DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 22(2), NEW DELHI, DELHI vs. SHRI HARISH BAHL, DELHI

ITA 2802/DEL/2024Status: DisposedITAT Delhi16 January 2026Bench: SHRI YOGESH KUMAR U.S (Judicial Member), SHRI MANISH AGARWAL (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the sale of shares of Quasar Media Pvt. Ltd. was a transfer of capital assets and not a transfer of business. The Ld. CIT(A) correctly considered the sale as resulting in capital gains and not business income. The Tribunal also upheld the Ld. CIT(A)'s allowance of the capital loss claimed by the assessee, noting that the AO had disallowed it without proper justification.

What were the facts?

The assessee, deriving income from salary and business, filed a return declaring a total income of INR 43,58,060/-. During scrutiny, it was found that the assessee claimed a Long Term Capital Loss (LTCL) of INR 47,66,327/- after exemption, arising from the sale of shares of Quasar Media Pvt. Ltd. The Assessing Officer (AO) assessed the income at INR 15,78,81,266/-. The assessee appealed to the Ld. CIT(A), who partly allowed the appeal.

What were the issues?

Whether the income from the sale of shares of Quasar Media Pvt. Ltd. is to be treated as business income or capital gains, and whether the capital loss claimed by the assessee is allowable.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 250,Section 54,Section 28(ii)(a),Section 2(14)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI “B”BENCH: NEW DELHI

Before: SHRI YOGESH KUMAR U.S & SHRI MANISH AGARWAL

For Appellant: Shri Nikhil Rungta
For Respondent: Ms. Pooja Swaroop, CIT DR, Shri Nikhil Rungta
Hearing: 17.11.2025Pronounced: 16.01.2026

PER MANISH AGARWAL, AM:

The present appeal is filed by the Revenue against the order dated 01.06.2023 by Ld. Commissioner of Income Tax (A), National Faceless Appeal Centre (“NFAC”), Delhi [“Ld.CIT(A)”] in Appeal No. CIT(A), Delhi-18/10248/2014-15 passed u/s 250 of the Income Tax Act, 1961 [“the Act”] arising from the assessment order dated NIL passed u/s 143(3) of the Act pertaining to Assessment Year 2008. 2. Brief facts of the case are that assessee derived income from salary as Director in various companies and having income under the Income from business from his own business and filed the return of income declaring total income at INR 43,58,060/- on 31.07.2008. The case of assessee was selected for scrutiny and notice u/s 143(2) was

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 54

All 1,745 judgments and leading authorities on Section 54 →

Recent GST High Court judgments

Search GST case law →