Aman Portfolio (P.) Ltd. v. Dy. CIT

92 ITD 324Income Tax Appellate Tribunal2005#11065 most cited
10

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2026.

Sections most often in play

Section 143(3)Section 148Section 43(5)Section 45 to 54Section 73

Judgments citing Aman Portfolio (P.) Ltd. v. Dy. CIT

M/S. NARAIN PROPERTIES LIMITED,KANPUR vs. ACIT-VI, KANPUR

In the result, the appeal of the assessee

ITA 354/LKW/2010[1997-98]Status: DisposedITAT Lucknow05 Jan 2026AY 1997-98

Bench: Shri Kul Bharat & Shri Anadee Nath Misshra

Section 143(3)Section 43(5)Section 45

…Act. In the present case, there is no material to indicate that assessee being a company controlled by business house and that the share transactions have been effected with to manipulate and reduce taxable income. [PI refer Aman Portfolio Pvt. Ltd Vs. DCIT 92 ITD 324-Del] Attached as Annexure-B. In view of the above facts and in light of the findings given by the Hon'ble High Court in assessee own case, loss of Rs.11,03,865/-is a business loss which deserves to be adjusted against the interest income.” 5. At the time of hearing, learned Authorized Representative for the assessee placed reliance on the afore…

DCIT 9(3)(1), MUMBAI vs. FIDUCIARY EUROMAX GLOBAL MARKETS LTD, MUMBAI

In the result, the appeal filed by the revenue is dismissed

ITA 4200/MUM/2016[2008-09]Status: DisposedITAT Mumbai09 May 2018AY 2008-09

Bench: S/Shri B.R. Baskaran (Am) & Shaktijit Dey (Jm)

Section 143(3)Section 148Section 73

…ck. Before Ld CIT(A), the assessee placed reliance on the decision rendered by Hon’ble Delhi High Court in the case of CIT Vs. Orient Instrument (P) Ltd and also in the decision rendered by Delhi bench of Tribunal in the case of Aman Portfolio P Ltd Vs. DCIT (92 ITD 324), wherein it was held that the loss arising on revaluation of closing stock of shares will not be covered by Explanation 73 of the Act. The Ld CIT(A), accordingly, held that the loss arising on valuation of shares cannot be termed as speculation loss in terms of Explanation to sec. 73 of the Act. The revenue is aggrieved by the said decision of Ld…

SIDDHESH CAPITAL MARKET SERVICES P.LTD,MUMBAI vs. DCIT CIR 3(3), MUMBAI

Appeal of the AO is dismissed

ITA 2517/MUM/2015[2010-11]Status: DisposedITAT Mumbai01 Jan 2018AY 2010-11

Bench: S/Shri Rajendra, A.M. & Amarjit Singh, J.M. आयकर अपील सुं./Ita No. 6532/Mum/2012,धनधावरण र्र्व /Assessment Year: 2009-10 M/S.Siddhesh Capital Market Services Dy. Commissioner Of Income Tax, P.Ltd,122, Maker Chamber Iii, Circle-3(3), Vs. Nariman Point, Mumbai – 400021 Mumbai. Pan: Aaccs4582N (अपीलाथी /Appellant) (प्रत्यथी / Respondent) आयकर अपील सुं./Ita No.2489/Mum/2015 धनधावरण र्र्व /Assessment Year: 2010-11 Dy. Commissioner Of Income Tax, M/S.Siddhesh Capital Market Services, Vs. Circle-3(3),Mumbai. Nariman Point, Mumbai – 400021 आयकर अपील सुं./Ita No.2517/Mum/2015 धनधावरण र्र्व /Assessment Year: 2010-11 M/S.Siddhesh Capital Market Services, Dy. Commissioner Of Income Tax, Vs. Nariman Point, Mumbai – 400021 Circle-3(3),Mumbai. Revenue By: Shri V. Justin-Dr Assessee By: Shri Vijay Mehta स नर्ाई की तारीख / Date Of Hearing: 03/10/2017 घोर्णा की तारीख / Date Of Pronouncement: 01/01/2018 आयकर अधधधनयम,1961 की धारा 254(1) के अन्द्तगवत आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सदस्य,राजेन्द्र के अन सार -Per Rajendra,Am: Challenging The Orders Dated 26.06.2012 & 12.01.2015 Of Cit(A)-7 & Cit-8,Respectively, The Assessee & The Assessing Officer(Ao)Have Filed Appeals For The Above-Mentioned Two Assessment Years.As The Issues Involved In Both The Appeals Are Common,So,We Are Adjudicat- Ing Them Together. Assessee-Company Is Engaged In The Business Of Finance,Trading, Investment & Derivative Transaction In Shares & Securities. The Details Of Filing Of Returns, Returned Incomes,Dates Of Assessments & Assessed Incomes Can Be Tabulated As Under: Ay. Roi Filed On Returned Income Asstt.Date Assessed Income 09-10 22.09.2009 (-) Rs.81,01,51,079/- 30.11.2011 (-) Rs.80,82,06,669/- 10-11 21.09.2010 Rs. 48,14,034/- 11.02.2013 Rs. 49,72,360/-

For Appellant: Shri Vijay MehtaFor Respondent: Shri V. Justin-DR
Section 10(34)Section 14ASection 254(1)Section 35Section 35D

…re, filed ITA No.3386/Mum/2001. By the impugned order dated 14.7.2005, the ITAT partly allowed the appeal. The respondent's contention based on section 73 was upheld. Following the judgment of the ITAT Delhi Bench in Aman Portfolio (P.) Ltd. v. Dy. CIT [2005] 92 ITD 324, it was held that section 73 could not be invoked against the respondent. This however, was on the basis that the explanations to section 73 applies only to the losses arising out of the transaction resorted to by the business houses controlling a group of companies. Whereas the transactions referred to by the respondent were not carried out with…

DCIT CIR 3(3)(1), MUMBAI vs. SIDDHESH CAPITAL MARKET SERVICES P.LTD, MUMBAI

Appeal of the AO is dismissed

ITA 2489/MUM/2015[2010-11]Status: DisposedITAT Mumbai01 Jan 2018AY 2010-11

Bench: S/Shri Rajendra, A.M. & Amarjit Singh, J.M. आयकर अपील सुं./Ita No. 6532/Mum/2012,धनधावरण र्र्व /Assessment Year: 2009-10 M/S.Siddhesh Capital Market Services Dy. Commissioner Of Income Tax, P.Ltd,122, Maker Chamber Iii, Circle-3(3), Vs. Nariman Point, Mumbai – 400021 Mumbai. Pan: Aaccs4582N (अपीलाथी /Appellant) (प्रत्यथी / Respondent) आयकर अपील सुं./Ita No.2489/Mum/2015 धनधावरण र्र्व /Assessment Year: 2010-11 Dy. Commissioner Of Income Tax, M/S.Siddhesh Capital Market Services, Vs. Circle-3(3),Mumbai. Nariman Point, Mumbai – 400021 आयकर अपील सुं./Ita No.2517/Mum/2015 धनधावरण र्र्व /Assessment Year: 2010-11 M/S.Siddhesh Capital Market Services, Dy. Commissioner Of Income Tax, Vs. Nariman Point, Mumbai – 400021 Circle-3(3),Mumbai. Revenue By: Shri V. Justin-Dr Assessee By: Shri Vijay Mehta स नर्ाई की तारीख / Date Of Hearing: 03/10/2017 घोर्णा की तारीख / Date Of Pronouncement: 01/01/2018 आयकर अधधधनयम,1961 की धारा 254(1) के अन्द्तगवत आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सदस्य,राजेन्द्र के अन सार -Per Rajendra,Am: Challenging The Orders Dated 26.06.2012 & 12.01.2015 Of Cit(A)-7 & Cit-8,Respectively, The Assessee & The Assessing Officer(Ao)Have Filed Appeals For The Above-Mentioned Two Assessment Years.As The Issues Involved In Both The Appeals Are Common,So,We Are Adjudicat- Ing Them Together. Assessee-Company Is Engaged In The Business Of Finance,Trading, Investment & Derivative Transaction In Shares & Securities. The Details Of Filing Of Returns, Returned Incomes,Dates Of Assessments & Assessed Incomes Can Be Tabulated As Under: Ay. Roi Filed On Returned Income Asstt.Date Assessed Income 09-10 22.09.2009 (-) Rs.81,01,51,079/- 30.11.2011 (-) Rs.80,82,06,669/- 10-11 21.09.2010 Rs. 48,14,034/- 11.02.2013 Rs. 49,72,360/-

For Appellant: Shri Vijay MehtaFor Respondent: Shri V. Justin-DR
Section 10(34)Section 14ASection 254(1)Section 35Section 35D

…re, filed ITA No.3386/Mum/2001. By the impugned order dated 14.7.2005, the ITAT partly allowed the appeal. The respondent's contention based on section 73 was upheld. Following the judgment of the ITAT Delhi Bench in Aman Portfolio (P.) Ltd. v. Dy. CIT [2005] 92 ITD 324, it was held that section 73 could not be invoked against the respondent. This however, was on the basis that the explanations to section 73 applies only to the losses arising out of the transaction resorted to by the business houses controlling a group of companies. Whereas the transactions referred to by the respondent were not carried out with…

SIDDHESH CAPITAL MARKET SERVICES P.LTD,MUMBAI vs. DCIT CIR 3(3), MUMBAI

Appeal of the AO is dismissed

ITA 6532/MUM/2012[2009-10]Status: DisposedITAT Mumbai01 Jan 2018AY 2009-10

Bench: S/Shri Rajendra, A.M. & Amarjit Singh, J.M. आयकर अपील सुं./Ita No. 6532/Mum/2012,धनधावरण र्र्व /Assessment Year: 2009-10 M/S.Siddhesh Capital Market Services Dy. Commissioner Of Income Tax, P.Ltd,122, Maker Chamber Iii, Circle-3(3), Vs. Nariman Point, Mumbai – 400021 Mumbai. Pan: Aaccs4582N (अपीलाथी /Appellant) (प्रत्यथी / Respondent) आयकर अपील सुं./Ita No.2489/Mum/2015 धनधावरण र्र्व /Assessment Year: 2010-11 Dy. Commissioner Of Income Tax, M/S.Siddhesh Capital Market Services, Vs. Circle-3(3),Mumbai. Nariman Point, Mumbai – 400021 आयकर अपील सुं./Ita No.2517/Mum/2015 धनधावरण र्र्व /Assessment Year: 2010-11 M/S.Siddhesh Capital Market Services, Dy. Commissioner Of Income Tax, Vs. Nariman Point, Mumbai – 400021 Circle-3(3),Mumbai. Revenue By: Shri V. Justin-Dr Assessee By: Shri Vijay Mehta स नर्ाई की तारीख / Date Of Hearing: 03/10/2017 घोर्णा की तारीख / Date Of Pronouncement: 01/01/2018 आयकर अधधधनयम,1961 की धारा 254(1) के अन्द्तगवत आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा सदस्य,राजेन्द्र के अन सार -Per Rajendra,Am: Challenging The Orders Dated 26.06.2012 & 12.01.2015 Of Cit(A)-7 & Cit-8,Respectively, The Assessee & The Assessing Officer(Ao)Have Filed Appeals For The Above-Mentioned Two Assessment Years.As The Issues Involved In Both The Appeals Are Common,So,We Are Adjudicat- Ing Them Together. Assessee-Company Is Engaged In The Business Of Finance,Trading, Investment & Derivative Transaction In Shares & Securities. The Details Of Filing Of Returns, Returned Incomes,Dates Of Assessments & Assessed Incomes Can Be Tabulated As Under: Ay. Roi Filed On Returned Income Asstt.Date Assessed Income 09-10 22.09.2009 (-) Rs.81,01,51,079/- 30.11.2011 (-) Rs.80,82,06,669/- 10-11 21.09.2010 Rs. 48,14,034/- 11.02.2013 Rs. 49,72,360/-

For Appellant: Shri Vijay MehtaFor Respondent: Shri V. Justin-DR
Section 10(34)Section 14ASection 254(1)Section 35Section 35D

…re, filed ITA No.3386/Mum/2001. By the impugned order dated 14.7.2005, the ITAT partly allowed the appeal. The respondent's contention based on section 73 was upheld. Following the judgment of the ITAT Delhi Bench in Aman Portfolio (P.) Ltd. v. Dy. CIT [2005] 92 ITD 324, it was held that section 73 could not be invoked against the respondent. This however, was on the basis that the explanations to section 73 applies only to the losses arising out of the transaction resorted to by the business houses controlling a group of companies. Whereas the transactions referred to by the respondent were not carried out with…

SIDDHESH CAPITAL MARKET SERVICES P,.LTD,MUMBAI vs. DCIT 3(3), MUMBAI

ITA 1259/MUM/2012[2008-09]Status: DisposedITAT Mumbai24 Mar 2017AY 2008-09
For Appellant: Shri Jay BhansaliFor Respondent: Shri Anand Mohan-CIT-DR
Section 143Section 271Section 73

…re, filed ITA No.3386/Mum/2001. By the impugned order dated 14.7.2005, the ITAT partly allowed the appeal. The respondent's contention based on section 73 was upheld. Following the judgment of the ITAT Delhi Bench in Aman Portfolio (P.) Ltd. v. Dy. CIT [2005] 92 ITD 324, it was held that section 73 could not be invoked against the respondent. This however, was on the basis that the explanations to section 73 applies only to the losses arising out of the transaction resorted to by the business houses controlling a group of companies. Whereas the transactions referred to by the respondent were not carried out with…

M/S SUCON INDIA LTD.,,FARIDABAD vs. ACIT, NEW DELHI

In the result, appeal of the assessee is partly allowed

ITA 4519/DEL/2013[2009-10]Status: DisposedITAT Delhi18 Jan 2017AY 2009-10

Bench: Sh. H.S. Sidhu & Sh. O.P. Kantassessment Year: 2009-10 Vs. Acit, Circle-Ii, New Delhi M/S. Sucon India Ltd., B-532, Nehru Ground Nit, Faridabad Pan : Aagcs9603L (Appellant) (Respondent) Appellant By Dr. Rakesh Gupta & Sh. Amit Kumar, Advocates Respondent By Sh. S.S. Rana, Cit(Dr) Date Of Hearing 29.11.2016 Date Of Pronouncement 18.01.2017 Order Per O.P. Kant, A.M.:

Section 143(2)Section 43(5)Section 73

…of Section 73 of the Act was to curb the device resorted to by business houses controlling group companies to manipulate and reduce the taxable income of Company under Control. Further, he submitted that in the case of Aman Portfolio Private Limited Vs. DCIT 92 ITD 324 (Delhi), the Tribunal has held that Explanation to 5 AY: 2009-10 Section 73 is a provision against tax avoidance, and should be invoked only, if any manipulative devise is adopted by business houses to reduce their taxable income as mentioned in Circular No. 204, dt. 24th July, 1976. Accordingly, the learned counsel submitted that loss from the ac…

DCIT, CIRCLE - 6,, KOLKATA vs. LOKNATH SARAF SECURITIES LTD.,, KOLKATA

In the result, to sum up ITA No

ITA 852/KOL/2008[2003-04]Status: DisposedITAT Kolkata08 Jul 2016AY 2003-04

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

Section 43(5)Section 73

…clause is based on income composition test and second exclusion clause is based on business activity testing either of test satisfied, again this deeming fiction will have no application. The Tribunal in the case of Aman Portfolio (P) Ltd Vs. Dy. CIT (2005) 92 ITD 324 (Del) analyse the scope of explanation to section 73 and the back ground in which it was introduced. One way of so reading down the provisions could be, as was held by the Tribunal in Aman Portfolio's case (supra), that the provisions of explanation to section 73 could not be invoked unless there was some material on record to show that the assess…

DCIT,CC-XVI, KOLKATA, KOLKATA vs. SHREE RAM ELECTROCAST PVT.LTD., KOLKATA

In the result, the appeal by the Assessee and the Revenue are dismissed

ITA 750/KOL/2012[2007-08]Status: DisposedITAT Kolkata02 Mar 2016AY 2007-08

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am ] Assessment Year : 2007-08

For Respondent: Shri Rajat Subhra Biswas, CIT, DR
Section 132Section 143(1)Section 153ASection 72Section 73

…o avoid tax by selling shares of companies controlling group of companies, explanation to section 73 of the Act cannot be invoked. In this regard the assessee placed reliance on the decision of ITAT Delhi Bench in the case of Aman Portfolio Pvt., Ltd. Vs DCIT 92 ITD 324. CIT(A) however was of the view that the said decision has not been approved by the Hon’ble Calcutta high Court in the case of RPG Industries Ltd. (supra). For the above reason CIT(A) held that the share trading loss was a speculation loss and cannot be set ITA Nos.657&750/Kol/2012-Shree Ram Electrocast Pvt.Ltd.-A.Y.2007-08 off against the busin…

SHREE RAM ELECTROCAST PRIVATE LIMITED,KOLKATA vs. DCIT, CENTRAL CIRCLE - XVI, KOLKATA, KOLKATA

In the result, the appeal by the Assessee and the Revenue are dismissed

ITA 657/KOL/2012[2007-08]Status: DisposedITAT Kolkata02 Mar 2016AY 2007-08

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am ] Assessment Year : 2007-08

For Respondent: Shri Rajat Subhra Biswas, CIT, DR
Section 132Section 143(1)Section 153ASection 72Section 73

…o avoid tax by selling shares of companies controlling group of companies, explanation to section 73 of the Act cannot be invoked. In this regard the assessee placed reliance on the decision of ITAT Delhi Bench in the case of Aman Portfolio Pvt., Ltd. Vs DCIT 92 ITD 324. CIT(A) however was of the view that the said decision has not been approved by the Hon’ble Calcutta high Court in the case of RPG Industries Ltd. (supra). For the above reason CIT(A) held that the share trading loss was a speculation loss and cannot be set ITA Nos.657&750/Kol/2012-Shree Ram Electrocast Pvt.Ltd.-A.Y.2007-08 off against the busin…