COMMISSIONER OF INCOME TAX (EXEMPTIONS) vs. INDIAN BROADCASTING FOUNDATION

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

capital was directly aligned with its objectives and was made in compliance with the directions of the Ministry of Information and Broadcasting [hereafter „MIB‟] and the recommendations of the Telecom Regulatory Authority of India [hereafter „TRAI‟]. It was submitted that the funds were deployed solely to fulfill its objectives and not for earning any income, interest, or profit, and thus

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

In the result, appeal of the assessee is dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishimr. Nikhil Sawhney Acit, 17 – Sunder Nagar, Central Circle, Vs. New Delhi – 110 003. Noida. Pan: Aaups0222Q (Appellant) (Respondent)

section 45 prescribes that any profits/gains on transfer of a capital asset shall be chargeable to tax as capital gains. Income from transfer of shares, be it short-term or long-term, is, per se, liable for taxation. It is only exempt from tax if long term gain on equity shares is liable to STT and not otherwise. Even

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

d in Stock 48,35,850 2,07,95,93,242 430 48,35.850 open offer Exchange 22/01/08 Transferred Stock 9,51,000 3,113 0 57,86,850 from Exchange individual account 17/03/ 08 Transferred Stock 1,50,000 491 0 59,36,850 from Exchange individual account 17/03/08 Transferred Stock 1

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

d in Stock 48,35,850 2,07,95,93,242 430 48,35.850 open offer Exchange 22/01/08 Transferred Stock 9,51,000 3,113 0 57,86,850 from Exchange individual account 17/03/ 08 Transferred Stock 1,50,000 491 0 59,36,850 from Exchange individual account 17/03/08 Transferred Stock 1

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

d in Stock 48,35,850 2,07,95,93,242 430 48,35.850 open offer Exchange 22/01/08 Transferred Stock 9,51,000 3,113 0 57,86,850 from Exchange individual account 17/03/ 08 Transferred Stock 1,50,000 491 0 59,36,850 from Exchange individual account 17/03/08 Transferred Stock 1

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

d in Stock 48,35,850 2,07,95,93,242 430 48,35.850 open offer Exchange 22/01/08 Transferred Stock 9,51,000 3,113 0 57,86,850 from Exchange individual account 17/03/ 08 Transferred Stock 1,50,000 491 0 59,36,850 from Exchange individual account 17/03/08 Transferred Stock 1

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

d in Stock 48,35,850 2,07,95,93,242 430 48,35.850 open offer Exchange 22/01/08 Transferred Stock 9,51,000 3,113 0 57,86,850 from Exchange individual account 17/03/ 08 Transferred Stock 1,50,000 491 0 59,36,850 from Exchange individual account 17/03/08 Transferred Stock 1

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

d in Stock 48,35,850 2,07,95,93,242 430 48,35.850 open offer Exchange 22/01/08 Transferred Stock 9,51,000 3,113 0 57,86,850 from Exchange individual account 17/03/ 08 Transferred Stock 1,50,000 491 0 59,36,850 from Exchange individual account 17/03/08 Transferred Stock 1

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.

D.R. Dr. Rakesh Gupta and For Assessee : Shri Somil Agarwal, Advocates. Date of Hearing : 28.08.2018 Date of Pronouncement : 15.10.2018 2 ITA.No.4944 & 4430/Del./2012 The Scientific and Educational Advancement Society, Gurgaon. ORDER PER BHAVNESH SAINI, J.M. Both the cross-appeals are directed against the Order of the Ld. CIT(A), Faridabad, Dated 06th July

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.

D.R. Dr. Rakesh Gupta and For Assessee : Shri Somil Agarwal, Advocates. Date of Hearing : 28.08.2018 Date of Pronouncement : 15.10.2018 2 ITA.No.4944 & 4430/Del./2012 The Scientific and Educational Advancement Society, Gurgaon. ORDER PER BHAVNESH SAINI, J.M. Both the cross-appeals are directed against the Order of the Ld. CIT(A), Faridabad, Dated 06th July

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

D. Trivedi (HUF) (2017) 87 taxmann.com 137 which was precisely on this issue that if the intention of the assessee at the time of purchase is of investor and held as investment then any action arising out of transfer of shares should be treated as capital gains. This judgment of Hon'ble Gujarat High Court has now been affirmed

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

D. Trivedi (HUF) (2017) 87 taxmann.com 137 which was precisely on this issue that if the intention of the assessee at the time of purchase is of investor and held as investment then any action arising out of transfer of shares should be treated as capital gains. This judgment of Hon'ble Gujarat High Court has now been affirmed

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

D. Trivedi (HUF) (2017) 87 taxmann.com 137 which was precisely on this issue that if the intention of the assessee at the time of purchase is of investor and held as investment then any action arising out of transfer of shares should be treated as capital gains. This judgment of Hon'ble Gujarat High Court has now been affirmed

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

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 Page 1 of 53 5767/Del/2015 for assessment year 2007 – 08 and ITA number 6346/Del/2014 for A Y 2010-11. Ld AO filed ITA number 6726/Del/2014

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

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 Page 1 of 53 5767/Del/2015 for assessment year 2007 – 08 and ITA number 6346/Del/2014 for A Y 2010-11. Ld AO filed ITA number 6726/Del/2014

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

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 Page 1 of 53 5767/Del/2015 for assessment year 2007 – 08 and ITA number 6346/Del/2014 for A Y 2010-11. Ld AO filed ITA number 6726/Del/2014