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

The appeals are disposed of

72,820/-. 5. After setting off short term capital loss of Rs.89, 459/-on the sale of furniture and fixtures, the short term capital gains was 2012:DHC:2611-DB ITA Nos. 601/2011 & 602/2011 Page 3 of 23 shown as Rs.1,32,32,609/- chargeable under Section

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

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 taxation by the AO 6.1 Broad view of Essar Group Company forming part of Para 11 (page 24-27) ECL the existing arrangement Para 11 (page 23-25) ECOM 6.2 Moving of holding Essar Group in Indian Telecom Para 12 (page 27-33) ECL Business from Onshore to offshore Para 12 (page 26-31) ECOM 6.3 Acquisition

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

Appeal of the revenue is dismissed

72,652/- on account of\ndeduction under Section 54B of Rs.78,54,42,491/- as claimed by assessee minus\nunutilized amount of Rs.36,82,69,839/- in capital gain

SANGEETA DEVI JHUNJHUNWALA,NEW DELHI vs. ITO, WARD-70(1), NEW DELHI

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

Bench: Dr. Brr Kumar & Ms. Astha Chandraasstt. Year: 2015-16

capital gain of Rs. 1,17,34,753/- under section 10(38) of the Act and added the same to the income of the assessee under section 68 r.w.s. 115BBE of the Act. He also added Rs. 2,11,226/- to the income of the assessee being commission @ 1.8% of trade value on account of providing accommodation 3 entries under

COMMISSIONER OF INCOME TAX-IV vs. M/S. I. K. INTERNATIONAL PVT. LTD

72,00,000/- and Building ` 1,03,00,000/-. The capital Gain raised from sale of assets was invested in the Bonds ‘Rural Electrification Corporation Limited’ under section

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

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

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

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

ACIT, CIRCLE- 26(2), DELHI vs. VIC ENTERPRISES PVT. LTD., NEW DELHI

In the result, appeal of the Revenue is dismissed

Bench: N.K. Billaiya & Ms. Astha Chandraasstt. Year: 2014-15

section 143(3) of the Act. 5. Aggrieved thereby, the assessee filed appeal before the Ld. CIT(A). During appellate proceedings also, the assessee filed written submission which has been incorporated by the Ld. CIT(A) in para 5.1 of his order. On consideration thereof, the Ld. CIT(A) held that the impugned income shown

SNEH GUPTA,NEW DELHI vs. ACIT, CIRCLE-32(1), DELHI, DELHI

In the result, the appeal filed by the assessee is allowed on both counts on merit as well as jurisdictional issue raised by the assessee in the additional ground of appeal

Bench: SHRI SATBEER SINGH GODARA (Judicial Member), SHRI S. RIFAUR RAHMAN (Accountant Member)

capital gain under section 54F on ground that construction was not complete within specified period." • Subramanian Swaminathan v. ACIT, [2023] 152 taxmann.com 72

ACIT, NEW DELHI vs. M/S. KCT PAPERS LTD., NEW DELHI

In the result, grounds raised by the revenue are dismissed

Bench: Shri S.Rifaur Rahman & Shri Anubhav Sharmaacit, Circle 5 (1) Vs. M/S. Kct Papers Limited, New Delhi. Thapar House, 124, Janpath, New Delhi – 110 001. (Pan : Aacck4937D) (Appellant) (Respondent) Assessee By : Shri Rohit Jain, Advocate Shri Deepesh Jain, Advocate Shri Tavish Verma, Advocate Revenue By : Shri Kailash Dan Ratnoo, Cit Dr Date Of Hearing : 10.09.2025 Date Of Order : 05.12.2025 O R D E R Per S.Rifaur Rahman: 1. This Appeal Is Filed By The Assessee Against The Order Of Ld. Commissioner Of Income-Tax (Appeals)-Viii, New Delhi [Hereinafter Referred To As ‘Ld. Cit (A)] Dated 21.03.2014For Assessment Year 2008-09. 2. Brief Facts Of The Case Are, The Assessee Company Belongs To The Thapar Group Established By Late Lala Karam Chand Thapar. There Was A Family Settlement Between The Various Constituents Of The Karam Chand Thapar Family As A Result Of Which Revenue-Organization/Restructuring Of The Group Dated 27Th April, 2001. The Re April, 2001. The Re-Organization Of The Group Companies & Trusts Organization Of The Group Companies & Trusts Was Made Into Four Groups, As Under, Each Headed By The Sons Of Late Lala Was Made Into Four Groups, As Under, Each Headed By The Sons Of Late Lala Was Made Into Four Groups, As Under, Each Headed By The Sons Of Late Lala K.C. Thapar. The Family Tree Of Karam Chand T K.C. Thapar. The Family Tree Of Karam Chand Thapar Family Is Explained As Hapar Family Is Explained As Under In The Form Of A Diagrammatic Chart: Under In The Form Of A Diagrammatic Chart:

72,79,22,871 (with reference to period of holding of previous owner & FMV as on 01.04.1981) Long term capital gain 38,20,52,393 (23,38,58,071) 11. A diagrammatic representation of number and value of shares of BILT at different points of time with difference of opinion with A.O. summarizing the facts of the case and entire

SHARWAN KUMAR SETHI,NEW DELHI vs. PCIT-17, NEW DELHI

In the result, the appeal filed by the Assessee is allowed

Bench: Shripradip Kumar Kedia & Shri Yogesh Kumar U.S.

capital gain.” 3. Brief facts of the case are that the Assessee filed return of income declaring an income of Rs. 1,72,48,137/-. The case was selected for scrutiny under CASS. An order under section

COMMISSIONER OF INCOME TAX

72,000/- as the sale did not materialise in part. This gave a ratio of 65:35. The cost of the land, that is, `6,31,125/- was bifurcated in this ratio and the cost attributable to the land sold came to `4,10,231/-. The capital gains were accordingly computed at `19,36,769/-, which was the excess

SMT. RITU SINGH,DELHI vs. ITO, NEW DELHI

In the result, appeal of the assessee is allowed

Bench: Shri Shamim Yahya & Ms. Astha Chandraasstt. Year: 2012-13

capital gain account with any nationalised bank for claiming exemption under section 54 of the Act. This was not done by the assessee. The Ld. AO issued show cause for denial of exemption, to which the assessee replied that out of total payment of Rs. 35,04,000/- the assessee had paid substantial amount of Rs. 21,72

ALOK KUMAR KAPOOR ,GHAZIABAD vs. DCIT, CIRCLE- 1, GZAZIABAD

In the result, appeal filed by the Assessee is allowed

Bench: Shri R.K.Panda & Shri N. K. Choudhry(Through Video Conferencing) Shrialok Kumar Kapoor, Vs. Deputy Commissioner Of Village & Post Adhyatmik Income Tax, Nagar, Ghaziabad Circle-1, Ghaziabad Pan: Aqlpk5020B (Appellant) (Respondent)

72,50,000/- respectively, out of which Assessee had ½ % share amounting to Rs. 48,97,550/- and Rs. 2,36,25,000/-. Thereafter, the Assessee invested Rs. 50 lakhs on 30.03.2009 and again Rs. 50 lakhs on 26.06.2009 in REC bonds. As per section 54EC of the Act on account of capital gain

ASHISH,NEW DELHI vs. ACIT CIRCLE INTL. TAXATION 1(3)(1), NEW DELHI

The appeal of the assessee is allowed with consequential effects

Bench: Shri G.S. Pannu, Hon’Ble & Shri Anubhav Sharmaassessment Year: 2020-21 Ashish, Vs Acit, E-138, Kalka Ji, Circle Int. Taxation 1(3)(1), New Delhi – 110 019. New Delhi. Pan: Ahipg5987B (Appellant) (Respondent) Assessee By : Ms Chinu Bhasin, Ca & Shri Sagar Rajpoot, Advocate Revenue By : Shri Vizay B. Vasanta, Cit-Dr Date Of Hearing : 25.04.2024 Date Of Pronouncement : 27.07.2024 Order Per Anubhav Sharma, Jm:

72,900, thereby assessing the income at Rs.l,75,18,505. In computing the same, the AO further did not allow credit of certain payment towards cost of acquisition and considered the sale value as Fair Market Value (FMV) computed by the DVO instead of the actual consideration received by the appellant. 2.3 The CIT(A) granted partial relief

ACIT CIRCLE-36(1), NEW DELHI vs. HIMANSHU GARG, NEW DELHI

Bench: Sh. Kul Bharatdr. B. R. R. Kumar

Section 54F) Short Term Capital Gains 1. Patudi Nabab – 1 – Rs.5,58,475/- 2. Patudi Nabab – 2 – Rs.4,24,000/- Total – Rs.9,82,000/- 6. The Assessing Officer examined each transaction and re- determined the capital gains. 1. Deed No. 72