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)

142(1) along with questionnaire was issued on 30.11.2016. In response to the notices, the counsel of assessee Shri Gaurav Singhal, Chartered Accountant attended the assessment proceedings and filed necessary information and details. On completion of assessment proceeding, Ld. AO passed the order dated 22.12.2016 making an addition of Rs.1,17,527/- being interest from S.B. Account jointly held

INCOME TAX OFFICER, WARD-11(1), DELHI vs. HKT CORPORATION PVT LTD, DELHI

The appeal are dismissed

Bench: Shri Satbeer Singh Godara & Shri S. Rifaur Rahman

Capital Gains on sale of property at Rs.3.9 crores on 12.03.2020. The invoices and bank details of payments and TDS deducted and paid furnished by the appellant has not been examined. This ground relates to disallowance of transfer expenses of Rs. 2340000/- in respect of STCLoss related to property at DLF, Gurgaon. AO has mentioned in this connection at page

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 143 (1) of the 2 Income-tax Act, 1961 (for short ‘the Act’) on 28.12.2004. The case was selected for scrutiny and notices u/s 143(2) and 142(1) of the Act were issued and served on the assessee. In response, ld. AR for the assessee attended from time to time and submitted relevant information as called

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)

capital gains taxation by the AO 6.1 Broad view of Essar Group Company forming part of Para 11 (page 24-27) ECL the existing arrangement Para 11 (page 23-25) ECOM 6.2 Moving of holding Essar Group in Indian Telecom Para 12 (page 27-33) ECL Business from Onshore to offshore Para 12 (page 26-31) ECOM 6.3 Acquisition

ACIT, NEW DELHI vs. AJAY KAILA, NEW DELHI

In the result, the appeal of the Revenue is dismissed

Bench: Shri B.P. Jain & Shri Kuldip Singh.

capital gains arising from transfer of one or more original assets, during the financial year in which the original asset or assets are transferred and in the subsequent financial year does not exceed fifty lakh rupees. 7. There is difference in judicial opinion on the issue. In Shri Aspin Ginwala vs. CIT [TS-192-ITAT

MDLR BUILDERS P.LTD,NEW DELHI vs. DCIT, CENTRAL CIRCLE-14, NEW DELHI

In the result, both the appeals filed by the respective assessees are partly allowed for statistical purpose

Bench: Sh. R. K. Panda & Sh. Kuldip Singhassessment Year: 2008-09

142 (1) and 143 (2), the Assessing Officer completed the Page No. 2 assessment u/s. 144 of the Act on 21.12.2009 determining the total income at Rs.110,12,38,532/-. 3. The assessee moved an application before the CIT(Central)-II, New Delhi under the provisions of section 264 on 14.06.2010. The CIT(Central)-II, New Delhi vide order dated

MDLR ESTATES PVT. LTD.,NEW DELHI vs. DCIT, CENTRAL CIRCLE-14, NEW DELHI

In the result, both the appeals filed by the respective assessees are partly allowed for statistical purpose

Bench: Sh. R. K. Panda & Sh. Kuldip Singhassessment Year: 2008-09

142 (1) and 143 (2), the Assessing Officer completed the Page No. 2 assessment u/s. 144 of the Act on 21.12.2009 determining the total income at Rs.110,12,38,532/-. 3. The assessee moved an application before the CIT(Central)-II, New Delhi under the provisions of section 264 on 14.06.2010. The CIT(Central)-II, New Delhi vide order dated

M/S UNITECH LTD.,,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, assessee’s appeals is allowed and revenue’s appeal is dismissed

Bench: Shri I.C. Sudhir & Shri L.P. Sahu Assessment Year: 2009-10 M/S. Unitech Ltd., Vs. Additional Cit, 6-Community Centre, Range-18, Saket, New Delhi-1100 17 New Delhi. (Pan: Aaacu1482H) (Appellant) (Respondent) Assessment Year: 2009-10 Additional Cit, Vs. M/S. Unitech Ltd., Range-18, 6-Community Centre, New Delhi. Saket, New Delhi (Pan: Aaacu1482H) (Appellant) (Respondent) Assessee By: S/Shri Salil Aggarwal, Adv., Gautam And, Ca & Shjalesh Gupta, Ca Department By: S/Shri Dilip Shivpuri & Ruchir Bhatia, Government Standing Counsels Date Of Hearing : 12 .01.2016 Date Of Pronouncement: 08 :04.2016 Order Per I.C. Sudhir:These Cross Appeals Preferred By Assessee & Revenue Are Directed Against The Order Of Learned Cit(A)-Xxi, New Delhi Dated 16.8.2013 & Relate To Assessment Year 2009-10. 2. The Appellant-Assessee Is A Public Limited Company Engaged In The Business Of Construction & Development Of Real Estate Projects. For The Assessment Year Under Consideration, It Filed A Return Declaring An Income Of Rs. 922,30,17,671/- On 29.9.2009, Which Came To Be Assessed At An Income Of Rs. 3361,18,87,560/- In An Order Dated 1.8.2012 Under Section 143(3) Of The Act. On Appeal, Learned Cit(A) Granted Part Relief To The Appellant & Hence The Appeals Before Us.

142(2A) of the Act were not satisfied in the instant case and, the directions for issue of special audit were with a mere motive to extend the period of limitation, therefore reference was without jurisdiction and order of assessment so made in pursuance thereto was barred by limitation. 1.2 That the learned Commissioner of Income Tax (Appeals) ought

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

Bench: Shri Anubhav Sharma & Shri Manish Agarwal

142 to 445 of the paper book). • The Assessee was always of the view that the gains from mutual fund units were not taxable in India under Article 13(4) of India-Mauritius DTAA. • However, since the learned AO has considered such capital gains to be taxable in India, the Assessee would like to submit that gains derived from sale

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 of almost equal amount. The AO observed that short-term gain was not genuine inasmuch as the assessee had purchased 45,000 shares of M/s Ankur International Ltd. at varying rates from Rs. 2.06 to Rs. 3.1 per share and sold them within a short span of six- seven months at the rate varying from Rs. 47.75 paise

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 under section 10(38) of the Act in the return for which reason the assessee’s return was selected for complete scrutiny. 14.2 During assessment proceedings, statutory notice under section 143(2) of the Act was served upon the assessee to produce evidence in support of the return. Again notice under section 142

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, 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

AZIZUL GHANI ,NEW DELHI vs. INCOME TAX OFFICER - ITO WARD 63(3) NEW DELHI, NEW DELHI

In the result, the appeal of the assessee is allowed

Bench: Shri S Rifaur Rahman & Shri Vimal Kumarazizul Ghani Vs. Ito, Ward 63(3) 1407 Pan Mandi E-2, Block, Civic Centre, Sadar Bazar, New Delhi – 110002 Delhi – 110006 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aajpg7737K Appellant .. Respondent

142(1) were issued. On completion of proceedings ld. AO vide order dated 22.12.2017 held that an impugned of Rs.35,00,000/- qualifies for deduction u/s 54 of the Act and the amount of Rs.6,66,46,841/- did not qualify deduction and same was added back to the income of assessee under the head of long term capital gain

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

BHUPINDER SINGH JULKA,NEW DELHI vs. ACIT, CIRCLE-INT. TAX. 2(1)(2), DELHI

In the result, the appeal of the assessee is partly allowed for statistical purposes

Bench: Shri Kul Bharat & Shri M. Balaganesh

142(1) of the Act were issued which were duly complied with. (Please refer page 34 of Paper book). 1.3 That on 28.09.2021 the learned Assessing Officer passed draft order u/s 144C of the Act wherein assessed income is proposed at Rs. 33,60,600/-, proposing following additions: Sr.No. Particulars Amount in Rs. i) Short Term Capital Gain: Being capital

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

142,000,000/– from sale of 50% share in house number 19, Kautilya Marg, New Delhi. The assessee has declared long-term capital gain of ₹ 25,036,358/–. Out of sale proceeds, the assessee has made the following investments:- a) investment in Rural Electrification Corporation capital gain bonds on 24/2/2009 out of the advanced received