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: -

viia) as already discussed earlier, the same was not chargeable to income tax in the hands of the recipient under the head Income from Other Sources under the provisions of section 56(1) also, in view of the legal position as explained in the Explanatory Notes to the provisions of the Finance Act, 2017 contained in Circular No. 2/2018

HUMUZA CONSULTANTS,MUMBAI vs. THE PR. CIT-19, MUMBAI

In the result, appeal filed by the assessee is allowed and the stay application filed by the assessee is dismissed

Bench: Shri Prashant Maharishi () & Shri Pavan Kumar Gadale () Humuza Consultants Vs The Principal Commissioner Of 6Th Floor, Wokhardt Towers Income-Tax-19, Mumbai Bandra Kurla Complex Room No. 228, 2Nd Floor, Bandra East Matru Mandir Mumbai-400 01 Tardeo Road, Pan : Aahfh9240E Mumbai-400 007 Appellant Respondent Appellant By Shri Jd Mistry & Hiten Chande Respondent By Shri K.K. Mishra (Cit,Dr) Date Of Hearing 07-12-2021 Date Of Pronouncement 07-01-2022 O R D E R Per Prashant Maharishi (Am):

56(2) (viia) of the act as those shares were of company in which public are substantially interested. 28. Further, with respect to the Explanation 2 to section 263 of the Act which has been inserted with effect from 01/06/2015 provides that any order passed by the assessing officer shall be deemed to be erroneous as insofar

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

68 of the Act. The material furnished by the assessee during the course of reassessment proceedings was not properly scrutinized by the AO. Further, the CIT (A) and Tribunal decided the case without examining the information submitted before them by the assessee. In this context, it was held by the High Court that the CIT (A) and Tribunal ought

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

68 of the Act. The material furnished by the assessee during the course of reassessment proceedings was not properly scrutinized by the AO. Further, the CIT (A) and Tribunal decided the case without examining the information submitted before them by the assessee. In this context, it was held by the High Court that the CIT (A) and Tribunal ought

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) :

viia) so as to be held taxable under the head income of other source. This has been explained in the explanatory note at the time of insertion of clause (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

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) :

viia) so as to be held taxable under the head income of other source. This has been explained in the explanatory note at the time of insertion of clause (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

DY CIT. CIRCLE-1, THANE vs. M/S TRAVECOM GLOBAL P. LTD., BHAYANDER

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit – Circle 1 V. M/S. Travecom Global Pvt. Ltd., Room No. 22, B-Wing B/607, Krishnakunj 6Th Floor, Ashar I.T. Park Salasar Brij Bhoomi Wagle Industrial Estate Bhayander (W)-401101 Thane (W)-400604 Pan: Aaect8729Q (Appellant) (Respondent) Assessee By : Ms. Aarti Vissanji Department By : Shri B.K. Bagchi

section 56(2) (viib) of the IT Act, 1961 needs to be deleted. Without prejudice to the above: 1. Provisions were never meant to be applied on genuine transactions There is another very important angle that here the shares have not been subscribed by any sister concern or closely related person, but by outside investors who have seen certain

ASST. COMMISSIONER OF INCOME TAX, MUMBAI vs. AADHAAR WHOLESALE TRADING AND DISTRIBUTION LTD., MUMBAI

In the result, appeals of revenue are dismissed and cross\nobjection of the assessee is allowed

68 for treating the premium amount as unexplained on\nthe reason that premium amount is not justified. To tax such such\npremium amount on account of valuation more that the fair market\nvalue statute has brought section 56(2)(viia

DCIT 1(1)(2), MUMBAI vs. FINPROJECT INDIA P.LTD, MUMBAI

In the result appeal of the Revenue is dismissed

Bench: Shri C.N Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.4860/Mum/2016 (नििाारण वर्ा / Assessment Year : 2012-13)

viia) of the Act and CBDT notification dated 29/11/2012. This provision however has no relevance in the present assessment year and as such needs no deliberation at this stage. 3 I.T.A. No.4860/Mum/2016 (iii) The assessee company's return of income filed for the current year as well as the preceding year shows consistent losses. In this scenario the valuation done

ACIT, MUMBAI vs. AADHAAR WHOLESALE TRADING AND DISTRIBUTION LTD., MUMBAI

In the result, appeals of revenue are dismissed and cross\nobjection of the assessee is allowed

68 for treating the premium amount as unexplained on\nthe reason that premium amount is not justified. To tax such such\npremium amount on account of valuation more that the fair market\nvalue statute has brought section 56(2)(viia

ASST. COMMISSIONER OF INCOME TAX, MUMBAI vs. AADHAAR WHOLESALE TRADING AND DISTRIBUTION LTD., MUMBAI

In the result, appeals of revenue are dismissed and cross\nobjection of the assessee is allowed

68 for treating the premium amount as unexplained on\nthe reason that premium amount is not justified. To tax such such\npremium amount on account of valuation more that the fair market\nvalue statute has brought section 56(2)(viia

ASST. COMMISSIONER OF INCOME TAX, MUMBAI vs. AADHAAR WHOLESALE TRADING AND DISTRIBUTION LTD., MUMBAI

In the result, appeals of revenue are dismissed and cross\nobjection of the assessee is allowed

68 for treating the premium amount as unexplained on\nthe reason that premium amount is not justified. To tax such such\npremium amount on account of valuation more that the fair market\nvalue statute has brought section 56(2)(viia

BANK OF INDIA,MUMBAI vs. ACIT-2(1)(2), MUMBAI

In the result, the appeal by the Revenue for the assessment year 2018-

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailita No.1452/Mum/2023 Assessment Year : 2016-17 Assessment Year : 2018-19

viia) of the Act does not have any credit balance as on 01/04/2015, we agree with the submissions of the assessee in claiming the deduction of the entire bad debt written off as an irrecoverable under section 36(1)(vii) of the Act. Accordingly, the impugned addition made by the AO on this issue is deleted. As a result

ACIT, CIRCLE-2(1)(1), MUMBAI vs. M/S BANK OF INDIA, MUMBAI

In the result, the appeal by the Revenue for the assessment year 2018-

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhailita No.1452/Mum/2023 Assessment Year : 2016-17 Assessment Year : 2018-19

viia) of the Act does not have any credit balance as on 01/04/2015, we agree with the submissions of the assessee in claiming the deduction of the entire bad debt written off as an irrecoverable under section 36(1)(vii) of the Act. Accordingly, the impugned addition made by the AO on this issue is deleted. As a result

ASST. COMMISSIONER OF INCOME TAX, MUMBAI vs. AADHAAR WHOLESALE TRADING AND DISTRIBUTION LTD., MUMBAI

In the result, appeals of revenue are dismissed and cross\nobjection of the assessee is allowed

68 for treating the premium amount as unexplained on\nthe reason that premium amount is not justified. To tax such such\npremium amount on account of valuation more that the fair market\nvalue statute has brought section 56(2)(viia

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

Section 14A(2) of the Act, read\n40\nITA Nos.4056/Mum/2023 & Others\nM/s. Kotak Mahindra Bank Ltd.\nwith Rule 8D of the Rules, before applying the theory of apportionment, the AO needs to\nrecord satisfaction that having regard to the kind of the assessee, suo moto disallowance\nunder Section 14A was not correct. It will be in those cases

KEVA INDUSTRIES PRIVATE LIMITED,MUMBAI vs. INCOME TAX OFFICER 15(2)(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri M.Balaganesh, Am & Shri Amarjit Singh, Jm M/S. Keva Industries Pvt. Vs. Income Tax Officer, Ltd 15(2)(1) Room No.480, 4Th Floor C/O. Sh Kelkar & Company Limited Aayakar Bhavan Lbs Marg, Mulund West Mumbai – 400 020 Mumbai – 400 080 Pan/Gir No. Aafck6140B (Appellant) .. (Respondent)

68 /US$ = Rs 2719.32 = Say Rs 2719 5.2. Based on the above, the ld AO proceeded to make an addition u/s 56(2)(viia) of the Act to the tune of Rs 107,40,00,000/- ( 400000 shares * (2719-34)) by treating the difference between the fair market value of the shares and the purchase price of the shares

DCIT-2(3)(1), MUMBAI vs. KOTAK MAHINDRA BANK LIMITED, MUMBAI

In the result the appeal filed by the assessee in ITA No

section 14A of the Act. For instance, if the total cost\nincurred for conducting the Board meeting is Rs. 10 lakhs and out of the total 20 agendas\nin the Board meeting, 5 agendas pertains to subsidiary associate and joint venture\ncompanies, 1/4th i.e. (5/20) cost of the Board meeting viz., Rs. 2.5 lakhs would be\nattributed as amount