MANKIND PHARMA LIMITED,DELHI vs. DCIT, CIRCLE-1(1)(1), MEERUT

In the result, the additional Ground No

Bench: Shri Challa Nagendra Prasad & Shri Pradip Kumar Kedia

gains of such eligible business for the purposes of the deduction under this section, take the amount of profits as may be reasonably deemed to have been derived therefrom: Provided that in case the aforesaid arrangement involves a specified domestic transaction referred to in section 92BA, the amount of profits from such transaction shall be determined having regard

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

1,70,00,000/- being the construction cost of the house property at Kautilya Marg and reduced it from the long-term capital gain arrived earlier of ₹ 117,311,789/- and thereby determined total taxable long-term capital gain of ₹ 100,311,789/–. Accordingly assessment order u/s 147 read with Section 143 (3

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

1,70,00,000/- being the construction cost of the house property at Kautilya Marg and reduced it from the long-term capital gain arrived earlier of ₹ 117,311,789/- and thereby determined total taxable long-term capital gain of ₹ 100,311,789/–. Accordingly assessment order u/s 147 read with Section 143 (3

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

1,70,00,000/- being the construction cost of the house property at Kautilya Marg and reduced it from the long-term capital gain arrived earlier of ₹ 117,311,789/- and thereby determined total taxable long-term capital gain of ₹ 100,311,789/–. Accordingly assessment order u/s 147 read with Section 143 (3

MR. NIKHIL SAWHNEY,NEW DELHI vs. ACIT, NOIDA

In the result, appeal of the assessee is dismissed

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishimr. Nikhil Sawhney Acit, 17 – Sunder Nagar, Central Circle, Vs. New Delhi – 110 003. Noida. Pan: Aaups0222Q (Appellant) (Respondent)

1-4-1948 to 31-3-1956. On a reference, the High Court held that if capital loss was incurred in a year in which capital gains did not attract tax under section 12B, such loss would still be loss under the head 'Capital gains' and it could be carried forward and set off against capital gains in a subsequent

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

1 12,50,000 shares (excluding STT as per proviso to section 48) Less cost of acquisition dated 26/12/2007 53,75,45,944/– 2 for 48,35,850 shares amounting to RS. 207,95,93,242/- therefore cost of acquisition for 1250000 shares is Total short-term capital gain 2,60,00,788 3

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

1 12,50,000 shares (excluding STT as per proviso to section 48) Less cost of acquisition dated 26/12/2007 53,75,45,944/– 2 for 48,35,850 shares amounting to RS. 207,95,93,242/- therefore cost of acquisition for 1250000 shares is Total short-term capital gain 2,60,00,788 3

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

1 12,50,000 shares (excluding STT as per proviso to section 48) Less cost of acquisition dated 26/12/2007 53,75,45,944/– 2 for 48,35,850 shares amounting to RS. 207,95,93,242/- therefore cost of acquisition for 1250000 shares is Total short-term capital gain 2,60,00,788 3

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

1 12,50,000 shares (excluding STT as per proviso to section 48) Less cost of acquisition dated 26/12/2007 53,75,45,944/– 2 for 48,35,850 shares amounting to RS. 207,95,93,242/- therefore cost of acquisition for 1250000 shares is Total short-term capital gain 2,60,00,788 3

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

1 12,50,000 shares (excluding STT as per proviso to section 48) Less cost of acquisition dated 26/12/2007 53,75,45,944/– 2 for 48,35,850 shares amounting to RS. 207,95,93,242/- therefore cost of acquisition for 1250000 shares is Total short-term capital gain 2,60,00,788 3

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

1 12,50,000 shares (excluding STT as per proviso to section 48) Less cost of acquisition dated 26/12/2007 53,75,45,944/– 2 for 48,35,850 shares amounting to RS. 207,95,93,242/- therefore cost of acquisition for 1250000 shares is Total short-term capital gain 2,60,00,788 3

ACIT, 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

1. That on the facts and circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of Rs. 15,41,96,869/- by treating long term capital gain and short-term capital gain as business income. 2. That on the facts and circumstances of the case and in law, the Ld. CIT (A) erred

ACIT, 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

1. That on the facts and circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of Rs. 15,41,96,869/- by treating long term capital gain and short-term capital gain as business income. 2. That on the facts and circumstances of the case and in law, the Ld. CIT (A) erred

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

1. That on the facts and circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of Rs. 15,41,96,869/- by treating long term capital gain and short-term capital gain as business income. 2. That on the facts and circumstances of the case and in law, the Ld. CIT (A) erred

RICHMOND EDUCATIONAL SOCIETY,NOIDA vs. DCIT/ACIT CENTRAL CIRCLE, GHAZIABAD, GHAZIABAD

Bench: Shri Challa Nagendra Prasad & Shri M. Balaganesh

section 10 or clause (ii) or (iii) of sub-section (4) of section 12AB Consequentially, it is also proposed to amend the provisions of clause (iii) of Explanation to section 153 by deleting the reference to trusts or institution under the first regime and to insert a new clause (xiii) to provide that the period commencing from the date

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)

3) (Capital gain on ships and aircrafts), 13(3A) (Capital gain on shares acquired after 1 April 2017), 13(3B) (Capital gain on shares between 1 April 2017 to 31 March 2019), will be taxable only in the country in which alienator is a resident. Therefore, the amended Article 13(4) effectively provides that the capital gain arising on alienation

M/S CONTINENTAL DEVICE INDIA LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, all the appeals are partly allowed

Bench: Shri N.K. Saini & Shri A.T. Varkey

capital gain as declared by the transfer of company namely M/s. Deltron Ltd. has been set off against the losses in the books of the said company. Having regard to the peculiar facts and circumstances in the case of the assessee company as highlighted above, such a factor alone cannot be made a basis to invoke Explanation 3 to section

M/S. CONTINENTAL DEVICE INDIA LTD.,,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, all the appeals are partly allowed

Bench: Shri N.K. Saini & Shri A.T. Varkey

capital gain as declared by the transfer of company namely M/s. Deltron Ltd. has been set off against the losses in the books of the said company. Having regard to the peculiar facts and circumstances in the case of the assessee company as highlighted above, such a factor alone cannot be made a basis to invoke Explanation 3 to section