitted before the FAA that the matter was subjudice due to “forest” M/s. Ozoneland Agro Pvt. Ltd. remark at that point of time,that the assessee could not initiate preliminary activities,that

NOMURA INDIA INVESTMENT FUND,MUMBAI vs. ADDL DIT (IT) RG 4, MUMBAI

In the result, the appeal is allowed

Bench: S/Shri Saktijit Dey & Manoj Kumar Aggarwal

56, Section 115WC, Section 14A, Section 36(1)(viia), section 48(1)(a), section 55(2)(ac) of the Act and the corresponding Rules. The learned Senior Counsel submitted, since in respect of redemption of GDRs and release of underlying shares, the Legislature did not provide for adoption of weighted average as the cost of acquisition or the fair market

DY. COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-3(4), MUMBAI vs. SAMAGRA WEALTHMAX PRIVATE LIMITED , MUMBAI

In the result, appeal of the learned AO is dismissed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Dy. Commissioner Of Samagra Wealthmax Income Tax, Private Limited, Central Circle-3(4) 5Th Floor, Sunteck Centre Room No. 1915, 19Th 37-40 Vs. Floor, Subhash Road, Air India Building, Vile Parle East, Nariman Point, Mumbai-400 057 Mumbai-400021 (Appellant) (Respondent) Pan No. Aaqcs5451E

56(2)(viia) is applicable only till 31.03.2017. 025. The appellant has received asset worth Rs. 149.29 Crore (on result of amalgamation) without consideration and ld. AO concluded that the said amount should be taxed u/s 28(iv) of the Act. 026. Provision of section 28(iv) of the Income Tax Act, 1961 (“the Act) which are as under

MSC CREWING SERVICES P.LTD,MUMBAI vs. DCIT CIR 8(2), MUMBAI

The appeal of the assessee is allowed and that of the Revenue is dismissed

Bench: Shri G.S.Pannu & Shri Ravish Soodmsc Crewing Services Private Limited, Msc House, 2Nd-3Rd Floor, Andheri Kurla Road, Andheri East, Mumbai 400 059. Pan: Aaecm 1876B ...... Appellant Vs. Dy.Commissioner Income-Tax , Circle 8(2), Aaykar Bhavan,M.K.Road, Mumbai 400 006 .... Respondent Dy.Commissioner Income-Tax , Circle 10(2)(2) R.No.209,Aaykar Bhavan,M.K.Road, Mumbai 400 006 Vs. Msc Crewing Services Private Limited, Msc House, 2Nd-3Rd Floor, Andheri Kurla Road, Andheri East, Mumbai 400 059. Pan: Aaecm 1876B Assessee By : Shri Niraj Sheth Revenue By : Shri N.K.Chand Date Of Hearing : 10/08/2016 Date Of Pronouncement : 11/01/2017 (Assessment Year 2010-11 Order

capital gains' by simply referring the provisions of Section 47(v), Section 47(vi) and Section 47 (vid) of the Act without explaining how these provisions are applicable; c) drawing erroneous analogy from the provision of Section 56 (viia) and 56(viib) of the Act without considering the applicability of the provisions of these Section in case of Appellant

TOPSGRUP ELECTRONICS SYSTEMS LTD,MUMBAI vs. ITO WD 8(3)(3), MUMBAI

In the result, the assessee’s appeal for assessment year 2009-10 is allowed as indicated above

Bench: Shri Jason P. Boaz & Shri Amit Shuklam/S. Topsgrup Electronic Systems Income Tax Officer-8(3)(3) Ltd. (Previsously Tops Sequipment Ltd.) Àayakar Bhavan, M.K. Road 5, Royal Palms Golf & Country Club Vs. Mumbai 400020 Aarey Milk Colony, Goregaon (E) Mumbai 400065 Pan - Aaact3291K Appellant Respondent

Gains chargeable to tax under Section 45 of the Act are, defined to be income. The amounts received on issue of share capital including the premium are undoubtedly on capital account. Share premium have been made taxable by a legal fiction under section 56(2)(viib) or the Act and the same is enumerated as Income in Section 2

ICICI BANK LTD.,MUMBAI vs. THE DY CIT -2(3)(1), MUMBAI

In the result, appeal filed by the assessee is partly allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Icici Bank Ltd. The Dy. Commissioner Of Icici Bank Towers, Income-Tax 2(3)(1) Bandra Kurla Complex, Aaykar Bhavan, Vs. 5Th Floor, Room No.552, Badra (East), Mumbai-400 051 M.K. Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaaci1195H

56, Mumbai filed by the Bank and hence do not come within the purview of revision under section 263. We reiterate that the order passed under section 143(3) r.w.s. 144C(3) is neither erroneous nor prejudicial and the proceedings under section 263 ought to be dropped.” ICICI Bank Ltd; A.Y. 2015-16 07. The learned PCIT after considering

JAIDEV R. SHROFF,MUMBAI vs. DCIT CC- 6(3) EARSTWHILE ACIT - CC-38, MUMBAI

In the result, appeal of the assessee is allowed

Bench: Shri D. Karunakara Rao & Shri Amit Shuklajaidev R. Shroff, फनाभ/ Acit, Central Circle-38, Cd Marg, Khar (W), (After Restructuring New Vs. Mumbai – 400 052. Jurisdiction Dcit, Cc 6(3)), Mumbai. स्थामी रेखा सं./ Pan : Aalps9283N (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) Rajnikant D. Shroff, फनाभ/ Acit, Central Circle-38, Uniphos House, 11Th Road, Mumbai. Vs. Cd Marg, Khar (W), Mumbai – 400 052. स्थामी रेखा सं./ Pan : Aalps9281Q (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) Vikram R. Shroff, फनाभ/ Acit, Central Circle-38, Cd Marg, Khar (W), (After Restructuring New Vs. Mumbai – 400 052. Jurisdiction Dcit, Cc 6(3)), Mumbai. स्थामी रेखा सं./ Pan : Aaops8597C (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) फनाभ/ Sandra R. Shroff, Acit, Central Circle-38, Cd Marg, Khar (W), (After Restructuring New Vs. Mumbai – 400 052. Jurisdiction Dcit, Cc 6(3)), Mumbai. स्थामी रेखा सं./ Pan : Ahhps2731G (अऩीराथी /Appellant) (प्रत्मथी / Respondent) ..

56(1)(viia) of the Act. Ultimately, for taxing the said transactions, AO invoked the provisions of section 45(1) r.w.s 48 of the Act and worked out the taxable long term capital gains. For the computation of gains, cost of the shares is taken as „nil‟ and market value of the shares is taken

TPG GROWTH II MAKETS PTE LTD.,MUMBAI vs. DCIT 4(1)(2), MUMBAI

Accordingly, Ground No. 4 raised by the Appellant is partly allowed

Section 56(2)(viia) of the Act. 5 3 On the issue of sale of Shares of 110,95,81,200 71,64,92,560 QNPL to SIPL: TPO concluded that the sale consideration charged from the AE was less than the arm’s length price of shares sold. TPO recomputed capital gains

ACIT, CENTRAL CIRCLE-1, THANE, THANE vs. NAKUL MARKHEDKAR, THANE

Bench: Shri Saktijit Dey, Vp & Ms Padmavathy S, Am

gained acquire Acquired RFAPL y for in Rs. d indirectly acquired acquisiti indirect through @483 Rs. per on of control holding share such Shares companie Shares of s of RFAPL RFAPL in Rs. Nakul 72,215 3,48,79,845 50,000 3,48,29,845 Markhe dkar Total

ACIT, CENTRAL CIRCLE-1, THANE, THANE vs. NAKUL MARKHEDKAR, THANE

Bench: Shri Saktijit Dey, Vp & Ms Padmavathy S, Am

gained acquire Acquired RFAPL y for in Rs. d indirectly acquired acquisiti indirect through @483 Rs. per on of control holding share such Shares companie Shares of s of RFAPL RFAPL in Rs. Nakul 72,215 3,48,79,845 50,000 3,48,29,845 Markhe dkar Total