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

section 70(3). 10. Coming to the decision of the ITAT Mumbai Bench in the case of Schrader Duncan Ltd. (supra), the issue involved there was, whether the loss on transfer of capital asset being units US 64 Scheme of Unit Trust of India can be allowed and entitled to carry forward the same for set off of in subsequent

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

section 70(3). 10. Coming to the decision of the ITAT Mumbai Bench in the case of Schrader Duncan Ltd. (supra), the issue involved there was, whether the loss on transfer of capital asset being units US 64 Scheme of Unit Trust of India can be allowed and entitled to carry forward the same for set off of in subsequent

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 Income Tax Act, 1961 and only following expenses are eligible to be deducted from the Income Tax Act, 1961 under the head capital gains: 1. Which are incurred wholly and exclusively in connection with the transfer of the Capital assets and 2. The cost of acquisition of the asset and the cost of any improvement thereto

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)

gain earned in respect of transfer of land at Gujarat. The exemption was claimed in respect of a residential property acquired at Kanpur i.e the "new asset". That other than the "New Asset" the appellant was the legal owner of only one Residential Property at Sky lounge Pune. The L.D A.O however disallowed the exemption claimed by the appellant stating

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)

gain earned in respect of transfer of land at Gujarat. The exemption was claimed in respect of a residential property acquired at Kanpur i.e the "new asset". That other than the "New Asset" the appellant was the legal owner of only one Residential Property at Sky lounge Pune. The L.D A.O however disallowed the exemption claimed by the appellant stating

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

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

DCIT, NEW DELHI vs. M/S. MALVIKA INVESTMENTS & SERVICES PVT. LTD., NEW DELHI

In the result the appeal by the Revenue is dismissed

Bench: Shri J. Sudhakar Reddy & Shri Sudhanshu Srivastavaa.Y. 2010-11

192/-. The details of purchase and sale and period of holding of Mutual Fund and Shares are analysed. The total purchase transactions done by the assessee in units, during the year are about 50 in twelve schemes and sales transactions are 48 in fourteen schemes of various mutual funds, which comes to one transaction in a week only and cannot

RAMOTAR SINGH HUF,REWARI vs. ITO, WARD- 2, REWARI

In the result, the appeal filed by the assesee is allowed

Bench: Shri R.K. Panda & Ms Suchitra Kambleassessment Year: 2012-13 Ramotar Singh, Huf, Vs Ito, Rewari Ward-2, C/O Naresh Singh Chauhan, Advocate, Rewari. 1035-P, Sector-3, Part Ii, Near Ganeshi Lal Dharmshala, Rewari, Haryana. Pan: Aashr5279J (Appellant) (Respondent) Assessee By : Shri Gautam Jain, Advocate. Revenue By : Ms Rakhi Vimal, Sr. Dr Date Of Hearing : 16.07.2020 Date Of Pronouncement : 21.08.2020 Order Per R.K. Panda, Am:

capital gain on sale of land in question along with supporting documents. Referring to page 3 of the paper book, he submitted that the assessee, vide letter dated 20th May, 2013, responded that the assessee has not filed any income-tax return for the impugned assessment year. Referring to page 5 of the paper book, the ld. Counsel drew

M/S MARUTI SUZUKI INDIA LTD.,,NEW DELHI vs. DCIT, NEW DELHI

capital gains not under the head income from\nBusiness.\n36. The next issue is whether the CBDT circular be applied prospectively or\nretrospectively, we observed that this issue was already addressed by the Hon’ble\nCalcutta High Court in the case of Century Plyboards I Ltd (supra), wherein it was\nheld that CBDT Circular 6/2016 dated 29/2/2016 would be applicable

PRAVEEN RANJAN SINHA,GURGAON vs. DCIT, CIRCLE-3(1), GURGAON, GURGAON

In the result, the appeal of the assessee is allowed and Stay Application of the assessee is dismissed as infructuous

Bench: Shri Kul Bharat & Shri M. Balaganeshpraveen Ranjan Sinha, Vs. Dcit, Icb 141, The Icon, Dlf Circle-3(1), City, Phase-V, Gurgaon, Gurgaon Haryana (Appellant) (Respondent) Pan: Ardps3000N Sa No. 57/Del/2024 (In Ita No. 399/Del/2024) (Assessment Year: 2015-16) Praveen Ranjan Sinha, Vs. Dcit, Icb 141, The Icon, Dlf Circle-3(1), City, Phase-V, Gurgaon, Gurgaon Haryana (Appellant) (Respondent) Pan: Ardps3000N Assessee By : Shri Sudesh Garg, Adv Ms. Bhavya Garg, Adv Revenue By: Shri Dharambir Singh, Cit Dr Date Of Hearing 08/04/2024 Date Of Pronouncement 08/07/2024

192 Taxmann211 is not applicable in the case of the appellant. 5. The Ld. CIT(A) has grossly erred on facts and in law in cryptically approving grossly illegal action of the AO in first converting capital asset into stock in trade and then valuing the same in gross violation of provision of section 145/145A as well as section

M/S. RJ CORP LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

gain arising from conversion of capital asset into stock in trade as per section 45(2) of the Ac 1961.” ITA No. 4971/Del/2015 : A.Y. 2011-12 (Assessee Appeal) 2. Following grounds have been raised by the assessee: “1. That on the facts and in circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeals) has erred

DCIT, NEW DELHI vs. M/S. R.J. CORP LTD., NEW DELHI

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

gain arising from conversion of capital asset into stock in trade as per section 45(2) of the Ac 1961.” ITA No. 4971/Del/2015 : A.Y. 2011-12 (Assessee Appeal) 2. Following grounds have been raised by the assessee: “1. That on the facts and in circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeals) has erred

DCIT, NEW DELHI vs. M/S. R.J. CORP LTD., NEW DELHI

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

gain arising from conversion of capital asset into stock in trade as per section 45(2) of the Ac 1961.” ITA No. 4971/Del/2015 : A.Y. 2011-12 (Assessee Appeal) 2. Following grounds have been raised by the assessee: “1. That on the facts and in circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeals) has erred

M/S. RJ CORP LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

gain arising from conversion of capital asset into stock in trade as per section 45(2) of the Ac 1961.” ITA No. 4971/Del/2015 : A.Y. 2011-12 (Assessee Appeal) 2. Following grounds have been raised by the assessee: “1. That on the facts and in circumstances of the case and in law, the Ld. Commissioner of Income Tax (Appeals) has erred

TRIPLE ESS INFRASTRUCTURE P.LTD,NEW DELHI vs. ADDL.CIT, RANGE-27, NEW DELHI

In the result appeal of the assessee is partly allowed

Bench: Shri Amit Shukla & Shri L.P. Sahuasstt. Year: 2015-16

section 2(47) (vi) was to bring within the tax net de facto transfer of any immovable property and expression ‘enabling the enjoyment’ takes colour from the earlier expression ‘transferring’ so that it is clear that any transaction which enables the enjoyment of immovable property must be enjoyment as a purported owner thereof. The idea is to bring within

DCIT, NEW DELHI vs. M/S. DLF LTD., NEW DELHI

Bench: Sh. Prashant Maharishi & Sh. K. N. Chary(Through Video Conferencing) Assessment Year: 2010-11 Dlf Limited Jcit Dlf Centre, (9Th Floor) Vs Range-10 Sansad Marg, 404, C. R. Building New Delhi-110001 New Delhi Pan No.Aaacd3494N (Appellant) (Respondent) Assessment Year: 2010-11 Dcit Vs. Dlf Ltd. Circle –7 (1) Sansad Marg New Delhi New Delhi Pan No. Aaacd3494N (Appellant) (Respondent)

capital gain, then how such income which would be a non business income can be claimed as being eligible for deduction under section 80IAB. * It was also observed by him that income tax deduction U/s 80IB is allowable for a period of 10 years on the profits arising from development on a year to year basis and there

DLF LTD.,NEW DELHI vs. JCIT, NEW DELHI

Bench: Sh. Prashant Maharishi & Sh. K. N. Chary(Through Video Conferencing) Assessment Year: 2010-11 Dlf Limited Jcit Dlf Centre, (9Th Floor) Vs Range-10 Sansad Marg, 404, C. R. Building New Delhi-110001 New Delhi Pan No.Aaacd3494N (Appellant) (Respondent) Assessment Year: 2010-11 Dcit Vs. Dlf Ltd. Circle –7 (1) Sansad Marg New Delhi New Delhi Pan No. Aaacd3494N (Appellant) (Respondent)

capital gain, then how such income which would be a non business income can be claimed as being eligible for deduction under section 80IAB. * It was also observed by him that income tax deduction U/s 80IB is allowable for a period of 10 years on the profits arising from development on a year to year basis and there