INDORAMA VENTURES OXIDES ANKLESHWAR PRIVATE LIMITED ,MUMBAI vs. DCIT, CIRCLE 14(1)(1), MUMBAI

section 56(2)(x) of the IT Act.\n44 On the facts and in the circumstances of the case and in law, the Ld. AO/Ld.\nDRP erred in not following the mandatory and binding procedure set out in\ninstruction No. 3 of 2016 dated 10 March 2016 issued by the Central Board of\nDirect Taxes, Ministry of Finance, Government

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

section 56(2)(viia) as per rule 11UA of the Income Tax Rules in respect of investment in shares of Enviro Technology Limited. The appellant hereby reserves the right to add to, alter or amplify the above grounds of appeal, at any time before or at, the time of appeal, so as to enable the Honorable Tribunal to decide

SHETH CREATORS PVT LTD.,MUMBAI vs. DY. CIT CENTRAL CIRCLE 4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

Section 2(24)(x) r.w.s. 36(1)(va) of I.T. Act. 3. The appellant prays that: 3. The appellant prays that: a. Disallowance of Rs. 84,36,022/ Disallowance of Rs. 84,36,022/- on account of 20% Depreciation on account of 20% Depreciation claimed on Helicopter may be deleted. claimed on Helicopter may be deleted. b. Addition made u/s.2

SHETH CREATORS P. LTD.,MUMBAI vs. DY CIT CENTRAL CIRCLE-4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

Section 2(24)(x) r.w.s. 36(1)(va) of I.T. Act. 3. The appellant prays that: 3. The appellant prays that: a. Disallowance of Rs. 84,36,022/ Disallowance of Rs. 84,36,022/- on account of 20% Depreciation on account of 20% Depreciation claimed on Helicopter may be deleted. claimed on Helicopter may be deleted. b. Addition made u/s.2

SHETH CREATORS PVT. LTD.,MUMBAI vs. DY CIT CENT. CIR-4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

Section 2(24)(x) r.w.s. 36(1)(va) of I.T. Act. 3. The appellant prays that: 3. The appellant prays that: a. Disallowance of Rs. 84,36,022/ Disallowance of Rs. 84,36,022/- on account of 20% Depreciation on account of 20% Depreciation claimed on Helicopter may be deleted. claimed on Helicopter may be deleted. b. Addition made u/s.2

DY CIT CENTRAL CIRCLE-4(2),, MUMBAI vs. M/S SHETH CREATORS P. LTD., MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

Section 2(24)(x) r.w.s. 36(1)(va) of I.T. Act. 3. The appellant prays that: 3. The appellant prays that: a. Disallowance of Rs. 84,36,022/ Disallowance of Rs. 84,36,022/- on account of 20% Depreciation on account of 20% Depreciation claimed on Helicopter may be deleted. claimed on Helicopter may be deleted. b. Addition made u/s.2

SHETH CREATORS PVT LTD.,MUMBAI vs. DY. CIT CENTRAL CIRCLE 4(2), MUMBAI

In the result, the appeals of the assessee and appeal of the In the result, the appeals of the assessee and appeal of the revenue are allowed for statistical purposes

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), Upper Basement, Site Office, 19Th Floor, Air India Building, Vasant Oasis, Cts No. 345A/1 To Vs. Nariman Point, 3, 345A 5, Makwana Road, Mumbai-400021. Andheri East, Mumbai-400059. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2014-15 Dy. Cit, Central Circle-4(2), M/S Sheth Creators Private Limited, Room No. 1918, 19Th Floor, 1203 & 1204 Hallmark Business Air India Building, Vs. Plaza, 12Th Floor, Sant Dyaneshwar Nariman Point, Marg, Kala-Nagar, Bandra (East), Mumbai-400021. Mumbai-400051. Pan No. Aapcs 2976 M Appellant Respondent Assessment Year: 2015-16 Sheth Creators Private Limited, Dy. Cit, Central Circle-4(2), 101-A & 1202, 1St & 12Th Floor, 18Th Floor, Air India Building, Hallamark Business Plaza, Near Vs. Nariman Point, Gurunanak Hospital, Sant Mumbai-400021. Dyaneshwar Marg, Kalanagar

Section 2(24)(x) r.w.s. 36(1)(va) of I.T. Act. 3. The appellant prays that: 3. The appellant prays that: a. Disallowance of Rs. 84,36,022/ Disallowance of Rs. 84,36,022/- on account of 20% Depreciation on account of 20% Depreciation claimed on Helicopter may be deleted. claimed on Helicopter may be deleted. b. Addition made u/s.2

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

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

depreciation; (iv) any amount representing provision for taxation, other than amount of tax paid as deduction or collection at source or as advance tax payment as reduced by the amount of tax claimed as refund under the Income-tax Act, to the extent of the excess over the tax payable with reference to the book profits in accordance with

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

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

depreciation; (iv) any amount representing provision for taxation, other than amount of tax paid as deduction or collection at source or as advance tax payment as reduced by the amount of tax claimed as refund under the Income-tax Act, to the extent of the excess over the tax payable with reference to the book profits in accordance with

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

56(2)(viib) of the Act and included within the definition of income in Section 2(24) of the Act.” 6.4.3 The learned A.R. for the assessee argued that it was to be noted that the nature of potential income arising out of an international transaction was clarified to mean a potential impact of income arising out of the international

ITO -3(3)(4), MUMBAI vs. M/S V.K. LALACO PVT. LTD., MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Ble & Income Tax Officer -3(3)(4) V. M/S. V.K. Lalco Pvt. Ltd., Room No. 672, 6Th Floor 1017/18, Dalamal Tower Aayakar Bhavan, M.K. Road 10Th Floor, 211, Nariman Point Mumbai - 400020 Mumbai – 400020 Pan: Aaacv9820A (Appellant) (Respondent) Assessee By : Shri Satish Modi Department By : Shri S.N. Kabra

depreciation of ₹.8,49,236/-. The case was selected for scrutiny under CASS and notice u/s. 143(2) and 142(1) of Income-tax Act, 1961 (in short “Act”) were issued and served on the assessee. In response Ld. AR of the assessee attended and filed the relevant information as called for. 4. The assessee company is in the business

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

56(2) (viib) and the same is enumerated as income in section 2(24) (xvi). However, what is brought into the ambit of income is the premium received from a resident in excess of the fair market value of the shares. In this case what is being sought to be taxed in capital not received from a non-resident

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

56(2) (viib) and the same is enumerated as income in section 2(24) (xvi). However, what is brought into the ambit of income is the premium received from a resident in excess of the fair market value of the shares. In this case what is being sought to be taxed in capital not received from a non-resident

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

56(2) (viib) and the same is enumerated as income in section 2(24) (xvi). However, what is brought into the ambit of income is the premium received from a resident in excess of the fair market value of the shares. In this case what is being sought to be taxed in capital not received from a non-resident

GRASIM INDUSTRIES LTD.,MUMBAI vs. DY CIT, CENTRAL CIRCLE-1(4), MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

2, Pg. 155, Argument of Assessee – Para 8, Pg. 161, Held: Para 12, Pg. 154-169 of Legal Paper Book, Vol. I) 65. The Appellant further submits that doing business through subsidiaries/JVs is also recognized legal business concept. In this regard reliance is placed on the following decisions: a. State of UP and Others VsRenusagar Power Co. and Others

DY CIT CC-1(4), MUMBAI vs. M/S GRASIM INDUSTRIES LTD., MUMBAI

Bench: Shri Prashant Maharishi, Am & Shri Pavan Kumar Gadale, Jm

2, Pg. 155, Argument of Assessee – Para 8, Pg. 161, Held: Para 12, Pg. 154-169 of Legal Paper Book, Vol. I) 65. The Appellant further submits that doing business through subsidiaries/JVs is also recognized legal business concept. In this regard reliance is placed on the following decisions: a. State of UP and Others VsRenusagar Power Co. and Others

IDEAFORGE TECHNOLOGY LTD,MAHAPE vs. ACIT, CIRCLE 15(2)(1), MUMBAI, MUMBAI

The appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry & Smt. Renu Jauhriआयकर अपील सं./Ita No. 867/Mum/2025 (निर्धारण वर्ा / Assessment Year: 2017-18) Ideaforge Technology V/S. Assistant Commissioner Ltd. बिधम Of Income Tax, Circle El-146, Ttc Industrial 15(2)(1), Mumbai Area, Electronic Zone, Room No. 357, 3Rd Floor, Midc, Mahape, Navi Aayakar Bhavan, Maharshi Mumbai Karve Road, Mumbai 400020 स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No: Aabci6495B Appellant/अपीलधथी .. Respondent/प्रनिवधदी निर्धाररिी की ओर से /Assessee By: Shri Subodh Ratnaparkhi Shri. Leyaqat Ali Aafaqui (Sr Dr) रधजस्व की ओर से /Revenue By: सुिवधई की िधरीख / Date Of Hearing 22.08.2025 घोर्णध की िधरीख/Date Of Pronouncement 26.09.2025 आदेश / O R D E R Per Renu Jauhri [A.M.] :- This Appeal Is Filed By The Assessee Against The Order Of The National Faceless Appeal Centre (Nfac), Delhi [Cit(A)] Dated 11.12.2024, Passed U/S. 250 Of The Income-Tax Act, 1961 [Hereinafter Referred To As “Act”] For Assessment Year [A.Y.] 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal: “On The Facts & In Law, 1. The Hon. Cit(A) Erred In Upholding The Action Of The Id Ao In Making Addition Of Rs. 6,60,02,100/- By Relying Upon The Provisions Of Section 56(2)(Viib) Of The It Act, 1961 On The Ground That The Consideration Received By The Appellant For Issue Of P A G E | 2

2) of section 56 shall be the value, on the valuation date, of such unquoted equity shares as determined in the following manner under clause (a) or clause (b), at the option of the assessee, namely:- (a) the fair market value of unquoted equity shares =| (A-L)(PE)| x (PV) where,A=book value of the assets in the balance

ACIT, MUMBAI vs. ASHOK NARENDRA MEHTA, MUMBAI

In the result, the appeal is allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjeeassessment Year 2018-19 Acit, Circle – 19(1) Ashok Narendra Mehta, 5Th Floor, Piramal Chambers, 132, 13Th Floor, Lalbaug, Vs. Siddhesh Darshan, Mumbai. 10Th Khetwadi Main Road, Khetwadi, Mumbai Pan : Aivpm9318A (Appellant) (Respondent) For Assessee : Shri Vimal Punmiya, C.A. For Revenue : Shri Manoj Kumar Sinha, Sr.Dr Date Of Hearing : 13-08-2024 Date Of Pronouncement : 28-08-2024 Order Per B.R. Baskaran, A.M :

56(2)(x) are applicable to a buyer. The question as to whether the 4 provisions of Section 50C of the Act would be applicable to transfer of lease hold right came to be examined by the co-ordinate bench in the case of Atul G Puranik vs. ITO (2011) (132 ITD 499) (Mumbai). It was held that the provisions