COMMISSIONER OF INCOME TAX

gain and to or over which the employer of the persons employed therein has the right of access or control”. 2013:DHC:2955-DB ITR Nos. 49-50/1996, ITA Nos. 151/2002, 302/2002 & 480/2005 Page 30 of 45 55. The Shorter Oxford English Dictionary defines ‘article’ to mean “A particular material thing (of a specified class); a commodity; a piece

MILAN SAINI,GURGAON vs. DCIT, CIRCLE- 2 , GURGAON

In the result, the appeal of the assessee is allowed

Bench: Shri M Balaganesh & Shri Vimal Kumarassessment Year: 2014-15 Milan Saini, Vs. Dcit, 37, Centrum Plaza, Dlf Golf Circle-2. Course Road, Sector 53, Gurgaon Gurgaon (Haryana) Pan: Braps1366P (Appellant) (Respondent)

capital receipt not chargeable to tax. 8.1 Undisputedly, it is a material fact that Ld. AO vide order dated 22.12.2016 under Section 143(3) of the Act, assessed the income of assessee at Rs.33,80,48118 after making an addition of Rs.1,17,527/- being interest from saving bank account jointly held by assessee and his father. Ld. AO assessed

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

The appeals are disposed of

Sections 80(IA) and 80(IB) was required to maintain separate accounts for each unit. Once plant and machinery relating to the paper division was sold, the block of assets, relating to the paper division ceased to exist and the entire amount was taxable as short term capital gains

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 :-

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 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

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

EMERGING INDIA FOCUS FUNDS,MAURITIUS vs. ACIT, CIRCLE INT. TAXATION 1(2)(2), DELHI

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

section also\nexempts capital gains arising from a unit of an equity-oriented fund. This\ntreatment of capital gain to both equity shares and units of equity oriented\nfunds logically establish that units of equity funds are analogous/have\nsemblance with the equity shares.\n\n• Thus, the intent of Income Tax Law is very clear to treat the units

DABUR INDIA LIMITED vs. COMMISSIONER OF INCOME TAX,

The appeals are dismissed

Bench: We Consider The Submissions Made In Support Of The Appeal The Following Facts Require To Be Noted:- 2.1 The Assessee Is In The Business Of Manufacturing Herbal Products & Cosmetics. On 30.11.2000 Assessee Filed Its Return For Assessment Year 2000-01 Wherein, It Declared An Income Of Rs 12,15,25,093/-. On 10.5.2001 The Return Was Processed Under Section 143(1)(A) Of The Act As The Returned Income. However, Notices Were Issued Under Section 143(2) Of The Act. 2.2 In Response To The Aforesaid Notices, Hearing Was Attended By An Authorized Representative Before The Assessing Officer. 2008:Dhc:2521

80 IB and Section 80HHC. 9.2 The Scheme of the Act :- Chapter I of the Act provides for definition of terms and expressions used in the Act. Chapter-II broadly deals with basis of charge, the scope of total income, provisions by which a person is held to be resident in India, and incomes which are deemed to accrue

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. The Ld. DR brought to our notice the results of enquiry conducted by the SEBI in the case of M/s. HPC Biosciences Limited and pointed out that vide order dated 22.12.2020 the company was restrained from accessing the securities market by issuing prospectus, offer document or advertisement soliciting money from the public in any manner for eight years

PRAGATI POWER CORPORATION LTD.,NEW DELHI vs. ACIT, CIRCLE-20(1), NEW DELHI

In the result the Miscellaneous Application of the assessee is\nallowed

capital Exp. #\n43,698,289\nIncome from Business/ Profession\n197,479,545\nGross Total Income\n1,875,866,703\nLess: Deduction u/s 801Α\n1,875,866,703\nTotal Income\n5.1\nThe assessee has explained that it has claimed deduction under section\n80-IA of the Act on the basis of the certificate issued by the Auditor in form No.\n10CCB

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 45 is that the\nproperty transferred must be a capital asset on the date of\ntransfer and that it is not necessary that it should have been\ncapital asset also on the date of its acquisition by the\nassessee. Thus this decision directly answers the question\nraised and concluded. This has been followed in a subsequent\ndecision reported

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

80,71,262/- declared by the appellant. 3. That the assessing officer erred on facts and in law in not reducing Rs.117,11,24,049/-, being amount offered to tax by the appellant in the return of income under section 43B of the Act consistent with the said amount being claimed as deduction on payment basis in the preceding assessment

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

80,71,262/- declared by the appellant. 3. That the assessing officer erred on facts and in law in not reducing Rs.117,11,24,049/-, being amount offered to tax by the appellant in the return of income under section 43B of the Act consistent with the said amount being claimed as deduction on payment basis in the preceding assessment

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

Section 80TTA of the Act in computation sheet. (Tax Effect Rs. 2,060/-) 6. That the learned Assessing Officer has further erred both in law and on facts in levying interest of Rs. 9,486/- u/s 234B of the Act which is not leviable on the facts and circumstances of the case of the appellant. Prayer: It is therefore, prayed

VANEET AGGARWAL,NEW DELHI vs. ACIT, CIRCLE-14(2), NEW DELHI

In the result, appeal filed by the assessee is allowed

Capital Gain on sale of shares of M/s.\nHPC Biosciences Ltd. and claimed the exemption of Rs.41,80,283/-. By relying\nthe Investigation report of the Directorate of Investigation, Kolkata and the\nrelevant modus operandi adopted by various beneficiaries by opting exemption\nu/s 10(38) of the Act, the Ld. AO observed that his M/s. HPC Biosciences Ltd. is\nalso

COMMISSIONER OF INCOME TAX

capital gains tax without the transfer of the property in the relevant previous year within the meaning of Section 2 (47) of the Act. The learned Senior Standing Counsel made a passing mention of Section 53A of the Transfer of Property Act as incorporated in Section 2 (47)(v) of the Act. However, there is no evidence of possession being

RAJ KUMAR,NEW DELHI vs. ITO,WARD-58(4), DELHI

In the result, the appeal of the assessee is allowed

Bench: Shri Satbeer Singh Godara & Shri Amitabh Shukla

section 139(4) of the Act. The chronological events of sale of the original asset and investment in new residential house submitted by the assessee are reproduced as under: Sl.No. Particulars Remark 1 Sale of residential house Property at 23.06.2010 211, Sector-6 , Panchkula 2 Capital Gain arising there from 78,80

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.

80,752/-. The Ld. A.O. after passing the Assessment Order, on perusal of the record that the Assessee purchased a said plot on 10.08.2010 and sold it on 13.05.2011 i.e. holding of the said plot less than 36 months and further found that instead of claiming Short Term Capital Gain, the Assessee has treated it as Long Term Capital Gain