DCIT CC-8(4), MUMBAI, MUMBAI vs. OSCAR INFRA PRIVATE LIMITED, NAVI MUMBAI

ITA 847/MUM/2025Status: DisposedITAT Mumbai13 October 2025AY 2011-12Bench: HON’BLE SHRI SANDEEP GOSAIN (Judicial Member), SHRI PRABHASH SHANKAR (Accountant Member)1 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee had discharged the onus by producing relevant documents and that no role of rigging shares was established against the assessee. The Tribunal upheld the CIT(A)'s decision allowing the claim.

What were the facts?

The revenue challenged the CIT(A)'s order allowing the assessee to set off short-term capital loss from trading in M/s JMD Telefilms shares against short-term capital gains. The revenue argued that the transactions were dubious and unsubstantiated.

What were the issues?

Whether short-term capital loss from trading in specific shares can be set off against short-term capital gains when the genuineness of the transactions is disputed by the revenue.

Which sections of the Income-tax Act were involved?

Section 70(2),Section 68,Section 10(38),Section 69C,Section 234B

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, “C” BENCH MUMBAI

Before: HON’BLE SHRI SANDEEP GOSAIN & SHRI PRABHASH SHANKAR

For Appellant: Shri Jaiprakash Bairagra & Rupa Nanda
For Respondent: Mr. Virabhdra S. Mahajan, Sr. DR
Hearing: 22.07.2025Pronounced: 13.10.2025

PER SANDEEP GOSAIN, JM: The present appeal has been filed by the revenue challenging the impugned order dt. 10.12.2024 passed Form No. 10AD of the Income Tax Act, 1961 (‘the Act’), by the Commissioner of Income Tax (Appeal) – 50, Mumbai, for the Assessment Year 2011-12. 2 Oscar Infra Pvt Ltd, Mumbai.

2.

All the grounds raised by the revenue are interrelated and interconnected and relates to challenging order of Ld. CIT(A) in allowing the claim of assessee for setting off of short term capital loss from trading in Ms. JMD Telefilms shares against short term capital gain earned by the assessee from other transac

The order continues below.

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