DCIT CIRCLE-15 (3), MUMBAI vs. M/S RANKIN INFRASTRUCTURE PVT LTD. , MUMBAI

In the result, Ground No. 2 and 3 raised by the revenue are dismissed

Bench: Shri Amarjit Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit – Circle – 15(3)(1) V. M/S. Rankin Infrastructure Pvt. Ltd., Room No. 451, 4Th Floor Next To Classic Marble Aayakar Bhavan, M.K. Road Subash Nagar Road, Bhandup (E) Mumbai - 400020 Mumbai -400078 Pan: Aafcs5275B (Appellant) (Respondent) Assessee By : Shri Rajiv Khandelwal Department By : Shri T. Shankar

price, so that the word ‘receipt’ occurring in section 56(2)(vii) has to be read as a synonym for with ‘purchase’ or ‘transfer’. The shares under question being pot acquired through transfer, the transactions falls outside the ambit of section 56(2)(vii). [Emphasis supplied]. g) Thus in fact the said decision is in favour of the appellant

M/S.IMPACT RETAILTECH FUND PRIVATE LIMITED,MUMBAI vs. INCOME TAX OFFICER 6(2)(4), MUMBAI

Bench: Shri Mahavir Singh, Vp& Shri S. Rifaur Rahman, Am आयकरअपीलसं./ I.T.A. No. 2050/Mum/2018 (निर्धारणवर्ा / Assessment Year: 2013-14)

transferred and credited to the ledger account of "Imperial Consultants and Securities P. Ltd.- Advance against equity" on 01/04/2012 during the FY relevant to the present AY 2013-14, it has to be considered that the unsecured loan of Rs 159.26 crores from EIL was converted in to Share application money/Advance against share capital during the year under consideration only

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

viib) was inserted w.e.f. 1 April 2013 to tax the excess of consideration over the fair value where the receipt of consideration for issue of shares by a private company exceeds the face value of shares issued subject to certain exclusions. sub section 2 clause (x) was inserted w.e.f. 1 April 2017 to tax the receipt of money

DCIT 6 (3)(2), MUMBAI vs. M/S KILITCH HEALTHCARE INDIA LTD., MUMBAI

In the result Revenue’s appeal is dismissed and assessee’s cross objection is held to be infructuous

viib) of sub-section (2) of section 56 by the Act No. 23 of 2019, w.e.f. 1.4.2020 : (aa) "specified fund" means a fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate which has been granted a certificate of registration as a Category

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

viib) was inserted w.e.f. 1 April 2013 to tax the excess of consideration over the fair value where the receipt of consideration for issue of shares by a private company exceeds the face value of shares issued subject to certain exclusions. sub section 2 clause (x) was inserted w.e.f. 1 April 2017 to tax the receipt of money

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.” 7.1.5 In these circumstances, we are of the view that the impugned transaction cannot be brought within the ambit of Indian Transfer Pricing

JOSEPH MUDALIAR,MUMBAI vs. DCIT CC 4 (3), MUMBAI

In the result, appeal is partly allowed

Bench: Shri Saktijit Dey () & Shri S. Rifaur Rahman ()

viib), ignoring the fact that property was booked under construction in OCT2013 when the property market price was lower. 2. The Learned CIT(A) has erred in disallowing Rs. 150000/ being development charges paid to builders for 4 flats & bank interest of Rs.173308/- paid during construction period while calculating long term capital gain, ignoring the fact that these cost were

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) :

price of ₹ 60/- per share. Dish TV India Ltd is also a company forming part of Essel group of companies and it is engaged in the business of providing DTH services. Dish TV India Ltd is a company in which public are substantially interested and its shares are listed in the Bombay Stock Exchange and National Stock Exchange

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) :

price of ₹ 60/- per share. Dish TV India Ltd is also a company forming part of Essel group of companies and it is engaged in the business of providing DTH services. Dish TV India Ltd is a company in which public are substantially interested and its shares are listed in the Bombay Stock Exchange and National Stock Exchange

MAX HOSPITALS AND ALLIED SERVICES LIMITED,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX MUMBAI -3, MUMBAI

In the result the appeal filed by the assessee stands dismissed

Bench: Smt. Beena Pillai & Smt Renu Jauhriassessment Year: 2018-19 Max Hospitals & Principal Allied Services Commissioner Of 401, 4Th Floor, Income Tax Mumbai- 3 Man Excellenza, Room No.612, Vs. S. V. Road, 6Th Floor, Vile Parle (W.), Aayakar Bhavan, Mumbai- 400056 Maharishi Karve Road, Pan: Aagcr9198D Mumbai- 400020. Appellant : Respondent

56(2) (viib) or an y other relevant section) Outcome: in the submission it was found that th assessee Company has issued shares on the fair market value of its shar derived by the professional and method as prescribed under Rule 11UA of the Income Tax Rules, 1962. Hence no action taken on this issue.” 4.4. On perusal

DREAMS DWELLERS LLP(AS LEGAL REPRESENTATIVE OF MEGACORP DEVELOPERS PVT LTD,MUMBAI vs. ACIT -24(1) (EARLIER ACIT CIR 10(1)(1), MUMBAI), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh () Assessment Year: 2014-15 Dreams Dwellers Llp (As Legal Acit-24(1) (Earlier Acit Cir 10(1)(1) Representative Of Megacorp Mumbai), Vs. Developers Pvt. Ltd., Mumbai) Room No. 604, 6Th Floor, Piramal 702, Natraj, Mv Road, Junction W E Chambers Parel, Highway, Andheri (E), Mumbai-400012. Mumbai-400069. Pan No. Aafcm 0366 B Appellant Respondent

transfer description and terms of redemptions etc. T The provisions of section 56(2)(viib) of the Act gets attracted when a unlisted section 56(2)(viib) of the Act gets attracted when section 56(2)(viib) of the Act gets attracted when company receives the consideration for issue of share in excess of company receives the consideration for issue

PNP MARITIME SERVICES PVT LTD.,MUMBAI vs. DY CIT 3 (2)(2), MUMBAI

In the result, the appeal by the Revenue is dismissed, while the appeal by the assessee is partly allowed

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

price of Rs. 600 per share. (of which Rs. 590 per share was towards the securities premium). Thus the assessee received a securities premium of Rs. 58,99,99,990. During the assessment proceedings, the assessee was asked to furnish the details of the shareholders from whom the share premium was received. The assessee was also asked to justify

DCIT 3(2)92) , MUMBAI vs. M/S PNP MARTITIME SERVICES PVT LTD. , MUMBAI

In the result, the appeal by the Revenue is dismissed, while the appeal by the assessee is partly allowed

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

price of Rs. 600 per share. (of which Rs. 590 per share was towards the securities premium). Thus the assessee received a securities premium of Rs. 58,99,99,990. During the assessment proceedings, the assessee was asked to furnish the details of the shareholders from whom the share premium was received. The assessee was also asked to justify

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

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 included within the definition of income in section 2(24) [Para 42]. It was contended by the revenue that income becomes taxable no sooner it accrues or arises or when it is deemed to accrue or arise and not only when it was received. It is submitted that even though the petitioner did not receive

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 included within the definition of income in section 2(24) [Para 42]. It was contended by the revenue that income becomes taxable no sooner it accrues or arises or when it is deemed to accrue or arise and not only when it was received. It is submitted that even though the petitioner did not receive

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 included within the definition of income in section 2(24) [Para 42]. It was contended by the revenue that income becomes taxable no sooner it accrues or arises or when it is deemed to accrue or arise and not only when it was received. It is submitted that even though the petitioner did not receive

VODAFONE M-PESA LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME CIRCLE 8(3)(2), MUMBAI

Accordingly, the grounds raised by the assessee are allowed"

Bench: Shri S. Rifaor Rahman, Am & Shri Ravish Sood, Jm आयकरअपीलसं./ I.T.A. No. 1073/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2015-16)

viib) of subsection (2') of section 56 shall be the value, on the valuation date, of such unquoted equity shares as determined in the following manner under clAOse (a) or clAOse (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