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 :-

deducted under the head ‘capital gain’ are, which are incurred in connection with the transfer of capital assets, acquisition of cost

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)

deduction of tax at source @ 21.012% i.e., INR 28,21,21,70,693. a. The Assessee, in the return of income itclaimed that the capital gain

MR. TARUN SAWHNEY,NEW DELHI vs. ACIT, NOIDA

In the result, both the appeals of the assessee are allowed

Bench: Shri M. Balaganesh & Shri Sudhir Kumar

capital gain, which is arrived at after deducting cost of acquisition i.e. cost of any improvement and expenditure incurred in connection

MR. TARUN SAWHNEY,NEW DELHI vs. ACIT, NOIDA

In the result, both the appeals of the assessee are allowed

Bench: Shri M. Balaganesh & Shri Sudhir Kumar

capital gain, which is arrived at after deducting cost of acquisition i.e. cost of any improvement and expenditure incurred in connection

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

gains\ngenerated from this collective investment scheme are distributed proportionately\namongst the investors, after deducting applicable expenses and levies, by\ncalculating a scheme's “Net Asset Value” or NAV. In return, mutual fund\ncharges a small fee. In short, mutual fund is a collective pool of money\ncontributed by several investors and managed by a professional Fund Manager.\nSection

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

capital gains at taxable rate charged as\nper Indian law and have expressed the same to be attributed\ntowards the withholding tax liable to be deducted

DCIT, CIRCLE 52(1), NEW DELHI vs. BHUPINDER SINGH BHALLA, NEW DELHI

Appeal of the revenue is dismissed

deduction on capital gains for the land being used for\nagricultural purposes is allowed on the capital gains arising to the assessee

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

The appeals are disposed of

capital gains and not in accordance with the provisions of Chapter IV-D relating to profit and gains of business or profession. Reference was made to Section 32, which provides for deduction

ARUN DWIVEDI,NEW DELHI vs. ACIT, CIRCLE-9(2), NEW DELHI

In the result, the appeal of the assessee is allowed

capital gains was utilised\nfor purchase of the aforesaid new property within the time prescribed u/s\n54 of the Act to claim deduction

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

capital gain is taxable in India. (iii) Whether the deduction on account of cost of acquisition in relation to transfer

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

gain of Rs.6,90,68,982/- as business income. 9.3 That the assessing officer erred on facts and in law in holding that investment in units of mutual funds and shares were made as a systematic business activity, without appreciating that such investments were made on capital account and not as “stock-in-trade”. 9.4 That the assessing officer erred

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

gain of Rs.6,90,68,982/- as business income. 9.3 That the assessing officer erred on facts and in law in holding that investment in units of mutual funds and shares were made as a systematic business activity, without appreciating that such investments were made on capital account and not as “stock-in-trade”. 9.4 That the assessing officer erred

DEEPAK KATHARI,KANPUR vs. ACIT, CC-5, NEW DELHI

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

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

Capital gains" shall be computed, by deducting from the full value of the consideration received or accruing as a result

DCIT CENTRAL CIRCLE 05 , DELHI vs. DEEPAK KOTHARI , KANPUR

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

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

Capital gains" shall be computed, by deducting from the full value of the consideration received or accruing as a result

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

gains, the amount will have to be taxed in the manner laid down in the Article 14 of the Treaty.” The applicant stated that a portion of the receipts of the applicant from the policy holders is utilized in running its business. The balance is used for purpose of making portfolio investments. It has been stated that m this investment

MODI RUBBER LTD.,NEW DELHI vs. ACIT, CIRCLE- 17(1), NEW DELHI

In the result, Ground no.2 is partly allowed

Bench: Shri Saktijit Dey- & Shri Pradip Kumar Kedia-

deduction of Escrow amount from sale consideration in the scheme of the taxation for LTCG. There is no provision for deferment of taxation to later year on receipt of amount released from Escrow account. 11.1 The ld. DR referred to Sections 45 and 48 of the Act and submitted that the incidence of taxation arises under the head ‘Capital Gains

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

deducted to derive the amount of Capital Gain / Loss. 4.2.2 The Assessing Officer has stated that the said property was booked

ARUN SHUNGLOO TRUST

deducted from the full value of the consideration received or accruing as a result of the transfer of the capital asset. The second proviso to Section 48 stipulates that the expression “cost of acquisition” and “cost of improvement” shall mean “indexed cost of acquisition” and “indexed cost of improvement” in case of long term capital gains