SEJAL JEWELLERS PVT. LTD.,,SURAT vs. THE INCOME TAX OFFICER, WARD-2(1)(2),, SURAT

In the result, appeal of the assessee is allowed

Bench: Shripawan Singh, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.435/Ahd/2017 (िनधा"रणवष" / Assessment Year: (2012-13) (Virtual Court Hearing) Sejal Jewellers Pvt. Ltd, Income Tax Officer, Ward-2(1)(2), V Ug-4/5 Rangila Park, Ghod Dod Surat, Aaykar Bhavan, Majura Gate, S. Road, Surat-395007 Surat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaqcs 8686 P (Appellant ) (Respondent)

viib) to section 56 of the Act for proposing to tax excess securities premium is applicable from 01.04.2013 i.e. from and on 01.04.2013 and not retrospectively. Reliance is also placed on the following decisions:  CIT v/s. Anshika Consultants Pvt. Ltd. [62 taxmann.com 192] (Del.) (HC)  Green Infra Ltd. v/s. ITO [78 taxmann.com 340] (Bom.) (HC) Non – Applicability of judgment

DCIT, CIRCLE-1(1)(1), SURAT vs. BINDAL SILK MILLS PVT. LTD, SURAT

Bench: Shri Pawan Singh, Jm &Dr. A.L.Saini, Am आयकर अपीलसं./Ita Nos.113 & 114/Srt/2020 (िनधा"रणवष" / Assessment Years: (2012-13 &2013-14) (Virtual Court Hearing) Deputy Commissioner Of Income- Vs. Bindal Silk Mills Pvt. Ltd., 270, Bindal House, Kadodara Char Tax, Circle-1(1)(1), Room No.108, Rasta, Nr. Kumbharia Bus Stand, Surat- 1St Floor, Aaykar Bhavan, Majura 394210 Gate, Surat -395001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaacb 9519 Q (Applicant ) (Respondent)

56(2)(viib), introduced by Finance Act, 2012 was made applicable with effect from 1-4-2013 i.e. A.Y. 2013- 14, and hence, statutorily there was no restriction on acceptance of share capital and premium beyond the market value of shares of the company. The appellant's case is found covered by the, following binding judgments of higher judicial authorities

DCIT, CIRCLE-1(1)(1), SURAT vs. BINDAL SILK MILLS PVT. LTD, SURAT

Bench: Shri Pawan Singh, Jm &Dr. A.L.Saini, Am आयकर अपीलसं./Ita Nos.113 & 114/Srt/2020 (िनधा"रणवष" / Assessment Years: (2012-13 &2013-14) (Virtual Court Hearing) Deputy Commissioner Of Income- Vs. Bindal Silk Mills Pvt. Ltd., 270, Bindal House, Kadodara Char Tax, Circle-1(1)(1), Room No.108, Rasta, Nr. Kumbharia Bus Stand, Surat- 1St Floor, Aaykar Bhavan, Majura 394210 Gate, Surat -395001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaacb 9519 Q (Applicant ) (Respondent)

56(2)(viib), introduced by Finance Act, 2012 was made applicable with effect from 1-4-2013 i.e. A.Y. 2013- 14, and hence, statutorily there was no restriction on acceptance of share capital and premium beyond the market value of shares of the company. The appellant's case is found covered by the, following binding judgments of higher judicial authorities