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

capital gains arising from sale of shares would not be taxable in India. It is not in dispute that Circular No.789 dated 13th April 2000 continued to be in force between India and Mauritius at the relevant time. 40. A press release dated 1st March 2013 from the Finance Ministry which is quoted as under also unequivocally declares that

ITA Nos. 601/2011 & 602/2011 vs. ANSAL PROPERTIES & INFRASTRUCTURE LTD.

The appeals are disposed of

gains. A bare reading of the provision of sub-section (2) of Section 50 of the Act would show that, the very fact that, there is a reference to, in arriving at the cost of acquisition, to the written down value of the „block of assets at the beginning of the previous year as increased by actual cost of assets

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

ADDL. CIT, SPECIAL RANGE-7, NEW DELHI vs. PURAN ASSOCIATES PVT. LTD., NEW DELHI

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

Bench: Shri Challa Nagendra Prasad & Shri Pradip Kumar Kedia

section 14A are mandatory provisions.” 3. When the matter was called for hearing, the ld. counsel for the assessee in the Revenue’s Appeal submitted at the outset that identical issue came up in Assessee’s own case for Assessment Years 2010-11, 2012-13, 2013-14 and 2014-15 wherein the benefit of Long Term Gains arising

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)

capital gains on the shares which were acquired in 2008 and sold in 2011, which is much before 1 April 2017, is unsustainable and bad in law. V. The Assessee is not a resident of India as its control & management is not situated wholly in India: a. Residential status of an assessee is required to be determined every year

TELETUBE ELECTRONICS LTD

The appeal of the Assessee is allowed

41. The case of the Assessee is that by virtue of Explanation (1) to Section 2 (47), Section 269UA (d) (i) is attracted. Section 269UA(f)(i) describes 'transfer' for the purposes of Section 269 UA (d) (i) to mean the transfer of property, including by way of lease, “for a term not less than twelve years.” Therefore

TELETUBE ELECTRONICS LTD

The appeal of the Assessee is allowed

41. The case of the Assessee is that by virtue of Explanation (1) to Section 2 (47), Section 269UA (d) (i) is attracted. Section 269UA(f)(i) describes 'transfer' for the purposes of Section 269 UA (d) (i) to mean the transfer of property, including by way of lease, “for a term not less than twelve years.” Therefore

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)

Section 147 of the Act in the first appeal filed with learned CIT(A) for the assessment year 2005-06 and hence the finding of the AO has attained finality. Since the said findings of the AO with respect to purchases of 4000 shares of M/s Shiv Om Investment and Consultancy Limited in assessment year 2005-06 have become conclusive

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

Appeal is dismissed

Bench: SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER\nAND\nSHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER\n\nITA No.1036/Del/2024\nAssessment Year: 2020-21\n\nIncome Tax Officer,\nWard-11(1),\nDelhi\nVs.\nM/s. HKT Corporation Pvt.\nLtd.,\n7, South Patel Nagar,\nNew Delhi\nPAN: AACCH0308M\n\n(Appellant)\n\n(Respondent)\n\nAssessee by\nSh. Tarandeep Singh, Adv.\n\nDepartment by\nSh. Rajesh Kumar Dhanesta, Sr. DR\n\nDate of hearing\n23.06.2025\n\nDate of pronouncement\n09.07.2025\n\nORDER\n\nPER SATBEER SINGH

section\n28(Via) from A.Y. 2019-20. Prior to it was not taxable. Action\nof learned AO is bad in law and illegal.\n\n4. That the learned AO has also erred in law and on facts in\ndisallowing short term capital loss of Rs.1,45,74,040/- which\nwas set off against long term Capital Gain. Above grounds\nbeing

DCIT, CIRCLE 52(1), NEW DELHI vs. BHUPINDER SINGH BHALLA, NEW DELHI

Appeal of the revenue is dismissed

capital gains of Rs 19,59,57,813/- after claiming deductions u/s\n54B for Rs 78,54,42,491/- and 54EC for Rs 50,00,000/-\nIn net effect the appellant claimed deduction of Rs 41,71,72,652/- under\nsection 54B after purchasing three properties from Ms. Latika Dutt, Ms.\nCharu Dutt and Sh. Mafresh Aggarwal. The Ld. Assessing

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

capital gains taxation by the AO\n6.1 Broad view of Essar Group Company forming part of\nthe existing arrangement\nPara 11 (page 24-27) ECL\nPara 11 (page 23-25) ECOM\n6.2 Moving of holding Essar Group in Indian Telecom\nBusiness from Onshore to offshore\nPara 12 (page 27-33) ECL\nPara 12 (page 26-31) ECOM\n6.3 Acquisition

NIKESH ARORA,GURGAON vs. DCIT, INTERNATIONAL TAXATION, GURGON

In the result, appeal is allowed in the terms indicated above

Bench: We Proceed To Deal With The Substantive Issues Arising

41. Thus, in the ultimate analysis, we hold that the location of the asset transferred by the assessee, being situated outside India, the capital gain derived would not be taxable in India. However, it is a fact that the assessee had filed a return of income in India voluntarily offering to tax the capital gain derived by treating

AZIZUL GHANI ,NEW DELHI vs. INCOME TAX OFFICER - ITO WARD 63(3) NEW DELHI, NEW DELHI

In the result, the appeal of the assessee is allowed

Bench: Shri S Rifaur Rahman & Shri Vimal Kumarazizul Ghani Vs. Ito, Ward 63(3) 1407 Pan Mandi E-2, Block, Civic Centre, Sadar Bazar, New Delhi – 110002 Delhi – 110006 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aajpg7737K Appellant .. Respondent

Capital Gain = 6,47,06,548 (against the assessed figure of 7,01,46,841 or the incorrect revised figure of 5,95,05,940) 5. That the Ld. CIT(A) erred in law and on facts in not appreciating that the proof of construction of the new property was duly submitted during the appellate proceedings in the form

PHILLIP KOSHY,DELHI vs. DCIT CENTRAL CIRCLE-29, DELHI

In the result, appeal of the assessee is allowed

Bench: Shri Challa Nagendra Prasad & Dr. B.R.R. Kumarआ.अ.सं/.I.T.A No.415/Del/2022 िनधा"रणवष"/Assessment Year: 2012-13 बनाम Phillip Koshy, Dcit, C/O K B Chandna & Co., E-27, Vs. Central Circle-29, Ndse-Ii, Delhi. Delhi. Pan No. Armpk8500C अपीलाथ" Appellant ""यथ"/Respondent

Gain account after the date of sale of Original Asset. In this regard, it is submitted that No Provision has been made by the statue that in order to avail benefit of section 54 the assessee has to utilize the amount received by him on sale of original capital asset for the purpose of meeting the cost

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

gain of Rs.6,90,68,982/- as business income. 9.3 That the assessing officer erred on facts and in law in holding that investment in units of mutual funds and shares were made as a systematic business activity, without appreciating that such investments were made on capital account and not as “stock-in-trade”. 9.4 That the assessing officer erred

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

gain of Rs.6,90,68,982/- as business income. 9.3 That the assessing officer erred on facts and in law in holding that investment in units of mutual funds and shares were made as a systematic business activity, without appreciating that such investments were made on capital account and not as “stock-in-trade”. 9.4 That the assessing officer erred

BHUPINDER SINGH JULKA,NEW DELHI vs. ACIT, CIRCLE-INT. TAX. 2(1)(2), DELHI

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

Bench: Shri Kul Bharat & Shri M. Balaganesh

41] issued by CBDT on which ITA No.-1807/Del/2022 Bhupinder Singh Julka heavy reliance has been placed by the assessee whereby instructions have been issued regarding treatment of capital gains tax in case of a flat purchased under Self-Financing Scheme. It reads thus:- "Circular No. 471 Capital gains tax Whether investment in a flat under the Self- Financing

SAKET KANOI,GURGAON vs. DCIT INTL. TAXATION, GURGAON

In the result, the appeal of the assessee is allowed

Bench: Dr. B. R. R. Kumar, Sh. Yogesh Kumar Us

capital gain. It is ordered accordingly. 7. In the result, the appeal filed by the Revenue is dismissed.” 11. In the case of ADIT Vs. Green Emirate Shipping and Travels (286 ITR 60) (Mum.) vide order dated 30.11.2005, the Co-ordinate Bench of ITAT held as under: “1. The only grievance raised by the Revenue in this appeal