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)

sections, nowhere provides for any deemed profit or deemed gain or any hypothetical benefit deemed to have been received or to be deemed to be accruing to the transferor as a result of the transfer of the capital asset. We may refer to a judgment of the hon' ble court in CIT v. Infosys Technologies Ltd. reported

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)

sections, nowhere provides for any deemed profit or deemed gain or any hypothetical benefit deemed to have been received or to be deemed to be accruing to the transferor as a result of the transfer of the capital asset. We may refer to a judgment of the hon' ble court in CIT v. Infosys Technologies Ltd. reported

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 declared on the sale of two properties under 48 I.T.As. No.4736, 5237 & 5238/DEL/2017 consideration cannot be taxed in the hands of the assessee at all. 82. The AO as well as the Ld. CIT(A) did not grant the claimed relief of excluding the impugned LTCG from taxable income for the A.Y. 2009-10 to the assessee merely

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 declared on the sale of two properties under 48 I.T.As. No.4736, 5237 & 5238/DEL/2017 consideration cannot be taxed in the hands of the assessee at all. 82. The AO as well as the Ld. CIT(A) did not grant the claimed relief of excluding the impugned LTCG from taxable income for the A.Y. 2009-10 to the assessee merely

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 declared on the sale of two properties under 48 I.T.As. No.4736, 5237 & 5238/DEL/2017 consideration cannot be taxed in the hands of the assessee at all. 82. The AO as well as the Ld. CIT(A) did not grant the claimed relief of excluding the impugned LTCG from taxable income for the A.Y. 2009-10 to the assessee merely

UDAY KUMAR VAISH,NEW DELHI vs. CIT, NEW DELHI

In the result, the appeal of the assessee is allowed

Bench: Sh. N. K. Saini, Am & Sh. Lalit Kumar, Jm Ita No. 5700/Del/2014 : Asstt. Years : 2009-10 Uday Kumar Vaish, Vs Commissioner Of Income Tax, 52/79, Ramjas Road, Karol Bagh, Central-Ii, New Delhi-110005 New Delhi (Appellant) (Respondent) Pan No. Aaipv1716G Assessee By : Dr. Rakesh Gupta & Somil Agarwal, Adv. Revenue By : Sh. Kartar Singh, Cit Dr Date Of Hearing : 29.11.2016 Date Of Pronouncement : 30.11.2016 Order Per N. K. Saini, Am: This Is An Appeal By The Assessee Against The Order Dated 06.03.2014 Of Ld. Cit, Central-Ii, New Delhi U/S 263 Of The Income Tax Act, 1961 (Hereinafter Referred To As The Act).

167 ITR 471 (SC). I shall be obliged. Thanking You, Yours Faithfully, (Uday Kumar Vaish) 3. During the course of hearing the ld. Counsel for the assessee reiterated the contents of the aforesaid application and submitted that similar delay was there in case of M/s Sheena Exports Vs CIT(Central), Gurgoan in ITA No. 6001/Del/2013 wherein the delay has been

SAIF PARTNERS INDIA IV LIMITED ,DELHI vs. ACIT INT. TAXATION-3(1)(2), DELHI

In the result, the appeal of the assessee in ITA No

Bench: Shri N.K. Billaiya & Shri Anubhav Sharma

gain in India. The ld. CIT has clearly ignored the fact the assessee has neither claimed nor carried forward such capital loss in its return of income filed in India. 17. The Hon'ble Supreme Court in Malabar Industrial Co. Ltd., 243 ITR 83, has laid down the following ratio: "A bare reading of section 263 of the Income

ASSISTANT COMMISSIONER OF INCOME TAX, DELHI vs. VIREET INVESTMENTS PRIVATE LIMITED, DELHI

In the result, the appeal of Revenue is partly allowed as boave for statistical purpose

Bench: Shri Yogesh Kumar U.S. & Shri Avdhesh Kumar Mishra

section 10(38) of the I. T. Act, 1961. 6.6 In the absence of evidence to prove that the Long-Term Capital Gains claimed exempt u/s 10(38) is only from transfer of "an equity shares in a company or a unit of an equity-oriented fund" the amount of Rs. 8,90,66,252/- is to be assessed

ADDI CHARITABLE TRUST,NEW DELHI vs. CIT EXEMPTION, DELHI

In the result, the appeal of Revenue is partly allowed as boave for statistical purpose

Bench: Shri Yogesh Kumar U.S. & Shri Avdhesh Kumar Mishra

section 10(38) of the I. T. Act, 1961. 6.6 In the absence of evidence to prove that the Long-Term Capital Gains claimed exempt u/s 10(38) is only from transfer of "an equity shares in a company or a unit of an equity-oriented fund" the amount of Rs. 8,90,66,252/- is to be assessed

COMMISSIONER OF INCOME TAX DEL vs. M/S MANSAROVAR INVESTMENTS LTD

Appeals are allowed

Bench: HON'BLE MR. JUSTICE MANMOHAN,HON'BLE MR. JUSTICE SANJEEV NARULA

section 47 of the Act. If the shares are held as stock-in- trade, income shall be chargeable to income-tax under the head “profits and gain of business or profession”. Here the spotlight should not entirely be on the concept of ‘transfer’ but instead whether there is business income in hands of the assessee. We, therefore, now proceed

THE COMMISSIONER OF INCOME TAX vs. M/S NALWA INVESTMENT LTD.

Appeals are allowed

Bench: HON'BLE MR. JUSTICE MANMOHAN,HON'BLE MR. JUSTICE SANJEEV NARULA

section 47 of the Act. If the shares are held as stock-in- trade, income shall be chargeable to income-tax under the head “profits and gain of business or profession”. Here the spotlight should not entirely be on the concept of ‘transfer’ but instead whether there is business income in hands of the assessee. We, therefore, now proceed

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

Section 54 talks about ‘ a Residential house’, which does not mean that only one house, is allowed as deduction. Assessee’s contentions are supported by the decisions of various high court and draw strength from the amendment made in that act. Recently Honourable Karnataka High court has dealt with this issues in Arun K. Thiagarajan Vs Commissioner of Income

SH. VALMIK THAPAR,NEW DELHI vs. ACIT, 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

Section 54 talks about ‘ a Residential house’, which does not mean that only one house, is allowed as deduction. Assessee’s contentions are supported by the decisions of various high court and draw strength from the amendment made in that act. Recently Honourable Karnataka High court has dealt with this issues in Arun K. Thiagarajan Vs Commissioner of Income

ACIT, NEW DELHI vs. SH. VALMIK THAPAR, 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

Section 54 talks about ‘ a Residential house’, which does not mean that only one house, is allowed as deduction. Assessee’s contentions are supported by the decisions of various high court and draw strength from the amendment made in that act. Recently Honourable Karnataka High court has dealt with this issues in Arun K. Thiagarajan Vs Commissioner of Income

COMMISSIONER OF INCOME TAX DEL vs. M/S ABHUINANDAN INVESTMENTS LT

Appeals are allowed

section 47 of the Act. If the shares are held as stock-in- trade, income shall be chargeable to income-tax under the head “profits and gain of business or profession”. Here the spotlight should not entirely be on the concept of ‘transfer’ but instead whether there is business income in hands of the assessee. We, therefore, now proceed

COMMISSIONER OF INCOME TAX DEL vs. M/S M/S JINDAL EQUIPMENT LEASI

Appeals are allowed

section 47 of the Act. If the shares are held as stock-in- trade, income shall be chargeable to income-tax under the head “profits and gain of business or profession”. Here the spotlight should not entirely be on the concept of ‘transfer’ but instead whether there is business income in hands of the assessee. We, therefore, now proceed

COMMISSIONER OF INCOME TAX DEL vs. M/S MANSAROVAR INVESTMENTS LTD

Appeals are allowed

section 47 of the Act. If the shares are held as stock-in- trade, income shall be chargeable to income-tax under the head “profits and gain of business or profession”. Here the spotlight should not entirely be on the concept of ‘transfer’ but instead whether there is business income in hands of the assessee. We, therefore, now proceed

SUNIL MIGLANI,GHAZIABAD vs. DCIT, GHAZIABAD

In the result, appeal of the assessee is allowed

Bench: Shri N. K. Billaiya & Ms Suchitra Kamblesunil Miglani Vs Dcit Kj-2, Kavi Nagar Central Circle New Delhi Ghaziabad (Appellant) (Respondent)

capital gains and exemptions are distinct and separate and one does not override the other. Section 54F is an exemption provisions and a complete code in itself and since it is a complete code in itself, computation of eligible exemption has to be worked out within its framework as far as possible and deeming fiction contained in any other provision