MR. SUNIL GOYAL,NOIDA vs. ITO, NEW DELHI

Appeal is disposed of in accordance with the aforesaid directions

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

112 has been accepted in the last year also. There is no reason why the revenue cannot accept the sale consideration for shares held as long term capital asset as giving rise only to long term capital gain as claimed by the assessee. The price for the shares is what the parties have fixed to be paid

EMERGING INDIA FOCUS FUNDS,MAURITIUS vs. ACIT, CIRCLE INT. TAXATION 1(2)(2), DELHI

Bench: Shri Anubhav Sharma & Shri Manish Agarwal

112, section 112A, etc. • Further, under the Securities Contract (Regulation) Act, 1956, shares and mutual fund units are identified as separate securities. • The aforesaid view is also supported by Cochin Tribunal in the case of DCIT(IT) vs. K.E. Faizal [2019] 178 ITD 383 and Mumbai Tribunal in the case of ITO(IT) vs. Satish Beharilal Raheja [2013] 37 taxmann.com

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

DDIT, NEW DELHI vs. M/S. MITSUBISHI MOTORS CORPORATION,

In the result, the appeal is dismissed

Bench: Shri R.S. Syal, Am & Shri C.M. Garg, Jm Assessment Year : 2010-11

section 112(1), applicable at the material time, as under :- “112. (1) Where the total income of an assessee includes any income, arising from the transfer of a long-term capital asset, which is chargeable under the head "Capital gains

SANGEETA DEVI JHUNJHUNWALA,NEW DELHI vs. ITO, WARD-70(1), NEW DELHI

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

Bench: Dr. Brr Kumar & Ms. Astha Chandraasstt. Year: 2015-16

gain. 20. Suman Poddar vs. ITO (2019) 112 taxmann.com 330 (SC): In this case the Hon’ble Supreme Court reproduced the relevant part of the order of CIT (Appeals) wherein he observed that in the assessment order the AO referred to the general modus operandi of bogus accommodation entry and thereafter, he has further referred to statement of parties

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)

Gain (STCG) on sale of shares, namely, Hindustan Petroleum Corporation Limited (HPCL) and Gas Authority of India Limited (GAIL). It was observed that loss on sale of the shares was due to issue of bonus shares of these companies. He observed that assessee had sold shares after receiving the bonus shares and claimed the Short Term Capital Loss, claimed

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)

Gain (STCG) on sale of shares, namely, Hindustan Petroleum Corporation Limited (HPCL) and Gas Authority of India Limited (GAIL). It was observed that loss on sale of the shares was due to issue of bonus shares of these companies. He observed that assessee had sold shares after receiving the bonus shares and claimed the Short Term Capital Loss, claimed

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 and resultant tax liability in accordance with section 112(1)(c)(iii) of the Act read with Rule

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

capital gain on sale of the property being the plots of land and building for which the sale was cancelled by an order dated 05/06/2015 of the Hon’ble Delhi High Court. 35. As discussed above, the assessee filed a revised return of income during the course of assessment proceedings initiated

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

capital gain on sale of the property being the plots of land and building for which the sale was cancelled by an order dated 05/06/2015 of the Hon’ble Delhi High Court. 35. As discussed above, the assessee filed a revised return of income during the course of assessment proceedings initiated

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

capital gain on sale of the property being the plots of land and building for which the sale was cancelled by an order dated 05/06/2015 of the Hon’ble Delhi High Court. 35. As discussed above, the assessee filed a revised return of income during the course of assessment proceedings initiated

DCIT, NEW DELHI vs. ANAND PERSAD JAISWAL, NEW DELHI

In the result, the appeal of the Revenue is dismissed

Bench: Shri G.D. Agrawalbefore Shri G.D. Agrawal & And Before Shri Before Shri G.D. Agrawalg.D. Agrawal & And Shri Kuldip Singh Shri Kuldip Singhshri Kuldip Singh Shri Kuldip Singh

Section 112 and proviso thereof read as under :- “112. Tax on long 112. Tax on long 112. Tax on long-term capital gains

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

GAURAV AGGARWAL,DELHI vs. ITO WARD 60 (5 ), NEW DELHI

The appeal is dismissed

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishishri Gaurav Aggarwal, Income Tax Officer, Flat No. 12, 2Nd Floor, Vs. Ward 60 (5) Sheel Tara House, New Delhi. 4866/24,Ansari Road, Daryaganj New Delhi – 110 002. Pan : Agepa3001F (Appellant) (Respondent)

section 10(38) of I.T. Act, 1961. 8.1.1 I find that the appellant had made investment in shares of little known company(s). The Income Tax Investigation Authorities (and SEBI) have made detailed enquiries to establish that the persons connected with M/s HPC Biosciences Ltd., were systematically involved in the activity of converting unaccounted cash into long /short term capital

VANEET AGGARWAL,NEW DELHI vs. ACIT, CIRCLE-14(2), NEW DELHI

In the result, appeal of the Assessee is dismissed

Bench: Shri S. Rifaur Rahman & Shri Vimal Kumar

section 10(38) on long-term capital gains earned by assessee on sale of shares and treated same as bogus, since Assessing Officer did not show any material to back its conclusion of treating LTCG as bogus and, further, shares were traded on stock exchange after paying securities transaction tax and money was received through proper banking channels which demonstrated

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

Capital Gain ('STCG') as claimed by the Assessee in the return filed by it. The AO was of the view that the earlier intimation under Section 143 (1) did not involve the application of mind by the AO and the new information had resulted from the scrutiny assessment for AY 2007-08. The Court relied on its decision in Orient

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

Capital Gain ('STCG') as claimed by the Assessee in the return filed by it. The AO was of the view that the earlier intimation under Section 143 (1) did not involve the application of mind by the AO and the new information had resulted from the scrutiny assessment for AY 2007-08. The Court relied on its decision in Orient

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

Capital Gain ('STCG') as claimed by the Assessee in the return filed by it. The AO was of the view that the earlier intimation under Section 143 (1) did not involve the application of mind by the AO and the new information had resulted from the scrutiny assessment for AY 2007-08. The Court relied on its decision in Orient