MAHAVIR TRANSMISSION LTD,NEW DELHI vs. DCIT, CENTRAL CORCLE-25, NEW DELHI

In the result, the all appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

50C to Section 56(2)(x). In this regard, it is submitted that ld. CIT(A) could not have changed the section as the power to change any section which was invoked by the AO has not been granted to the CIT(A). iii. None of the authorities referred the matter to the DVO. 87. The issue

MAHAVIR TRANSMISSION LTD,NEW DELHI vs. DCIT, CENTRAL CIRCLE-25, NEW DELHI

In the result, the all appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

50C to Section 56(2)(x). In this regard, it is submitted that ld. CIT(A) could not have changed the section as the power to change any section which was invoked by the AO has not been granted to the CIT(A). iii. None of the authorities referred the matter to the DVO. 87. The issue

DCIT, CENTRAL CIRCLE-25, NEW DELHI vs. MAHAVEER TRANSMISSION LTD, NEW DELHI

In the result, the all appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

50C to Section 56(2)(x). In this regard, it is submitted that ld. CIT(A) could not have changed the section as the power to change any section which was invoked by the AO has not been granted to the CIT(A). iii. None of the authorities referred the matter to the DVO. 87. The issue

DCIT, CENTRAL CIRCLE-25, NEW DELHI vs. MAHAVEER TRANSMISSION LTD., NEW DELHI

In the result, the all appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

50C to Section 56(2)(x). In this regard, it is submitted that ld. CIT(A) could not have changed the section as the power to change any section which was invoked by the AO has not been granted to the CIT(A). iii. None of the authorities referred the matter to the DVO. 87. The issue

MAHAVIR TRANSMISSIN LTD ,NEW DELHI vs. DCIT, CENTRAL CIRCLE-25 , NEW DELHI

In the result, the all appeals of the assessee are allowed and all the appeals of the Revenue are dismissed

Bench: Dr. B. R. R. Kumar, Sh. Sudhir Kumar

50C to Section 56(2)(x). In this regard, it is submitted that ld. CIT(A) could not have changed the section as the power to change any section which was invoked by the AO has not been granted to the CIT(A). iii. None of the authorities referred the matter to the DVO. 87. The issue

INDER JEET MALIK ,DELHI vs. ADIT CENTRAL CIRCLE-71(1), DELHI

In the result, the appeal is allowed, as indicated above

Bench: Shri Saktijit Deyassessment Year: 2019-20

5. I have heard the parties and perused the materials on record. The basic issue requiring consideration is, whether the addition made under section 50C(1) can fall within the ambit of adjustments provided under section 143(1)(a) of the Act. It is noticed, the following adjustments can be made while processing the return under section

GURBAKSHISH SINGH BATRA,NEW DELHI vs. PR. CIT - 12, NEW DELHI

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

Bench: Shri R.K. Panda & Shri N.K. Choudhryassessment Year: 2016-17 Gurbakshish Singh Batra, Vs Pr.Cit-12, E-1511, Wazir Nagr, New Delhi. Kotla Mubarakpur, New Delhi. Pan: Adspb2480J (Appellant) (Respondent) Assessee By : Shri R.S. Singhvi, Ca Revenue By : Shri Shashi Bhushan Sukla, Cit, Dr Date Of Hearing : 15.02.2022 Date Of Pronouncement : 31.03.2022 Order Per R.K. Panda, Am: This Appeal Filed By The Assessee Is Directed Against The Order Dated 22Nd March, 2021 Of The Pcit, Delhi-12, Passed U/S 263 Of The It Act For The Assessment Year 2016-17. 2. Facts Of The Case, In Brief, Are That The Assessee Is An Individual & Filed His Return Of Income On 6Th October, 2016 Declaring The Total Income At Rs.44,86,160/-. The Return Was Processed U/S 143(1) Of The It Act. Subsequently, The Case Of The Assessee Was Selected For ‘Limited Scrutiny’ Based On The Following Reasons:-

68,50,000 - whereas the property was sold at Rs. 24,00,000/-which attracts provisions of Section 50C of the Act. The Assessing Officer has not made any disallowance u/s 50C of the Act. She further noted that the assessee got possession of land on 26.11.2015, the lease deed was registered on 21.01.2016 and sold the same

SMT. ANITA MIGLANI,GHAZIABAD vs. ITO, GHAZIABAD

In the result, appeal of the assessee is allowed

Bench: Ms Suchitra Kamble & Shri O. P. Meena

68,830/- only. Deeming fiction created in Section 50C is limited only to the extent and for the purpose of section 48 and this deeming fiction cannot be extended or interpreted as meant for the purpose of other provisions of the Act including Section 54F. The process of arriving at capital gains and exemptions are distinct

DCIT, CIRCLE - 19(1), NEW DELHI vs. RAPID ENGINEERING COMPANY PVT. LTD., NEW DELHI

In the result, the appeal of the assessee is allowed

Bench: Ms. Madhumita Roy & Shri Naveen Chandrathe Dy. C.I.T Vs. Rapid Engineering Co. Pvt Ltd Circle – 19(1) 111-112, Dsidc Sheds Delhi Okhla Phase – 1, New Delhi

68,34,870 GST on above transfer charge @ 18% 12,30,090 Total Cost 33,18,20,460 Circle rate for land & Building 33,24,05,000 Difference 2,52,80,000 Difference in % of sale consideration 8.2% Page 2 of 11 DCIT Vs Rapid Engineering Co.Pvt Ltd 4. The Assessing Officer in the impugned assessment order

ITO, NEW DELHI vs. SMT. SHIMLA DEVI, NEW DELHI

In the result, we reverse the order of the learned CIT appeal and restore the order of the learned assessing officer; consequently, ground number 2 of the appeal of the revenue is allowed

Bench: Smt Beena A Pillai & Shri Prashant Maharishiito, Vs. Shimla Devi, Ward-41(3), C-29, New Multan Nagar, New Delhi New Delhi Pan: Afypd6835R (Appellant) (Respondent)

5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modi-fications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that

SHRI JASTINDER SINGH VEDI,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 2006-07 Vs. Dcit, Circle-25(1), New Delhi Sh. Jastinder Singh Vedi, 24/55, Punjabi Bagh (West), New Delhi Pan : Aaepv4136E (Appellant) (Respondent) Appellant By S/Sh. R.S. Singhvi & Satyajit Goel, Adv. Respondent By Sh. Umesh Chand Dubey, Sr.Dr Date Of Hearing 15.05.2017 Date Of Pronouncement 19.05.2017 Order Per O.P. Kant, A.M.: This Appeal By The Assessee Is Directed Against The Order Dated 24.02.2011Of Learned Cit(A)-Viii, New Delhi, Raising The Following Grounds Of Appeal: “1. The Lower Authorities Had Erred In Not Appreciating That The Plot Of Land No. A-2/204, Paschim Vihar, Delhi Measuring 167 Sq. Mtrs. Allotted By Dda In Public Auction On 11.3.2002 Was Not Comparable To The First Floor Of House No. 37, Punjabi Bagh (West), New Delhi Especially When The Ground Floor & The Second Floor Of The Said Property Belonged To Others. 2. The Lower Authorities Had Erred In Not Appreciating That The One- Third Share Of The First Floor Of House No. 37, Punjabi Bagh (West) Belonged To The Appellant Whereas Two-Third Share Of The Said Flat Belonged To His Wife & The Long-Term Capital Loss In Respect Of The Two-Third Share From The Sale Of The Said Floor Has Been Accepted By The Department.

68,687/- adopted by the Assessing Officer. The assessee is in appeal against the additions sustained by the learned CIT(A). 3. Before us, the learned counsel for the assessee submitted that for the purpose of capital gain under Section 45 of the Act, computation has been provided under Section 48 of the Act. According to said computation

ANITA MIGLANI,GHAZIABAD vs. DCIT, GHAZIABAD

In the result, the appeal of the assessee is allowed

Bench: Shri Amit Shukla & Shri Dr. B.R.R. Kumar

68,830/- only. Deeming fiction created in Section 50C is limited only to the extent and for the purpose of section 48 and this deeming fiction cannot be extended or interpreted as meant for the purpose of other provisions of the Act including Section 54F. The process of arriving at capital gains and exemptions are distinct

SUNIL MIGLANI,GHAZIABAD vs. DCIT, GHAZIABAD

In the result, appeal of the assessee is allowed

Bench: Shri N. K. Billaiya & Ms Suchitra Kamblesunil Miglani Vs Dcit Kj-2, Kavi Nagar Central Circle New Delhi Ghaziabad (Appellant) (Respondent)

68,830/- only. Deeming fiction created in Section 50C is limited only to the extent and for the purpose of section 48 and this deeming fiction cannot be extended or interpreted as meant for the purpose of other provisions of the Act including Section 54F. The process of arriving at capital gains and exemptions are distinct

YANSH,NEW DELHI vs. ITO, NEW DELHI

In the result, the appeal of the assessee is deemed to be allowed for statistical purposes

Bench: Shri Before Shri G.D. Agrawal, Before Shri Before Shri G.D. Agrawal, G.D. Agrawal, Vice G.D. Agrawal, Vice & And & Shri K. Narasimha Chary Shri K. Narasimha Charyshri K. Narasimha Chary Shri K. Narasimha Chary

68,41,372/- made by the Assessing Officer as short term capital gain by applying provisions of Section 50C of the Income-tax Act, 1961. 3. In the arguments of the assessee, one of the main arguments was that the Assessing Officer should have referred the matter to the Valuation Officer under sub-section (2) of Section

FASHION GROUP INTERNATIONAL,PANIPAT vs. ACIT, CIRCLE, PANIPAT

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

5. From the above chronology it can be seen that the assessee was never the owner of the properties and what was transferred during the year under consideration may at best be said to be the right in the properties held by the assessee. Since the total value of sale consideration was already transferred it was imperative to include

CIT vs. KHOOBSURAT RESORTS PVT LTD

Bench: HON'BLE MR. JUSTICE S. RAVINDRA BHAT,HON'BLE MR. JUSTICE R.V.EASWAR

68 of the Income Tax Act. 2. The assessee, a private limited company incorporated on 04.01.1992 filed its return of income for assessment year 2007-2008, on 30.01.2008 declaring NIL income after adjusting unabsorbed depreciation of Rs.3,15,666/-. The assessment was taken up under Section 143 (3) by the A.O. The assessee had purchased during the period

CIT vs. KHOOBSURAT RESORTS PVT LTD

68 of the Income Tax Act. 2. The assessee, a private limited company incorporated on 04.01.1992 filed its return of income for assessment year 2007-2008, on 30.01.2008 declaring NIL income after adjusting unabsorbed depreciation of Rs.3,15,666/-. The assessment was taken up under Section 143 (3) by the A.O. The assessee had purchased during the period

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

68 of the I.T. Act, 1961 as unexplained cash credit on account of sale of shares of M/s Quest Financial Services Ltd. without appreciating the fact that the transaction of sale of shares is not genuine but an arranged deal managed by the assessee. Page 29 4. The appellant craves leave to add, amend any/all the grounds of appeal before