ANANT RAJ LTD.,NEW DELHI vs. DCIT, CIRCLE-2(2), NEW DELHI

The appeal is allowed partly as indicated above

Bench: Shri Amit Shukla & Shri Prashant Maharishi

short-term capital gain chargeable u/s 50 of the Act. Further, the assessing officer held that since the sale consideration was more than the WDV of the block of assets, the WDV of the block was reduced to ‘nil’ and therefore, no depreciation was allowable on the same, whereas the assessee had claimed depreciation

SURESH KUMAR AGGARWAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE-25, NEW DELHI

In the result, appeal of the assessee is partly allowed

Bench: Shri Sudhanshu Srivastava & Shri Prashant Maharishia Y 2011-12 Appellant Respondent Shri Suresh Kumar Agarwal The Assistant Commissioner Of 154, Deepali Enclave Vs. Income Tax Pitampura Central Circle -25 New Delhi New Delhi Pan :- Abvpk1318H ( Appellant ) ( Respondent ) Date Of Hearing 17-06-2020 Date Of Order 29.06.2020 Present For Assessee Shri Gautam Jain , Advocate Present For Income Tax Department :- Shri Saras Kumar Senior Departmental Representative O R D E R

short-term capital loss by various beneficiaries. Based upon outcome of such investigation and analysis of the data, the system directorate has uploaded details of such information in respect of individual assesses who have made transactions in such penny stocks. 2. The investigation carried out by the Department has proved that assessee was hatched by various players to obtain/provide accommodation

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

u/s 147 of the income tax act. ii. If, the reassessment proceedings are correctly initiated, whether the shares held by the assessee in the joint demat account are short-term capital asset or long-term capital asset and what is the ‘cost of acquisition’ and ‘period of holding’ of those shares for computation of capital gain

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

u/s 147 of the income tax act. ii. If, the reassessment proceedings are correctly initiated, whether the shares held by the assessee in the joint demat account are short-term capital asset or long-term capital asset and what is the ‘cost of acquisition’ and ‘period of holding’ of those shares for computation of capital gain

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

u/s 147 of the income tax act. ii. If, the reassessment proceedings are correctly initiated, whether the shares held by the assessee in the joint demat account are short-term capital asset or long-term capital asset and what is the ‘cost of acquisition’ and ‘period of holding’ of those shares for computation of capital gain

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

u/s 147 of the income tax act. ii. If, the reassessment proceedings are correctly initiated, whether the shares held by the assessee in the joint demat account are short-term capital asset or long-term capital asset and what is the ‘cost of acquisition’ and ‘period of holding’ of those shares for computation of capital gain

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

u/s 147 of the income tax act. ii. If, the reassessment proceedings are correctly initiated, whether the shares held by the assessee in the joint demat account are short-term capital asset or long-term capital asset and what is the ‘cost of acquisition’ and ‘period of holding’ of those shares for computation of capital gain

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

Bench: Shri Beena A Pillai & Shri Prashant Maharishi

u/s 147 of the income tax act. ii. If, the reassessment proceedings are correctly initiated, whether the shares held by the assessee in the joint demat account are short-term capital asset or long-term capital asset and what is the ‘cost of acquisition’ and ‘period of holding’ of those shares for computation of capital gain

SANGITA KSHETRY,NOIDA vs. ACIT,CIRCLE INT.TAX. 2(1)(2), NEW DELHI

In the result, the appeal of the assesses in ITA 1876/Del/2023, ITA

Bench: Sh. C.N. Prasad & Sh. Naveen Chandraassessment Year: 2016-17

u/s 147, we find that the assessee case was initially picked up for scrutiny under limited scrutiny under CASS to examine whether capital gain/loss is genuine and has been correctly shown in the return of income. During the original assessment proceedings, the AO had examined the issue of sale of shares and capital gains arising therefrom in detail

NINA KSHETRY,NOIDA vs. ACIT, CIRCLE INT.TAX. 2(1)(2), NEW DELHI

In the result, the appeal of the assesses in ITA 1876/Del/2023, ITA

Bench: Sh. C.N. Prasad & Sh. Naveen Chandraassessment Year: 2016-17

u/s 147, we find that the assessee case was initially picked up for scrutiny under limited scrutiny under CASS to examine whether capital gain/loss is genuine and has been correctly shown in the return of income. During the original assessment proceedings, the AO had examined the issue of sale of shares and capital gains arising therefrom in detail

HERSH VARDHAN KSHETRY,NOIDA vs. ACIT, CIRCLE INT. TAX. 2(1)(2), NEW DELHI

In the result, the appeal of the assesses in ITA 1876/Del/2023, ITA

Bench: Sh. C.N. Prasad & Sh. Naveen Chandraassessment Year: 2016-17

u/s 147, we find that the assessee case was initially picked up for scrutiny under limited scrutiny under CASS to examine whether capital gain/loss is genuine and has been correctly shown in the return of income. During the original assessment proceedings, the AO had examined the issue of sale of shares and capital gains arising therefrom in detail

UMA SINGAL,NEW DELHI vs. ACIT, CENTRL CIRCLE-3, NEW DELHI

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

u/s. 292C of the Act relied on by the ld.DR are available against the person in whose possession the books of account other documents etc., were found. The presumption is not available against the third party and transactions are through Demat account. The assessee filed all the documents and these purchases were made by the assessee through account payee cheque

RITU SINGAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 3, NEW DELHI

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

u/s. 292C of the Act relied on by the ld.DR are available against the person in whose possession the books of account other documents etc., were found. The presumption is not available against the third party and transactions are through Demat account. The assessee filed all the documents and these purchases were made by the assessee through account payee cheque

KRISHNA DEVI,NEW DELHI vs. ITO, WARD- 38(3), NEW DELHI

Bench: Sh. Amit Shukladr. B. R. R. Kumarita No. 6356/Del/2019 : Asstt. Year : 2014-15 Krishna Devi, Vs Income Tax Officer, F-26/124, Sector-7, Rohini, Ward-38(3), New Delhi-110085 New Delhi-110002 (Appellant) (Respondent) Pan No. Abrpd0875E Assessee By : Sh. Kapil Goel, Adv. Revenue By : Sh. Umesh Takyar, Sr. Dr Date Of Hearing: 08.10.2021 Date Of Pronouncement: 04.01.2022

short term capital loss in their books of accounts. It is noticed that the financial of the company for the relevant period do not show any substantial change so as to support such a huge price movement. Since the assessee is one of the beneficiary who has transacted with this company the issue of bogus short/long term capital gain cannot

SMT. RANJANA GARG,NEW DELHI vs. DCIT, NEW DELHI

In the result, the CO of the assessee is allowed and

Bench: Shri G.D. Agrawal & Shri Sudhanshu Srivastavaranjana Garg, Vs Dcit 141, Sunder Nagar, Central Circle 12, New Delhi. Jhandewalan Aanpg3625Q Extn., New Delhi. Ranjana Garg, Vs Dcit 141, Sunder Nagar, Central Circle 12, New Delhi. Jhandewalan Aanpg3625Q Extn., New Delhi. Acit Vs Amita Garg, Central Circle 12, G-15, Maharani Bagh, New Delhi. New Delhi. Aadpg0990L Acit Vs Amita Garg, Central Circle 12, G-15, Maharani Bagh, New Delhi. New Delhi. Aadpg0990L

reassessment can be made. The word ‘assess’ in Section 153A is relatable to abated proceedings (i.e. those pending on the date of search) and the word ‘reassessee’ to completed assessment proceedings. vi. Insofar as pending assessments are concerned, the jurisdiction to make the original assessment and the assessment u/s 153A merges into one. Only one assessment shall be made separately

ASSISSTANT COMMISSIONER OF INCOME TAX, JHANDEWALAN EXTN. vs. OM PRAKASH ARORA, CONNAUGHT PLACE

In the result, appeal of the Revenue vide ITA No

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla, Accountnat Member [Assessment Year: 2015-16] Assistant Commissioner Of Om Prakash Arora, Income Tax, Central Circle-01, M-3, Flat No.103, Avg Bhawan E-2, Jhandewalan Extn. Vs The Variety Books Depot. New Delhi-110055 Connaught Place, New Delhi-110001 Pan-Accpa9774F Assessee Revenue Cross Objection No.42/Del/2025 (Arising Out Of Ita No.5031/Del/2024) [Assessment Year: 2015-16] Om Prakash Arora, Assistant Commissioner Of Income M-3, Flat No.103, Avg Tax, Central Circle-01, Bhawan The Variety Books Vs E-2, Jhandewalan Extn. Depot. Connaught Place, New Delhi-110055 New Delhi-110001 Pan-Accpa9774F Assessee Revenue [Assessment Year: 2016-17] Assistant Commissioner Of Om Prakash Arora, Income Tax, Central Circle-01, M-3, Flat No.103, Avg Bhawan E-2, Jhandewalan Extn. Vs The Variety Books Depot. New Delhi-110055 Connaught Place, New Delhi-110001 Pan-Accpa9774F Assessee Revenue

reassessment proceedings on the premise that the Joint Commissioner or Additional Commissioner could not be the Assessing Officer under section 2(7A) of the Act unless specifically directed under section 120(4)(b) of the Act to perform the functions of an AO and in the case of the Appellant, no such directions had been issued and the case

ASSISSTANT COMMISSIONER OF INCOME TAX, JHANDEWALAN EXTN. vs. OM PRAKASH ARORA, CONNAUGHT PLACE

In the result, appeal of the Revenue vide ITA No

Bench: Shri Anubhav Sharma & Shri Amitabh Shukla, Accountnat Member [Assessment Year: 2015-16] Assistant Commissioner Of Om Prakash Arora, Income Tax, Central Circle-01, M-3, Flat No.103, Avg Bhawan E-2, Jhandewalan Extn. Vs The Variety Books Depot. New Delhi-110055 Connaught Place, New Delhi-110001 Pan-Accpa9774F Assessee Revenue Cross Objection No.42/Del/2025 (Arising Out Of Ita No.5031/Del/2024) [Assessment Year: 2015-16] Om Prakash Arora, Assistant Commissioner Of Income M-3, Flat No.103, Avg Tax, Central Circle-01, Bhawan The Variety Books Vs E-2, Jhandewalan Extn. Depot. Connaught Place, New Delhi-110055 New Delhi-110001 Pan-Accpa9774F Assessee Revenue [Assessment Year: 2016-17] Assistant Commissioner Of Om Prakash Arora, Income Tax, Central Circle-01, M-3, Flat No.103, Avg Bhawan E-2, Jhandewalan Extn. Vs The Variety Books Depot. New Delhi-110055 Connaught Place, New Delhi-110001 Pan-Accpa9774F Assessee Revenue

reassessment proceedings on the premise that the Joint Commissioner or Additional Commissioner could not be the Assessing Officer under section 2(7A) of the Act unless specifically directed under section 120(4)(b) of the Act to perform the functions of an AO and in the case of the Appellant, no such directions had been issued and the case

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

Short Term Capital Gain ('STCG') as claimed by the Assessee in the return filed by it. The AO was of the view that the earlier intimation under Section 143 (1) did not involve the application of mind by the AO and the new information had resulted from the scrutiny assessment for AY 2007-08. The Court relied on its decision