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)

Section 6(3) of the IT Act India read with Article 4(3) of the Treaty 26 (II) Judicial Dicta on tests for “control and management of affairs 223-239 situated wholly in India” 27 (III) Case of Dual Residence under the Treaty-Applicability of 235-239 Article 4(3) of Indo Mauritius DTAA Part-B-VI - Rebuttal of objections

DCIT, CIRCLE-2(2), NEW DELHI vs. ANANT RAJ LTD., NEW DELHI

The appeal is allowed partly as indicated above

Bench: Shri Amit Shukla & Shri Prashant Maharishi

111 ITD 1 (Mumbai) (SB). Accordingly, he submitted when no capital gain accrues, then no tax is payable thereon. 47. The Ld. AR further submitted that it is the duty and power of this Court to take into consideration all the subsequent events in the interest of justice and placed reliance on undernoted authorities: 27 I.T.As. No.4736, 5237 & 5238/DEL/2017

ANANT RAJ LTD.,NEW DELHI vs. DCIT, CIRCLE-2(2), NEW DELHI

The appeal is allowed partly as indicated above

Bench: Shri Amit Shukla & Shri Prashant Maharishi

111 ITD 1 (Mumbai) (SB). Accordingly, he submitted when no capital gain accrues, then no tax is payable thereon. 47. The Ld. AR further submitted that it is the duty and power of this Court to take into consideration all the subsequent events in the interest of justice and placed reliance on undernoted authorities: 27 I.T.As. No.4736, 5237 & 5238/DEL/2017

DCIT, CIRCLE-2(2), NEW DELHI vs. ANANT RAJ LTD., NEW DELHI

The appeal is allowed partly as indicated above

Bench: Shri Amit Shukla & Shri Prashant Maharishi

111 ITD 1 (Mumbai) (SB). Accordingly, he submitted when no capital gain accrues, then no tax is payable thereon. 47. The Ld. AR further submitted that it is the duty and power of this Court to take into consideration all the subsequent events in the interest of justice and placed reliance on undernoted authorities: 27 I.T.As. No.4736, 5237 & 5238/DEL/2017

SH. RAKESH KUMAR GUPTA,NEW DELHI vs. ITO, NEW DELHI

In the result, the appeal is dismissed

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

gains, arising from the transfer of a capital asset effected in the previous year, is deemed to be income of the previous year in which the transfer took place. Section 111

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

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

ANALJIT SINGH,DELHI vs. DCIT, CIRCLE- 16(2), DELHI

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

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

Capital Company Ltd. (‘ KMCC’) to carry out an equity valuation of SBP as of February 28, 2014 (“Valuation Date”) and provide the price per share of SBP, in relation to the proposed acquisition of shares of SBP that CGP does not already own from the Sellers. SBP, through a series of companies in the HoldCo Chain, is an indirect shareholder

MANISH TYAGI,GHAZIABAD vs. ITO, GHAZIABAD

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

Bench: Shri Amit Shukla & Shri Prashant Maharishi(Through Video Conferencing) Manish Tyagi, Vs. Ito, House No. 131, Sector-6, Ward-1(4), Chiranjeev Vihar, Ghaziabad Ghaziabad Pan: Acgpt1413J (Appellant) (Respondent)

111 ITR 347 (Mad), it is held that Keeping in view the provisions of section 163(2) regarding opportunity of being heard to be given to the agent as also those of section 246(1 )(d) or 246(2A) or 246(2B) or section 246A(1)(d) regarding filing of an appeal against an order made u/s 163 treating

ITO,WARD-30(1), NEW DELHI vs. VINOD GUGNANI, NEW DELHI

In the result, grounds of Appeal of the Revenue fails, consequently the Appeal filed by the Revenue is dismissed

Bench: Shri B. R. R. Kumar & Sh. Yogesh Kumar U.S.

capital gains in an account which is duly notified by the Central Government. In other words if he want of claim exemption from payment of income tax by retaining the cash, then the said amount is to be invested in the said account. If the intention is not to retain cash but to invest in construction or any purchase

SMT. RANJANA GARG,NEW DELHI vs. DCIT, NEW DELHI

In the result, the CO of the assessee is allowed and

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaranjana Garg, Vs Dcit 141, Sunder Nagar, Central Circle 12, New Delhi. Jhandewalan Aanpg3625Q Extn., New Delhi. Ranjana Garg, Vs Dcit 141, Sunder Nagar, Central Circle 12, New Delhi. Jhandewalan Aanpg3625Q Extn., New Delhi. Acit Vs Amita Garg, Central Circle 12, G-15, Maharani Bagh, New Delhi. New Delhi. Aadpg0990L Acit Vs Amita Garg, Central Circle 12, G-15, Maharani Bagh, New Delhi. New Delhi. Aadpg0990L

section 153A of the I.T. Act. Perusal of the assessment order as quoted above very unambiguously evidences that the additions made by the AO were not based on any incriminating documents. The additions made therefore, were indisputably outside the scope of assessments u/s 153A of the I.T. Act and deserves to be deleted. The Ld. CIT (A) has also

DCIT, NEW DELHI vs. SH. KRISHNA SHRIRAM, NEW DELHI

In the result, both the appeals of the assessee and Revenue are dismissed

Bench: : Shri Amit Shukla & Shri L.P. Sahuassessment Year: 2006-07

Section 263 of the Act on the ground that the assessment order passed by the AO was erroneous and prejudicial to the interest of Revenue, in as much as the AO during the course of original proceedings failed to make necessary enquiries about the profits earned on sale of shares declared as capital gains and also about the gift

SHRI KRISHNA SHRIRAM,NEW DELHI vs. ACIT, NEW DELHI

In the result, both the appeals of the assessee and Revenue are dismissed

Bench: : Shri Amit Shukla & Shri L.P. Sahuassessment Year: 2006-07

Section 263 of the Act on the ground that the assessment order passed by the AO was erroneous and prejudicial to the interest of Revenue, in as much as the AO during the course of original proceedings failed to make necessary enquiries about the profits earned on sale of shares declared as capital gains and also about the gift

SANJAY KAUL,NEW DELHI vs. ITO, WARD-24(4), NEW DELHI

In the result, the appeal of the assessee is dismissed

Bench: Shri H.S. Sidhu & Shri O.P. Kantassessment Year: 2015-16

gain through various operators. He has provided list of beneficiaries as well as operators and modus operandi. 2.7 The assessee failed to justify before the Assessing Officer for making investment in the shares of above referred companies without any financial rationale. 2.8 The Assessing Officer on the basis of the material available on record, surrounding circumstances, human conduct and preponderance

DCIT, NEW DELHI vs. M/S. DIVYA SHAKTI TRADING SERVICES LTD., NEW DELHI

In the result, the appeal of the Revenue is dismissed

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

capital gain amounting to Rs. 35,14,66,127/- earned on entire sale and purchase of shares is treated as business income and is taken as business income by rejecting the special tax treatment as per Section 111

M/S. RJ CORP LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

gain arising from conversion of capital asset into stock in trade as per section 45(2) of the Ac 1961.” ITA No. 4971/Del/2015 : A.Y. 2011-12 (Assessee Appeal) 2. Following grounds have been raised by the assessee: “1. That on the facts and in circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeals) has erred

M/S. RJ CORP LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

gain arising from conversion of capital asset into stock in trade as per section 45(2) of the Ac 1961.” ITA No. 4971/Del/2015 : A.Y. 2011-12 (Assessee Appeal) 2. Following grounds have been raised by the assessee: “1. That on the facts and in circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeals) has erred

DCIT, NEW DELHI vs. M/S. R.J. CORP LTD., NEW DELHI

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

gain arising from conversion of capital asset into stock in trade as per section 45(2) of the Ac 1961.” ITA No. 4971/Del/2015 : A.Y. 2011-12 (Assessee Appeal) 2. Following grounds have been raised by the assessee: “1. That on the facts and in circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeals) has erred

DCIT, NEW DELHI vs. M/S. R.J. CORP LTD., NEW DELHI

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

gain arising from conversion of capital asset into stock in trade as per section 45(2) of the Ac 1961.” ITA No. 4971/Del/2015 : A.Y. 2011-12 (Assessee Appeal) 2. Following grounds have been raised by the assessee: “1. That on the facts and in circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeals) has erred