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 :-

Addition Amount Pg. No. in CIT (Appeal) order 1 Capital Gain Income treated as Business Rs.36,79,65,338/- 67 Income

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

capital gains not under the head income from business and profession. 2. Whether on the facts and in the circumstances of the case, I.T.A. No.5656/Del/2019 2 the Ld. CIT(A) was right in deleting the addition

SUPERB MIND HOLDING LTD. ,NEW DELHI vs. ACIT CIRCLE INT TAX 3(1)(2), NEW DELHI

In the result, appeal of the assessee is allowed

Bench: Shri G.S. Pannu, Hon’Ble & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.1568/Del/2022 िनधा"रणवष"/Assessment Year: 2018-19

income and capital gains between India and Mauritius” has clarified that capital gains on sale of investment made before 1st April, 2017 have been grandfathered and will not be subject to capital gains taxation in India. The above have been arbitrarily rejected by both AO/DRP on misconceived and wholly extraneous and irrelevant considerations. 5. That the Ld. AO/DRP has further

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

income” is erroneous and cannot be sustained. Re: Principle of Consistency Additionally, it is pertinent to mention here that the assessee has been consistently disclosing gains arising on sale of shares as “capital

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

income” is erroneous and cannot be sustained. Re: Principle of Consistency Additionally, it is pertinent to mention here that the assessee has been consistently disclosing gains arising on sale of shares as “capital

ACIT, CIRCLE- 26(2), DELHI vs. VIC ENTERPRISES PVT. LTD., NEW DELHI

In the result, appeal of the Revenue is dismissed

Bench: N.K. Billaiya & Ms. Astha Chandraasstt. Year: 2014-15

capital gain Treated 6,71,16,180 Ground Nos.10 to as business income 18 3. Interest income 9,00,000 Ground No.19 4. Disallowance u/s.14A 5,33,768 GroundNos.20 to 22 (not pressed 6. The assessee questioned the above addition

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

additional\nfunds for a return, the notion return clearly indicate that this is for investment only,\nnot for trading. Therefore, we are in agreement with the assessee these investments\nare made with the only intention of making investments, it can only be allowed to\nclassify the same under the head capital gains not under the head income from\nBusiness

MILAN SAINI,GURGAON vs. DCIT, CIRCLE- 2 , GURGAON

In the result, the appeal of the assessee is allowed

Bench: Shri M Balaganesh & Shri Vimal Kumarassessment Year: 2014-15 Milan Saini, Vs. Dcit, 37, Centrum Plaza, Dlf Golf Circle-2. Course Road, Sector 53, Gurgaon Gurgaon (Haryana) Pan: Braps1366P (Appellant) (Respondent)

income. The word 'property' is of wide amplitude. Section 12B provides that: (1) the tax shall be payable by an assessee under the head 'Capital gains' in respect of any profits or gains arising from the sale, exchange, relinquishment or transfer of a capital asset effect after 31st day of March, 1956.... The word 'relinquishment' has been newly inserted

SAKET KANOI,GURGAON vs. DCIT INTL. TAXATION, GURGAON

In the result, the appeal of the assessee is allowed

Bench: Dr. B. R. R. Kumar, Sh. Yogesh Kumar Us

gains from alienation of movable or immovable property as well as on capital appreciation. 2. The existing taxes to which the Agreement shall apply are; (a) In United Arab Emirates: (i) Income tax; (ii) Corporation tax; (iii) Wealth-tax (hereinafter referred to as “U.A.E. tax”) 3. This Agreement shall also apply to any identical or substantially similar taxes on income

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 made on sale of shares to EPSL viz 1.079 Bn USD (INR 4772 Crore) by Ecom and 2.647 Bn USD (Rs. 11,772/- Crore] by ECL were claimed exempt by the assessees under the DTAC in this application before the AAR. This second round of application was made after a gap of about one year and 3 months

SAIF PARTNERS INDIA IV LIMITED ,DELHI vs. ACIT INT. TAXATION-3(1)(2), DELHI

In the result, the appeal of the assessee in ITA No

Bench: Shri N.K. Billaiya & Shri Anubhav Sharma

Capital Gain / (Loss) (Loss) (Loss) 1 A2 Media (219,855,449) (219,865,449) Private Limited (Unlisted) 2 Manpasand (229,185,105) (229,185,105) Beverages Limited (Listed) 3 Youngmonk 40,056,781 (219,546,516) (179,489,735) Technologies Pvt. Ltd (Unlisted) Total (408,993,773) (219,546,516) (628,540,289) In addition, the Company earned certain dividend

SACHIN KANODIA,NEW DELHI vs. ITO WARD - 42(2), NEW DELHI

Appeal are dismissed

Bench: SHRI S. RIFAUR RAHMAN (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

addition made by the AO by treating the capital gains on sale of penny stocks and commission paid on the same as unexplained income

BHUPINDER SINGH JULKA,NEW DELHI vs. ACIT, CIRCLE-INT. TAX. 2(1)(2), DELHI

In the result, the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri M. Balaganesh

additions: Sr.No. Particulars Amount in Rs. i) Short Term Capital Gain: Being capital gain on sale of 3,37,202/- office space in Project Digital Greens of M/s Emaar MGF Land Ltd. at Sector 61, Gurgaon, Haryana. (Long term capital loss of Rs. 81,42,760/- as claimed by assessee disallowed) ii) Income

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

additions.\n\nFor units acquired on or after 1 April 2017\n\n• Capital gains derived on redemption of mutual fund units acquired\non or after 1 April 2017 is INR 282,67,71,265\n\n• As per section 2(42A) of the Act, units of equity oriented mutual\nfund shall be long-term in nature inhere the units

INCOME TAX OFFICER, WARD-11(1), DELHI vs. HKT CORPORATION PVT LTD, DELHI

Appeal is dismissed

Bench: SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER\nAND\nSHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER\n\nITA No.1036/Del/2024\nAssessment Year: 2020-21\n\nIncome Tax Officer,\nWard-11(1),\nDelhi\nVs.\nM/s. HKT Corporation Pvt.\nLtd.,\n7, South Patel Nagar,\nNew Delhi\nPAN: AACCH0308M\n\n(Appellant)\n\n(Respondent)\n\nAssessee by\nSh. Tarandeep Singh, Adv.\n\nDepartment by\nSh. Rajesh Kumar Dhanesta, Sr. DR\n\nDate of hearing\n23.06.2025\n\nDate of pronouncement\n09.07.2025\n\nORDER\n\nPER SATBEER SINGH

additional duty as the same\nis related to acquisition cost and transfer expenses as I have already\nheld the property in question as capital asset and sale transaction as\ncapital gains. Thus, this ground of appeal raised by the appellant is\nallowed.\n\n7. 6. Ground no. 3(iii):\n\n10 Page\n\nITA No. 1036/Del/2024\n\n3(iii) That

SARVA CAPITAL LLC,NEW DELHI vs. ACIT CIRCLE INTERNATIONAL TAX 3(1)(2), NEW DELHI

In the result, appeal is partly allowed

Bench: Shri Kul Bharat & Dr. B. R. R. Kumar

income earned under the head ‘capital gain’. In addition to the aforesaid grounds, the assessee has raised an 4 Sarva

ITA Nos. 601/2011 & 602/2011 vs. ANSAL PROPERTIES & INFRASTRUCTURE LTD.

The appeals are disposed of

addition was wrongly made by treating the sale proceeds as short term capital gains. He held that Section 50 did not permit the said approach adopted by the Assessing Officer. He also referred to Circular No. 464 dated 23rd September, 2006 issued by the Board. 2012:DHC:2611-DB ITA Nos. 601/2011 & 602/2011 Page 5 of 23 9. The Income

COMMISSIONER OF INCOME TAX

Income Tax Appellate Tribunal was right in confirming deletion of addition of `19,35,769/- on account of undisclosed capital gains