CIT v. Smt. Nilofer I. Singh

Ashok Mittal vs. ITO, Ward-24(3)

In the result, the appeals filed by the assessee are partly allowed, the

Bench: Shri R. K. Panda & Ms. Suchitra Kambleassessment Year : 2001-02 Shri Ashok Mittal, Ito, Ward- 24(3), 42, Sainik Farms, Vs. New Delhi. New Delhi. Pan : Aaspm6882C (Appellant) (Respondent) Assessment Year : 2001-02 Acit, Circle- 24(1), Shri Ashok Mittal, New Delhi. Vs. 42, Sainik Farms, New Delhi. Pan : Aaspm6882C (Appellant) (Respondent)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “A”, NEW DELHI BEFORE SHRI R. K. PANDA, ACCOUNTANT MEMBER AND MS. SUCHITRA KAMBLE, JUDICIAL MEMBER Assessment Year : 2001-02 Shri Ashok Mittal, ITO, Ward- 24(3), 42, Sainik Farms, Vs. New Delhi. New Delhi. PAN : AASPM6882C (Appellant) (Respondent) Assessment Year : 2001-02 ACIT, Circle- 24(1), Shri Ashok Mittal, New Delhi. Vs. 42, Sainik Farms, New Delhi. PAN : AASPM6882C (Appellant) (Respondent) C.O. No.257/Del/2009 (In ITA No.2997/Del/2009) Assessment Year : 2001-02 Shri Ashok Mittal, ACIT, Circle- 24(1), 42, Sainik Farms, Vs. New Delhi. New Delhi. PAN : AAS…

ITO, New Delhi vs. M/S Samsung Estates Pvt. Ltd., New Delhi

In the result, appeal of the Revenue is dismissed

Bench: Sh. I.C. Sudhir & Sh. O.P. Kantassessment Year: 2006-07 Vs. M/S. Samsung Estates Pvt. Ltd., Income Tax Officer, Ward 7(2), Room No. 306, C.R. Building, 1095, Sector A, Pocket - A, I.P. Estate, New Delhi Vasant Kunj, New Delhi Pan : Aabcs5957L (Appellant) (Respondent)

…9000/- per metre. 10. The appellant has also pointed out that even otherwise as per provision of section 45(1) read with section 48 of the Act, as held in a recent judgment of the Hon. Delhi High Court in the case of CIT v. Smt. Niloffer I. Singh, reported in 309 ITR 233 the expression "full value of consideration" cannot be construed as having reference to the market value of the asset transferred but only means the full value of consideration received by the transferor in exchange of the capital asset transferred by him. It has been stated that the Hon. Delhi High Court in the said judgment has relied upon in t…

Rajasthan Club, New Delhi vs. ADIT(E), New Delhi

In the result, appeal of the assessee is allowed

Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 2002-03 Vs. Adit(E), Inv. Circle-Ii, New Rajasthan Club, Dp-22, Pitampura, New Delhi Delhi Pan : Aaatr6043G (Appellant) (Respondent) Appellant By S/Sh. Gautam Jain & P.K. Kamal, Advocates Respondent By Sh. F.R. Meena, Sr.Dr Date Of Hearing 10.08.2016 Date Of Pronouncement 19.10.2016 Order Per O.P. Kant, A.M.: This Appeal By The Assessee Is Directed Against Order Dated 22/03/2010 Passed By The Learned Commissioner Of Income-Tax (Appeals)-Xi, New Delhi, For Assessment Year 2002-03 Raising Following Grounds: “ 1. The Appellant, Rajasthan Club Is Engaged In Charitable Activity During The Financial Year 2001-02. The Appellant Is A Regular Income Tax Assessee & Assessed To Income Tax For The Last Several Years. All Income, Assets & Investments Are Disclosed To Income Tax Department In Regular Income Tax Returns. 2. On The Facts & In The Circumstances Of The Case & In Law The Learned Assessing Officer & Commissioner Of Income Tax (Appeal) Was Incorrect & Unjustified In Making A Reference Of The Property In This Case To The Valuation Officer Without Any Reason Basis & Evidence.

…a, who was president of the assessee club, at the time of assessment proceeding; 7 AY: 2002-03 (ii) that expression “full value consideration” denotes actual consideration and not notional or deemed consideration, placing reliance on the judgment reported in 309 ITR 233 (Del) in the case of CIT versus Smt. Nilofer I. Singh and other decisions; (iii) that the interim valuation of the District Valuation Officer (DVO) cannot be said to be full value consideration received or accrued to the assessee; (iv) that the DVO’s Report, whether interim or final, cannot be made basis to enhance the full value consideration, p…

Prem Nath, New Delhi vs. ITO, New Delhi

Bench: Shri J.S. Reddy & Shri Kuldip Singh

…e fact that the assessee had invested net amount of capital gains of Rs.2,93,211/- in specified bonds as per provisions contained u/s 54EC and relied upon the decision rendered by Hon’ble jurisdictional High Court in case cited as Smt. Nilofer I Singh (2009) 309 ITR 233 and cases decided by ITAT, Jaipur Bench in cases cited as Nand Lal Sharma vs. ITO (2015) 172 TTJ 0412 (Jp) and Gyan Chand Batra vs. ITO (2010) 133 6 ITA No.1659/Del./2013 TTJ 0482. However, on the other hand, the ld. DR for the revenue relied upon the order passed by the AO as well as the ld. CIT (A). 8. Undisputedly, the assessee has purcha…

ACIT, New Delhi vs. M/S Gyan Enterprises Pvt. Ltd., New Delhi

In the result, all the appeals of the Revenue are dismissed

Bench: Shri J. Sudhakar Reddy & Ms. Suchitra Kamble

…ermination of capital gains on sale of shares, is not sustainable in law. Reliance was placed on the following case laws. (i) B.C.Srinivas Shetty 128 ITR 294 (S.C.) (ii) CIT vs. George Handerson & Co. Ltd. 66 ITR 622 (S.C.) (iii) CIT vs. Smt.Nilopher I Singh, 309 ITR 233 (Del H.C.) (i) An amount of Rs.3.22 crores advanced by the purchasers of shares to M/s Trojan Developers Pvt. Ltd. cannot be considered as part of sale consideration, as M/s Trojan Developers Pvt. Ltd. is an independent juridical person and the amount in question is available with the company. 3.1. For all the above reasons, the Ld.CIT(A) delet…

DCIT, New Delhi vs. Shri S.K. Sethi, New Delhi

In the result, the appeal of the Revenue is jettisoned

Bench: Shri Chandra Mohan Garg & Shri O.P. Kant

…fied reason which was rightly deleted by the ld. CIT(A). Hence, the impugned order may kindly be upheld and confirmed. The ld. AR has also placed reliance on the decisions of the Hon'ble Jurisdictional High Court of Delhi in the cases of CIT Vs. Nilofer Singh 309 ITR 233 [Del] and CIT VS. Dinesh Jain [HUF] 352 ITR629 [Del]. 11. We have heard the arguments of both the sides and carefully perused the relevant material placed on record before us. We find that the ld. CIT(A) vide paras 14 to 15.8 has come to the conclusion by holding as under: 15.2 The assessee incurred losses in respect of properties bearing No. S-…

ACIT, New Delhi vs. Sh. Saidan Kapoor, New Delhi

In the result, the appeal of the department is dismissed

Bench: Sh. N. K. Saini, Am & Sh. Kuldip Singh, Jm Ita No. 4496/Del/2012 : Asstt. Year : 2007-08 Asstt. Commissioner Of Income-Tax Vs Sh. Saidan Kapoor, J-6, 1St Floor, Ndse, Part-I, Circle-32(1), New Delhi New Delhi (Appellant) (Respondent) Pan No. Ajnpk3289R Assessee By : Sh. Om Prakash, Adv. Revenue By : Smt. Anima Barnwal, Sr. Dr Date Of Hearing : 26.11.2015 Date Of Pronouncement : 13.01.2016 Order Per N. K. Saini, Am:

…he impugned order which read as under: “5.1 The first and the foremost issue, that is to be decided in this appeal is- "Whether the proceedings u/s 147 has been correctly initiated or not?" The Hon'ble Delhi High Court in the case of CIT vs. Nilofer I. Singh 309 ITR 233, has held that section 55A of the Act has no application in the case of sale simpliciter and the fair market value in no manner can substitute the full consideration in the sale of property. Similar view was also taken in case of Gwalior Rayon Silk Mfg. & Weaving i Co. Ltd. Vs V. Raghvan 150 ITR 12 (Bombay), CIT vs. Equitable Investment Co. Pvt.…

ACIT, Meerut vs. Sh. Jitendra Kumar Gupta, Meerut

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri N.K. Saini & Smt. Beena Pillai

…s a well settled position in law that, in a case of sale, the Assessing Officer has no power to replace the value of consideration agreed between the parties. In support of this proposition reliance has been placed on the following decision: i. “Nilofar Singh 309 ITR 233 (Del.); ii. George Hanorson 66 ITR 622 (SC); iii. Gillanders Arbuthonot 87 ITR 407 (SC). 5.3. The ld. AR further submitted that the Assessing Officer has accepted the sale consideration received by the assessee as genuine, as it is evident from the fact that while computing the income of the assessee the Assessing Officer has adopted the net no…

ACIT, Meerut vs. Shri Jitendra Kumar Gupta, Meerut

In the result, the appeal filed by the Revenue is dismissed

Bench: Shri N.K. Saini & Smt. Beena Pillai

…s a well settled position in law that, in a case of sale, the Assessing Officer has no power to replace the value of consideration agreed between the parties. In support of this proposition reliance has been placed on the following decision: i. “Nilofar Singh 309 ITR 233 (Del.); ii. George Hanorson 66 ITR 622 (SC); iii. Gillanders Arbuthonot 87 ITR 407 (SC). 5.3. The ld. AR further submitted that the Assessing Officer has accepted the sale consideration received by the assessee as genuine, as it is evident from the fact that while computing the income of the assessee the Assessing Officer has adopted the net no…

ACIT, New Delhi vs. Smt. Divya Jain, New Delhi

In the result, the Appeal of the Revenue Dismissed and Cross

Bench: Shri H.S. Sidhu & Shri L.P. Sahu

…ITA NO. 4315/Del/2011 & CO No. 355/Del/2011 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “B”, NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER I.T.A. No. 4315/Del/2011 A.Y. : 2007-08 ACIT, Central Circle-03, VS. Smt. Divya Jain, Room No. 355, 3rd floor, C-215, Vivek Vihar, Delhi Jhnadewalan Extension, (PAN: AECPJ4086M) New Delhi – 110 055 (APPELLANT) (RESPONDENT) AND C.O. No. 355/Del/2011 (In ITA No. 4315/Del/2011) A.Y. : 2007-08 Smt. Divya Jain, Vs. ACIT, Central Circle-03, 3rd C-215, Vivek Vihar, Delhi Room No. 355, floor, (PAN: AECPJ4086M) Jhnadewalan Extension, New…

Venus Financial Services Ltd., New Delhi vs. ACIT, New Delhi

The appeal is allowed

Bench: Shri I.C. Sudhir & Shri Inturi Rama Rao Assessment Year: 2009-10 Venus Financial Services Ltd., Vs. Assistant Cit, (Now Merged With Avantha Realty Ltd.) Circle 17(1), Thapar House, 124 Janpath, New Delhi. New Delhi. (Pan: Aaacv3258L) (Appellant) (Respondent) Appellant By: Shri P.C. Yadav, Adv. Respondent By: Shri J.P. Chandrekar, Sr. Dr Date Of Hearing : 01 .07.2015 Date Of Pronouncement: 28 :09.2015 Order Per I.C. Sudhir:The Assessee Has Impugned First Appellate Order On The Following Grounds: 1) That The Order Of The Learned Cit(Appeals) Is Bad In Law & On Facts.

…e agreed consideration. It is the settled position of law that in case of sale, the Assessing Officer has no power to replace the value of consideration agreed between the parties. In support, he placed reliance on the following decisions: 1. Nilofer Singh – 309 ITR 233 (Delhi); 2. George Handorson – 66 ITR 622 (S.C); 3. Gillanders Arbuthonot – 87 ITR 407 (S.C); 4. Morarji Textile Ltd. – ITA No. 1979/Bom/2009; 5. MGM Benefit Trust – ITA No. 316/Bum/2009 dt. 26.11.2009; 9. The Learned AR submitted further that the authorities below have overlooked the auditor’s report of Pioneer Ltd. clearly showing the value o…