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

NARENDRA KUMAR SINGH,NEW DELHI vs. ACIT, CENTRAQL CIRCLE-15, , NEW DELHI

In the result, the appeal of the assessee is dismissed

Bench: Shri Bhavnesh Saini & Shri O.P. Kantassessment Year: 2013-14 Shri Narendra Kumar Singh, Vs. Asstt. Commissioner Of C/O- Vivek Bansal, 2Nd Floor, Income Tax, B-3/4, Safdarjung Enclave, Central Circle-15, New Delhi New Delhi Pan :Akmps8087M (Appellant) (Respondent) Appellant By S/Shri I.P. Bansal & Vivek Bansal, Advocates Respondent By Smt. Rinku Singh, Sr.Dr

gain on sale of the properties should be assessed under the head profit of the business. 4.5 In view of above finding, the decisions relied upon by the assessee that no section 50C is applicable in case of the business income, are not relevant. 4.6 On the issue of making reference to the DVO, while invoking section

UMA DUTT PALIWAL PROP.,PANIPAT vs. ADDL. CIT, PANIPAT

In the result appeal of the assessee is allowed

Bench: Shri J. Sudhakar Reddy & Sh. Sudhanshu Srivastavaay: 2008-09 Uma Dutt Paliwal, Vs Addl. Cit, Prop. Paliwal Home Furnishing, Karnal. Panipat. (Appellant) (Respondent) Appellant By: Shri Gurjeet Singh, Ca Respondent By: Shri O.P.Meena, Sr. Dr

23A, subsection (5) of Section 24, Section 34AA, Section 35 and Section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under subsection (1) of Section 16Aof that Act. Explanation1. - For the purposes of this section

YOGESH JUNEJA,FARIDABAD vs. ACIT, CIRCLE-29(1), NEW DELHI

In the result, the Appeal filed by the assessee is allowed

Bench: Dr. B. R. R. Kumar & Sh. Yogesh Kumar Usi.T.A. No. 218/Del/2020 (A.Y 2015-16)

23A sub- section (5) of section 24, section 34 A A. section 35 and section 37 of the Wealth-tax, Act, 1967 (27 of 1957) shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under subsection (1) of section 16A of that Act. Explanation

CIT vs. KHOOBSURAT RESORTS PVT LTD

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

23A sub-section (5) of section 24, section 34 A A. section 35 and section 37 of the Wealth-tax, Act, 1967 {27 of I957) shall. with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under subsection (1) of section 16A of that Act. Explanation

CIT vs. KHOOBSURAT RESORTS PVT LTD

23A sub-section (5) of section 24, section 34 A A. section 35 and section 37 of the Wealth-tax, Act, 1967 {27 of I957) shall. with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under subsection (1) of section 16A of that Act. Explanation

ITO, NEW DELHI vs. SMT. SHIMLA DEVI, NEW DELHI

In the result, we reverse the order of the learned CIT appeal and restore the order of the learned assessing officer; consequently, ground number 2 of the appeal of the revenue is allowed

Bench: Smt Beena A Pillai & Shri Prashant Maharishiito, Vs. Shimla Devi, Ward-41(3), C-29, New Multan Nagar, New Delhi New Delhi Pan: Afypd6835R (Appellant) (Respondent)

23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modi-fications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. 92 [Explanation

ARTI DEVI CHAND,NEW DELHI vs. ITO WARD - 53(5), NEW DELHI

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

gain on sale of transfer of capital asset in a sum of Rs.64,24,710/-. 9. As regards the addition made under section 50C of the I.T. Act, 1961, it is an admitted fact that in the Sale Deed valuation of the property for stamp duty purposes have been mentioned at Rs.1,87,76,000/-. However, the property have been

SH. ANIL JAIN,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal of the assessee is allowed partly

Bench: Sh. Amit Shukla & Sh. O.P. Kantassessment Year: 2009-10 Vs. Dcit, Circle -5(1), New Delhi Sh. Anil Jain, B- 2/18, Vasant Vihar, New Delhi Pan : Aaipj2615C (Appellant) (Respondent)

gains. In the case of CIT Vs. Gauranginiben S. Shodhan INDL (supra)”, the Hon’ble Gujarat High Court has given similar finding that “reference to DVO for 6 ascertaining the fair market value of the capital asset as on the date of the sale in the case would be wholly redundant.” 3.5.1 We are bound to follow the ratio laid

SHRI JASTINDER SINGH VEDI,NEW DELHI vs. DCIT, NEW DELHI

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

Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 2006-07 Vs. Dcit, Circle-25(1), New Delhi Sh. Jastinder Singh Vedi, 24/55, Punjabi Bagh (West), New Delhi Pan : Aaepv4136E (Appellant) (Respondent) Appellant By S/Sh. R.S. Singhvi & Satyajit Goel, Adv. Respondent By Sh. Umesh Chand Dubey, Sr.Dr Date Of Hearing 15.05.2017 Date Of Pronouncement 19.05.2017 Order Per O.P. Kant, A.M.: This Appeal By The Assessee Is Directed Against The Order Dated 24.02.2011Of Learned Cit(A)-Viii, New Delhi, Raising The Following Grounds Of Appeal: “1. The Lower Authorities Had Erred In Not Appreciating That The Plot Of Land No. A-2/204, Paschim Vihar, Delhi Measuring 167 Sq. Mtrs. Allotted By Dda In Public Auction On 11.3.2002 Was Not Comparable To The First Floor Of House No. 37, Punjabi Bagh (West), New Delhi Especially When The Ground Floor & The Second Floor Of The Said Property Belonged To Others. 2. The Lower Authorities Had Erred In Not Appreciating That The One- Third Share Of The First Floor Of House No. 37, Punjabi Bagh (West) Belonged To The Appellant Whereas Two-Third Share Of The Said Flat Belonged To His Wife & The Long-Term Capital Loss In Respect Of The Two-Third Share From The Sale Of The Said Floor Has Been Accepted By The Department.

gains “full value of the consideration” received/accrued as a result of transfer of the capital asset is required to be considered. However, in case of specific capital asset like land or building, section 50C of the Act has been introduced w.e.f. 01.04.2003. According to which, in case of land or building or both, if the consideration received or accruing

ITO, WARD- 65(2), NEW DELHI vs. PARTAP SINGH SOLANKI, NEW DELHI

Bench: Shri N.K. Billaiya & Shri Kuldip Singh(Through Video Conference)

capital gain account, which is very much taxable in the hands of assessee. (v) On the facts and in the circumstances of the case, the Ld.CIT(A) has grossly erred in allowing the exemption claimed by the assessee under section 54 of IT Act whereas in none of the grounds, the assessee has sought this relief before the Ld.CIT

VIJAY KUMAR ,MEERUT vs. DCIT,CC, GZBD

In the result, both appeals of the different assessees are allowed

Bench: Shri Shamim Yahya & Shri Anubhav Sharma[Assessment Year: 2017-18]

gainfully refer to the section 56(2)(vii) of the Act as under:- “56. (1) Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head "Income from other sources", if it is not chargeable to income-tax under any of the heads specified

VINIT KUMAR ,MEERUT vs. DCIT,CC, GHAZIABAD

In the result, both appeals of the different assessees are allowed

Bench: Shri Shamim Yahya & Shri Anubhav Sharma[Assessment Year: 2017-18]

gainfully refer to the section 56(2)(vii) of the Act as under:- “56. (1) Income of every kind which is not to be excluded from the total income under this Act shall be chargeable to income-tax under the head "Income from other sources", if it is not chargeable to income-tax under any of the heads specified

YANSH,NEW DELHI vs. ITO, NEW DELHI

In the result, the appeal of the assessee is deemed to be allowed for statistical purposes

Bench: Shri Before Shri G.D. Agrawal, Before Shri Before Shri G.D. Agrawal, G.D. Agrawal, Vice G.D. Agrawal, Vice & And & Shri K. Narasimha Chary Shri K. Narasimha Charyshri K. Narasimha Chary Shri K. Narasimha Chary

gain by applying provisions of Section 50C of the Income-tax Act, 1961. 3. In the arguments of the assessee, one of the main arguments was that the Assessing Officer should have referred the matter to the Valuation Officer under sub-section (2) of Section 50C of the Act. Learned DR stated that the Assessing Officer is supposed to refer

DCIT, NEW DELHI vs. M/S. INTERARCH BUILDING PRODUCTS PVT. LTD., NEW DELHI

The appeals of the revenue are dismissed

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumar(Through Video Conferencing) Ita No. 3259/Del/2013 : Asstt. Year : 2009-10 Ita No. 4986/Del/2014 : Asstt. Year : 2010-11 Dcit, Vs M/S Interarch Building Products (P) Circle-11(1), Ltd., Farm No. 8, Khasra No. 56/2, New Delhi Dera Mandi Road, Mandi Village, Mehrauli, New Delhi-110047 (Appellant) (Respondent) Pan No. Aaaci0106J Assessee By : Sh. M. P. Rastogi, Adv. Revenue By : Ms. Vanita R. Sharma, Cit Dr Date Of Hearing: 16.03.2021 Date Of Pronouncement: 26.04.2021

23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. [Explanation

DCIT, NEW DELHI vs. M/S INTERARCH BUILDING PRODUCTS (P) LTD.,, NEW DELHI

The appeals of the revenue are dismissed

Bench: Sh. Bhavnesh Sainidr. B. R. R. Kumar(Through Video Conferencing) Ita No. 3259/Del/2013 : Asstt. Year : 2009-10 Ita No. 4986/Del/2014 : Asstt. Year : 2010-11 Dcit, Vs M/S Interarch Building Products (P) Circle-11(1), Ltd., Farm No. 8, Khasra No. 56/2, New Delhi Dera Mandi Road, Mandi Village, Mehrauli, New Delhi-110047 (Appellant) (Respondent) Pan No. Aaaci0106J Assessee By : Sh. M. P. Rastogi, Adv. Revenue By : Ms. Vanita R. Sharma, Cit Dr Date Of Hearing: 16.03.2021 Date Of Pronouncement: 26.04.2021

23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act. [Explanation

MAHAVIR TRANSMISSIN LTD ,NEW DELHI vs. DCIT, CENTRAL CIRCLE-25 , NEW DELHI

In the result, the all appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, ITA Nos. 2844 to 2846/Del/2022 Mahavir Transmission Ltd. apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section

MAHAVIR TRANSMISSION LTD,NEW DELHI vs. DCIT, CENTRAL CIRCLE-25, NEW DELHI

In the result, the all appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, ITA Nos. 2844 to 2846/Del/2022 Mahavir Transmission Ltd. apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section

MAHAVIR TRANSMISSION LTD,NEW DELHI vs. DCIT, CENTRAL CIRCLE-25, NEW DELHI

In the result, the all appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

23A, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modifications, ITA Nos. 2844 to 2846/Del/2022 Mahavir Transmission Ltd. apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section