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 :-

section 48 of the Act. Therefore we are inclined to decide the issue of claim of administration expenses in favour of the revenue. Ultimately, the assessee may get the benefit of claim of these 12 expenses as business expenditure under the head business income. As such there is no impact for the same in this AY. 14. With regard

SUMITOMO CORPORATION,NEW DELHI vs. DCIT (INTERNATIONAL TAXATION), NEW DELHI

Appeal of the assessee is partly allowed for statistical purpose

Bench: Shri R. K. Panda & Ms Suchitra Kamble(Through Video Conferencing) Sumitomo Corporation Vs Dcit (International Taxation) G-195, Circle-3(1)(2) Sarita Vihar New Delhi New Delhi Aabcs6011P (Appellant) (Respondent)

Section 144C of the Income Tax Act thereby proposing to make following variation to the return income of the assessee:- Particulars Amount (in Rs.) as Amount (in Rs.) as per revised return assessed of income A Business Income Income from -1,27,500 1,27,500 6 various projects as per return of income Add: Income from

DCIT, NEW DELHI vs. SH. MONI KUMAR SUBBA, NEW DELHI

In the result ground No. 2 of the appeal of the assessee is allowed

Bench: Smt. Diva Singh & Shri O.P. Kantassessment Year: 2006-07 Dcit, Vs. Sh. Moni Kumar Subba, Central Circle-4, New Delhi Subba Farm House, 118, Village Sultanpur, Mehrauli, Gurgaon Road, Delhi Pan :Aasps1484J (Appellant) (Respondent) & Assessment Year: 2006-07 Shri. Moni Kumar Subba, Vs. Acit, Subba Farm House, 118, Central Circle-4, E-2, Ara Village Sultanpur, Mehrauli, Centre, Jhandewalan Extn., Gurgaon Road, Delhi New Delhi Pan :Aasps1484J (Appellant) (Respondent)

capital gain tax. 2. That the appellant has not sold the property to M/s. Subba Microsystems Ltd. and lease period was for a limited period of use of property during lease period and after expirty of lease period, land is to be restored back to the appellant and security deposit is refundable and as such there is no case

MONI KUMAR SUBBA,DELHI vs. ACIT, NEW DELHI

In the result ground No. 2 of the appeal of the assessee is allowed

Bench: Smt. Diva Singh & Shri O.P. Kantassessment Year: 2006-07 Dcit, Vs. Sh. Moni Kumar Subba, Central Circle-4, New Delhi Subba Farm House, 118, Village Sultanpur, Mehrauli, Gurgaon Road, Delhi Pan :Aasps1484J (Appellant) (Respondent) & Assessment Year: 2006-07 Shri. Moni Kumar Subba, Vs. Acit, Subba Farm House, 118, Central Circle-4, E-2, Ara Village Sultanpur, Mehrauli, Centre, Jhandewalan Extn., Gurgaon Road, Delhi New Delhi Pan :Aasps1484J (Appellant) (Respondent)

capital gain tax. 2. That the appellant has not sold the property to M/s. Subba Microsystems Ltd. and lease period was for a limited period of use of property during lease period and after expirty of lease period, land is to be restored back to the appellant and security deposit is refundable and as such there is no case

SURESH KUMAR AGGARWAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE-25, NEW DELHI

In the result, appeal of the assessee is partly allowed

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishia Y 2011-12 Appellant Respondent Shri Suresh Kumar Agarwal The Assistant Commissioner Of 154, Deepali Enclave Vs. Income Tax Pitampura Central Circle -25 New Delhi New Delhi Pan :- Abvpk1318H ( Appellant ) ( Respondent ) Date Of Hearing 17-06-2020 Date Of Order 29.06.2020 Present For Assessee Shri Gautam Jain , Advocate Present For Income Tax Department :- Shri Saras Kumar Senior Departmental Representative O R D E R

sections 68 of the income tax act. To discharge the onus, the assessee has submitted i. details of the purchase of the shares showing the purchase bill from the broker of buying the shares at the market rate on the online trading platform of Bombay stock exchange and ii. making the payment of the shares by an account by cheque

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. 1,17,14,346/- on sale of shares of M/s. HPC Biosciences Limited which the assessee claimed as exempt under section 10(38) of the Act. She had purchased 20,000 shares on 03.01.2013 at the rate Rs. 5/- per share for Rs. 1,00,000/- which she sold during the previous year relevant

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)

capital gain. Surrounding circumstances differ from the normal share market transactions in which they are ordinarily carried out. Taking all the steps together, final conclusion does not accord with the human probabilities. The Hon'ble Supreme Court in the case of CIT v. Durga Prasad More held as under: "It is a story that does not accord with human probabilities

M/S. EASTMAN INDUSTRIES LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the assessee is allowed for statistical purpose and that of Revenue is partly allowed for statistical purposes

Bench: : Shri I.C. Sudhir & Shri L.P. Sahu

sections 2(42A) & 2(42B) with respect to short term capital gains and Instruction No. 1827 dated 31.08.1989, held that the main business of the assessee was trading of shares and therefore, the short term capital gain of Rs.71,23,102/- and long term capital gain of Rs.22,76,029/- totaling to Rs.93,99,131

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)

capital gain in section 48 of Income Tax Act. Moreover, income earned by the appellant on the amount received in December, 2007 has been declared by the appellant in respective years and tax has been paid thereon. 4.1.15 Hon'ble Supreme Court in the case of K.P.Vargehse vs ITO 131

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)

capital gain in section 48 of Income Tax Act. Moreover, income earned by the appellant on the amount received in December, 2007 has been declared by the appellant in respective years and tax has been paid thereon. 4.1.15 Hon'ble Supreme Court in the case of K.P.Vargehse vs ITO 131

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

Capital Gain/Short Term Capital Loss or any other sham transactions. " Similarly, the clarification for unlisted shares states: "It is, however, clarified that the above would not be necessarily applied in the situation where: (i) the genuineness of the transaction in unlisted shares itself is questionable; or (ii) the transfer of unlisted shares is related to an issue pertaining to lifting

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

Capital Gain/Short Term Capital Loss or any other sham transactions. " Similarly, the clarification for unlisted shares states: "It is, however, clarified that the above would not be necessarily applied in the situation where: (i) the genuineness of the transaction in unlisted shares itself is questionable; or (ii) the transfer of unlisted shares is related to an issue pertaining to lifting

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

gains” u/s 45(1) of the Act has to be computed by deducting from the full value of consideration “received” or “accruing” as a result of transfer of the capital assets. The terms used in section 48 are the full value of consideration 39 | P a g e I.T.A .No.-4737/Del/2017 “received” or “accruing”, which connotes to the actual

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 68 is called for. Since the assessee has placed the contract note, payment through cheques identifying the company whose shares were transacted, tire genuineness of claim of long term capital gain should not have been doubted. We do not find, merit in these contentions of the assessee in the light of the facts that there is prevalent practice

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)

capital gain of ^56,55,874/- belonging to Shri Ashok Kumar Tyagi, as his personal income. CIT(A) confirmed the order of Assessing Officer. CONTENTIONS Representative assessee cannot be assessed in his individual capacity in respect of income of the person represented by him a) Section 160(1) defines 05 categories of representative assessees in respect of the particular incomes

BRIJ BHUSHAN SINGAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 3, NEW DELHI

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

capital gains arising on the sales of the various companies are bogus is denied, both factually and legally. As already stated above the transactions, being fully compliant with the provisions of the Income-tax Act as the other applicable regulatory ITA Nos. 1476 to 1478/Del/2018 ITA Nos. 1482, 1485 to 1487/Del/2018 provisions, no cause arises to treat the same

NEERAJ SINGAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 3, NEW DELHI

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

capital gains arising on the sales of the various companies are bogus is denied, both factually and legally. As already stated above the transactions, being fully compliant with the provisions of the Income-tax Act as the other applicable regulatory ITA Nos. 1476 to 1478/Del/2018 ITA Nos. 1482, 1485 to 1487/Del/2018 provisions, no cause arises to treat the same

BRIJ BHUSHAN SINGAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 3, NEW DELHI

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

capital gains arising on the sales of the various companies are bogus is denied, both factually and legally. As already stated above the transactions, being fully compliant with the provisions of the Income-tax Act as the other applicable regulatory ITA Nos. 1476 to 1478/Del/2018 ITA Nos. 1482, 1485 to 1487/Del/2018 provisions, no cause arises to treat the same