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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

64,284/–. A detailed information regarding wrong disclosure of capital gains have been received from The DDIT (Investigation) Unit – I, New Delhi, vide letter dated 9/6/2011, intimating that Dr Prannoy Roy and Mrs. Radhika Roy have opened a jointly held demat account. The first lot of 48,35,850 shares of NDTV limited were purchased on 26/12/2007 in an open

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

64,284/–. A detailed information regarding wrong disclosure of capital gains have been received from The DDIT (Investigation) Unit – I, New Delhi, vide letter dated 9/6/2011, intimating that Dr Prannoy Roy and Mrs. Radhika Roy have opened a jointly held demat account. The first lot of 48,35,850 shares of NDTV limited were purchased on 26/12/2007 in an open

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

64,284/–. A detailed information regarding wrong disclosure of capital gains have been received from The DDIT (Investigation) Unit – I, New Delhi, vide letter dated 9/6/2011, intimating that Dr Prannoy Roy and Mrs. Radhika Roy have opened a jointly held demat account. The first lot of 48,35,850 shares of NDTV limited were purchased on 26/12/2007 in an open

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

64,284/–. A detailed information regarding wrong disclosure of capital gains have been received from The DDIT (Investigation) Unit – I, New Delhi, vide letter dated 9/6/2011, intimating that Dr Prannoy Roy and Mrs. Radhika Roy have opened a jointly held demat account. The first lot of 48,35,850 shares of NDTV limited were purchased on 26/12/2007 in an open

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

64,284/–. A detailed information regarding wrong disclosure of capital gains have been received from The DDIT (Investigation) Unit – I, New Delhi, vide letter dated 9/6/2011, intimating that Dr Prannoy Roy and Mrs. Radhika Roy have opened a jointly held demat account. The first lot of 48,35,850 shares of NDTV limited were purchased on 26/12/2007 in an open

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

64,284/–. A detailed information regarding wrong disclosure of capital gains have been received from The DDIT (Investigation) Unit – I, New Delhi, vide letter dated 9/6/2011, intimating that Dr Prannoy Roy and Mrs. Radhika Roy have opened a jointly held demat account. The first lot of 48,35,850 shares of NDTV limited were purchased on 26/12/2007 in an open

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

64 scrips. From this he inferred that the frequency of the transactions carried out by the 4 I.T.A. No.3078/Del/2011, 820/Del/2013 & 5054/Del/2015 assessee is very high with large volume of shares. He further noted that under the category of Long Term Capital Gain, assessee has sold shares of ‘Punjab Tractors Ltd.’ wherein assessee has earned profit of Rs.10.11 crores. The said

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

64 scrips. From this he inferred that the frequency of the transactions carried out by the 4 I.T.A. No.3078/Del/2011, 820/Del/2013 & 5054/Del/2015 assessee is very high with large volume of shares. He further noted that under the category of Long Term Capital Gain, assessee has sold shares of ‘Punjab Tractors Ltd.’ wherein assessee has earned profit of Rs.10.11 crores. The said

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

64 scrips. From this he inferred that the frequency of the transactions carried out by the 4 I.T.A. No.3078/Del/2011, 820/Del/2013 & 5054/Del/2015 assessee is very high with large volume of shares. He further noted that under the category of Long Term Capital Gain, assessee has sold shares of ‘Punjab Tractors Ltd.’ wherein assessee has earned profit of Rs.10.11 crores. The said

COMMISSIONER OF INCOME TAX vs. ECE INDUSTRIES LTD.

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

capital gain as per provision of section 45 and 48 of Income Tax Act in our view, this exercise has to be undertaken afresh. 64

SAT SAHIB SECURITIES PVT. LTD.,DELHI vs. DCIT, CIRCLE-7(1), NEW DELHI

In the result the appeal of the assessee is allowed

Bench: Sh. S. Rifaur Rahman & Sh. Sudhir Kumarassessment Year: 2006-07 M/S. Sat Sahib Securities Pvt. Vs Dcit Ltd. Pvt. Ltd., B-129, Anand Circle – 7 (1) Vihar, New Delhi-110092 New Delhi Pan No.Aabcs2456G (Appellant) (Respondent)

capital gain of Rs 67,87654/-. Apart from that, the assessee has also shown income from dividend which has been claimed as exempt income. 4. The assessee has filed return of income, declaring at Rs.72,16,819/-. The case of the assessee was selected for scrutiny and assessment under section 143(3) has been framed on 24-12-2008 assessing

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)

64,689 on 09.08.2012) and these shares have been sold by the assessee on 21.03.2014. Since the period of holding was more than 12 months, therefore, the capital gain was offered to tax as long term capital gain. The provision of section

Commissioner of Income Tax vs. ECE Industries Limited

capital gain as per provision of section 45 and 48 of Income Tax Act in our view, this exercise has to be undertaken afresh. 64

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

gain on sale of land in accordance with section 70(3). 10. Coming to the decision of the ITAT Mumbai Bench in the case of Schrader Duncan Ltd. (supra), the issue involved there was, whether the loss on transfer of capital asset being units US 64

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

gain on sale of land in accordance with section 70(3). 10. Coming to the decision of the ITAT Mumbai Bench in the case of Schrader Duncan Ltd. (supra), the issue involved there was, whether the loss on transfer of capital asset being units US 64

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

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 143 (1) of the 2 Income-tax Act, 1961 (for short ‘the Act’) on 28.12.2004. The case was selected for scrutiny and notices u/s 143(2) and 142(1) of the Act were issued and served on the assessee. In response, ld. AR for the assessee attended from time to time and submitted relevant information as called

PURAN ASSOCIATES PVT. LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, appeal of the assessee is partly allowed

Bench: Shri Bhavnesh Saini & Shri O.P. Kant, Accountantmember

64,762 Act, 1961 ii. Long term Capital Gain shown with indexation 2,07,40,000 in the return but taken as business income without the benefit of Indexation which is not allowable while computing income under the head ‘Business Income’: Cost as shown: Rs.20,00,00,000/- Sale Value: Rs.22,07,40,000/- Total