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)

8. Written submissions of the ECL/Ecom and analysis Para 43 (page 164-177) ECL and rejection of arguments by the CIT(A) Para 43 (page 161-173) ECOM 9. Non-applicability of paragraph 4 of Article 13 under Para 44-47 (page 177-179) India Mauritius Treaty- Application of Section 6(3) ECL of the Indian Income Tax Act, Article

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

8\n(page 19-21) ECOM\n5.\nSummarising the analysis of the AAR\nPara 9 (page 22-24) ECL Para 9\n(page 21-23) ECOM\n6.\nFacts and circumstances leading to the conclusion of capital gains taxation by the AO\n6.1 Broad view of Essar Group Company forming part of\nthe existing arrangement\nPara 11 (page

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

8. From the conjoint reading and plain understanding of all these sections it can be seen that, firstly, shares in the company are treated as capital asset and no ITA No. 1212 & 1213/Del/2017 Mr. Tarun Sawhney exception has been carved out in section 2(14), for excluding the equity shares and unit of equity oriented funds that they

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

8. From the conjoint reading and plain understanding of all these sections it can be seen that, firstly, shares in the company are treated as capital asset and no ITA No. 1212 & 1213/Del/2017 Mr. Tarun Sawhney exception has been carved out in section 2(14), for excluding the equity shares and unit of equity oriented funds that they

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

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

8. There was an appeal to the CIT (Appeals) in which the assessee challenged the findings recorded by the assessing officer. As regards the violation of the provisions of Section 13(1)(c)(ii) on the ground that the assessee advanced sums to APIL without charging any interest, the CIT (Appeals) examined the relevant agreements under which the amount

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

section also\nexempts capital gains arising from a unit of an equity-oriented fund. This\ntreatment of capital gain to both equity shares and units of equity oriented\nfunds logically establish that units of equity funds are analogous/have\nsemblance with the equity shares.\n\n• Thus, the intent of Income Tax Law is very clear to treat the units

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

The appeals are disposed of

8 of 23 anything contained in clause (42A) of section 2, where the capital asset is an asset forming part of a block of assets in respect of which depreciation has been allowed under this Act or under the Indian Income-tax Act, 1922 (11 of 1922), the provisions of sections 48 and 49 shall be subject to the following

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

DCIT, CC-29, NEW DELHI vs. DHARAMPAL SATYALPAL LTD., NEW DELHI

Bench: Shri G. S. Pannu & Shri Yogesh Kumar U.S.I.T.A. No. 1977/Del/2020 (A.Y 2014-15)

gains on such reasonable basis as he may deem fit. Explanation - 43[For purposes of this sub-section, "market value", in relation to any goods or services, means- price that such goods or services would ordinarily fetch in (i) open market; or arm's length price as defined in clause (ii) of section 92F, where (ii) transfer of such goods

DCIT, CC-29, NEW DELHI vs. DHARAMPAL SATYAPAL LTD., NEW DELHI

Bench: Shri G. S. Pannu & Shri Yogesh Kumar U.S.I.T.A. No. 1976/Del/2020 (A.Y 2013-14)

gains on such reasonable basis as he may deem fit. Explanation - 43[For purposes of this sub-section, "market value", in relation to any goods or services, means- price that such goods or services would ordinarily fetch in (i) open market; or arm's length price as defined in clause (ii) of section 92F, where (ii) transfer of such goods

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

8. In view of this ground No. 2 of the appeal of the assessee is allowed holding that long term gain from listed securities of Rs.25,13,359 is chargeable to tax under the head capital gain and not business income. Ground no. 2 of the appeal is allowed.” I.T.A. No.5656/Del/2019 13 2.10 In view of the consistent finding

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

In the result, the appeal of the assessee is allowed

section 45 of the Act during the relevant period is\nreproduced as under:-\nCapital gains.\n8945. [(1)] Any profits or gains arising from the transfer of a capital\nasset effected in the previous year shall, save as otherwise provided in\nsections 2[***] [54, 54B, 4[***] 95[%[54D, 2\n7[54E, 8[54EA, 54EB

ARUN SHUNGLOO TRUST

8 of 15 defined and used in Section 48. 13. We find it difficult to accept the said contention. Section 48 uses two expressions “cost of acquisition” and “cost of any improvement”. The second proviso states that the said expressions will mean “indexed cost of acquisition” and “indexed cost of any improvement” in all cases of long term capital gains

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)

8 Sachin Kanodia Vs. ITO the very basis for the selection of the case for scrutiny in CASS. The grounds being interrelated are disposed of together. 5.1.1 It was also noted by the AD that Investigation directorate of the Income Tax department carried out large scale searches in Kolkata and Mumbai during the F.Y. 2014-15, followed by enquiries which

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

TELETUBE ELECTRONICS LTD

The appeal of the Assessee is allowed

8 of 32 rentals in AY 1995-96 and 1996-97 it had been incurring losses. By resorting to the said device, SGL was shown to be incurring expenditure and Assessee as earning income which was getting absorbed by its losses and carried forward losses. Lines-I and II would have completed their life terms much before the expiry