MOHAN KAPOORCHAND JAIN,MUMBAI vs. ADDL CIT 20(2), MUMBAI

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

sections 111A and 115AD have further been amended whereby the rate of tax on such short-term capital gain has been raised to fifteen percent. Thus, w.e.f. 01.10.2004; on the share transactions subjected to STT; concessional tax rate of 10% (which has been increased to 15% from AY 2009-10) are applicable in respect of STCG whereas

MOHAN KAPOORCHAND JAIN,MUMBAI vs. JCIT 20(2), MUMBAI

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

sections 111A and 115AD have further been amended whereby the rate of tax on such short-term capital gain has been raised to fifteen percent. Thus, w.e.f. 01.10.2004; on the share transactions subjected to STT; concessional tax rate of 10% (which has been increased to 15% from AY 2009-10) are applicable in respect of STCG whereas

A.C.I.T. CIRCLE 21(1), MUMBAI vs. MOHAN KAPOORCHAND JAIN, MUMBAI

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

sections 111A and 115AD have further been amended whereby the rate of tax on such short-term capital gain has been raised to fifteen percent. Thus, w.e.f. 01.10.2004; on the share transactions subjected to STT; concessional tax rate of 10% (which has been increased to 15% from AY 2009-10) are applicable in respect of STCG whereas

MOHAN KAPOORCHAND JAIN,MUMBAI vs. ASST CIT 21(1), MUMBAI

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

sections 111A and 115AD have further been amended whereby the rate of tax on such short-term capital gain has been raised to fifteen percent. Thus, w.e.f. 01.10.2004; on the share transactions subjected to STT; concessional tax rate of 10% (which has been increased to 15% from AY 2009-10) are applicable in respect of STCG whereas

UDAYAN GROVER,MUMBAI vs. NATIONAL FACELESS APPEAL CENTRE(NFAC), DELHI

In the result, appeal filed by the assessee is allowed

Bench: Shri Aby T Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleudayan Grover V. National Faceless Appeal Centre Panch Mahal Delhi Panch Sristhi Complex {Acit – 26(3), Bkc, Mumbai} Powai, Mumbai - 400072 Pan: Aclpg0572G (Appellant) (Respondent) Assessee Represented By : Shri Vimal Punmiya Department Represented By : Ms. Kavitha Kaushik

capital gain earned by him is genuine one. C. Further, reliance is also placed on the judgment in the case of CIT Vs Independent Media Pvt Ltd. {2012 24 Taxmann 276 Delhi, wherein it was held that addition u/s 68 id inevitable on unearthing of sham transactions. No further evidence needed to prove their sources. The Hon’ble Delhi High

SANJAY KUMAR PODDAR,MUMBAI vs. JCIT (OSD) 15(1), MUMBAI

Appeal is allowed in favour of the assessee, in part

Bench: S/Shri Rajendra & Ram Lal Negiआयकर अपील अपील संसंसंसं./I.T.A./3150/Mum/2014, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Sanjay Kumar J. Poddar, C/O Shankarlal Jt. Commissioner Of Income Tax(Osd), Jain & Associates, Circle 15(1),Matru Mandir, Vs. 12 Engineer Building, 265, Princess Mumbai-400 006. Street, Mumbai – 400 002. Pan:Aabpp 2018 E (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील अपील संसंसंसं./I.T.A./3961/Mum/2014, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Jt. Commissioner Of Income Tax(Osd), Sanjay Kumar J. Poddar, C/O Shankarlal Vs. Jain & Associates, Mumbai – 400 002. Mumbai-400 006. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri A.K. Nayak- Dr Assessee By: Shri S.L. Jain

sections 111A and 115AD have further been amended whereby the rate of tax on such short-term capital gain has been raised to fifteen percent. Thus, w.e.f. 01.10.2004; on the share 4 3150 & 3961/M/14(09-10) Sanjay Kumar Poddar transactions subjected to STT; concessional tax rate of 10% (which has been increased to 15% from AY 2009-10) are applicable

A.C.I.T.19(2), MUMBAI vs. ALKA KIRITKUMAR UPADHYAY, MUMBAI

In the result, the appeal filed by the Revenue in ITA N0

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.2617/Mum/2012 ("नधा"रण वष" / Assessment Year : 2008-09) A.C.I.T. – 19(2), Smt. Alka Kiritkumar बनाम/ Room No. 315, 3 Rd Floor, Upadhyay, V. Piramal Chambers, Alka Bldg., 6T H Floor, Lalbaug, Parel, Santacruz (W), Mumbai – 400 012. Mumbai –400 054. "थायी लेखा सं./Pan : Aaapu0228Q (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

Section 143(2) of the Act , it was observed by the A.O. that the assessee has offered short term capital gain of Rs. 44,97,330/- for taxation in the return of income filed with the Revenue. The assessee was asked to explain why the income derived from short term capital gain should not be treated as income from business

ACIT 21(1), MUMBAI vs. NAILESH P. DALAL, MUMBAI

The appeal of the revenue is dismissed and the cross-objection of the assessee is allowed

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year: 2008-09 Acit-21(1), Shri Nailesh Dalal, 6Th Floor, C-10, 5-6, Viram, 62, बनाम/ Pratyaksh Kar Bhavan, Hatkesh Society, Vs. Bandra Kurla Complex, N. S. Road No.8, Bandra (East) Jvpd Scheme, Mumbai-400051 Mumbai-400049 (राज"व /Revenue ) ("नधा"रती /Assessee) Pan. No.Aacpd9844N Cross Objection No.49/Mum/2016 (Arising Out Of Ita No.6169/Mum/2014) Assessment Year: 2008-09 Shri Nailesh Dalal, Acit-21(1), 5-6, Viram, 62, 6Th Floor, C-10, बनाम/ Hatkesh Society, Pratyaksh Kar Bhavan, Vs. N. S. Road No.8, Bandra Kurla Complex, Jvpd Scheme, Bandra (East) Mumbai-400049 Mumbai-400051 ("नधा"रती /Assessee) (राज"व /Revenue ) Pan. No.Aacpd9844N

section 2(13). This definition does not provide much guidance so far as determining whether share transactions constitute a business or not, since the definition is inclusive definition and therefore merely illustrative and not all-embracing. (ii) That the appellant is the director of M/s Dalal & Broacha stock Broking Pvt Ltd., since more than 10 years. The appellant has received

VINAY PARMANAND HARIANI,MUMBAI vs. ITO (IT), WARD-2(2)(1), MUMBAI

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

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2015-16 Vinay Parmanand Hariani, Ito, Int. Taxation Ward 2(2)(1), Kempinski Private Residences Room No. 1725, 17Th Floor, Air Vs. Unit 40F Dki Jakarta, 10310 India Building, Nariman Point, Indonesia. Mumbai-400021. Pan No. Aabph 4179 A Appellant Respondent

Capital Gain without providing the information collected directly by the AO to Gain without providing the information collected directly by the AO to Gain without providing the information collected directly by the AO to the assessee, when it is specifically requested by the assessee and the assessee, when it is specifically requested by the assessee and the assessee, when

SHAILY PRINCE GOYAL,MUMBAI vs. INCOME TAX OFFICER-27(3)(1), NAVI MUMBAI

In the result, the appeal of the assessee Shri Yogesh Popatlal Thakkar in ITA No

gain exemption U/s 10(38) of the Act. The relevant documents like bank transaction, share transaction copy, paid through STT, ledger and demat account were duly submitted before the revenue authorities. The Ld.AR relied on the order of the Hon'ble jurisdictional High Court and the Tribunal which are as follows: - 4.1. Luminaire Technologies Limited. order dated 27/07/2012

ATYANT CAPITAL INDIA FUND-I,MUMBAI vs. ASSISTANT DIRECTOR OF INCOME TAX (INTERNATIONAL) TAX CIRCLE 1(1)(2), MUMBAI

In the result, the appeal of the assessee is allowed

capital loss can be\ncarried forward or intra head adjusted cannot be made against the short term\ncapital loss or gain. Therefore, the legislature has kept this difference in carry\nforward as well as intra head adjustment separate for LTCG/LTCL and\nSTCG/STCL. On further perusal of Section 70 to Section 74, it can be seen that\nthe Legislature itself

ANJAN SHIVARAJU PRAKASH,MUMBAI vs. ITO,-6(1)(1), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri Sandeep Singh Karhail () & Shri Gagan Goyal ()

section 54F of the Act. The only dispute of the authorities below is that the parking spaces were held by the assessee for less than 36 months; therefore, the profit on sale of the assets would be assessed under ‘Short Term Capital Gain’ as against the claim of the assessee as Long Term Capital Gain. 7. Be that

M/S. ASARIA LALJI VADOR,MUMBAI vs. PR. CIT -7, MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Pavan Kumar Gadale, Hon'Blem/S. Asaria Lalji Vador V. Office Of Pcit – 27 C-21, Mahavir Jyot Room No. 401, 4Th Floor Opp. Odeon Shopping Centre Tower No. 6 Ghatkopar (E), Mumbai -400077 Vashi Railway Station Building Complex Vashi, Navi Mumbai-400703 Pan: Aabpv0149A (Appellant) (Respondent) Assessee By : Shri Pradip Kapasi Department By : Ms. Shailja Rai

capital gain was re-invested by purchasing Bonds eligible for exemption u/s. 54EC within the time permissible u/s 54EC of the Act and was eligible for claim as per law. c. Your appellant pleads that the exemption u/s 54EC claimed by the appellant and accepted by the AO be not disturbed and be allowed.” 6. At the time of hearing

ITO 8(3)(4), MUMBAI vs. VERTEX MANUFCTURING CO. LTD, MUMBAI

In the result, appeal of the Revenue is allowed in part for statistical purposes

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Ito 8(3)(4), R.No.217, Vs. M/S. Vertex Manufacturing Aayakar Bhavan, M.K. Co. Ltd., Vertex Vikas, A, 6Th Marg,Mumbai – 400 020 Floor, 222, Sir Mathuradas Vissanji Road, Andheri (E), Mumbai – 400 069 Pan/Gir No. Aaacv2450N Appellant) .. Respondent)

276. Less: Investment u/s 54EC Nil. Taxable long term capital gain 5. The assessee has alongwith the return of income, inter-alia, enclosed a copy of a Development Agreement dated 23.10.2004 (herein after ‘the Development Agreement’) entered into by the assessee with M/s. Aditi Constructions (hereinafter Áditi’). 6. On the perusal of the said agreement, which is duly registered with

JM FINANCIAL LTD,MUMBAI vs. DCIT 4(3), MUMBAI

The appeal of the assessee is allowed and the appeal of the revenue is dismissed

Bench: Shri Aby T Varkey () & Ms. Padmavathy S. ()

capital loss relied on the decision in the case of Jannhavi Investment Pvt, Ltd. (304 ITR 276 Bom.) and Dahiben Umedbhai Patel vs. Normal-Jeans Hamilton & Others reported in 57 Comp. Case 700 Bom. and held that the computation of such loss by applying the provisions of section 55(2)(aa) is not correct. Accordingly the CIT(A) held that

DCIT 4(3)(1), MUMBAI vs. J.M. FINANCIAL LTD, MUMBAI

The appeal of the assessee is allowed and the appeal of the revenue is dismissed

Bench: Shri Aby T Varkey () & Ms. Padmavathy S. ()

capital loss relied on the decision in the case of Jannhavi Investment Pvt, Ltd. (304 ITR 276 Bom.) and Dahiben Umedbhai Patel vs. Normal-Jeans Hamilton & Others reported in 57 Comp. Case 700 Bom. and held that the computation of such loss by applying the provisions of section 55(2)(aa) is not correct. Accordingly the CIT(A) held that

ABHISHEK TEJRAJ DOSHI,MUMBAI vs. INCOME TAX OFFICER, MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleabhishek Tejraj Doshi V. Income Tax Officer 259, 2Nd Floor, Johari Mansion Jurisdiction Circle 19(1), Kalbadevi Road, Kalbadevi Mumbai, Mumbai Mumbai 400002 Pan: Aegpd9279J (Appellant) (Respondent) Shri Anil Sathe Assessee Represented By : Department Represented By : Shri Manoj Kumar Sinha

capital gain is not allowable. iv. The order of SEBI referred above has also given the similar finding that the prices of the shares were determined artificial by manipulations and cannot be a product of market factors and commercial principals. e. Failure of Assessee to discharge his onus: The assessee has not been able to prove the unusal rise

MUMBAI INTERNATIONAL AIRPORT P.LTD,MUMBAI vs. DCIT 10(2)(2), MUMBAI

In the result, appeal filed by the revenue is dismissed

Bench: Shri G. Manjunatha & Shri Ravish Soodmumbai International Airport Vs. Dcit,Circle-10(2)(2) Private Limited Room No.209,Aaykar Bhawan Finance Department M.K.Road 1St Floor, Terminal 1B Mumbai-400 020 Chhatrapati Shivaji Internaitonal Airport Santacruz (E) Mumbai-400 099 Pan/Gir No.Aaecm6285C (Appellant) .. (Respondent) & Dcit-10(2)(2) Vs. Mumbai International Room No.216-A,Aaykar Bhawan Airport Private Limited M.K.Road Finance Department, 1St Floor, Terminal 1B Mumbai-400 020 Chhatrapati Shivaji Internaitonal Airport Santacruz (E) Mumbai-400 099

capital gain derived from sale of units of mutual funds. We, further direct the ld. AO to delete enhancement made by the ld. CIT(A) towards interest income earned from fixed deposits with banks invested out of idle funds of project. 34. The next issue that came up for our consideration from ground NO.5 of assessee appeal is dismissal