SAI PRERNA CO-OP. CREDIT SOCIETY LTD,MUMBAI vs. ITO WD 17(3) (2) , MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

VII to the return, such deduction under Section 80P(2)(d) was the return, such deduction under Section 80P(2)(d) was the return, such deduction under Section 80P(2)(d) was bifurcated into dividend income of Rs.53,71,450 and interest bifurcated into dividend income of Rs.53,71,450 and interest bifurcated into dividend income of Rs.53

ITO-26(2)(1), MUMBAI vs. SAI PRERANA CO-OP CREDIT SOCIETY LTD, MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

VII to the return, such deduction under Section 80P(2)(d) was the return, such deduction under Section 80P(2)(d) was the return, such deduction under Section 80P(2)(d) was bifurcated into dividend income of Rs.53,71,450 and interest bifurcated into dividend income of Rs.53,71,450 and interest bifurcated into dividend income of Rs.53

SAI PRERNA CO-OP. CREDIT SOCIETY LTD,MUMBAI vs. ITO WD 17(3) (2) , MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

VII to the return, such deduction under Section 80P(2)(d) was the return, such deduction under Section 80P(2)(d) was the return, such deduction under Section 80P(2)(d) was bifurcated into dividend income of Rs.53,71,450 and interest bifurcated into dividend income of Rs.53,71,450 and interest bifurcated into dividend income of Rs.53

INCOME TAX OFFICER-26(2)(1), MUMBAI vs. SAI PRERANA CO-OP CREDIT SOCIETY LTD., MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

VII to the return, such deduction under Section 80P(2)(d) was the return, such deduction under Section 80P(2)(d) was the return, such deduction under Section 80P(2)(d) was bifurcated into dividend income of Rs.53,71,450 and interest bifurcated into dividend income of Rs.53,71,450 and interest bifurcated into dividend income of Rs.53

SAI PRERNA CO-OP. CREDIT SOCIETY LTD,MUMBAI vs. ITO WD 17(3) (2) , MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

VII to the return, such deduction under Section 80P(2)(d) was the return, such deduction under Section 80P(2)(d) was the return, such deduction under Section 80P(2)(d) was bifurcated into dividend income of Rs.53,71,450 and interest bifurcated into dividend income of Rs.53,71,450 and interest bifurcated into dividend income of Rs.53

INCOME TAX OFFICER-26(2)(1), MUMBAI vs. SAI PRERANA CO-OP CREDIT SOCIETY LTD., MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

VII to the return, such deduction under Section 80P(2)(d) was the return, such deduction under Section 80P(2)(d) was the return, such deduction under Section 80P(2)(d) was bifurcated into dividend income of Rs.53,71,450 and interest bifurcated into dividend income of Rs.53,71,450 and interest bifurcated into dividend income of Rs.53

SAI PRERNA CO-OP. CREDIT SOCIETY LTD,MUMBAI vs. ITO WD 17(3) (2) , MUMBAI

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

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2012-13 Sai Prerana Co-Op Society Ltd., Ito-7(3)(2), 317, Puran Aasha Bldg. Gr. Fl. Room No. 126, 1St Floor, Narashi Natha Street, Katha Vs. Kautilya Bhavan, C-41 To C- Bazar Musjid Bunder (W), 43 Block, Bandra Kurla Mumbai-400 009. Complex, Bandra (East) Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent Assessee By : Ms. Ruby Srivastava & Mr. Bharat Kumar, Ca Revenue By : Mr. Milind S. Chavan, Dr Date Of Hearing : 27/04/2023 : Date Of Pronouncement 28/04/2023 Order

VII to the return, such deduction und the return, such deduction under Section 80P(2)(d) was er Section 80P(2)(d) was bifurcated into dividend income of Rs.53,71,450 and interest bifurcated into dividend income of Rs.53,71,450 and interest bifurcated into dividend income of Rs.53,71,450 and interest income of Rs.1,27,56,156. Further

DANISH SHEIKH,USA vs. INCOME TAX OFFICER INTL TAX WARD 4(2)(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Rahul Chaudhary & Smt. Renu Jauhriआयकर अपील सुं./Ita No. 1034/Mum/2025 (नििाारण वर्ा / Assessment Year :2016-17) Danish Sheikh V/S. Ito International Tax, 18, Old Planters Road, बिाम Ward 4(2)(1) Beverly, Usa-999999 Kautilya Bhavan, 6Th Floor, Bandra (E), Mumbai- 400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Fjxps3005Q Appellant/अपीलार्थी .. Respondent/प्रनिवादी निर्ााररती की ओर से /Assessee By: Shri Pradip Kapasi राजस्व की ओर से /Revenue By: Shri Krishna Kumar, Sr. Dr.

147 TTJ 94 (Ahd) which held that the deeming fiction u/s 50C, 43CA and 56(2) did not apply to the acquisition of the rights in the building under construction. GROUND NO. 3: FAILURE TO REFER TO VLUATION OFFICER In case of the difference between the Agreement value and the stamp duty value, the AO and the DRP were required

VALUKKO INFRASTRUSTURE LIMITED,MUMBAI vs. INCOME TAX OFFICER, 11(3)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Rahul Chaudhary & Smt. Renu Jauhriआयकर अपील सुं./Ita No. 1034/Mum/2025 (नििाारण वर्ा / Assessment Year :2016-17) Danish Sheikh V/S. Ito International Tax, 18, Old Planters Road, बिाम Ward 4(2)(1) Beverly, Usa-999999 Kautilya Bhavan, 6Th Floor, Bandra (E), Mumbai- 400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Fjxps3005Q Appellant/अपीलार्थी .. Respondent/प्रनिवादी निर्ााररती की ओर से /Assessee By: Shri Pradip Kapasi राजस्व की ओर से /Revenue By: Shri Krishna Kumar, Sr. Dr.

147 TTJ 94 (Ahd) which held that the deeming fiction u/s 50C, 43CA and 56(2) did not apply to the acquisition of the rights in the building under construction. GROUND NO. 3: FAILURE TO REFER TO VLUATION OFFICER In case of the difference between the Agreement value and the stamp duty value, the AO and the DRP were required

NAVRATAN MANAGEMENT PRIVATE LIMITED,MUMBAI vs. DY.COMM CENTRAL CIRCLE 8(4) MUMBAI, MUMBAI

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

vii) which is related to individual and HUP\nThe A.O computed the difference of Rs.61,45,870/- between the total\nvalue as per the aggregate fair value and total consideration paid by\nthe assessee, has held that an amount of Rs.61,45,870/- is the\ninadequate consideration paid for purchasing the shares u/s 56(2)(viia)\nand hence the same

HIFZUR REHMAN ANSARI,MUMBAI vs. ITO 20(1)(5), MUMBAI

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

Bench: Om Prakash Kant & Shri Anikesh Banerjeehifzur Rehman Ansari Vs Ito Ward-20(1)(5), Mumbai 1103, Zam Zam Tower Piramal Chambers, Dr Ss Rao Marg, Belvedere Road, Mazgaon, Parel, Mumbai-400 012 Mumbai-400 010 Pan: Aaapa7928F Applicant Respondent

56(2)(vii)(b) of the Act amount to Rs.34,70,000/- and Rs.18,97,250/-. Further, the addition was made related to deemed rent amount to Rs.1,02,780/-, unsecured loan received from parties Rs.30 lakhs, the cash loan amount to Rs.10,88,000/- and capital gain related to sale proceeds, Rs.2,49,840/-. The aggrieved assesse filed

TUTOR INVESTMENT& FINANCE PVT LTD,MUMBAI vs. DCIT, CENTRAL CIRCLE 6(4), MUMBAI

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

Bench: the ITAT, Mumbai Bench “E”, which, vide its order in ITA No. 6752/Mum/2017 dated 15.06.2018, upheld the revisionary order passed under Section 263 of the Act.

reassessment proceedings, the Ld. AO adopted the book value of the shares at Rs.186 per share and treated the excess of Rs.14 per share (i.e., Rs.200 – Rs.186) as taxable under section 56(2)(vii)(b). Accordingly, the total differential amount of Rs.1,40,00,000 (Rs.14 × 10 lakh shares) was added to the total income of the assessee. The assessee

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

56 3,52,08,000/- ITA No. 6405/Mum/2024 for the AY 2011-12 4. The assessee has raised multiple grounds in the memorandum of appeal. However, the core issue arising for consideration, going to the root of the assessment proceedings for this assessment year, is regarding the validity of reopening of assessment u/s 147 of the Act on the basis

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

56 3,52,08,000/- ITA No. 6405/Mum/2024 for the AY 2011-12 4. The assessee has raised multiple grounds in the memorandum of appeal. However, the core issue arising for consideration, going to the root of the assessment proceedings for this assessment year, is regarding the validity of reopening of assessment u/s 147 of the Act on the basis

HEMENDRA RAMJI VIRA,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

56 3,52,08,000/- ITA No. 6405/Mum/2024 for the AY 2011-12 4. The assessee has raised multiple grounds in the memorandum of appeal. However, the core issue arising for consideration, going to the root of the assessment proceedings for this assessment year, is regarding the validity of reopening of assessment u/s 147 of the Act on the basis

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC-4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

56 3,52,08,000/- ITA No. 6405/Mum/2024 for the AY 2011-12 4. The assessee has raised multiple grounds in the memorandum of appeal. However, the core issue arising for consideration, going to the root of the assessment proceedings for this assessment year, is regarding the validity of reopening of assessment u/s 147 of the Act on the basis

HEMENDRA RAMJI VIRA ,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

56 3,52,08,000/- ITA No. 6405/Mum/2024 for the AY 2011-12 4. The assessee has raised multiple grounds in the memorandum of appeal. However, the core issue arising for consideration, going to the root of the assessment proceedings for this assessment year, is regarding the validity of reopening of assessment u/s 147 of the Act on the basis

HEMENDRA RAMJI VIRA,MUMBAI vs. DCIT CC 4(1), MUMBAI

In the result, appeals of the assessee are allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

56 3,52,08,000/- ITA No. 6405/Mum/2024 for the AY 2011-12 4. The assessee has raised multiple grounds in the memorandum of appeal. However, the core issue arising for consideration, going to the root of the assessment proceedings for this assessment year, is regarding the validity of reopening of assessment u/s 147 of the Act on the basis