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

GAURAV AGGARWAL,DELHI vs. ITO WARD 60 (5 ), NEW DELHI

The appeal is dismissed

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishishri Gaurav Aggarwal, Income Tax Officer, Flat No. 12, 2Nd Floor, Vs. Ward 60 (5) Sheel Tara House, New Delhi. 4866/24,Ansari Road, Daryaganj New Delhi – 110 002. Pan : Agepa3001F (Appellant) (Respondent)

section 10(38) of I.T. Act, 1961. 8.1.1 I find that the appellant had made investment in shares of little known company(s). The Income Tax Investigation Authorities (and SEBI) have made detailed enquiries to establish that the persons connected with M/s HPC Biosciences Ltd., were systematically involved in the activity of converting unaccounted cash into long /short term capital

SUNITA KHEMKA,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 15, JHANDEWALAN EXTN., NEW DELHI

In the result, Appeal of assessee is allowed

Bench: Shri Bhavnesh Saini

capital gain thereby claiming concessional tax rate. 27 ITA.No.389/Del./2018 Smt. Sunita Khemka, New Delhi. (vii) The scrip invested is an obscure one in most cases. It is merely Shell Company with no activities whatsoever. (viii) The buyer himself is normally unaware of the financial performance of the company in which he has invested. (ix) The shares are purchased

SMT. NEELAM MALHOTRA,DELHI vs. PR. CIT- 16, NEW DELHI

In the result appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Prashant Maharishiasstt. Year: 2012-13

section 54 to 54EC is available. Here in this case the Ld. CIT is trying to hold that the long term capital gain shown by the assessee is more and therefore, deduction or exemption claimed u/s 54F has been inflated. This perhaps is not the correct approach, because first of all he has to give a definite finding

SH. PRAVEEN KUMAR MALHOTRA,DELHI vs. PR. CIT- 16, NEW DELHI

In the result appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Prashant Maharishiasstt. Year: 2012-13

section 54 to 54EC is available. Here in this case the Ld. CIT is trying to hold that the long term capital gain shown by the assessee is more and therefore, deduction or exemption claimed u/s 54F has been inflated. This perhaps is not the correct approach, because first of all he has to give a definite finding

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

SHIKHA DHAWAN,GURGAON vs. ITO, WARD- 4(2), GURGAON

In the result, the appeal of the assessee is allowed

Bench: Sh.Bhavnesh Saini[Assessment Year: 2014-15] Vs Smt. Shikha Dhawan, Ito, C-101, Centre Park, Ward-4(2), Sector-42, Gurgaon. Gurgaon. Pan-Ccbps1718L (Appellant) (Respondent) Appellant By Sh. Gautam Jain & Sh. Peeyush Kamal, Advocate Respondent By Sh. S.L.Anuragi, Sr.Dr Date Of Hearing 11.06.2018 Date Of Pronouncement 27.06.2018

capital gain thereby claiming concessional tax rate. (vii) The scrip invested is an obscure one in most cases. It is merely Shell Company with no activities whatsoever. (viii) The buyer himself is normally unaware of the financial performance of the company in which he has invested. (ix) The shares are purchased at lower rates and sold at higher rates through

SANJAY JAIN,NEW DELHI vs. ACIT, NEW DELHI

The appeal is partly allowed

Bench: Shri I.C. Sudhir & Shri O.P. Kant Assessment Year: 2010-11 Sanjay Jain, Vs. Acit, Chamber No. 488, Circle 37(1), Delhi High Court Block-Ii. New Delhi. Sher Shah Road, New Delhi. (Pan: Aagpj8607A) (Appellant) (Respondent) Assessee By: Shri Ra Bansal & Smt. Prem Lata Bansal, Adv. Department By : Smt. Anima Barnwal, Dr Date Of Hearing : 21.03.2016 Date Of Pronouncement: 15 :06.2016 Order Per I.C. Sudhir:The Assessee Has Questioned First Appellate Order On The Following Grounds: 1. That The Ld. Cit(A) Has Erred In Law & On Facts In Confirming The Addition Of Rs.16,70,574/- Made By The Assessing Officer To The Long Term Capital Gain Declared By The Assessee At Rs.1,47,823/-. Since The Addition Made By The Assessing Officer Is Contrary To Law & Therefore, Liable To Be Set Aside. 2. That The Ld. Cit(A) Has Erred In Law & On Facts In Ignoring The Cost Of Improvement While Calculating Long Term Capital Gain Earned By The Assessee On Transfer Of Property.

capital gain on the ground that there was no corresponding entry in the bank account in respect of payment of the expenses which is contrary to facts on record. 6. That the Ld. CIT(A) has erred in not allowing the benefit of section 54 of the Act to the assessee ignoring that all the conditions prescribed therein had been

MRS. MALA KUMAR,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri R.K. Panda & Shri K. Narasimha Charyassessment Year: 2012-13 Mala Kumar, Vs Acit, D-217, Defence Colony, Circle-52(1), New Delhi. Civic Centre, New Delhi. Pan: Aaipk8127G

section 40A(2) of the Act. He accordingly submitted that the amount paid to M/s Shikhar Travels (India) Pvt. Ltd. as compensation should be allowed as deduction while computing the long-term capital gain

PRINCIPAL COMMISSIONER OF INCOME TAX-16 vs. SH. PRAVEEN KUMAR MALHOTRA

In the result appeal of the assessee is allowed

Bench: HON'BLE MR. JUSTICE YASHWANT VARMA,HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV

section 54 to 54EC is available. Here in this case the Ld. CIT is trying to hold that the long term capital gain shown by the assessee is more and therefore, deduction or exemption claimed u/s 54F has been inflated. This perhaps is not the correct approach, because first of all he has to give a definite finding

M/S. UNITECH LIMITED,NEW DELHI vs. DCIT, NEW DELHI

In the result this issue is allowed in favour of the assessee

Bench: Shri Amit Shukla & Shri L.P. Sahu

40A (3) and u/s 41, which has not been pressed before us. viii) Disallowance of Rs. 12,37,07,018/- u/s 14A. 11. The facts in brief qua the issue of treatment of capital gain as business income are that, assessee has shown as capital gain on sale of shares of wholly owned subsidiaries: - (i) Drass Properties Pvt. Ltd.: Rs.92

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

In the result this issue is allowed in favour of the assessee

Bench: Shri Amit Shukla & Shri L.P. Sahu

40A (3) and u/s 41, which has not been pressed before us. viii) Disallowance of Rs. 12,37,07,018/- u/s 14A. 11. The facts in brief qua the issue of treatment of capital gain as business income are that, assessee has shown as capital gain on sale of shares of wholly owned subsidiaries: - (i) Drass Properties Pvt. Ltd.: Rs.92

CAIRN ENERGY HYDROCARBON LTD. ,GURGAON vs. DCIT, INTL. TAXATION, CIRCLE, GURGAON

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “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

DCIT, INTL. TAXATION, CIRCLE, GURGAON vs. CAIRN ENERGY HYDROCARBON LTD. , GURGAON

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “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

CAIRN ENERGY HYDROCARBONS LTD.,GURGAON vs. DDIT, NEW DELHI

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “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

CAIRN ENERGY HYDROCARBON LTD. ,GURGAON vs. DCIT, INTL. TAXATION, CIRCLE, GURGAON

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “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

DDIT, NEW DELHI vs. M/S. CAIRN ENERGY HYDROCARBONS LTD., GURGAON

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “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

DCIT, INTL. TAXATION, CIRCLE, GURGAON vs. CAIRN ENERGY HYDROCARBON LTD. , GURGAON

In the result, the appeals of the assessee are partly allowed and the appeals of the revenue are dismissed

Bench: Sh. Saktijit Deydr. B. R. R. Kumarita No. 6357/Del/2013: Asstt. Year : 2010-11 Dcit, Vs Cairn Energy Hydrocarbon Ltd., C/O. Cairn India Ltd., 3Rd & 4Th Circle-3(2), International Taxation, Floor, Vipul Plaza, Suncity, Sector- New Delhi 54, Gurgaon (Appellant) (Respondent) Pan No. Aaccc3279J

Capital gains. F.- Income from other sources. A.- Salaries.” 22. Further, Section 56 of the Income Tax Act reads as under: “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

NIKHIL JAIN (L/H OF BEENA JAIN),NEW DELHI vs. ACIT CIRCLE-31(1), NEW DELHI

In the result, the appeal filed by the assessee is partly allowed

Bench: Shri R.K. Pandaassessment Year: 2016-17 Nikhil Jain Vs Acit, (L/H Of Beena Jain), Circle-31(1), H-41, Green Park Extn., New Delhi. New Delhi. Pan: Aagpj1088H (Appellant) (Respondent) Assessee By : Shri S. Krishnan, Advocate & Shri Puneet Rai, Ca Revenue By : Shri Sanjiv Mahajan, Sr. Dr Date Of Hearing : 27.01.2021 Date Of Pronouncement : 08.04.2021 Order

capital gains and other sources. She filed her return of income on 12th October, 2016 declaring the total income at Rs.18,21,460/-. During the course of assessment proceedings, the AO noted that the assessee has not disallowed any amount in excess of Rs.20,000/-paid to a person in a day otherwise than by account payee cheque or account