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Lupin Investments Private Limited ... vs Deputy Commissioner Of Income Tax - ... on 9 July, 2025
cites
Reliance Industries Limited, Mumbai vs Acit , Mumbai on 8 March, 2022
Ltd. Vs. ACIT (supra).
The relevant findings read as under:-
The Gift-Tax Act, 1958
The Finance Act, 2018
Section 56 in The Companies Act, 1956 [Entire Act]
Dcit Corporate Circle 3(2), Chennai vs Venture Lighting India Limited, ... on 14 December, 2022
);
DCIT vs. Venture Lighting India Ltd. [2023] 150 taxmann. Com 523
(Chennai- Trib.
Dcit, Central Circle-15, New Delhi vs Globe Capital Market Limited, New Delhi on 25 September, 2023
); DCIT vs. Globe Capital Market Ltd. [2023] 156
taxmann.com 620 (Delhi-Trib.)
Deputy Commissioner Of Income Tax vs Rajan H. Shinde on 13 September, 2004
The above said decision was followed by the Bangalore bench of ITAT in the case of
Dy. CIT v. Dr. Rajan Pal [2017] 82 taxmann.com 347. The Ld. A.R submitted that
the above said decisions were rendered in the context o taxability of bonus shares,
which enhances the paid up capital, u/s 56(2)(vii)(c) of the Act. However, in the
instant case, the issue involved is the buy back of shares, which reduces the paid up
capital. Hence the ratio of the above said decision should apply here also.
Section 77 in The Companies Act, 1956 [Entire Act]
Dcit, Circle-25(2), New Delhi vs Tps Infrastructure Ltd, New Delhi on 14 December, 2022
& DCIT vs. TPS Infrastructure Ltd. in ITA
No. 6433/Delhi/2018, has considered identical set of facts and decided
the issue in favour of the assessee and against the revenue. It would
suffice if we refer to one of the decisions of the Co-ordinate Bench
Mumbai in the case of Vora Financial Services (P.)
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