ESSAR COMMUNICATIONS LIMITED,MAURITIUS vs. ACIT, CIRCLE-1 (2)(2), NEW DELHI

Bench: SHRI SATBEER SINGH GODARA (Judicial Member), SHRI S. RIFAUR RAHMAN (Accountant Member)

capital gains under the Indo-Mauritius Double Taxation Avoidance Convention (DTAC) - Reg. The provisions of the Indo-Mauritius DTAC of 1983 apply to 'residents' of both India and Mauritius. Article 4 of DTAC defines a resident of one State to mean any person who, under the laws of that State is liable to taxation therein by reason of his domicile

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

In the result, the appeal filed by the revenue is partly allowed

Bench: Shri S.Rifaur Rahman & Shri Sudhir Kumaracit, Circle 17 (1) Vs. Vireet Investments Pvt. Ltd., Delhi. 21D, Friends Colony West, New Delhi – 110 065. (Pan : Aaacv2033M) (Appellant) (Respondent) Assessee By : Shri Manish Jain, Ca Revenue By : Ms. Sapna Bhatia, Cit Dr Date Of Hearing : 04.09.2024 Date Of Order : 06.11.2024 Order 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 & Notices U/S 143(2) & 142(1) Of The Act Were Issued & Served On The Assessee. In Response, Ld. Ar For The Assessee Attended From Time To Time & Submitted Relevant Information As Called For. 3. The Assessee Was Incorporated On 03.10.1983 With The Main Objects, As Per Memorandum Of Association, To Acquire & Hold Shares, Stocks, Debentures, Debenture Stocks, Bonds, Obligations & Securities Issued Or Guaranteed By Any Company Constituted Or Carried On Business In The Republic Of India. After Considering The Submissions Of The Assessee, The Assessing Officer Proceeded To Make The Following Additions In The Assessment Completed U/S 143 (3) Of The Act :-

bogus, not genuine or excessive and from remarks of the Ld. AO in assessment order, it is very clear that these expenses are genuine and allowable expenses as these are allowed in the assessment order against business income. Further, in support of its contention, the appellant company has relied upon below case: The Hon'ble ITAT Pune in case

SANGEETA DEVI JHUNJHUNWALA,NEW DELHI vs. ITO, WARD-70(1), NEW DELHI

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

Bench: Dr. Brr Kumar & Ms. Astha Chandraasstt. Year: 2015-16

purchased shares of CSL @ Rs. 10/- per share and 23 after one year sold the same at Rs. 476/- to Rs. 503/- per share. The AO found that CSL had been duly investigated by the Department of Revenue Intelligence (DRI) and found that the same was a bogus company engaged in arranging for bogus long term capital gain

ADDL. CIT, SPECIAL RANGE-7, NEW DELHI vs. PURAN ASSOCIATES PVT. LTD., NEW DELHI

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

Bench: Shri Challa Nagendra Prasad & Shri Pradip Kumar Kedia

bogus claims of Long Term Capital Gain / Short Term Capital Loss or any other sham transactions. 5. It is reiterated that the above principles have been formulated with the sole objective of reducing litigation and maintaining consistency in approach on the issue of treatment of income derived from transfer of shares and securities. All the relevant provisions

VANEET AGGARWAL,NEW DELHI vs. ACIT, CIRCLE-14(2), NEW DELHI

In the result, appeal filed by the assessee is allowed

capital gains arising out of sale of different\nshares as fair and transparent by submitting records of purchase bills, sale\nbills, demat statement etc., same not being earned from bogus

VIPIN JAIN & SONS HUF,DELHI vs. ITO, WARD- 56(2), NEW DELHI

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

Bench: Shris.Rifaur Rahman & Ms. Madhumita Royvipin Jain & Sons Huf, Vs. Ito, Ward 56 (2), C/O Akhilesh Kumar, Advocate New Delhi. 206 -207, Ansal Satyam, Rdc, Ghaziabad – 201 002 (Uttar Pradesh). (Pan : Aadhv8042G) (Appellant) (Respondent) Assessee By : Shri Rohit Tiwari, Advocate Ms. Tanya, Advocate Revenue By : Ms. Harpreet Kaur Hansra, Sr. Dr Date Of Hearing : 11.02.2025 Date Of Order : 09.04.2025 O R D E R Per S. Rifaur Rahman: 1. The Assessee Has Filed Appeal Against The Order Of The Learned Commissioner Of Income Tax (Appeals)-19, New Delhi[“Ld. Cit(A)”, For Short] Dated 12.12.2018 For The Assessment Year 2015-16 Raising Following Grounds Of Appeal :- “1. Because The Order Of Learned Lower Authority Is Bad In Law & Against The Facts & Circumstances Of The Case & Hence Is Unsustainable. 2. Because Ld. Cit (A) Grossly Erred In Law In Sustaining The Addition Of Rs.4,27,01,703/-, Being Total Sale Consideration Of Shares U/S 68 Of The Act While Said Amount Is Neither Credited To Books Of Account In The Absence Of Any Accounts Nor Source Of Said Amount Is Under Doubt, Hence Addition Is Beyond The Scope Of Provision.

purchased the shares of Alps Motors Finance Limited were run by him and have been used to provide accommodation entry for bogus LTCG. Entirely based or this statement, the assessee’s Long term capital gain

DCIT, NEW DELHI vs. M/S. MARUTI SUZUKI INDIA LTD., NEW DELHI

In the result, all the three appeals of the assessee are allowed as indicated above and the appeal of Revenue is partly allowed

Bench: Shris.Rifaur Rahman & Shri Vimal Kumar

purchases and sales of shares would yield capital gains and not business profits. 10. CBDT also wishes to emphasis that it is possible for a tax payer to have two portfolios, i.e., an investment portfolio comprising of securities which are to be treated as capital assets and a trading portfolio comprising of stock-in-trade which are to be treated

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the three appeals of the assessee are allowed as indicated above and the appeal of Revenue is partly allowed

Bench: Shris.Rifaur Rahman & Shri Vimal Kumar

purchases and sales of shares would yield capital gains and not business profits. 10. CBDT also wishes to emphasis that it is possible for a tax payer to have two portfolios, i.e., an investment portfolio comprising of securities which are to be treated as capital assets and a trading portfolio comprising of stock-in-trade which are to be treated

SANJEEV AGRAWAL,NEW DELHI vs. ACIT, CC-15, NEW DELHI

In the result, both the appeals of the assessee areallowed

Bench: Shri Saktijit Dey, Vice-& Shri Girish Agrawal

purchased by any of the 18 exit providers mentioned in the list of the investigation wing, it would have been conclusively proved that assessee has obtained bogus long-term capital gain

SANJEEV AGRAWAL,NEW DELHI vs. ACIT, CC-15, NEW DELHI

In the result, both the appeals of the assessee areallowed

Bench: Shri Saktijit Dey, Vice-& Shri Girish Agrawal

purchased by any of the 18 exit providers mentioned in the list of the investigation wing, it would have been conclusively proved that assessee has obtained bogus long-term capital gain

NIKESH ARORA,GURGAON vs. DCIT, INTERNATIONAL TAXATION, GURGON

In the result, appeal is allowed in the terms indicated above

Bench: We Proceed To Deal With The Substantive Issues Arising

Bogus refund claim of Rs.102 crores and misrepresentation of facts by Nikesh Arora:- In this para the applicant stated the brief history of Sh. Nikesh Arora, his employer and transactions related to shares of M/s 2 | P a g e AY: 2017-18 Jasper Infotech Pvt. Ltd. (SNAPDEAL) and ANI Technologies Pvt. Ltd. (Ola). Therefore, no comments are required

JAINMATI JAIN,YOJANA VIHAR vs. ITO WARD 56(2) NEW DELHI, NEW DELHI

In the result, the Appeal filed by the Assessee is allowed

Bench: Shri Yogesh Kumar U.S. & Shri Naveen Chandrajainmati Jain Vs Ito C-513, Yojanavihar, Ward 56(2) New Delhi New Delhi Pan: Agkpj4857G Appellant Respondent Assessee By Ms. Tanya, Adv Revenue By Sh. Om Praksh, Sr. Dr Date Of Hearing 24/11/2025 Date Of Pronouncement 26/11/2025 Order

purchased the shares of Alps Motors Finance Limited were run by him and have been used to provide accommodation entry for bogus LTCG. Entirely based or this statement, the assessee’s Long term capital gain

ADITYA SARAF,NEW DELHI vs. ITO, WARD-17(4), NEW DELHI

In the result, the appeal of the assessee is dismissed

Bench: Shri N.K. Billaiya & Ms. Astha Chandraasstt. Year: 2014-15 Aditya Saraf Vs. Ito, Ward-17(4) B-45, Inder Puri, New Delhi. New Delhi - 110 012 Pan Awwps1249K (Appellant) (Respondent)

purchase and sale of shares are arranged transactions to create bogus profit in the garb of tax exempt long term capital gain

M/S MARUTI SUZUKI INDIA LTD.,,NEW DELHI vs. DCIT, NEW DELHI

purchases and sales of shares would yield capital\ngains and not business profits.\n10. CBDT also wishes to emphasis that it is possible for a tax payer to have\ntwo portfolios, i.e., an investment portfolio comprising of securities which\nare to be treated as capital assets and a trading portfolio comprising of\nstock-in-trade which are to be treated

DCIT, CIRCLE- 20(2), NEW DELHI vs. RADHARANI ORNAMENTS PVT. LTD., NEW DELHI

In the result the appeals of the assessee in ITA No

Bench: Shri N.K. Billaiya & Ms Astha Chandra

bogus claims of Long Term Capital Gain / Short Term Capital Loss or any other sham transactions. 5. It is reiterated that the above principles have been formulated with t he sale objective of reducing litigation and maintaining consistency in approach on the issue of treatment of income derived from transfer of shares and securities. All the relevant provisions

ARUNIMA ADCON SERVICES PVT LTD,NEW DELHI vs. ACIT, CIRCLE- 20(2), NEW DELHI

In the result the appeals of the assessee in ITA No

Bench: Shri N.K. Billaiya & Ms Astha Chandra

bogus claims of Long Term Capital Gain / Short Term Capital Loss or any other sham transactions. 5. It is reiterated that the above principles have been formulated with t he sale objective of reducing litigation and maintaining consistency in approach on the issue of treatment of income derived from transfer of shares and securities. All the relevant provisions

PRAVEEN RANJAN SINHA,GURGAON vs. DCIT, CIRCLE-3(1), GURGAON, GURGAON

In the result, the appeal of the assessee is allowed and Stay Application of the assessee is dismissed as infructuous

Bench: Shri Kul Bharat & Shri M. Balaganeshpraveen Ranjan Sinha, Vs. Dcit, Icb 141, The Icon, Dlf Circle-3(1), City, Phase-V, Gurgaon, Gurgaon Haryana (Appellant) (Respondent) Pan: Ardps3000N Sa No. 57/Del/2024 (In Ita No. 399/Del/2024) (Assessment Year: 2015-16) Praveen Ranjan Sinha, Vs. Dcit, Icb 141, The Icon, Dlf Circle-3(1), City, Phase-V, Gurgaon, Gurgaon Haryana (Appellant) (Respondent) Pan: Ardps3000N Assessee By : Shri Sudesh Garg, Adv Ms. Bhavya Garg, Adv Revenue By: Shri Dharambir Singh, Cit Dr Date Of Hearing 08/04/2024 Date Of Pronouncement 08/07/2024

capital gain, the cost of acquisition of the bonus shares was taken as 'Nil' by application of the provisions of section 55(2)(aa)(iia) of the Act. The aforesaid position has been accepted by the Assessing Officer in scrutiny assessment, as asserted by the assessee in the course of the hearing before us, and this material has not been

DENESH KUMAR SACHDEVA (HUF),NEW DELHI vs. ITO WARD-56(1), NEW DELHI

In the result, these appeals by the assessee stand dismissed

Bench: Shri Shamim Yahya & Shri Yogesh Kumar Us

purchasing of the scrips of JPIL. The assessing officer has reproduced the relevant parts of the statements of a number of such brokers to delineate the modus operandi of providing bogus long term capital gain