Search Results Page
Search Results
1 - 4 of 4 (0.58 seconds)Direct Media Distribution Ventures ... vs Pr.Cit - Range -6, Mumbai on 4 October, 2019
Ito 6(3)(1), Mumbai vs 25 Fps Media Pvt. Ltd. , Mumbai on 2 March, 2022
Section 50C of the Act deals only with substitution of full consideration
received by 'fair market value' in respect . of land and/or buildings. The
impugned order makes a reference to Section 5OD of the Act which provides
for substitution of full value of consideration received/accruing on a transfer
of a capital asset being substituted by a fair market value . However this
came into force only with effect from 1st April 2013. Therefore it cannot he
relied upon for the subject Assessment year. The impugned order of the
Tribunal further placed reliance upon the decision of its Co-ordinate bench
in the case of MGB Shareholders Benefit Trust (Income Tax Appeal No.
316/ Mum/2009) rendered on 26th November, 2009 in case of a group
company of the respondent assessee on a similar issue of revaluation of
shares by substitution of full value of consideration by fair market value and
29
ITA No.2798/Mum/2018
3085/M/2018
A.Y. 2012-13
held the same to be impermissible,
Gujarat Fluorochemicals Limited,, ... vs The Deputy Commissioner Of Income Tax, ... on 13 August, 2018
The scope of section has
been considered by the Hon'ble Bombay High Court in the case of
Morarjee Textiles (supra) and the discussion made by the Hon'ble high
Court in this respect reads as under:
1