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“business trust”

Chapter I - PreliminarySection 2 - DefinitionsSection 2(13A) / ITR Schedule PTI59 judgments

UNITED INDIA INSUANCE CO LIMITED,CHENNAI vs. PCIT 3, CHENNAI

ITA 683/CHNY/2023[2017-18]Status: DisposedITAT Chennai05 Jan 2026AY 2017-18
Section 10(38)Section 143(3)Section 263Section 44

term capital gains, arising from the\ntransfer of equity shares in a company, units of an equity-oriented mutual\nfund, or units of a business trust, subject to the condition that Securities\nTransaction Tax (STT) is paid at the time of sale. As per Finance Act,\n2011, from

UNITED INDIA INSURANCE CO LTD,CHENNAI vs. PCIT, CHENNAI

ITA 430/CHNY/2022[2017-18]Status: DisposedITAT Chennai05 Jan 2026AY 2017-18
Section 10(38)Section 143(3)Section 263Section 44

term capital gains, arising from the\ntransfer of equity shares in a company, units of an equity-oriented mutual\nfund, or units of a business trust, subject to the condition that Securities\nTransaction Tax (STT) is paid at the time of sale. As per Finance Act,\n2011, from

UNITED INDIA INSURANCE CO.LIMITED,CHENNAI vs. PCIT-3, CHENNAI

ITA 183/CHNY/2021[2016-17]Status: DisposedITAT Chennai05 Jan 2026AY 2016-17
Section 10(38)Section 143(3)Section 263Section 44

term capital gains, arising from the\ntransfer of equity shares in a company, units of an equity-oriented mutual\nfund, or units of a business trust, subject to the condition that Securities\nTransaction Tax (STT) is paid at the time of sale. As per Finance Act,\n2011, from

UNITED INDIA INSURANCE CO LIMITED,CHENNAI vs. PCIT-3, CHENNAI

In the result, the appeals for AY 2014-15, 2016-17 & 2017-18 are partly allowed and appeals for AY 2015-16 & 2017-18 (in ITA No

ITA 182/CHNY/2021[2015-16]Status: DisposedITAT Chennai05 Jan 2026AY 2015-16

Bench: Shri S.S. Viswanethra Ravi & Shri Jagadishआयकर अपील सं./I.T.A. Nos.1759/Chny/2019, 182 & 183/Chny/2021, 430/Chny/2022 & 683/Chny/2023 िनधा"रण वष"/Assessment Years: 2014-15, 2015-16, 2016-17 & 2017-18 United India Insurance Co. Ltd., Vs. The Principal Commissioner Of O/O The Chief Manager, Cfac Income Tax – 3, Department, Head Office, United India Chennai 600 034. Nalanda, Door No. 19, Ground Floor, 4Th Lane, Utamar Gandhi Salai, Chennai 600 034. [Pan:Aaacu5552C] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri S. Sundararaman, Ca ""थ" की ओर से/Respondent By : Ms. V. Pushpa, Sr. Standing Counsel (Virtual) सुनवाई की तारीख/ Date Of Hearing : 07.10.2025 घोषणा की तारीख /Date Of Pronouncement : 05.01.2026 आदेश /O R D E R Per S.S. Viswanethra Ravi: The Appeal In Ita No. 1759/Chny/2019 Filed By The Assessee Is Directed Against The Order Dated 29.03.2019 Passed By The Ld. Principal Commissioner Of Income Tax-3, Chennai For The Assessment Year 2014- 15. The Appeals In Ita No. 182 & 183/Chny/2021 Are Filed By The Assessee Against Different Orders Both Dated 28.03.2021 Passed By The Ld. Pcit-3, Chennai For The Assessment 2015-16 & 2016-17. The 2

For Appellant: Shri S. Sundararaman, CAFor Respondent: Ms. V. Pushpa, Sr. Standing Counsel
Section 10(38)Section 143(3)Section 263Section 44

term capital gains, arising from the transfer of equity shares in a company, units of an equity-oriented mutual fund, or units of a business trust, subject to the condition that Securities Transaction Tax (STT) is paid at the time of sale. As per Finance Act, 9 I.T.A. No.1759/Chny/19

UNITED INDIA INSURANCE CO.LTD,CHENNAI vs. PCIT-3,, CHENNAI

ITA 1759/CHNY/2019[2014-15]Status: DisposedITAT Chennai05 Jan 2026AY 2014-15
Section 10(38)Section 143(3)Section 263Section 44

term capital gains, arising from the\ntransfer of equity shares in a company, units of an equity-oriented mutual\nfund, or units of a business trust, subject to the condition that Securities\nTransaction Tax (STT) is paid at the time of sale. As per Finance Act,\n9\nI.T.A. No.1759/Chny/19

MUTHIAH LAKSHMANAN,CHENNAI vs. ITO, NCW-3(5), CHENNAI

In the result, appeal filed by the assessee is allowed for statistical purposes

ITA 3016/CHNY/2025[2022-23]Status: DisposedITAT Chennai01 Jan 2026AY 2022-23

Bench: Shri Manu Kumar Giri & Shri S. R. Raghunatha

For Appellant: Ms. T.V Muthu Abirami, AdvocateFor Respondent: Shri. ARV Sreenivasan, C.I.T
Section 111ASection 144Section 69

Assessing Officer noticed that the assessee has disclosed “sale consideration of equity share or unit of equity oriented MF or unit of a business trust on which STT is paid u/s.111A & “Cost of acquisition without indexation” to the tune of :-2-: ITA. No:3016/Chny/2025 Rs.35,12,32,603/- and Rs.35

GURMINDER SINGH,AMBALA CITY vs. INCOME TAX OFFICER WARD-2, AMBALA, AMBALA CANTT.

The appeal stand allowed

ITA 887/CHANDI/2025[2024-25]Status: DisposedITAT Chandigarh10 Dec 2025AY 2024-25

Bench: Hon’Ble Shri Laliet Kumar, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपीलसं./ Ita No.887/Chandi/2025 (िनधा"रणवष" / Assessment Year: 2024-25) Sh. Gurminder Singh Ito Ward-2 बनाम/ Vs. H.No.1998, Sec.9, Urban Estate Ambala 133001 Ambala City – 134003 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Cidps-7267-J (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Gurminder Singh (Assessee-In-Person) ""थ"कीओरसे/Respondent By : Smt. Moatenla (Jcit) – Ld. Sr. Dr सुनवाईकीतारीख/Date Of Hearing : 17-11-2025 घोषणाकीतारीख /Date Of Pronouncement : 10-12-2025 आदेश / O R D E R Manoj Kumar Aggarwal () 1. The Sole Grievance Of The Assessee In Captioned Appeal For Assessment Year (Ay) 2024-25 Is Quantum Of Rebate U/S 87A. The Impugned Order Has Been Passed By Learned Addl. / Joint Commissioner Of Income Tax (Appeals)-1, Nagpur [Cit(A)] On 27-05- 2025 In The Matter Of An Intimation Issued By Cpc U/S 143(1) On 23-03- 2025. Having Heard Rival Submissions, The Appeal Is Disposed-Off As Under.

For Appellant: Shri Gurminder Singh (Assessee-in-person)For Respondent: Smt. Moatenla (JCIT) – Ld. Sr. DR
Section 112A(6)Section 143(1)Section 87ASection 9

Long-Term Capital Asset being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust. This clause thus refers only to Long-Term Equity Capital Gains and not to Long-Term Debt Capital Gains. The debt Long Term capital

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

In the result, the appeal of Revenue is partly allowed as boave for statistical purpose

ITA 3010/DEL/2024[2007-08]Status: DisposedITAT Delhi14 Nov 2025AY 2007-08

Bench: Shri Yogesh Kumar U.S. & Shri Avdhesh Kumar Mishra

Section 10(38)Section 115J

long-term capital asset, being an equity share in a company or a unit of an equity oriented fund [or a unit of a business trust] where— (a) the transaction of sale of such equity share or unit is entered into on or after the date on which Chapter

SESHANK MAHADEV,CHENNAI vs. DEPUTY DIRECTOR OF INCOME TAX, CPC BENGALURU

In the result, the appeal filed by the assessee is allowed

ITA 2274/CHNY/2025[2024-25]Status: DisposedITAT Chennai24 Oct 2025AY 2024-25

Bench: Shri M. Balaganesh & Shri S.S. Viswanethra Raviआयकर अपील सं./I.T.A. No.2274/Chny/2025 िनधा"रण वष"/Assessment Year: 2024-25 Seshank Mahadev, Vs. The Income Tax Officer, Ak 27, Tas Enclave, E2, Golden King Corporate Ward 3(1), Villa Apartments, Anna Nagar, Chennai. Chennai 600 040. [Pan:Olwps5532Q] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri Varadharajan, F/O Of Assessee ""थ" की ओर से/Respondent By : Shri C.P. Solomon, Jcit सुनवाई की तारीख/ Date Of Hearing : 22.10.2025 घोषणा की तारीख /Date Of Pronouncement : 24.10.2025 आदेश /O R D E R Per S.S. Viswanethra Ravi: This Appeal Filed By The Assessee Is Directed Against The Order Dated 02.06.2025 Passed By The Addl./Jcit(A), Indore For The Assessment Year 2024-25. 2. At The Outset, We Note That The Cpc Denied The Rebate Claimed By The Assessee Under Section 87A Of The Income Tax Act, 1961 [“Act” In Short] Vide Intimation Order Under Section 143(1) Of The Act Dated 12.11.2024. Against The Intimation Order, The Assessee Preferred An 2

For Appellant: Shri Varadharajan, F/o of assesseeFor Respondent: Shri C.P. Solomon, JCIT
Section 111ASection 112ASection 115BSection 143(1)Section 250Section 3Section 87A

impugned order. 5. The next issue is with regard to long term capital on equity shares/ units of equity-oriented fund/units of business trust, where, the assessee has shown income of ₹.91,172/- and it was contended that when it is below ₹.1,00,000/-, the rebate under section

DCIT, RANGE-3, LUCKNOW vs. M/S. PRAYAGRAJ POWER GENERATION COMPANY LTD.,, NOIDA

In the result, ground no. 1 of appeal is dismissed and ground no

ITA 393/LKW/2020[2016-17]Status: DisposedITAT Lucknow15 Oct 2025AY 2016-17

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

Section 115J

section (1); or (fc) the amount representing notional loss on transfer of a capital asset, being share of a special purpose vehicle, to a business trust in exchange of units allotted by the trust referred to in clause (xvii) of section 47 or the amount representing notional loss resulting from ... No.393/Lkw/2020 Assessment Year:2016-17 19 (A) notional gain on transfer of a capital asset, being share of a special purpose vehicle to a business trust in exchange of units allotted by that trust referred to in clause (xvii) of section 47; or (B) notional gain resulting from any change

RAMESH JAISINGHANI,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -5(2), MUMBAI

In the result, appeal of the assessee is allowed

ITA 980/MUM/2025[2020-21]Status: DisposedITAT Mumbai10 Oct 2025AY 2020-21

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 143(3)Section 244ASection 50(2)(ec)Section 55(2)(aa)Section 55(2)(ac)Section 55(2)(as)Section 56(2)(ac)

Madam Speaker, currently long term capital gains arising from transfer of listed equity shares, units of equity oriented fund and unit of a business trust are exempt from tax………………………………………………………………………….. here is therefore a strong case for bringing long term capital gains from listed equities in the tax net. However, recognising ... long-term capital asset, being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust referred to in section 112A, acquired before the 1st day of February, 2018, shall be higher of- (i) the cost of acquisition of such

BIRENDRA SINGH NIRBHAY,SIRSI ROAD JAIPUR RAJASTHAN vs. ITO WARD 3(1) JAIPUR, NCRB INCOME TAX DEPARTMENT STATUE CIRCLE JAIPUR RAJASTHAN

In the result, the appeal of the assessee is allowed

ITA 704/JPR/2024[2015-16]Status: DisposedITAT Jaipur09 Oct 2025AY 2015-16
For Appellant: Shri Deepak Sharma, CAFor Respondent: Shri Shri Gautam Singh Choudhary, JCIT-DR
Section 10(38)Section 132(4)Section 69C

section 10(38) :-\n\"Long-term capital gain arising on transfer of equity share or units of equity\noriented mutual fund or units of business trust is not chargeable to tax in the\nhands of any person, if following conditions are satisfied:\nThe transaction i.e. the transaction of sale ... equity shares or units of an equity\noriented mutual fund or units of business trust should be liable to securities\ntransaction tax.\nSuch shares/units should be long-term capital asset.\nTransfer should have taken place on or after October 1, 2004.\n10\nITA NO.704/JPR/2024\nSHRI BIRENDRA SINGH NIRBHAY

MALL OF JAIPUR OWNERS WELFARE ASSOCIATION,JAIPUR vs. DCIT, CIRCLE-6, JAIPUR, JAIPUR

In the result, appeal of the assessee is allowed

ITA 333/JPR/2025[2024-25]Status: DisposedITAT Jaipur11 Sept 2025AY 2024-25

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri Rohan Mittal, AdvFor Respondent: Shri Gautam Singh Choudhary, JCIT a
Section 139(1)Section 143(1)Section 250

aware about several decision of ITAT on this issue Namely (1) Lintas Employees Holiday Assistance (ITA No 1796 /MUM/2024 dated 26072024], (2) Ujjwal Business Trust Bombay V CPC ITA 602/M/2024 dt 28- 062024) (3) Tayals Sales Corporation [2003] 1 SOT 579 (Hyderabad) /ITO v. Tayal Sales Corporation

PRADYUMNA DALMIA BENEFICIARY TRUST,KOLKATA vs. ADIT(CPC)/I.T.O., WARD - 33(2), , KOLKATA

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

ITA 1613/KOL/2024[2021-2022]Status: DisposedITAT Kolkata11 Aug 2025AY 2021-2022

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 143(1)Section 250

Tribunal in Sriram Trust, Hyderabad vs Income Tax Officer in Para 6 & 7 held as under – … vii. The Hon'ble Tribunal in Ujjwal Business Trust, Mumbai Vs Income Tax CPC, Bangaluru (ITA no. 602/MUM/2024) in Para 7 held as under- … viii. The Hon'ble Tribunal in Jitendra Gala Navneet Trust

GREEN INFRA WIND FARM ASSET LTD.,GURUGRAM vs. ACIT, CIRCLE 10(2), NEW DELHI

In the result, the appeal of the assessee is partly allowed

ITA 930/DEL/2020[2016-17]Status: DisposedITAT Delhi04 Jul 2025AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwal[Assessment Year : 2016-17] Green Infra Wind Farm Asset Ltd., Vs Acit, 5Th Floor, Tower C, Building No.8, Circle-10(2), Dlf Cyber City, Gurugram, New Delhi. Haryana-122002. Pan-Aaecg4080H Appellant Respondent Appellant By Shri Vartik Chokshi, Ca & Shri Biren Shah, Ca Respondent By Shri Rajesh Kumar Dhanesta, Sr.Dr Date Of Hearing 23.04.2025 Date Of Pronouncement 04.07.2025 Order

Section 115JSection 143(3)Section 250

section (1); or (fc)the amount representing notional loss on transfer of a capital asset, being share of a special purpose vehicle, to a business trust in exchange of units allotted by the trust referred to in clause (xvii) of section 47 or the amount representing notional loss resulting from ... amount representing,— (A)notional gain on transfer of a capital asset, being share of a special purpose vehicle to a business trust in exchange of units allotted by that trust referred to in clause (xvii) of section 47; or (B)notional gain resulting from any change in carrying amount

EMERGING INDIA FOCUS FUNDS,MAURITIUS vs. ACIT, CIRCLE INT. TAXATION 1(2)(2), DELHI

In the result, the appeal of the appeal of assessee is allowed

ITA 1963/DEL/2025[2022-23]Status: DisposedITAT Delhi25 Jun 2025AY 2022-23
Section 143(2)Section 143(3)

fund established in India in the\nform of a trust or otherwise, such as mutual fund, alternative investment fund,\ncollective investment scheme or a business trust as defined in sub-section (134)\nof section 2 of the Income-tax Act, 1961 (43 of 1961) and registered with the\nSecurities

SEABIRD MARINE SERVICES PRIVATE LIMITED,JAMNAGAR vs. ACIT, CIRCLE - 1, JAMNAGAR, JAMANGAR

In the result, ground No.4 raised by the assessee is allowed

ITA 83/RJT/2025[2017-18]Status: DisposedITAT Rajkot30 May 2025AY 2017-18
Section 114Section 115JSection 143(3)

nthe amount representing notional loss on transfer of a capital asset, being share of\na special purpose vehicle, to a business trust in exchange of units allotted by the\ntrust referred to in clause (xvii) of section 47 or the amount representing notional\nloss resulting from any change in carrying

LINTAS EMPLOYEES HOBBIES AND CRAFT TRUST ,MUMBAI vs. INCOME TAX OFFICER WARD 22(2)(1), MUMBAI

In the result, the Assessee's appeal ITA no

ITA 1802/MUM/2025[2020-21]Status: DisposedITAT Mumbai23 May 2025AY 2020-21
Section 10(35)Section 143(1)Section 250

Income of Investment fund referred to in section 10(23FB) or 10(23FBA)\n(c) Income of business trust referred to in section 10(23FC) or 10(23FCA)\nTotal income [14-(10-12(c)-13))\n12,66,330\n35,93,330\n15\nIncome chargeable to tax at special ratee

LINTAS EMPLOYEES HOBBIES AND CRAFT TRUST,MUMBAI vs. INCOME TAX OFFICER WARD 22(2)(1), MUMBAI

In the result, the Assessee's appeal ITA no

ITA 1801/MUM/2025[2019-20]Status: DisposedITAT Mumbai23 May 2025AY 2019-20
For Appellant: Ms. Priya Gada, Ld. A.RFor Respondent: Shri Kiran Unavekar, Ld. Sr. D.R
Section 10(15)Section 10(35)Section 143(1)Section 154Section 250

10AA\n0\n0\n14\n(b) Income of Investment fund referred to in section 10(23FB) or 10(23FBA)\n(c) Income of business trust referred to in section 10(23FC) or 10(23FCA)\nTotal income [14-(10-12(c)-13))\n12,66,330\n20,55,956\n15\nIncome chargeable

ASHOK PATNI FAMILY TRUST,PUNE vs. THE ASST./DY. COMMISSIONER OF INCOME TAX, CIRCLE-7, PUNE

In the result, appeal of the assessee is allowed

ITA 2782/PUN/2024[2023-24]Status: DisposedITAT Pune16 May 2025AY 2023-24

Bench: SHRI MANISH BORAD (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)

For Appellant: Shri Kiran SanmaneFor Respondent: Mrs. Indira Adakil
Section 143(1)Section 164Section 167BSection 2Section 3

4791/Mum/2023 decided on 29.05.2024) 3. Sriram Trust, Hyderabad vs. ITO (ITA Nos. 439, 440 & 441/Hyd./2024, decided on 19.06.2024) 4. Ujjwal Business Trust vs. CPC (in ITA No. 602/Mum2024 decided on 28.06.2024) 5. Lintas Employees Holiday Assistance Trust vs. CPC (ITA No. 1796/Mum/2024 decided on 26.07.2024) 6. Jitendra Gala Navneet

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