ACIT, NEW DELHI vs. SH. VALMIK THAPAR, NEW DELHI

Appeals are disposed of by this common order as indicated above

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

1 of the appeal is allowed with above directions. Decision and analysis of Deduction u/s 54 of the Act for more than one residential House 54. Now we come to the second ground of appeal . Claim of the assessee is that it has purchased one house in form a flat at Mumbai and another house at New Delhi. Both

SH. VALMIK THAPAR,NEW DELHI vs. ACIT, NEW DELHI

Appeals are disposed of by this common order as indicated above

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

1 of the appeal is allowed with above directions. Decision and analysis of Deduction u/s 54 of the Act for more than one residential House 54. Now we come to the second ground of appeal . Claim of the assessee is that it has purchased one house in form a flat at Mumbai and another house at New Delhi. Both

SHRI VALMIK THAPAR,NEW DELHI vs. DCIT, NEW DELHI

Appeals are disposed of by this common order as indicated above

Bench: Hon’Ble Justice P.P. Bhatt & Shri Prashant Maharishi(Through Video Conferencing) Shri Valmik Thapar, Vs. Acit, 19, Kautilya Marg, Circle-53(1), New Delhi New Delhi (Appellant) (Respondent) Shri Valmik Thapar, Vs. Dcit, M/S. R. N. Khanna & Company, Ca, Circle-32(1), 14-15F, Shivam House, Connaught New Delhi Place, New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Acit, Vs. Shri Valmik Thapar, Circle-53(1), 19, Kautilya Marg, New Delhi New Delhi Pan: Aacpt7098K (Appellant) (Respondent) Assessee By : Shri Salil Agarwal, Senior Advocate Along With Shri Shailesh Gupta, Shri Mahur Agarwal, Advocates Revenue By: Shri H. K. Choudhary, Cit Dr Date Of Hearing 11/06/2021 (Last Hearing) Date Of Pronouncement 11/06/2021. O R D E R Per Prashant Maharishi, A. M. 1. These Are Three Appeals For Two Assessment Years Pertaining To One Assessee, Mr. Valmik Thapar, A Resident, Individual [Assessee]. Assessee Filed Ita Number

1 of the appeal is allowed with above directions. Decision and analysis of Deduction u/s 54 of the Act for more than one residential House 54. Now we come to the second ground of appeal . Claim of the assessee is that it has purchased one house in form a flat at Mumbai and another house at New Delhi. Both

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)

1) No Capital 51-53 Gain Gain Gain Appeal 20006-07 Capital Business 143(3) Capital Capital 57-66 Gain Gain income Gain 2007-08 Capital Capital 143(3) No Capital 54-56 Gain Gain Gain appeal 2008-09 Capital Business 143(3) Capital Capital 67-75 Gain Gain income Gain 2010-11 Capital Business 143(3) Capital Capital

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)

73. The Assessee further submits that the liquidation of ETIL was not carried out with a view to claim the benefit of India-Mauritius DTAA, because, even in the absence of liquidation, the benefit of India-Mauritius DTAA was available to the Assessee as the Assessee had the option of selling the shares of ETIL, the gains arising whereof would

JAI BHIKSHU CREDIT AND HOLDING LTD.,,NEW DELHI vs. DCIT, NEW DELHI

The appeal of the assessee are allowed

Bench: Smt Beena A Pillai & Shri Prashant Maharishijai Bhikshu Credit & Holding Vs. Dcit, Ltd, F-591, Sarita Vihar, Circle-13(1), New Delhi New Delhi Pan: Aaacj0774F (Appellant) (Respondent)

section 73, with effect from 1- 4-1988 are as under : Company whose gross total income consists mainly of income which is chargeable under the head— i) Interest on securities; (ii) Income from house property (iii) Income from capital gains

SANJEEV KUMAR AGGARWAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 6, NEW DELHI

In the result, appeal of the Assessee is allowed

Bench: Shri Bhavnesh Saini & Shri L.P. Sahu

capital gain of Rs.6.61 crores as income from other sources. The assessee revised the return of income under the Head “Income from other sources” at Rs.6,93,73,702/- and ultimately declared total income of Rs.7,15,82,750/- which is accepted by the A.O. as it is in the Order under section 153A r.w.s

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

M/S. A K CAPITAL MARKETS LTD.,NEW DELHI vs. DCIT, NEW DELHI

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

Bench: Sh. N. K. Sainiita No. 6859/Del/2014 : Asstt. Year : 2006-07 A. K. Capital Markets Ltd., Vs Dcit, Central Circle-2, 609, 6Th Floor, Antriksh Bhawan, 22, New Delhi Kasturba Gandhi Marg, Connaught Place, New Delhi-110001 (Appellant) (Respondent) Pan No. Aadca9960D Assessee By : Sh. Ved Jain, Adv. Revenue By : Sh. Sarabhjit Singh, Dr Date Of Hearing : 16.09.2015 Date Of Pronouncement : 04.12.2015 Order

Capital gains” and “Income from other sources”. Now, ordinarily income which arises from one source which falls under the head of profits and gains of business or profession can be set off against the loss which arises from another source under the same head. Sub Section (1) of Section 73

PR. COMMISSIONER OF INCOME TAX-6 vs. MANUPATRA INFORMATION SOLUTION

The appeal is disposed of declaring the law as above and setting aside

Bench: HON'BLE DR. JUSTICE S.MURALIDHAR,HON'BLE MR. JUSTICE VIBHU BAKHRU

Capitalism : A Very Short Introduction : (160 pages; 48 pages copied constituting 30%; publisher Cambridge University Press; Approximate Price : Paper Back `225, Hard bound Data N/A) (iii) Post-Colonialism : An Historical Introduction (512 pages; 57 pages copied constituting 11.1%; publisher Oxford University Press; Approximate Price : Paper Back `3126, Hard bound Data N/A) (iv) A Concise History of India : (372 pages

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

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

1 to 4 of the assessee's appeal are allowed," 12. We therefore find that there is a consistent view among various Hon'ble High Courts and which has been consistently followed by the various Benches of the Tribunal that the assessee is entitled to include interest as part of the cost of the assets while computing the capital gains

M/S STYLISH CONSTRUCTION PVT. LTD. vs. DCIT, NEW DELHI

In the result, appeal of the assessee is partly allowed

Bench: Shri H. S. Sidhu & Shri Prashant Maharishistylish Construction Pvt. Ltd, Dcit, 1027, Top Floor, Ward No. 8, Circle-9(1), Vs. Mehra Chowk, Mehrauli New Delhi Pan: Aaics4664H (Appellant) (Respondent)

capital gains but under any other head. It has been held that the scope of Page17 section 73 read with section 28 Explanation 2 is to deal with the situation where loss in speculative transaction is sought to be set off against other business income. Stylish Construction Pvt Ltd V DCIT Circle 9 (1

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

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

section 6(3) of the Act, what is required to be seen is de facto control, i.e., where the control and management is actually exercised. In the instant case, it is very clear that the control and management was exercised by the board of directors in Mauritius since all the 11 meeting during the previous year relevant

SUNIL MALHOTRA,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the assessee is allowed

Bench: Ms. Sushma Chowladr. B. R. R. Kumarita No. 4743/Del/2016 : Asstt. Year : 2012-13 Sunil Malhotra, Vs Acit, D-279, Defence Colony, Circle-54(1), New Delhi-110024 New Delhi (Appellant) (Respondent) Pan No. Aaopm5378F Assessee By : Sh. N. S. Bhatnagar, Adv. Revenue By : Dr. Anjula Jain, Sr. Dr Date Of Hearing: 24.02.2020 Date Of Pronouncement: 30.04.2020 Order Per Dr. B.R.R. Kumar: The Present Appeal Has Been Filed By The Assessee Against The Order Of Ld. Cit(A)-18, New Delhi Dated 04.07.2016. 2. Following Grounds Have Been Raised By The Assessee: “1. That The Learned Ito Erred In Law In Denying The Benefit Admissible U/S 54 Of The Income Tax Act, 1961 By Wrongly Relying Upon Clause 2(A) Of Section 54F Of The Income Tax Act, 1961 Which On The Facts Of The Case In Not Applicable.

73,379/- 9. The provisions of Section 54 and 54F are as under: “Section 54: [(1)] [[Subject to the provisions of sub- section (2), where, in the case of an assessee51 being an individual or a Hindu undivided family], the capital gain

SUMITOMO CORPORATION,NEW DELHI vs. DCIT (INTERNATIONAL TAXATION), NEW DELHI

Appeal of the assessee is partly allowed for statistical purpose

Bench: Shri R. K. Panda & Ms Suchitra Kamble(Through Video Conferencing) Sumitomo Corporation Vs Dcit (International Taxation) G-195, Circle-3(1)(2) Sarita Vihar New Delhi New Delhi Aabcs6011P (Appellant) (Respondent)

Section 144C of the Income Tax Act thereby proposing to make following variation to the return income of the assessee:- Particulars Amount (in Rs.) as Amount (in Rs.) as per revised return assessed of income A Business Income Income from -1,27,500 1,27,500 6 various projects as per return of income Add: Income from

RICHMOND EDUCATIONAL SOCIETY,NOIDA vs. DCIT/ACIT CENTRAL CIRCLE, GHAZIABAD, GHAZIABAD

Bench: Shri Challa Nagendra Prasad & Shri M. Balaganesh

capital of that concern, the exemption under section 11 or section 12 shall not be denied in relation to any income other than the income arising to the trust or the institution from such investment, by reason only that the funds of the trust or the institution have been invested in a concern in which such person has a substantial

ASIA SATELLITE TELECOMMUNICATIONS CO. LTD. vs. DIRECTOR OF INCOME TAX

The appeal of the Revenue is dismissed

gains of business or profession‖. Therefore, the Tribunal held that the computation would have to be made in accordance with Chapter IV D. The Tribunal stated that if the starting point of the computation of the total income was only the revenue relatable to India, then, only the proportionate expenses relating to India should have been deducted rather than deducting