DCIT, NEW DELHI vs. M/S. PURAN ASSOCIATES PVT. LTD., NEW DELHI

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

Bench: Shri Amit Shukla & Shri O.P. Kant

capital gain or business income’ is in dispute and if certain facts are being pointed out from the material already on record, then the same can always be examined to see, whether it was acquired for the purpose of investment or for the purpose of trading. Thus, objection raised by the ld. CIT-DR is rejected. 21. The next issue

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

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 on the shares which were acquired in 2008 and sold in 2011, which is much before 1 April 2017, is unsustainable and bad in law. V. The Assessee is not a resident of India as its control & management is not situated wholly in India: a. Residential status of an assessee is required to be determined every year

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)

Section 2(47) of the Income tax Act, 1961 and therefore the same is held to be a transfer of Capital asset by the assessee. The assessee has only made an attempt to give it a colour of genuineness in the garb of lease agreements whereas the same should have been offered for tax under the head ‘Capital gains

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)

Section 2(47) of the Income tax Act, 1961 and therefore the same is held to be a transfer of Capital asset by the assessee. The assessee has only made an attempt to give it a colour of genuineness in the garb of lease agreements whereas the same should have been offered for tax under the head ‘Capital gains

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

section 45 (4) do not apply to partner and applies to a firm. He submitted that Ld. CIT(A) incorrectly came to the conclusion that the amount of Rs.43,49,47,500/- represent the capital gain arising on sum received by the assessee as partner on retirement from the partnership firm, though the same is exempt

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

section 45 (4) do not apply to partner and applies to a firm. He submitted that Ld. CIT(A) incorrectly came to the conclusion that the amount of Rs.43,49,47,500/- represent the capital gain arising on sum received by the assessee as partner on retirement from the partnership firm, though the same is exempt

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

section 155 in this regard. In support of this contention, reliance was placed on the judgment of Shah VrajlalMadhavji [1974] 95 ITR 614 (KER.) holding that the quantum of capital gain can be altered by way of rectification on subsequent change in sale consideration by High Court. Thus, he submitted that, this revised return, in essence, amounted to an application

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

section 155 in this regard. In support of this contention, reliance was placed on the judgment of Shah VrajlalMadhavji [1974] 95 ITR 614 (KER.) holding that the quantum of capital gain can be altered by way of rectification on subsequent change in sale consideration by High Court. Thus, he submitted that, this revised return, in essence, amounted to an application

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

section 155 in this regard. In support of this contention, reliance was placed on the judgment of Shah VrajlalMadhavji [1974] 95 ITR 614 (KER.) holding that the quantum of capital gain can be altered by way of rectification on subsequent change in sale consideration by High Court. Thus, he submitted that, this revised return, in essence, amounted to an application

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

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 PER PRASHANT MAHARISHI, A.M.: 01. ITA number 8703/Del/2019

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 10(38) of IT Act, 1961. The said claim of long terms Capital gain of Re 63,01,425/- as exempt income has formed 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

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

Appeal is dismissed

Bench: SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER\nAND\nSHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER\n\nITA No.1036/Del/2024\nAssessment Year: 2020-21\n\nIncome Tax Officer,\nWard-11(1),\nDelhi\nVs.\nM/s. HKT Corporation Pvt.\nLtd.,\n7, South Patel Nagar,\nNew Delhi\nPAN: AACCH0308M\n\n(Appellant)\n\n(Respondent)\n\nAssessee by\nSh. Tarandeep Singh, Adv.\n\nDepartment by\nSh. Rajesh Kumar Dhanesta, Sr. DR\n\nDate of hearing\n23.06.2025\n\nDate of pronouncement\n09.07.2025\n\nORDER\n\nPER SATBEER SINGH

Capital Gains on sale of property at Rs.3.9 crores\non 12.03.2020. The invoices and bank details of payments\nand TDS deducted and paid furnished by the appellant has\nnot been examined.\n\nThis ground relates to disallowance of transfer expenses of Rs.\n2340000/- in respect of STCLoss related to property at DLF, Gurgaon.\nAO has mentioned in this connection

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

capital gains on the shares which were\nacquired in 2008 and sold in 2011, which is much before 1 April 2017, is\nunsustainable and bad in law.\nV. The Assessee is not a resident of India as its control &\nmanagement is not situated wholly in India:\na. Residential status of an assessee is required to be determined\nevery year

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

section 14A by the Assessing Officer for calculation of income which does not form part of the total income. The assessee had submitted detailed calculation before the ld. CIT(A), in which he has already disallowed a sum of Rs.1,05,329/- whereas the Assessing Officer has mentioned in his order only Rs.971/-. The ld. CIT(A) after discussing

ACIT, NEW DELHI vs. M/S. SHRI HARI INVESTMENT, NEW DELHI

In the result appeal of the revenue for both the assessment years are dismissed

Bench: Shri Amit Shukla & Shri Prashant Maharishi

gains instead of business income which the transactions actually are. Further, there is no parity in the capital contribution of shares with the profit sharing ratios. 3.11 Further, the Finance Act, 2006 amended the provisions of section 14A w.e.f. 01-04- 2007 with which the AO was empowered to disallow expenses relating to earning of tax free income

ACIT, NEW DELHI vs. M/S. SHRI HARI INVESTMENT, NEW DELHI

In the result appeal of the revenue for both the assessment years are dismissed

Bench: Shri Amit Shukla & Shri Prashant Maharishi

gains instead of business income which the transactions actually are. Further, there is no parity in the capital contribution of shares with the profit sharing ratios. 3.11 Further, the Finance Act, 2006 amended the provisions of section 14A w.e.f. 01-04- 2007 with which the AO was empowered to disallow expenses relating to earning of tax free income

ASHISH DHAWAN,NEW DELHI vs. ACIT, NEW DELHI

The appeal is allowed

Bench: Shri Kuldip Singh & Shri Prashant Maharishiashish Dhawan, Vs. Acit, 55-A, Jor Bagh, Circle-31(1), New Delhi New Delhi Pan: Adlpd9621N (Appellant) (Respondent)

capital gain as per the provisions of section 54EC is required to be re-computed. 8. Vide letter dated 13/05/2010 the assessee filed a reply to the show cause notice issued to the assessee under section 154