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 245R(2) of the Act and thus submission made praying to disregard the claim of exemption from capital gains taxation made by the two applicants, seeking benefit of Paragraph (4) of Article 13

SAT SAHIB SECURITIES PVT. LTD.,DELHI vs. DCIT, CIRCLE-7(1), NEW DELHI

In the result the appeal of the assessee is allowed

Bench: Sh. S. Rifaur Rahman & Sh. Sudhir Kumarassessment Year: 2006-07 M/S. Sat Sahib Securities Pvt. Vs Dcit Ltd. Pvt. Ltd., B-129, Anand Circle – 7 (1) Vihar, New Delhi-110092 New Delhi Pan No.Aabcs2456G (Appellant) (Respondent)

capital gain of Rs 67,87654/-. Apart from that, the assessee has also shown income from dividend which has been claimed as exempt income. 4. The assessee has filed return of income, declaring at Rs.72,16,819/-. The case of the assessee was selected for scrutiny and assessment under section 143(3) has been framed on 24-12-2008 assessing

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

capital gains not taxable in India.", "result": "Allowed", "sections": [ "13(4)", "6(3)", "13(3A)", "13(36)", "250", "90(2)", "90(4)", "90(5)", "Article

DIRECTOR OF INCOME TAX (EXEMPTION) vs. CHARANJIV CHARITABLE TRUST

In the result both aspects of the first substantial question of law

Bench: It, Two By The Assessee Relating To The Assessment Years 2006-07 & 2007-08 & One By The Revenue Relating To The Assessment Year 2006-07. In Other Words, In Respect Of The Assessment Year 2006-07, There Were Cross- 2014:Dhc:1467-Db

capital gains would have been declared by the APIL but in view of APIL’s reply, the assessing officer concluded that possession of the land was not given to the assessee. He further noted that the amount of Rs.8,60,16,000/- continued to remain with APIL for the whole of the next financial year i.e. 2004-05 without

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

section 70(3). 10. Coming to the decision of the ITAT Mumbai Bench in the case of Schrader Duncan Ltd. (supra), the issue involved there was, whether the loss on transfer of capital asset being units US 64 Scheme of Unit Trust of India can be allowed and entitled to carry forward the same for set off of in subsequent

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

section 70(3). 10. Coming to the decision of the ITAT Mumbai Bench in the case of Schrader Duncan Ltd. (supra), the issue involved there was, whether the loss on transfer of capital asset being units US 64 Scheme of Unit Trust of India can be allowed and entitled to carry forward the same for set off of in subsequent

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 from mutual fund units are not covered by Article 13(3A) which pertains to shares.", "result": "Allowed", "sections": [ "143(3)", "144C(13)", "10(38)", "112A", "2(42A)", "234B", "270A" ], "issues": "Whether capital

MILAN SAINI,GURGAON vs. DCIT, CIRCLE- 2 , GURGAON

In the result, the appeal of the assessee is allowed

Bench: Shri M Balaganesh & Shri Vimal Kumarassessment Year: 2014-15 Milan Saini, Vs. Dcit, 37, Centrum Plaza, Dlf Golf Circle-2. Course Road, Sector 53, Gurgaon Gurgaon (Haryana) Pan: Braps1366P (Appellant) (Respondent)

section 28(iv) of the Act as 'profits and gains of business and profession', alleging the same to be in lieu of professional/ entrepreneurial services. 4. That the CIT(A) erred on facts and in law in holding (in alternate) that compensation arising for alleged transfer of rights is taxable as short-term capital gains and not long-term capital

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

The appeals are disposed of

gains arising from the transfer of short-term capital assets. 13. The expression ―block of assets‖ means group of assets falling within the assets enumerated in clauses (a) and (b). The clause (a) refers to tangible assets, including building, machinery, plant and clause (b) refers to intangible assets like copyright, know how, trade mark etc. The aforesaid Section

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 :-

13-10-2023) "where AO treated income from sale of shares and securities as business income, while assessee claimed it as exempt long term capital gains, however, Commissioner (Appeal) reclassified it as 'capital 17 gains' citing CBDT Circular No. 6 dated 29-02-2016. Considering shares as investments balance sheet and their long term holding period, " In the case

ADDL. CIT, SPECIAL RANGE-7, NEW DELHI vs. PURAN ASSOCIATES PVT. LTD., NEW DELHI

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

Bench: Shri Challa Nagendra Prasad & Shri Pradip Kumar Kedia

13,29,232 Ltd. Long Term Capital Gain on sale of shares of ABN Amro 2,93,99,990 Securities Pvt. Ltd. Short Term Capital Gain 2,02,28,140 Total 1,21,87,78,509 17. Now, it has been well settled that if the shares which has been acquired and treated as investment from day one and held

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

In the result, the appeal of the assessee is allowed

Capital Gains of Rs.17,13,015/- in respect of\nsale of propertybeing D-4, 1st Floor, Vivekanandpuri, Lucknow, a sum of\nRs.22,30,000/- was paid by the assessee for the purchase of the new\nproperty beingN-1, Kailash Colony, Delhi as per the requirement u/s 54\nof the Act. Therefore, as per the provision of section

ARUN SHUNGLOO TRUST

13 of 15 term capital gains tax. Therefore, when the legislature by introducing the deeming fiction seeks to tax the gains arising on transfer of a capital asset acquired under a gift or will and the capital gains under Section

TELETUBE ELECTRONICS LTD

The appeal of the Assessee is allowed

capital gains were attracted under Section 50 of the Act. Order of the CIT (A) 9. The appeal filed by the Assessee was dismissed by the CIT (A) by an order dated 23rd February 1999. The CIT (A) affirmed the factual findings of the AO and concluded that the fact of the use of the Bhiwadi premises by other parties

TELETUBE ELECTRONICS LTD

The appeal of the Assessee is allowed

capital gains were attracted under Section 50 of the Act. Order of the CIT (A) 9. The appeal filed by the Assessee was dismissed by the CIT (A) by an order dated 23rd February 1999. The CIT (A) affirmed the factual findings of the AO and concluded that the fact of the use of the Bhiwadi premises by other parties

SACHIN KANODIA,NEW DELHI vs. ITO WARD - 42(2), NEW DELHI

Appeal are dismissed

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

Section 147 of the Act in the first appeal filed with learned CIT(A) for the assessment year 2005-06 and hence the finding of the AO has attained finality. Since the said findings of the AO with respect to purchases of 4000 shares of M/s Shiv Om Investment and Consultancy Limited in assessment year 2005-06 have become conclusive

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

capital gain of Rs. 1,17,34,753/- under section 10(38) of the Act and added the same to the income of the assessee under section 68 r.w.s. 115BBE of the Act. He also added Rs. 2,11,226/- to the income of the assessee being commission @ 1.8% of trade value on account of providing accommodation 3 entries under

SAKET KANOI,GURGAON vs. DCIT INTL. TAXATION, GURGAON

In the result, the appeal of the assessee is allowed

Bench: Dr. B. R. R. Kumar, Sh. Yogesh Kumar Us

13(3) of Indo-UAE treaty and therefore capital gain cannot be brought to tax in India. In doing so 23 Saket Kanoi he followed the decision of the Mumbai Bench of the Tribunal in the case of Assistant Director of Income-tax (International Taxation), Range 1(2) vs. Green Emirate Shipping & Travels 100 ITD 203 (Mum) ITAT