DCIT, CIRCLE 22(2), NEW DELHI, NEW DELHI vs. SAHIL VACHANI, DELHI

Appeal of the Revenue stands dismissed

Bench: Shri Mahavir Singh, Vice Presdient (), Shri Vikas Awasthy& Shriavdhesh Kumar Mishraआअसं.2604/िद"ी/2023(िन.व. 2016-17)

Capital Gains on sale of shares. Hence, there was no concealment of income. The Assessing Officer has levied penalty for furnishing in accurate particulars of income. It is not the case where the details furnished by the assessee were found to be incorrect with respect to LTCG earned during the year. It was the claim of exemption u/s. 65F which

ARYA SMAJ MODEL TOWN,DELHI vs. PCIT, CENTRAL -3, NEW DELHI

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

gains of\nbusiness which is not incidental to the attainment of its objectives or\nseparate books of account are not maintained by such trust or\ninstitution in respect of the business which is incidental to the\nattainment of its objectives; or\n\n(c) The trust or institution has applied any part of its income from\nthe property held under

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

1)(c)(ii) read with Section 13(3) of the Act are not followed, the trust would lose its exemption entirely, with the result 2014:DHC:1467-DB ITA Nos.321/2013, 322/2013 & 323/2013 Page 23 of 40 that the assessment of its income will be made according to the provisions of the Act. 23. With the above prefatory observations

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)

gains earned by Mauritian residents was contrary to the provisions of Article 13(4) of India-Mauritius DTAA. Therefore, the Supreme Court held that the CBDT was correct in issuing the aforesaid circular directing the Assessing Officers that wherever the TRC is issued by the MRA, the benefit of India-Mauritius DTAA is available to the taxpayer. 14. The validity

SUPERB MIND HOLDING LTD. ,NEW DELHI vs. ACIT CIRCLE INT TAX 3(1)(2), NEW DELHI

In the result, appeal of the assessee is allowed

Bench: Shri G.S. Pannu, Hon’Ble & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.1568/Del/2022 िनधा"रणवष"/Assessment Year: 2018-19

capital gain thereon is not liable to tax in India in view of Article 13(4) of DTAA between India and Mauritius. Therefore, the assessee contended that assessee sought refund of tax deducted at source by LEI Singapore from the sale consideration of the shares. It was further stated that as per provisions of section 195 r.w.s. 112(1)(c

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

gains earned by Mauritian residents\nwas contrary to the provisions of Article 13(4) of India-Mauritius DTAA.\nTherefore, the Supreme Court held that the CBDT was correct in issuing\nthe aforesaid circular directing the Assessing Officers that wherever the\nTRC is issued by the MRA, the benefit of India-Mauritius DTAA is\navailable to the taxpayer.\n14. The validity

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)

1) No Capital 51-53 Gain Gain Gain Appeal 20006-07 Capital Business 143(3) Capital Capital 57-66 Gain Gain income Gain 2007-08 Capital Capital 143(3) No Capital 54-56 Gain Gain Gain appeal 2008-09 Capital Business 143(3) Capital Capital 67-75 Gain Gain income Gain 2010-11 Capital Business 143(3) Capital Capital

SURESH CHAND BANSAL,HARYANA vs. ACIT, CENTRAL CIRCLE-16 , DELHI

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

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

Capital Gain. He submitted that the Assessing Officer cannot mechanically proceed to impugned penalty when he completed the assessment only based on revised return of income filed by the assessee. He submitted that in the similar facts on Amit Bansal and Suresh Chand Bansal vs. ACIT record, the Hon’ble Delhi High Court in the case of PCIT vs. Neeraj

AMIT BANSAL,HARYANA vs. ACIT CENTRAL CIRCLE-16, DELHI

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

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

Capital Gain. He submitted that the Assessing Officer cannot mechanically proceed to impugned penalty when he completed the assessment only based on revised return of income filed by the assessee. He submitted that in the similar facts on Amit Bansal and Suresh Chand Bansal vs. ACIT record, the Hon’ble Delhi High Court in the case of PCIT vs. Neeraj

AMIT BANSAL,HARYANA vs. ACIT, CENTRAL CIRCLE-16, DELHI

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

Bench: SHRI S.RIFAUR RAHMAN (Accountant Member), SHRI SUDHIR PAREEK (Judicial Member)

Capital Gain. He submitted that the Assessing Officer cannot mechanically proceed to impugned penalty when he completed the assessment only based on revised return of income filed by the assessee. He submitted that in the similar facts on Amit Bansal and Suresh Chand Bansal vs. ACIT record, the Hon’ble Delhi High Court in the case of PCIT vs. Neeraj

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

In the result, the appeal of the assessee is allowed

c) of the Act is\ninitiated separately for failure to disclose the true particulars of\nincome as mentioned above.”\nAggrieved with the said order, the assessee preferred an appeal\nbefore the Ld. CIT(A). However, the Ld. CIT(A) confirmed the action of the\nAO in computing the Long Term Capital Gain of Rs.17,13,1035/- on sale\nof House

ARUN SHUNGLOO TRUST

1) Where the capital asset became the property of the assessee - (i) On any distribution of assets on the total or partial partition of a Hindu undivided family; 2012:DHC:983-DB ITA No.116/2011 Page 5 of 15 (ii) Under a gift or will; (iii) (a) By succession, inheritance or devolution, or (b) On any distribution of assets

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

c). It is perhaps repetition, but we may emphasize again that exclusion, if any, must be done with reference to business, which is the unit of taxation. The first and second provisos to section 5 do that, but the third proviso does not. Lastly, it has been contended that the construction adopted by the High Court is likely to lead

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

c). It is perhaps repetition, but we may emphasize again that exclusion, if any, must be done with reference to business, which is the unit of taxation. The first and second provisos to section 5 do that, but the third proviso does not. Lastly, it has been contended that the construction adopted by the High Court is likely to lead

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)

gains and was in essence a capital receipt. j. The New Delhi Bench of AAR in the case of Lead Counsel of Qualified Settlement Fund (QSF), In re: [2016] 381 ITR 1 held that Settlement amount received for surrender of capital asset of 'right to sue' has to be treated as 'capital receipt' not liable

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.

C. A. Respondent by Shri Vivek Vardhan, JCIT; Date of Hearing 12.10.2022 Date of Pronouncement 02.11.2022 ORDER PER YOGESH KUMAR U.S., JM This appeal is filed by the Revenue for assessment year 2016-17 against the order of the ld. Commissioner of Income Tax (Appeals)-10, New Delhi [hereinafter referred to as CIT (Appeals)] dated 11.11.2019. 2 ITO Vs. Vinod

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

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

The appeals are disposed of

1) Expenditure incurred wholly and exclusively in connection with the transfer of the assets. (2) Written down value of the block assets at the beginning of the previous year. (3) Actual cost of the assets falling within the block of assets acquired during the previous year. 16. Thus, under Section 50 short term capital gains is payable in case after