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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

capital gain ii. according to provisions of section 45 (2A) of the act, cost of acquisition and the period of holding of the security shall be determined on the basis of First- in – First- out method (FIFO) when beneficial interest on securities is held by the assessee. iii. Assessee submitted that at the time of transfer of shares from individual

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

capital gain ii. according to provisions of section 45 (2A) of the act, cost of acquisition and the period of holding of the security shall be determined on the basis of First- in – First- out method (FIFO) when beneficial interest on securities is held by the assessee. iii. Assessee submitted that at the time of transfer of shares from individual

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

capital gain ii. according to provisions of section 45 (2A) of the act, cost of acquisition and the period of holding of the security shall be determined on the basis of First- in – First- out method (FIFO) when beneficial interest on securities is held by the assessee. iii. Assessee submitted that at the time of transfer of shares from individual

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

capital gain ii. according to provisions of section 45 (2A) of the act, cost of acquisition and the period of holding of the security shall be determined on the basis of First- in – First- out method (FIFO) when beneficial interest on securities is held by the assessee. iii. Assessee submitted that at the time of transfer of shares from individual

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

capital gain ii. according to provisions of section 45 (2A) of the act, cost of acquisition and the period of holding of the security shall be determined on the basis of First- in – First- out method (FIFO) when beneficial interest on securities is held by the assessee. iii. Assessee submitted that at the time of transfer of shares from individual

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

capital gain ii. according to provisions of section 45 (2A) of the act, cost of acquisition and the period of holding of the security shall be determined on the basis of First- in – First- out method (FIFO) when beneficial interest on securities is held by the assessee. iii. Assessee submitted that at the time of transfer of shares from individual

M/S. BHARTI AIRTEL LTD.,NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result appeal of the assessee with respect to ground No

Bench: Shri I.C.Sudhir & Shri Prashant Maharishibharti Airtel Ltd, Addl Cit, Bharti Crescent, 1, Vs. Range-2, Cr Building, Ip Nelson Mandela Road, Vasant Estate, New Delhi Kunj, New Delhi Pan:Aaacb2894G (Appellant) (Respondent) Bharti Airtel Ltd, Addl Cit, Bharti Crescent, 1, Vs. Range-2, Cr Building, Ip Nelson Mandela Road, Vaxant Estate, New Delhi Kunj, New Delhi Pan:Aaacb2894G (Appellant) (Respondent)

Capital Markets (India) (P.) Ltd: 379 ITR 146 wherein, again, it has been reiterated that where assessee was under bona fide belief that tax was not deductible at source, disallowance made under section 40(a)(ia) of the Act could not be sustained for non-deduction of tax at source. v. Further, the Delhi Bench of the Tribunal

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

Section 14A is triggered. 24. On the other hand, learned counsel submitted that has a huge reserve and surplus of Rs.19,199.85 lacs and also assessee has shown huge net interest income, therefore, disallowance under Rule 8D on account of interest cannot be made. 25. After considering the aforesaid submission and on perusal of the relevant findings given

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

Section 14A is triggered. 24. On the other hand, learned counsel submitted that has a huge reserve and surplus of Rs.19,199.85 lacs and also assessee has shown huge net interest income, therefore, disallowance under Rule 8D on account of interest cannot be made. 25. After considering the aforesaid submission and on perusal of the relevant findings given

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

Section 14A is triggered. 24. On the other hand, learned counsel submitted that has a huge reserve and surplus of Rs.19,199.85 lacs and also assessee has shown huge net interest income, therefore, disallowance under Rule 8D on account of interest cannot be made. 25. After considering the aforesaid submission and on perusal of the relevant findings given

COMMISSIONER OF INCOME TAX vs. ECE INDUSTRIES LTD.

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE SURESH KUMAR KAIT

40,396. During the assessment proceedings, the Assessing Officer (AO) noticed that the assessee had sold its Lamp Division at Sonepat to M/s. Osram India (P) Ltd. for `42.50 crores on 09.11.1998. In the computation of capital gain, the assessee showed cost of Lamp Division at `59.33 crores and declared the long term capital loss at `16.83 Crores

NEELU ANALJIT SINGH,NEW DELHI vs. ADDL.CIT, SPECIAL RANGE-9, NEW DELHI

In the result, appeal filed by the assessee is partly allowed with above directions

Bench: Shri H. S. Sidhu & Shri Prashant Maharishimrs. Neelu Analjit Singh, Vs. The Addl. Commissioner Of 15, Dr. Apj Abdul Kalam Road, Income Tax , New Delhi Special Range-9, Pan: Aatps06882D New Delhi (Appellant) (Respondent)

capital asset if it is held for not more than thirty-six months. However, in the case of share of an unlisted company or a unit of a Mutual Fund specified under clause (23D) of section 10 of the Income-tax Act, which is transferred during the period beginning on 1st April, 2014 and ending on 10th July

Commissioner of Income Tax vs. ECE Industries Limited

40,396. During the assessment proceedings, the Assessing Officer (AO) noticed that the assessee had sold its Lamp Division at Sonepat to M/s. Osram India (P) Ltd. for `42.50 crores on 09.11.1998. In the computation of capital gain, the assessee showed cost of Lamp Division at `59.33 crores and declared the long term capital loss at `16.83 Crores

SUPERB MIND HOLDING LTD. ,NEW DELHI vs. ACIT CIRCLE INT TAX 3(1)(2), NEW DELHI

In the result, appeal of the assessee is allowed

Bench: Shri G.S. Pannu, Hon’Ble & Shri Challa Nagendra Prasadआ.अ.सं/.I.T.A No.1568/Del/2022 िनधा"रणवष"/Assessment Year: 2018-19

section 9(1)(i) of the Act, capital gain arising through or from the transfer of a capital asset situated in India would be deemed to accrue or arise in India in all cases irrespective of whether the capital asset is movable or immovable, tangible or intangible; the place of registration of the document of transfer etc. is in India

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

capital gains as an independent source is not exempt from tax automatically. The carry forward of LTCL is governed by the provisions of section 74 of the Act, wherein, there is no embargo provided in the said section with respect to subject mentioned transactions. Hence the LTCL on sale of equity shares and equity oriented mutual funds, per se, would

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

capital gains as an independent source is not exempt from tax automatically. The carry forward of LTCL is governed by the provisions of section 74 of the Act, wherein, there is no embargo provided in the said section with respect to subject mentioned transactions. Hence the LTCL on sale of equity shares and equity oriented mutual funds, per se, would

INCOME TAX OFFICER, WARD-11(1), DELHI vs. HKT CORPORATION PVT LTD, DELHI

The appeal are dismissed

Bench: Shri Satbeer Singh Godara & Shri S. Rifaur Rahman

40,000/-in regard to Capital Gains on sale of property at Rs.3.9 crores on 12.03.2020. The invoices and bank details of payments and TDS deducted and paid furnished by the appellant has not been examined. This ground relates to disallowance of transfer expenses of Rs. 2340000/- in respect of STCLoss related to property at DLF, Gurgaon. AO has mentioned

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