Recent decisions of Delhi HC

Enclosed are the following recent important decisions of the Delhi High Court:

Name of the Party	Appeal No.	Date of decision	Authority/Court	In favour of	Issue Involved
Moderate Leasing  & Capital Services Ltd.	ITA 137/2010	18.11.2011	Delhi HC	Revenue	·      The Court, on the facts of the case held that where two portfolios are maintained by the assessee, i.e.,  investment portfolio and stock in trade, then, if the shares sold during the particular year pertains to investment portfolio and there happens to be loss, then such loss would be capital loss; and not the revenue loss.
Sumangal  Overseas Ltd.	ITA No.174/2011	18.11.2011	Delhi HC	Assessee	·      The Court held that where no appeal is preferred by the assessee against the quantum order, yet, while deciding the penalty appeal, it is open to Tribunal to look into the transaction to see as to whether the claim was bona fide or it was bogus and result of falsehood.
Kas Movie Pvt. Ltd.	ITA No. 793 of 2011	18.11.2011	Delhi HC	Assessee	·      The Court, on the facts of the case, held that penalty under section 271(1)(c) of the IT Act is not imposable where the return of income was filed based on experts advice and also the issue is debatable in nature where two views are clearly possible.

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By

 

Rohit Garg

 

B.Com(H), ACA,LLB

Kas Movie_ no penalty if two views possible and return is filed based on legal advice.pdf

Moderate Leasing & Capital Services Ltd_mixed portfolio relevant factor.pdf

Sumangal Overseas_ while deciding penalty appeal,.pdf