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

disallowed. 4.1. Proceeding further, the AO found that the assessee has purchased flat at 18th Floor in Lodha Costerja and on perusal of the details, the AO found that the agreement value of the property is Rs. 40,50,00,000/- whereas the stamp duty value u/s 50C is Rs. 43,76,58,000/-. The AO accordingly added Rs.3

BAJAJ INTERNATIONAL REALTY PRIVATE LIMITED ,MUMBAI vs. DCIT, 1(2)1, MUMBAI

In the result both the appeals of the parties are partly allowed for In the result both the appeals of the parties are partly allowed for the statistical purposes

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

56(2)(x), which is pari materia pari materia to section 43CA of the Act, hence ratio to section 43CA of the Act, hence ratio of said decision applied to the facts of assessee. of said decision applied to the facts of assessee. Following the ratio Following the ratio laid down above decisions, we hold that:" ove decisions, we hold

BAJAJ INTERNATIONAL REALTY PRIVATE LIMITED ,MUMBAI vs. DCIT-1(2), MUMBAI

In the result both the appeals of the parties are partly allowed for In the result both the appeals of the parties are partly allowed for the statistical purposes

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

56(2)(x), which is pari materia pari materia to section 43CA of the Act, hence ratio to section 43CA of the Act, hence ratio of said decision applied to the facts of assessee. of said decision applied to the facts of assessee. Following the ratio Following the ratio laid down above decisions, we hold that:" ove decisions, we hold

VIVIRA INVESTMENT AND TRADING PRIVATE LIMITED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -4, THANE

In the result the appeal filed by the assessee stands partly allowed

Bench: Smt. Beena Pillai () & Smt. Renu Jauhri ()

section 56(2)(x). 2. The learned AO and CIT(A) failed to appreciate that the appellant had correctly reported their income, and no additions, disallowances

AXIA INFOSERVE LLP,MUMBAI vs. NATIONAL E-ASSESSMENT CENTRE, , DELHI

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

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleaxia Infoserve Llp V. Additional/Joint/Dy/Acit 16Th Floor, Tower 2A National E-Assessment Centre One Indiabulls Centre Delhi Senapati Bapat Road, Elphinstone Road Mumbai- 400013 Pan: Abifa7158G (Appellant) (Respondent) Assessee Represented By : Shri Nitesh Joshi Department Represented By : Shri Minal Kamble

x) of sub-section (2) of section 56 of the Act, inter alia, provides that where any person receives, in any previous year, from any person or persons on or after 1st April, 2017, any immovable property, for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp

ITO 19.3.1, MUMBAI vs. VARUN JAISINGH ASHER, MUMBAI

In the result, the appeal of the revenue bearing ITA No

Bench: Shri. Girish Agrawalito -19(3)(1), Mumbai Varun Jaisingh Asher Room No.405, 4Th Floor, Piramal Arkade Rise, 17Th Floor, 31-A, Vs. Chambers, Lower Parel Mumbai Carmichael Road, Cumballa Hills, 400012 Mumbai 400026 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aiapa1791N (Appellant) (Respondent)

56(2)(x)(b) as income from other sources. Ignoring the nature as considering for surrender of tenancy rights being a capital asset. Ld. AO also denied the benefit of section 54F related to acquisition of new flat. Aggrieved assessee filed an appeal before Ld. CIT(A). The Ld. CIT(A) after considering the submissions of the assessee deleted

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

In the result, appeal of the revenue is dismissed

disallowed.\n4. 1. Proceeding further, the AO found that the assessee has purchased\nflat at 18th Floor in Lodha Costerja and on perusal of the details, the AO\nfound that the agreement value of the property is Rs.40,50,00,000/-\nwhereas the stamp duty value u/s 50C is Rs.43,76,58,000/-. The AO\naccordingly added Rs.3

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) :

x) of the Section 56(2) by the P a g e | 48 ITA No. 2715/MUM/2018 & 3084/MUM/2018 Direct Media Distribution Ventures Pvt. Ltd,; A.Y. 2012-13 Finance Act, 2017, w.e.f. 01.4.2018. Thus, it is neither taxable u/s. 56(1) nor 56(2)(viib). 31. In so far as, whether the receipt of shares at nil consideration can construed as business

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) :

x) of the Section 56(2) by the P a g e | 48 ITA No. 2715/MUM/2018 & 3084/MUM/2018 Direct Media Distribution Ventures Pvt. Ltd,; A.Y. 2012-13 Finance Act, 2017, w.e.f. 01.4.2018. Thus, it is neither taxable u/s. 56(1) nor 56(2)(viib). 31. In so far as, whether the receipt of shares at nil consideration can construed as business

ZULEKHA HAJI ATTARWALA,MUMBAI vs. ITO 20(2)(1), LALBAUG

In the result, the grounds of appeal and the appeal filed by the\nassessee are dismissed

disallowed by the AO in consideration of the provisions\nas per Section 2(42A).\n\n5.3 On Applicability of Section 56(2)(x

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

56(2)(x) are inapplicable and accordingly the entire adjustment ought to\nbe deleted on this count itself. The Ld.AR further submitted that section 92(1)\ndoes not create an independent charge to tax ‘income' which is otherwise not\nchargeable under the Act. And that, if income is not chargeable to tax under\nnormal provisions of the Act, provisions

THE GREAT EASTERN SHIPPING CO. LTD,MUMBAI vs. ASST CIT CIR 5(3)(2), MUMBAI

In the result, appeals of the assessee are allowed and appeals of the Revenue are dismissed

56,326/- have been excluded while computing the business income in accordance with the provisions of Section 115V-I of the Act and the tax is paid of income computed in accordance with the provisions of Section 115V-I of the Act based on the tonnage of the ships operated by the assessee company. Accordingly, the gross receipts

KOTAK MAHINDRA BANK LIMITED,MUMBAI vs. ADD/JOINT/DEPUTY/ACIT, NATIONAL E-ASSESSMENT CENTRE, DELHI

disallowance to the suo-moto disallowance offered by the assessee and the\nsaid relief has not been considered by the CIT (A). 4. The Id. AR with regard to the plea that\ndisallowance should be restricted to the suo-moto disallowance, submitted that the\nassessee has investments which are in the nature of stock in trade and also are strategic

DCIT CIR 5(3)(2), MUMBAI vs. THE GREAT EASTERN SHIPPING CO. LTD, MUMBAI

In the result, appeals of the assessee are allowed and appeals of the Revenue are dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI S.RIFAUR RAHMAN (Accountant Member)

56,326/- have been excluded while computing the business income in accordance with the provisions of Section 115V-I of the Act and the tax is paid of income computed in accordance with the provisions of Section 115V-I of the Act based on the tonnage of the ships operated by the assessee company. Accordingly, the gross receipts

ACIT-CIRCLE-5(3)(2), MUMBAI vs. M/S GREAT EASTERN SHIPPING CO. LTD., MUMBAI

In the result, appeals of the assessee are allowed and appeals of the Revenue are dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI S.RIFAUR RAHMAN (Accountant Member)

56,326/- have been excluded while computing the business income in accordance with the provisions of Section 115V-I of the Act and the tax is paid of income computed in accordance with the provisions of Section 115V-I of the Act based on the tonnage of the ships operated by the assessee company. Accordingly, the gross receipts

BAJAJ ELECTRICALS LTD,MUMBAI vs. ADDL CIT 2(1), MUMBAI

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

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

x-1'. It is simple and plain that the amount of remuneration which percolates to the employees will always be equal to the amount flowing from the company and such remuneration to the employee in the present context is the amount which he actually becomes entitled to on the exercise of options. Thus, it is palpable that since the remuneration

DCIT 2(1)(1), MUMBAI vs. BAJAJ ELECTRICALS LTD, MUMBAI

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

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

x-1'. It is simple and plain that the amount of remuneration which percolates to the employees will always be equal to the amount flowing from the company and such remuneration to the employee in the present context is the amount which he actually becomes entitled to on the exercise of options. Thus, it is palpable that since the remuneration

BAJAJ ELECTRICALS LTD,MUMBAI vs. ADDL CIT 2(1), MUMBAI

Accordingly we remit the impugned issue back to the AO with similar directions. The grounds raised by the assessee in this regard are allowed for statistical purposes

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

x-1'. It is simple and plain that the amount of remuneration which percolates to the employees will always be equal to the amount flowing from the company and such remuneration to the employee in the present context is the amount which he actually becomes entitled to on the exercise of options. Thus, it is palpable that since the remuneration