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) :

56(2)(viib). 31. In so far as, whether the receipt of shares at nil consideration can construed as business income liable for tax u/s 28(iv), we agree with the findings and the observations of the ld.CIT(A) that the benefit of perquisite as stipulated under clause (iv) of Section 28 that it should arise from business or profession

DCIT-14(1)(1), MUMBAI vs. JAYMALA INFRASTRUCTURE PRIVATE LIMITED, MUMBAI

In the result, the appeal of the Revenue is dism

Bench: Shri Om Prakash Kant () & Shri Rahul Chaudhary () Assessment Year: 2012-13

56(2)(viib) of the Act and the same is enumerated as Income in Section 2(24)(xvi) of the Act. same is enumerated as Income in Section 2(24)(xvi) of the Act. same is enumerated as Income in Section 2(24)(xvi) of the Act. However, what is However, what is bought into the ambit of income

MAX HOSPITALS AND ALLIED SERVICES LIMITED,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX MUMBAI -3, MUMBAI

In the result the appeal filed by the assessee stands dismissed

Bench: Smt. Beena Pillai & Smt Renu Jauhriassessment Year: 2018-19 Max Hospitals & Principal Allied Services Commissioner Of 401, 4Th Floor, Income Tax Mumbai- 3 Man Excellenza, Room No.612, Vs. S. V. Road, 6Th Floor, Vile Parle (W.), Aayakar Bhavan, Mumbai- 400056 Maharishi Karve Road, Pan: Aagcr9198D Mumbai- 400020. Appellant : Respondent

Section 56(2)(viib).  Assessee filed reply dated 3/4/21.[Pg 4-52][8-9]The assesse Company has vide its letter dt. 12/10/2017 [Pg 131-165] submitted details of shares allotted during the year along-with Valuation reports. B. Also, AO had issued notice u/s 142(1) dtd 28/10/2019 [Pg 248-250] asking for details of share capital received along

PRL DEVELOPERS PRIVATE LIMITED,MUMBAI CITY vs. CIRCLE 8(2)(1), MUMBAI

In the result, ground V of the assessee is allowed

Bench: Shri Anikesh Banerjee & Shri Gagan Goyal

Section 56(2)(viib) is to prevent unlawful gains by issuing company in the garb of capital receipts. In the instant

HSBC SECURITIES AND CAPITAL MARKETS (INDIA) P. LTD,MUMBAI vs. DCIT RG 4(1), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyal

gains chargeable to tax under section 45 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

HSBC SECURITIES AND CAPITAL MARKETS (I) P.LTD,MUMBAI vs. DCIT RG 4(1), MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyal

gains chargeable to tax under section 45 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

DCIT 4(1), MUMBAI vs. HSBC SECURITIES AND CAPITAL MARKETS (INDIA) P.LTD, MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Vikas Awasthy & Shri Gagan Goyal

gains chargeable to tax under section 45 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

MADHURIMA INTERNATIONAL PRIVATE LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 3(2)(1), MUMBAI

Bench: SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SMT. RENU JAUHRI (Accountant Member)

56(2)(viib) of the IT Act. 4.8. Respectfully following the decisions discussed above, I hold that the action of the AO, after following the direction of the PCIT given u/s. 263 is justified and the addition made by the AO in the assessment order is held to be correct. 5. The appeal of the assessee is, therefore, dismissed

M/S JR FIBER GLASS INDUSTRIES PVT LTD,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE, MUMBAI

In the result, the appeal of the assessee is allowed

gains\nxvi) any consideration received for issue of shares as exceeds the Fair\nMarket Value of the shares referred to in clause (viib) of sub-section\n(2) of section 56.\n11. It is noted that this amendment was made by an insertion of\nclause (xvi) in section 2(24) of the Act was by Finance Act 2012 with\neffect

PRANOO FINANCIAL SERVICES PRIVATE LIMITED ,MUMBAI vs. DCIT, CIRCLE 13(1)(2), MUMBAI

Bench: SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

Section 143(3) of the Income Tax Act, 1961 for the Assessment Year 2017-2018. 2. The Assessee has raised following grounds of appeal : “1. THE ORDER IS BAD IN LAW, ILLEGAL AND WITHOUT JURISDICTION 2 Assessment Year 2017-2018 1.1. In the facts and the circumstances of the case, and in law, the appellate order u/s.250 of the Income

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

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

viib) of the Act. 16 Section 92C of the Act provides for computation of arm’s length 14 price or ALP. It provides that the ALP shall be determined by applying the Most Appropriate Method out of the following six methods: (a) Comparable Uncontrolled Price Method (For short ‘CUP Method’) (b) Resale Price Method (RPM) (c) Cost Plus Method

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.

56(2)(viib) of the Act which seeks to tax the excess share premium received by any company is applicable only when share subscription monies is received from resident investor, and that too from Assessment Year 2013-14 and onwards. 39. We have heard the rival submissions and perused the material placed before us. It is by now well understood

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

56(2)(viib) of the Act which seeks to tax the excess share premium received by any company is applicable only when share subscription monies is received from resident investor, and that too from Assessment Year 2013-14 and onwards. 39. We have heard the rival submissions and perused the material placed before us. It is by now well understood

CAPITALG INTERNATIONAL LLC (FORMERLY KNOWN AS GC AISA L.L.C.),MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX INT TAX CIRCLE 2(1)(1), MUMBAI

In the result, appeal of the assessee is allowed

Capital Gain (C) = (A) - (B)\nNIL\n4. The aforesaid transactions were benchmarked by the\nassessee by adopting “other method\", which was based on the\nsimilar amounts paid by other third party investors using the\nvaluation report obtained by Girnar Software from an\nindependent valuation expert. The valuation expert arrived at the\nsecurities value by applying Discounted Cash Flow Method

PMP AUTO COMPONENTS P.LTD,MUMBAI vs. DCIT RG 7(3)(2), MUMBAI

In the result, the appeal of the revenue in AY 2011-12 is dismissed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

gains and/or income from other sources. Section 92 of the Act requires income to arise from an international transaction while determing the ALP. Therefore the sina qua non is that income must first arise on account of the international transaction. (e) The view of this Court in Vodafone (supra) has been accepted by the Central Board of Direct Taxes (CBDT

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

gains were first assessable", it was held that the time limit of four years for exercise of the power should be calculated with reference to the date on which the assessment or reassessment was made and not the date on which such Page No. 8 Sethia Infrastructure Pvt. Ltd assessment or reassessment order made under Section 34(2) was served

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

gain of ₹. 1,18,508/- and claimed loss of ₹.93,78,361/-. 7. On perusal of the profit and loss account and details furnished by the assessee, Assessing Officer formed a belief that no business activity Page No. 3 Monk Akarshala Private Limited has been carried out by the assessee during the year and accordingly, treated the expenses incurred

RONIT CAPITAL MANAGEMENT LTD.,MUMBAI vs. ITO 4 (2)(1), MUMBAI

Bench: Shri Aby T. Varkey, Jm & Shri S. Rifaur Rahman, Am आयकर अपील सं/ I.T.A. No.6679/Mum/2019 (निर्धारण वर्ा / Assessment Year: 2012-13) M/S. Ronit Capital बिधम/ Ito-4(2)(1) Management Ltd. 644, Aayakar Bhavan, M. Vs. 233, Shreeji Industrial K. Road, Mumbai- Estate, Subhash Road, 400020. Jogeshwari (E)-400060. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaach9239D (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Dharmesh Shah/Ms. Mitali Gopani Revenue By: Smt Riddhi Mishra (Dr) सुनवाई की तारीख / Date Of Hearing: 30/05/2023 घोषणा की तारीख /Date Of Pronouncement: 24/07/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Company Against The Order Of The Ld. Cit(A)-9, Mumbai Dated 23.08.2019 For Ay. 2012-13 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) Confirming The Addition To The Tune Of Rs.10,43,77,000/- U/S 68 Of The Income Tax Act, 1961 (Hereinafter “The Act”). 3. Brief Facts Are That The Assessee Had Filed Return Of Income On 30.09.2012 Declaring Total Income To The Tune Of Rs.70,768/-. Later, The Case Of The Assessee Was Selected For Scrutiny. The Ao Noted That The Assessee Had Only Partly Complied With The Notice Issued By Him On 30.01.2015 & Therefore In View Of The Non-Compliance, He Framed Best Judgment Assessment U/S 144 Of The Act, Making Several Additions Totalling Rs 68.83 Crores, Which Are As Under: -

56(2)(viib) of the Act came into effect only from AY 2013-14 and onwards, he however showed that the book value of the shares of the assessee had gradually increased and that the existing book value of shares as on 31.03.2012 stood at Rs.185 per share. Having regard to this history, the assessee company expected good growth

IMPRESARIO ENTERTAINMENT & HOSPITALITY PVT LTD,MUMBAI, INDIA vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX PCIT, MUMBAI-5, AYAKAR BHAVAN MUMBAI

In the result, appeal of the assessee is allowed

section 40(a)(ia)\n1062,271\n10,62,271\n-216,94,319\nAdd: Disallowable amount debited to P&L A/c u/s 43B\na. Dr. P&L u/s 43B-Sum in the nature of Tax, duty et\nb. Sum to an employee as Bonus/Commission\nc. Sum towards Leave encashment\n3,136\n13504,040\n4682,259\n181