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

short term capital asset. 19. As regards the contention of assessee that since what the assessee has 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

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)

short span of six- seven months at the rate varying from Rs. 47.75 paise to Rs. 55. These shares were purchased through a broker, Munish Arora & Co. and sold through another broker, M/s SK Sharma & Co. The AO was taken by surprise by the astronomical rise in share price of a company from Rs. 3 to Rs. 55 and started

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

Short Term Capital Gains - 3 Total Taxable Income under head Long Term Capital Gains (Exempt) - Listed (229,185,105) Long Term Capital Gains/ (Loss) on sale of shares exempt under section 10(38) of the Act (Refer Note to Computation) Total Taxable Loss under the head Capital Gains (Exempt) B INCOME FROM OTHER SOURCES Dividend Income

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

ACIT, NEW DELHI vs. M/S. VIC ENTERPRISES PVT. LTD., NEW DELHI

In the result, the appeal of the revenue is dismissed

Bench: Sh. N. K. Choudharydr. B. R. R. Kumarita No. 1893/Del/2017 : Asstt. Year : 2011-12 Assistant Commissioner Of Vs M/S Vic Enterprises Pvt. Ltd., 4Th Floor, Punjabi Bhawan, 10, Income Tax, Circle-26(1), New Delhi-110002 Rouse Avenue, New Delhi (Appellant) (Respondent) Pan No. Aaacv0132B Assessee By : Sh. M. P. Rastogi, Adv. Revenue By : Sh. H. K. Choudhary, Cit Dr Date Of Hearing: 06.02.2020 Date Of Pronouncement: 07.02.2020

price whichever is lower. 19.5 Thus, the intention of the assessee is very much clear as to what stocks are to be treated as business stock and what to be treated as investment stock. The Policy and treatment of stock transaction are 16 VIC Enterprises Pvt. Ltd. clearly reflected in the Balance sheet of the assessee. 19.6 We thus fully

SANJAY KAUL,NEW DELHI vs. ITO, WARD-24(4), NEW DELHI

In the result, the appeal of the assessee is dismissed

Bench: Shri H.S. Sidhu & Shri O.P. Kantassessment Year: 2015-16

transfer of Short Term Capital Asset was to be set off against the Long Term Capital Gain accruing to the appellant under Section 70 of the Act. 5. BECAUSE the Ld. CIT (A) has failed to appreciate the evidence tendered by the appellant to support the claim of set off under Section 70, hence the findings mechanically recorded on borrowed

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)

prices of the securities are market determined. However, all shares whether listed or unlisted have enjoyed the benefit of short period of holding and even any investment in shares of private limited companies enjoyed long-term capital gains on its transfer

MR. SUNIL GOYAL,NOIDA vs. ITO, NEW DELHI

Appeal is disposed of in accordance with the aforesaid directions

Bench: Shri Amit Shukla & Shri Anadee Nath Misshra

short issue in both cases is whether the income rightly taxed and taxable as long term capital gain as offered by the assessee could be split partly to be taxed as long term capital gain and the balance as business income in the hands of the assessee. 2. The computation of income filed with the return by Pramod Saini

BRIJ BHUSHAN SINGAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 3, NEW DELHI

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

short period of preferential allotment, a significant increase in the price of shares of those scrips was observed which continued during the period of lock in on the share allotted to the preferential allottees. The AO pointed out that it was observed by SEBI that in over 50% of the ITA Nos. 1476 to 1478/Del/2018

BRIJ BHUSHAN SINGAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 3, NEW DELHI

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

short period of preferential allotment, a significant increase in the price of shares of those scrips was observed which continued during the period of lock in on the share allotted to the preferential allottees. The AO pointed out that it was observed by SEBI that in over 50% of the ITA Nos. 1476 to 1478/Del/2018

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

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

short period of preferential allotment, a significant increase in the price of shares of those scrips was observed which continued during the period of lock in on the share allotted to the preferential allottees. The AO pointed out that it was observed by SEBI that in over 50% of the ITA Nos. 1476 to 1478/Del/2018

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

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

short period of preferential allotment, a significant increase in the price of shares of those scrips was observed which continued during the period of lock in on the share allotted to the preferential allottees. The AO pointed out that it was observed by SEBI that in over 50% of the ITA Nos. 1476 to 1478/Del/2018

BRIJ BHUSHAN SINGAL,NEW DELHI vs. ACIT, CENTRAL CIRCLE- 3, NEW DELHI

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

short period of preferential allotment, a significant increase in the price of shares of those scrips was observed which continued during the period of lock in on the share allotted to the preferential allottees. The AO pointed out that it was observed by SEBI that in over 50% of the ITA Nos. 1476 to 1478/Del/2018

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

Bench: Sh. N. K. Saini, Hon’Ble & Sh. K. N. Charyita No. 1412/Del/2018 : Asstt. Year : 2010-11 Ita No. 1413/Del/2018 : Asstt. Year : 2011-12 Ita No. 1414/Del/2018 : Asstt. Year : 2012-13 Sh. Brij Bhushan Singal, Vs Acit, W-29, Greater Kailash, Part-Ii, Central Circle-3, New Delhi-110048 New Delhi (Appellant) (Respondent) Pan No. Aefps6298M

short period of preferential allotment, a significant increase in the price of shares of those scrips was observed which continued during the period of lock in on the share allotted to the preferential allottees. The AO pointed out that it was observed by SEBI that in over 50% of the ITA Nos. 1476 to 1478/Del/2018

DCIT, NEW DELHI vs. SH. MONI KUMAR SUBBA, NEW DELHI

In the result ground No. 2 of the appeal of the assessee is allowed

Bench: Smt. Diva Singh & Shri O.P. Kantassessment Year: 2006-07 Dcit, Vs. Sh. Moni Kumar Subba, Central Circle-4, New Delhi Subba Farm House, 118, Village Sultanpur, Mehrauli, Gurgaon Road, Delhi Pan :Aasps1484J (Appellant) (Respondent) & Assessment Year: 2006-07 Shri. Moni Kumar Subba, Vs. Acit, Subba Farm House, 118, Central Circle-4, E-2, Ara Village Sultanpur, Mehrauli, Centre, Jhandewalan Extn., Gurgaon Road, Delhi New Delhi Pan :Aasps1484J (Appellant) (Respondent)

short term capital gain u/s 45 of I.T. Act. Accordingly, this ground of appeal is partly allowed.” 5.8 Before us, the assessee has challenged holding of transaction as “transfer” and without prejudice, also challenged the amount of consideration taken at value as per stamp duty valuation. 5.9 The Ld. counsel relied on the submission filed before

MONI KUMAR SUBBA,DELHI vs. ACIT, NEW DELHI

In the result ground No. 2 of the appeal of the assessee is allowed

Bench: Smt. Diva Singh & Shri O.P. Kantassessment Year: 2006-07 Dcit, Vs. Sh. Moni Kumar Subba, Central Circle-4, New Delhi Subba Farm House, 118, Village Sultanpur, Mehrauli, Gurgaon Road, Delhi Pan :Aasps1484J (Appellant) (Respondent) & Assessment Year: 2006-07 Shri. Moni Kumar Subba, Vs. Acit, Subba Farm House, 118, Central Circle-4, E-2, Ara Village Sultanpur, Mehrauli, Centre, Jhandewalan Extn., Gurgaon Road, Delhi New Delhi Pan :Aasps1484J (Appellant) (Respondent)

short term capital gain u/s 45 of I.T. Act. Accordingly, this ground of appeal is partly allowed.” 5.8 Before us, the assessee has challenged holding of transaction as “transfer” and without prejudice, also challenged the amount of consideration taken at value as per stamp duty valuation. 5.9 The Ld. counsel relied on the submission filed before

ACIT CIRCLE-3 (1), NEW DELHI vs. BULLS & BEARS PORTFOLIO LTD, NEW DELHI

In the result, the appeals of the Revenue in ITA

Bench: Shri B.P. Jain & Shri Sudhanshu Srivastava

transferring the scrips at prevailing market price and by following the prescribed procedure. vii) He further submitted that the categorization of incomes into three categories is not correct. There are only two types of incomes envisaged i.e. Trading income and Capital Gains. Capital gain is assessed as Long Term or Short

SH. RAKESH KUMAR GUPTA,NEW DELHI vs. ITO, NEW DELHI

In the result, the appeal is dismissed

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

transfer of a short term capital asset being an equity share in a company and such transaction is chargeable to securities transaction tax, the tax payable by ITA No. 5845/Del./2014 11 the assessee shall be the aggregate of the amount of income tax calculated, on such short term capital gains, at the rate of fifteen per cent