ASSISTANT COMMISSIONER OF INCOME TAX, DELHI vs. VIREET INVESTMENTS PRIVATE LIMITED, DELHI

ITA 938/DEL/2024Status: DisposedITAT Delhi06 November 2024AY 2004-05Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR KUMAR (Judicial Member)31 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal partly allowed the revenue's appeal. It held that the CIT(A) erred in deleting the disallowance of expenses related to capital gains and in allowing the loss on sale of shares of PDK Shenaj Hotels Pvt. Ltd. However, it upheld the deletion of additions treating capital gains as business income.

What were the facts?

The assessee declared income for AY 2004-05, which was processed. The Assessing Officer made additions treating capital gains as business income, disallowing capital loss, and disallowing expenses and donations. The CIT(A) deleted these additions.

What were the issues?

Whether expenses incurred for transfer of capital assets are allowable against capital gains, and whether the loss on sale of shares was genuine and not a business loss.

Which sections of the Income-tax Act were involved?

Section 48,Section 80G,Section 143(1),Section 143(3),Section 142(1),Section 143(2),Section 68,Section 10(38)

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Income Tax Appellate Tribunal, DELHI BENCH ‘H’: NEW DELHI

For Appellant: Shri Manish Jain, CA
For Respondent: Ms. Sapna Bhatia, CIT DR
Hearing: 04.09.2024

PER S.RIFAUR RAHMAN,AM:

1.

The appeal has been filed by the assessee against the order of the Learned Commissioner of Income Tax (Appeals), Delhi/National Faceless Appeal Centre (NFAC) [“Ld. CIT(A)”, for short] dated 28.12.2023 for the Assessment Year 2004-05. 2. Brief facts of the case are, assessee filed its return of income for Assessment Year 2004-05 on 31.10.2004 declaring income of Rs.34,80,69,911/-. The same was processed under section 143 (1) of the 2 Income-tax Act, 1961 (for short ‘the Act’) on 28.12.2004. The case was selected for scrutiny and notices u/s 143(2) and 142(1) of the Act were issued and served on the assessee. In response, ld. AR for the assessee attended from time to time and submitted relevant information as called for.

3.

The

The order continues below.

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