THOMAS COOK (INDIA) LTD.,MUMBAI vs. ADDL/ JT/ DY/CIT/ASSTT/ITO, NATIONAL E-ASSESSMENT CENTRE, DELHI

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

Bench: Shri S. Rifaur Rahman, Hon'Ble & Ms. Kavitha Rajagopal, Hon'Ble

50C, Section 92 of the Act (Section 92 has been discussed in detail in following paragraph) etc. The income received and computed as per the provisions of the Act has to be accepted by the revenue as the taxable income.  Transfer pricing

VANRAJ RANCHHODDAS MERCHANT (THROUGH LEGAL HEIR HARSHIT MERCHANT),MUMBAI vs. ITO WARD 30(1)(1), MUMBAI

In the result the appeal of the assessee is partly allowed

transfer of\na right to enjoy immovable property for a certain time or in\nperpetuity in consideration of a price paid or promised. A lease\ncreates a proprietary interest in immovable property, though\nlimited in duration. By virtue of section 108(j) of the Act, a\nleasehold interest is, unless expressly restricted, assignable, sub-\nleasable and mortgageable, and is heritable

GOBINDRAM JAGDISH KAKWANI,MUMBAI vs. ITO INTERNATIONAL TAXATION WARD 3(1)(1), MUMBAI

In the result, appeal filed by the assessee partly allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon’Blegobindram Jagdish Kakwani Vs. Ito (It)- Ward 3(1)(1) C/O Gulabani & Co. Ca, Air India Building 507, 5Th Floor, Shree Prasad House Nariman Point 35Th Road, Off Linking Road Mumbai-400021 Bandra (West), Mumbai- 400050 Pan: Awopk5474C (Appellant) (Respondent)

transfer. The limit of 5% has been increased to 10% by the Finance Act 2020 wef 14 2021 A question arises as to whether the tolerance limit is prospective from the date of its introduction or is retrospective? if it in retrospective, it is retrospective since when? Amendment made in scheme of section 50C(1), by inserting third proviso thereto

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

transfer of immovable property". Section 50C, thus, on a conceptual note, is a provision to address capital gains tax evasion on account of understatement of the consideration. Of course, the law provides, under section 50C(2), that wherever an assessee claims that the actual market rate is less than the stamp duty valuation, he can have the matter referred

MACROTECH DEVELOPRS LTD,MUMBAI vs. DY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 7(3), MUMBAI

The appeal is allowed

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

50C is even applicable making retrospective application to section 43CA of the Act as well. The ld. A.R was unable to place on record before us any direct decision where the first proviso of section 43CA which has been brought into effect from 1-4-2021 was held to be applicable retrospectively. In such scenario, we place reliance

MACROTECH DEVELOPERS LTD.(SUCCESSOR TO BELLISSIMO CROWN BUILDMART PVT LTD.,,MUMBAI vs. DCIT CENTRAL CIRCLE 7(3), MUMBAI

The appeal is allowed

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

50C is even applicable making retrospective application to section 43CA of the Act as well. The ld. A.R was unable to place on record before us any direct decision where the first proviso of section 43CA which has been brought into effect from 1-4-2021 was held to be applicable retrospectively. In such scenario, we place reliance

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

transfer by adopting the\nstamp duty valuation. We, therefore, answer the question referred to this\nspecial bench in the affirmative i.e. in favour of the Revenue and against the\nassesse.\"\n13.2We find that the hon'ble Special Bench while interpreting the\nsections 50 and 50C of the Act w.r.t. applicability in respect of depreciable\nassets, block of assets

JIOSTAR INDIA PRIVATE LIMITED,MUMBAI vs. ASST CIT 16 (1), MUMBAI

Bench: Shri R.S. Syal (V.P.), Shri Aby T. Varkey (J.M.) & Shri Prashant Maharishi (A.M.) आयकर अपील सं. / Ita. No.7872/Mum/2019 "नधा"रण वष" / Assessment Year : 2015-16

price’ and `fair market value’ interchangeably. The term `fair market value’ is a statutorily recognized concept applying to sections 45, 50A, 50C and 50D etc., substituting the full value of consideration and to sec. 49 substituting cost of acquisition in the computation of income under the head `Capital gains’. Since the transfer

AAESHKA RIDDHI REALTY,MUMBAI vs. CIT(A)-NFAC - ITO-19(1)(1), MUMBAI

In the result, the appeal by the assessee is allowed

Bench: Shri. Amarjit Singh & Shri. Sandeep Singh Karhail

transfer of 6 Aaeshka Riddhi Realty immovable property". Section 50C, thus, on a conceptual note, is a provision to address capital gains tax evasion on account of understatement of the consideration. Of course, the law provides, under section 50C(2), that wherever an assessee claims that the actual market rate is less than the stamp duty valuation, he can have

RELIANCE INDUSTRIES LIMITED,MUMBAI vs. DY COMMISSIONER OF INCOME TAX CIRCLE-3(4), MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

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

section 50C of the Act on the basis of information not shared with the appellant. c) Transfer pricing adjustment in respect

DCIT-3(4), MUMBAI vs. M/S RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

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

section 50C of the Act on the basis of information not shared with the appellant. c) Transfer pricing adjustment in respect

DCIT- 3(4) , MUMBAI vs. M/S RELIANCE INDUSTRIES LIMITED, MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

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

section 50C of the Act on the basis of information not shared with the appellant. c) Transfer pricing adjustment in respect

RELIANCE INDUSTRIES LTD.,MUMBAI vs. ACIT CIRCLE 3(4), MUMBAI

In the result, both the appeals of the assessee and both the appeals of the revenue are treated as partly allowed

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

section 50C of the Act on the basis of information not shared with the appellant. c) Transfer pricing adjustment in respect

DEPUTY COMMISSIONER, MUMBAI vs. GAURAV INVESTMENTS, MUMBAI

In the result, the appeal by the Revenue is dismissed

Bench: Shri Sandeep Singh Karhailshri Prabhash Shankardeputy Commissioner Of Income Tax, Room No.656, 6Th Floor, Aaykar Bhavan, Maharishi Karve Road, Mumbai - 400020 ............... Appellant V/S Gaurav Investments, 1St Floor, B & C Block, Tradelink, E-Wing, ……………… Respondent Kamala Mill Compounds, Senapati Bapat Marg Lower Parel, Mumbai – 400023 Pan: Aadfg0064D

price is an estimation nevertheless, even if by a statutory authority like the stamp duty valuation authority, and such a valuation can never be elevated to the status of such a precise computation which admits no variations. The rigour of Section 50C(1) was thus relaxed, and very thoughtfully so, to take these bonafide cases of small variations between

CHANDRA LALIT SANGHVI,MUMBAI vs. ITO-WARD 19(1)(1), MUMBAI

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

Bench: Shri Vikram Singh Yadav & Shri Sandeep Singh Karhailassessment Year : 2017-18 Chandra Lalit Sanghvi, Income Tax Officer, 25-26, 6Th Floor, Ward-19(1)(1), Western Court Building, Vs. Piramal Chamber, 83, Netaji Subhash Road, Mumbai-400012. Marine Drive, Mumbai-400002. Pan : Acips3131J (Appellant) (Respondent) For Assessee : Shri Ketan Vajani For Revenue : Shri Virabhadra Mahajan, Sr.Dr Date Of Hearing : 02-02-2026 Date Of Pronouncement : 10-02-2026 O R D E R Per Vikram Singh Yadav, A.M :

transfer of immovable property". Section 50C, thus, on a conceptual note, is a provision to address capital gains tax evasion on account of understatement of the consideration. Of course, the law provides, under section 50C(2), that wherever an assessee claims that the actual market rate is less than the stamp duty valuation, he can have the matter referred

JEWELEX INDIA PRIAVTE LIMITED,MUMBAI vs. DCIT CIRCLE-14(1)(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankarjewelex India Private V/S. Deputy Commissioner Of Limited बनाम Income Tax, Circle – 401 Trade Centre, Bandra 14(1)(1), Aayakar Bhavan, Kurla Complex, Bandra Maharishi Karve Marg, (East), Mumbai – 400 098, Mumbai – 400 020, Maharashtra Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aabcj4523H Appellant/अपीलार्थी .. Respondent/प्रतिवादी

section 50C of the Act would become the price for which the property is sold. The ld. DR relied on the decision of the co-ordinate bench of the Tribunal in the case of United Marine Academy (supra), but in the said case, the issue was in respect of the determination of the capital gain arising from the transfer

KOTAK MAHINDRA BANK LIMITED,MUMBAI vs. DCIT-3(2)(2), ASSESSMENT UNIT, INCOME TAX DEPT, MUMBAI

In the result, appeal of the Revenue is dismissed

transfer by adopting the\nstamp duty valuation. We, therefore, answer the question referred to this\nspecial bench in the affirmative i.e. in favour of the Revenue and against the\nassesse.\"\n13.2We find that the hon'ble Special Bench while interpreting the\nsections 50 and 50C of the Act w.r.t. applicability in respect of depreciable\nassets, block of assets

AMSONS STEEL PVT LTD.,THANE vs. DCIT CIR-6(1)(1), MUMBAI

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Shri Aby T. Varkey, Jm & Shri Amarjit Singh, Am आयकर अपील सं/ I.T.A. No.970/Mum/2023 (निर्धारण वर्ा / Assessment Year: 2014-15) Amsons Steel Pvt. Ltd. बिधम/ Dcit, Circle-6(1)(1) Plot No. A/16, Wagle Aayakar Bhavan, M. K. Vs. Industrial Estate, Road Road, Mumbai-400020. No.8, Thane-400604. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaca4716G (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Shashi Bekal Revenue By: Shri Manoj Kumar Sinha (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 08/08/2023 घोषणा की तारीख /Date Of Pronouncement: 24/08/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Against The Order Of The Ld. Commissioner Of Income Tax/Nfac, Delhi Dated 06.02.2023 For Assessment Year 2014-15. 2. The Grounds Of Appeal Of The Assessee Are As Under: - “1. On The Facts & Circumstances Of The Case As Well In Law The Learned Cit(A) Erred In Not Considering Fair Market Value Of The Properties As On 30.05.2013 Determined By The District Valuation Officer-1, It Deptt, Mumbai-12 Vide His Report Dated 21.02.2019 As Against Stamp Duty Value Adopted By Learned Assessing Officer Even Through Your Appellant Sold At Prevailing Market Rate At Arm’S Length Principle. 2. On The Facts & Circumstances Of The Case As Well In Law The Learned Cit(A) Erred In Not Giving The Benefit Of Curative Amendment Inserted In Section 43 Ca By Finance Act, 2018 W.E.F. 01.04.2019 & Subsequently Finance Act, 2020 W.E.F.

price is an estimation nevertheless, even if by a statutory authority like the stamp duty valuation authority, and such a valuation can never be elevated to the status of such a precise computation which admits no variations. The rigour of Section 50C(1) was thus relaxed, and very thoughtfully so, to take these bonafide cases of small variations between