DR. PRANNOY ROY,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

253,00,000 4 Short-term capital gain to be allocated RS. 12,700,000 to individual’s i.e. Dr Prannoy Roy and Mrs Radhika Roy for assessment year 2009 – 10 in equal ratio Therefore the report show that the long-term/short-term capital gain accrued to Mrs. Radhika Roy for FY 2008 – 09 would be modified as under:- serial

DR. PRANNOY ROY,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

253,00,000 4 Short-term capital gain to be allocated RS. 12,700,000 to individual’s i.e. Dr Prannoy Roy and Mrs Radhika Roy for assessment year 2009 – 10 in equal ratio Therefore the report show that the long-term/short-term capital gain accrued to Mrs. Radhika Roy for FY 2008 – 09 would be modified as under:- serial

SMT. RADHIKA ROY,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

253,00,000 4 Short-term capital gain to be allocated RS. 12,700,000 to individual’s i.e. Dr Prannoy Roy and Mrs Radhika Roy for assessment year 2009 – 10 in equal ratio Therefore the report show that the long-term/short-term capital gain accrued to Mrs. Radhika Roy for FY 2008 – 09 would be modified as under:- serial

SMT. RADHIKA ROY,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

253,00,000 4 Short-term capital gain to be allocated RS. 12,700,000 to individual’s i.e. Dr Prannoy Roy and Mrs Radhika Roy for assessment year 2009 – 10 in equal ratio Therefore the report show that the long-term/short-term capital gain accrued to Mrs. Radhika Roy for FY 2008 – 09 would be modified as under:- serial

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)

253 of the Income- tax Act, 1961 (the Act') against the order dated 23 December 2021 passed by Commissioner of Income (Appeals) - 42, New Delhi [CIT(A)] under section 250 of the Act, on the following grounds: On the facts, in law and in circumstances of the case, the learned CIT(A): General 1. erred in holding that the capital

SANJEEV KUMAR AGGARWAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 6, NEW DELHI

In the result, appeal of the Assessee is allowed

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

capital gain of Rs.6.61 crores as income from other sources. The assessee revised the return of income under the Head “Income from other sources” at Rs.6,93,73,702/- and ultimately declared total income of Rs.7,15,82,750/- which is accepted by the A.O. as it is in the Order under section 153A r.w.s

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

253 of the Income\ntax Act, 1961 (the Act') against the order dated 23 December 2021 passed by\nCommissioner of Income (Appeals) - 42, New Delhi [CIT(A)] under section\n250 of the Act, on the following grounds:\nOn the facts, in law and in circumstances of the case, the learned CIT(A):\nGeneral\n1. erred in holding that the capital

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

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

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

253 of the Income-tax\nAct, 1961 (‘the Act') against the final order dated 23 January 2025 passed\nby the Assistant Commissioner of Income Tax, Circle 1 (2)(2), Delhi ('Ld.\nAO') under section 143(3) of the Income-tax Act, 1961 (‘the Act') as per\nthe directions issued by the Dispute Resolution Panel (‘DRP') under\nsection 144C

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)

253 (SC) (Raja Bahadur Versus CIT) and (2015) 235 Taxman 1 (Bom) (CIT Versus Smt. Datta M. Shah) and relied on by the learned counsel for the assessee are distinguishable on facts and cannot be applied to the case in hand." Further The H'ble Chennai Tribunal on a similar penny stock case Of Rajnish Agarwal Vs CIT and others

ACIT, NEW DELHI vs. M/S. KCT PAPERS LTD., NEW DELHI

In the result, grounds raised by the revenue are dismissed

Bench: Shri S.Rifaur Rahman & Shri Anubhav Sharmaacit, Circle 5 (1) Vs. M/S. Kct Papers Limited, New Delhi. Thapar House, 124, Janpath, New Delhi – 110 001. (Pan : Aacck4937D) (Appellant) (Respondent) Assessee By : Shri Rohit Jain, Advocate Shri Deepesh Jain, Advocate Shri Tavish Verma, Advocate Revenue By : Shri Kailash Dan Ratnoo, Cit Dr Date Of Hearing : 10.09.2025 Date Of Order : 05.12.2025 O R D E R Per S.Rifaur Rahman: 1. This Appeal Is Filed By The Assessee Against The Order Of Ld. Commissioner Of Income-Tax (Appeals)-Viii, New Delhi [Hereinafter Referred To As ‘Ld. Cit (A)] Dated 21.03.2014For Assessment Year 2008-09. 2. Brief Facts Of The Case Are, The Assessee Company Belongs To The Thapar Group Established By Late Lala Karam Chand Thapar. There Was A Family Settlement Between The Various Constituents Of The Karam Chand Thapar Family As A Result Of Which Revenue-Organization/Restructuring Of The Group Dated 27Th April, 2001. The Re April, 2001. The Re-Organization Of The Group Companies & Trusts Organization Of The Group Companies & Trusts Was Made Into Four Groups, As Under, Each Headed By The Sons Of Late Lala Was Made Into Four Groups, As Under, Each Headed By The Sons Of Late Lala Was Made Into Four Groups, As Under, Each Headed By The Sons Of Late Lala K.C. Thapar. The Family Tree Of Karam Chand T K.C. Thapar. The Family Tree Of Karam Chand Thapar Family Is Explained As Hapar Family Is Explained As Under In The Form Of A Diagrammatic Chart: Under In The Form Of A Diagrammatic Chart:

capital gains liability. 19. Key judicial precedents settling the said view are as under:  Ramcharan Das v. Girijanandini Devi: AIR 1966 SC 323 (SC) [Pg.43-53@52/ CLPB] 29  Kale v. Deputy Director of Consolidation: 3 SCC 119 (SC) [Pg.54-77@60-63/ CLPB]  Ziauddin Ahmed v. CGT: 102 ITR 253 (Gauhati) 20. It is reiterated that legal position has been explained

CAIRN UK HOLDING LTD.,AHMEDABAD vs. DCIT (INTERNATIONAL TAXATION), NEW DELHI

In the result ground No. 5 of the appeal of the assessee is allowed

Bench: Shri H. S. Sidhu & Shri Prashant Maharishi

capital gain chargeable to tax in the hands of appellant taxable at the rate of 40%. Subject to chargeability of surcharge and cess as applicable. Further, Cairn U K Holdings Limited V DCIT ( International Taxation) New Delhi A Y 2007-08 P a g e | 47 with respect to chargeability of interest under section 234B of the Income

ACIT, NEW DELHI vs. SMT. SEEMA SOBTI, NEW DELHI

In the result, the appeal filed by the Revenue stand dismissed

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishiassessment Year: 2012-13

capital gains were declared at Rs. 1,09,98,256/-, out of which a sum of Rs. 1 Crore was claimed as a deduction under section 54EC of the Act, by purchase of REC bonds worth Rs. 50 Lakhs each on 31.03.2009 and 30.04.2009. While dismissing the appeal of the Revenue, the High Court affirmed its earlier above-cited decision

ACIT, NEW DELHI vs. SHRI PRADEEP SOBTI, NEW DELHI

In the result, both the 02 appeals filed by the Revenue stand

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishiassessment Year: 2012-13

capital gains were declared at Rs. 1,09,98,256/-, out of which a sum of Rs. 1 Crore was claimed as a deduction under section 54EC of the Act, by purchase of REC bonds worth Rs. 50 Lakhs each on 31.03.2009 and 30.04.2009. While dismissing the appeal of the Revenue, the High Court affirmed its earlier above-cited decision

ACIT, NEW DELHI vs. SHRI AKSHAY SOBTI, NEW DELHI

In the result, both the 02 appeals filed by the Revenue stand

Bench: Sh. H.S. Sidhu & Shri Prashant Maharishiassessment Year: 2012-13

capital gains were declared at Rs. 1,09,98,256/-, out of which a sum of Rs. 1 Crore was claimed as a deduction under section 54EC of the Act, by purchase of REC bonds worth Rs. 50 Lakhs each on 31.03.2009 and 30.04.2009. While dismissing the appeal of the Revenue, the High Court affirmed its earlier above-cited decision

SH. RAKESH KUMAR GUPTA,NEW DELHI vs. ITO, NEW DELHI

In the result, the appeal is dismissed

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

1) thereof, where the total income of an assessee includes any income chargeable under the head "capital gains", arising from the transfer of a short term capital asset being an equity share in a company and such transaction is chargeable to securities transaction tax, the tax payable by ITA No. 5845/Del./2014 11 the assessee shall be the aggregate

DCIT, NEW DELHI vs. SH. ARJUN PURI, NEW DELHI

In the result, ITA.No.2310/Del

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

1. On the fact and in the circumstances of the case, the CIT(A) has erred in law and on facts in holding that sale of land by the assessee was of capital assets and the profit thereon was in the nature of capital gain as against business profit held by the Assessing Officer. 2. On the facts

DCIT, NEW DELHI vs. SH. MOHINDER PURI, NEW DELHI

In the result, ITA.No.2310/Del

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

1. On the fact and in the circumstances of the case, the CIT(A) has erred in law and on facts in holding that sale of land by the assessee was of capital assets and the profit thereon was in the nature of capital gain as against business profit held by the Assessing Officer. 2. On the facts