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 :-

transfer thereof as Capital Gain, the same shall not be put to dispute by the Assessing Officer”. 19 Further with regard to Short Term Capital Gains, the appellant company has established that Circular 'no. 04/2007 dated 15.06.2007 is squarely applicable on the fact and circumstances of appellant company as the appellant company has fulfilled all the three conditions

NIKESH ARORA,GURGAON vs. DCIT, INTERNATIONAL TAXATION, GURGON

In the result, appeal is allowed in the terms indicated above

Bench: We Proceed To Deal With The Substantive Issues Arising

transferred is merely interest/right in shares and 16 | P a g e AY: 2017-18 not the shares itself, therefore, situs of such interest/right over the shares being situated outside India is not taxable in India, learned Departmental Representative drew our attention to Explanation-2 to section 2(47) of the Act and submitted, since the underlying assets are shares

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

transfer of shares on or after 1 April 2017 will be restricted to the\nshares purchased on or after 1 April 2017 and the capital gain arising on\ntransfer of shares which were acquired before 1 April 2017 have been\ngrandfathered and will not be subject to capital gain taxation in India.\n31. In view of the above, the Assessee

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

Appeal of the revenue is dismissed

gain arises from the transfer of land by the\nassessee, (ii) of a capital asset being land, and (iii) such land was being used by\nthe assessee or his parents, the assessee being an individual or his parents or a\nHUF for agricultural purposes, in the two years immediately preceding the date\nof the transfer, and (iv) the assessee

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

price of mutual fund isRs.1004,58,57,202/- in respect of long term capital gain and Rs.1587,10,65,228/- in respect of short term capital gain which is substantial by any standard. Hence, he treated the transaction as the business activity of the assessee. Law is well settled now that intent is required to be examined whether

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

price of mutual fund isRs.1004,58,57,202/- in respect of long term capital gain and Rs.1587,10,65,228/- in respect of short term capital gain which is substantial by any standard. Hence, he treated the transaction as the business activity of the assessee. Law is well settled now that intent is required to be examined whether

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)

gains and was in effect a capital receipt. The relevant extracts of the judgement are reproduced hereunder: "7. We are, therefore, left with the question as to whether the right to claim damages in the instant case is a 'property of any kind and thus, a 'capital asset' under section 2(14)of the Act. The further question

ACIT, CIRCLE-46(1), NEW DELHI vs. DABUR INVEST CORP., DELHI

In the result, appeals of the Revenue are dismissed and appeal

Bench: Shri Challa Nagendra Prasad & Shri Avdhesh Kumar Mishraिनधा"रणवष"/Assessment Year: 2017-18 बनाम Acit, Dabur Invest Corp., 4Th Floor, Punjab Bhawan, Circle-46(1), Room No.106, Vs. Drum Shape Building, I.P. Estate, New Delhi. New Delhi. Pan No.Aadfd2529D अपीलाथ" Appellant ""यथ"/Respondent िनधा"रणवष"/Assessment Year: 2018-19 बनाम Acit, Dabur Invest Corp., 4Th Floor, Punjab Bhawan, Circle-46(1), Room No.106, Vs. Drum Shape Building, I.P. Estate, New Delhi. New Delhi. Pan No.Aadfd2529D अपीलाथ" Appellant ""यथ"/Respondent िनधा"रणवष"/Assessment Year: 2017-18 बनाम Dabur Invest Corp., Jcit, 4Th Floor, Punjab Bhawan, Vs. Range-46, New Delhi. New Delhi. Pan No.Aadfd2529D अपीलाथ" Appellant ""यथ"/Respondent िनधा"रणवष"/Assessment Year: 2018-19 बनाम Dabur Invest Corp., Jcit, 4Th Floor, Punjab Bhawan, Vs. Range-46, New Delhi. New Delhi. Pan No.Aadfd2529D अपीलाथ" Appellant ""यथ"/Respondent

transfer of the shares by the assessee to CUIH while working out resultant capital gain thereon. The relevant observations of the Tribunal are as under: - “54. On careful consideration of above all clauses it is quite clear that option price

DABUR INVEST CORP,NEW DELHI vs. JCIT, RANGE-46, NEW DELHI

In the result, appeals of the Revenue are dismissed and appeal

Bench: Shri Challa Nagendra Prasad & Shri Avdhesh Kumar Mishraिनधा"रणवष"/Assessment Year: 2017-18 बनाम Acit, Dabur Invest Corp., 4Th Floor, Punjab Bhawan, Circle-46(1), Room No.106, Vs. Drum Shape Building, I.P. Estate, New Delhi. New Delhi. Pan No.Aadfd2529D अपीलाथ" Appellant ""यथ"/Respondent िनधा"रणवष"/Assessment Year: 2018-19 बनाम Acit, Dabur Invest Corp., 4Th Floor, Punjab Bhawan, Circle-46(1), Room No.106, Vs. Drum Shape Building, I.P. Estate, New Delhi. New Delhi. Pan No.Aadfd2529D अपीलाथ" Appellant ""यथ"/Respondent िनधा"रणवष"/Assessment Year: 2017-18 बनाम Dabur Invest Corp., Jcit, 4Th Floor, Punjab Bhawan, Vs. Range-46, New Delhi. New Delhi. Pan No.Aadfd2529D अपीलाथ" Appellant ""यथ"/Respondent िनधा"रणवष"/Assessment Year: 2018-19 बनाम Dabur Invest Corp., Jcit, 4Th Floor, Punjab Bhawan, Vs. Range-46, New Delhi. New Delhi. Pan No.Aadfd2529D अपीलाथ" Appellant ""यथ"/Respondent

transfer of the shares by the assessee to CUIH while working out resultant capital gain thereon. The relevant observations of the Tribunal are as under: - “54. On careful consideration of above all clauses it is quite clear that option price

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

capital gain and siphoning out the gains to tax heavens, cannot\nbe ruled out. There can be no rigging of the price or artificial appreciation of the\ncapital gains.\n\n17. Thus there is no doubt left that under the Indian Laws, the shares and\nmutual fund both are different forms of securities and investment in both of\nthem have

DEEPAK KATHARI,KANPUR vs. ACIT, CC-5, NEW DELHI

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

Bench: SHRI S. RIFAUR RAHMAN (Accountant Member), SHRI VIMAL KUMAR (Judicial Member)

Gain (STCG) on sale of shares, namely, Hindustan Petroleum Corporation Limited (HPCL) and Gas Authority of India Limited (GAIL). It was observed that loss on sale of the shares was due to issue of bonus shares of these companies. He observed that assessee had sold shares after receiving the bonus shares and claimed the Short Term Capital Loss, claimed

DCIT CENTRAL CIRCLE 05 , DELHI vs. DEEPAK KOTHARI , KANPUR

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

Bench: SHRI S. RIFAUR RAHMAN (Accountant Member), SHRI VIMAL KUMAR (Judicial Member)

Gain (STCG) on sale of shares, namely, Hindustan Petroleum Corporation Limited (HPCL) and Gas Authority of India Limited (GAIL). It was observed that loss on sale of the shares was due to issue of bonus shares of these companies. He observed that assessee had sold shares after receiving the bonus shares and claimed the Short Term Capital Loss, claimed

SAIF PARTNERS INDIA IV LIMITED ,DELHI vs. ACIT INT. TAXATION-3(1)(2), DELHI

In the result, the appeal of the assessee in ITA No

Bench: Shri N.K. Billaiya & Shri Anubhav Sharma

capital gain taxation as provided in the Act. Please find enclosed the notes to computation (also furnished earlier) as Annexure 3 for detailed description in relation to transactions undertaken during the year under consideration. Further, the Company is a non-resident as per the provisions of the Act and does not create a permanent establishment in India for the relevant

(Now known as Sony India Limited)

gains of one international transaction against another international transaction. (xvii) The Assessing Officer/ TPO without specific reference had in substance applied the Cost Plus Method (‗CP Method‘, for short) for computing the arm‘s length price of the international transaction, i.e. the AMP transaction between the AE resident abroad and the Indian assessed. The CP Method

DABUR INVEST CORP,NEW DELHI vs. JCIT, RANGE-46, NEW DELHI

In the result, appeals of the Revenue are dismissed and appeal\nof the assessee for the AY 2017-18 is partly allowed as indicated\nabove and appeal of the assessee for the AY 2018-19 is dismissed

price is considered an advance against the eventual sale of shares and requires adjustment only at the time of transfer of shares for calculating resultant capital gains

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

capital gain would arise.\nIn the absence of a specific provision to deal with the present\nsituation, two formulas can be evolved to work out the profits\nand gains on transfer of the assets. One formula which has\nbeen adopted by the Assessing Officer i.e., difference between\nthe book value of the shares and the market value of the\nshares

ACIT, CIRCLE-46(1), NEW DELHI vs. DABUR INVEST CORP , DELHI

In the result, appeals of the Revenue are dismissed and appeal\nof the assessee for the AY 2017-18 is partly allowed as indicated\nabove and appeal of the assessee for the AY 2018-19 is dismissed

transfer of the\nshares by Dabur to CUIH while working out\nresultant capital gain thereon” and also stated\nthat for the earlier years CIT(A) has also allowed\nthe appeal of the assessee which was reproduced\nas under:\n\nITAT\n11.03.2019\ntaxable as Capital Gains in year\nof sale of shares.\n\n4) 2014-15 (263)/\n143(3)/\nITAT\n09/03/18

SACHIN KANODIA,NEW DELHI vs. ITO WARD - 42(2), NEW DELHI

Appeal are dismissed

Bench: SHRI S. RIFAUR RAHMAN (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

price as it was the appellant who had traded in the shares of the this company which resulted into claim of long term capital gains which is exempt under section 10(38). Once the assessee was made aware of the result of the investigation which proved that trading of shares leading to long term capital gains was not genuine