DR. PRANNOY ROY,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

1 in the return of income short-term capital gain to be RS. 1.27 2 assessed 3. The perusal of the return indicates that neither long-term capital gain nor short-term capital gain has been disclosed. I, therefore, have reason to believe that on account of failure on the part of the assessee to disclose truly and fully

SMT. RADHIKA ROY,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

1 in the return of income short-term capital gain to be RS. 1.27 2 assessed 3. The perusal of the return indicates that neither long-term capital gain nor short-term capital gain has been disclosed. I, therefore, have reason to believe that on account of failure on the part of the assessee to disclose truly and fully

DR. PRANNOY ROY,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

1 in the return of income short-term capital gain to be RS. 1.27 2 assessed 3. The perusal of the return indicates that neither long-term capital gain nor short-term capital gain has been disclosed. I, therefore, have reason to believe that on account of failure on the part of the assessee to disclose truly and fully

DCIT, NEW DELHI vs. MRS. RADHIKA ROY, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

1 in the return of income short-term capital gain to be RS. 1.27 2 assessed 3. The perusal of the return indicates that neither long-term capital gain nor short-term capital gain has been disclosed. I, therefore, have reason to believe that on account of failure on the part of the assessee to disclose truly and fully

DCIT, NEW DELHI vs. DR. PRANNOY ROY, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

1 in the return of income short-term capital gain to be RS. 1.27 2 assessed 3. The perusal of the return indicates that neither long-term capital gain nor short-term capital gain has been disclosed. I, therefore, have reason to believe that on account of failure on the part of the assessee to disclose truly and fully

SMT. RADHIKA ROY,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

1 in the return of income short-term capital gain to be RS. 1.27 2 assessed 3. The perusal of the return indicates that neither long-term capital gain nor short-term capital gain has been disclosed. I, therefore, have reason to believe that on account of failure on the part of the assessee to disclose truly and fully

ACIT, GURGAON vs. M/S. THE SCIENTIFIC & EDUCATIONAL ADVANCEMENT SOCIETY, GURGAON

In the result, Appeal of the Assessee is allowed

Bench: Shri Bhavnesh Saini, J.M. & Shri L.P. Sahu, A.M.

capital gains under section 11(1 A) of the I.T. Act, 1961. The investment in land is a prescribed and approved

M/S. SCIENTIFIC AND EDUCATIONAL ADVANCEMENT SOCIETY,NEW DELHI vs. ITO, GURGAON

In the result, Appeal of the Assessee is allowed

Bench: Shri Bhavnesh Saini, J.M. & Shri L.P. Sahu, A.M.

capital gains under section 11(1 A) of the I.T. Act, 1961. The investment in land is a prescribed and approved

ACIT, NEW DELHI vs. M/S PURAN ASSOCIATES PVT. LTD., NEW DELHI

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

Bench: Shri Amit Shukla & Shri O.P. Kant

section 14A read with Rule 8D, takes into account only the interest component which can be attributed towards the income and not forming part of total income. It has nothing to do with the earning of interest income. 4. The Appellant craves to the allowed to amend, delete or add any other grounds of appeal during the course of hearing

DCIT, NEW DELHI vs. M/S. PURAN ASSOCIATES PVT. LTD., NEW DELHI

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

Bench: Shri Amit Shukla & Shri O.P. Kant

section 14A read with Rule 8D, takes into account only the interest component which can be attributed towards the income and not forming part of total income. It has nothing to do with the earning of interest income. 4. The Appellant craves to the allowed to amend, delete or add any other grounds of appeal during the course of hearing

ACIT, NEW DELHI vs. M/S. PURAN ASSOCIATES PVT. LTD., NEW DELHI

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

Bench: Shri Amit Shukla & Shri O.P. Kant

section 14A read with Rule 8D, takes into account only the interest component which can be attributed towards the income and not forming part of total income. It has nothing to do with the earning of interest income. 4. The Appellant craves to the allowed to amend, delete or add any other grounds of appeal during the course of hearing

ARTIFICIAL LIMBS MANUFACTURING CORPORATION OF INDIA,KANPUR vs. ASSISSTANT COMMISSIONER OF INCOME TAX,EXEMOPTION CIRCLE, GHAZIABAD , GHAZIABAD

In the result, we are inclined to accept the findings of Ld CIT(A) and AO

Bench: Shri S. Rifaur Rahman & Shri Sudhir Pareek, Judicialmember

gains derived from the incidental business of charitable-trust would qualify as income for computing statutorily allowed accumulation of 15% in terms of section 11(1)(a) of the Income Tax Act. In view of the above the addition made by the AO is confirmed and the grounds of appeal raised by the appellant are dismissed.” 13. Aggrieved, assessee

ARTIFICIAL LIMBS MANUFACTURING CORPORATION OF INDIA,KANPUR vs. ADDITIONAL COMMISSIONER OF INCOME TAX ,EXEMPTION RANGE , GHAZIABAD

In the result, we are inclined to accept the findings of Ld CIT(A) and AO

Bench: Shri S. Rifaur Rahman & Shri Sudhir Pareek, Judicialmember

gains derived from the incidental business of charitable-trust would qualify as income for computing statutorily allowed accumulation of 15% in terms of section 11(1)(a) of the Income Tax Act. In view of the above the addition made by the AO is confirmed and the grounds of appeal raised by the appellant are dismissed.” 13. Aggrieved, assessee

SHRI VALMIK THAPAR,NEW DELHI vs. DCIT, NEW DELHI

Appeals are disposed of by this common order as indicated above

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

1,70,00,000/- being the construction cost of the house property at Kautilya Marg and reduced it from the long-term capital gain arrived earlier of ₹ 117,311,789/- and thereby determined total taxable long-term capital gain of ₹ 100,311,789/–. Accordingly assessment order u/s 147 read with Section 143 (3) of The Income Tax Act was passed

SH. VALMIK THAPAR,NEW DELHI vs. ACIT, NEW DELHI

Appeals are disposed of by this common order as indicated above

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

1,70,00,000/- being the construction cost of the house property at Kautilya Marg and reduced it from the long-term capital gain arrived earlier of ₹ 117,311,789/- and thereby determined total taxable long-term capital gain of ₹ 100,311,789/–. Accordingly assessment order u/s 147 read with Section 143 (3) of The Income Tax Act was passed

ACIT, NEW DELHI vs. SH. VALMIK THAPAR, NEW DELHI

Appeals are disposed of by this common order as indicated above

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

1,70,00,000/- being the construction cost of the house property at Kautilya Marg and reduced it from the long-term capital gain arrived earlier of ₹ 117,311,789/- and thereby determined total taxable long-term capital gain of ₹ 100,311,789/–. Accordingly assessment order u/s 147 read with Section 143 (3) of The Income Tax Act was passed

ADIT (E), NEW DELHI vs. FORTUNE SOCIETY FOR DEVELOPMENT AND PROMOTION OF INTERNATIONAL BUSINESS, NEW DELHI

In the result ground No. 2

Bench: Shri I.C.Sudhir & Shri Prashant Maharishiadit(E), Vs. Fortune Society For Tc-Ii, New Delhi Development & Promotion Of International Business, G-4, Community Centre, Naraina Vihar, New Delhi Pan:Aaatf0849L (Appellant) (Respondent)

Section 11(1)." Thereafter, reference was made to the following quotation from the judgment of the Karnataka High Court in Society of the Sisters of St. Anne (supra) : "It is clear from the above provisions that the income derived from property held under trust cannot be the total income because s. 11(1) says that the former shall

DIRECTOR OF INCOME TAX (EXEMPTION) vs. NATIONAL ASSOCIATION OF SOFTWARE AND SERVICE COMPANIES (NASSCOM)

In the result the appeals are disposed of as above with no order as to

gains falling within the following classes shall not be included in the total income of the person receiving them: (i) Subject to the provision of clause (c) of sub-section (1) of section 16, any income derived from property held under trust or other legal obligation wholly for religious or charitable purposes, in so far as such income is applied