CIT v. Associated Industrial Development Co. (P.) Ltd.

82 ITR 586Supreme Court of India1971#1154 most cited

What is CIT v. Associated Industrial Development Co. (P.) Ltd. authority for?

The assessee has the burden to prove whether shares are held as investments or as stock-in-trade. This requires the assessee to produce evidence from their records clearly distinguishing between shares held for investment and those held as stock-in-trade.

98

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2010 to 2025.

Also referred to as

CIT v. Associated Industrial Development Co. · 82 ITR 586 · capital gains vs business income · shares as investment or stock-in-trade · burden of proof on assessee · evidence from records · distinction of share holdings · Section 14 · Section 143 · classification of share transactions

Sections most often in play

Section 10(38)Section 114Section 139Section 142(1)Section 143(2)Section 143(3)Section 147Section 148

Issues it is cited on

short term capital gainsshort term capital gainlong term capital gainslong term capital gainsection 10transfercompanysection 143businesssection 14section 143(3)india

Judgments citing CIT v. Associated Industrial Development Co. (P.) Ltd.

Shri. Amit Jain Prop M/S Amit S Fragrances, Erode vs. ACIT Circle 1, Erode

In the result, both the appeals filed by the assessee are dismissed

ITA 1816/CHNY/2018[2014-15]Status: DisposedITAT Chennai13 Sept 2019AY 2014-15

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./Ita Nos.1816 & 1817/Chny/2018 "नधा"रण वष" /Assessment Years: 2014-15 & 2015-16 Shri Amit Jain, Vs. The Asst. Commissioner Of Prop. M/S. Amit S. Fragrances, Income Tax, 37, Nms Compound, Circle-1, Erode – 638 001. Erode. [Pan: Afipj 5671F] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri L.Shibi, C.S ""यथ" क" ओर से /Respondent By : Shri A.R.V. Sreenivasan, Jcit सुनवाई क" तार"ख/Date Of Hearing : 10.07.2019 घोषणा क" तार"ख /Date Of Pronouncement : 13.09.2019 आदेश / O R D E R Per Shri S. Jayaraman: The Assessee Filed These Two Appeals Against The Common Order Of The Commissioner Of Income Tax (Appeals)-3, Coimbatore, In Ita No.444/16-17 & 90/17-18 Dated 01.03.2018 For The Assessment Years (Ays) 2014-15 & 2015-16, Respectively. Since, Common Issues Are Involved In These Appeals, They Are Heard Together & Being Disposed Together, For Convenience Sake.

For Appellant: Shri L.Shibi, C.SFor Respondent: Shri A.R.V. Sreenivasan, JCIT
Section 111A

…ted in a number of decisions. These include Raja Bahadur Visheshwar Singh v. CIT, (1961) 41 ITR 685 (SC); Commissioner of Income Tax, U.P v. Madan Gopal Radhey Lal, [1969] 73 ITR 652 (SC); Commissioner of Income Tax v Associated Industrial Development Company 82 ITR 586 (SC); P.M. Mohammed Meerakhan v. Commissioner of Income tax, Kerala, 73 ITR 735 (S.C.) and Commissioner of Income Tax v NSS ITA Nos.1816 & 1817/Chny/2018 :- 8 -: Investments Ltd 2007 (277) ITR 149 (Mad). It was in the light of these decisions that the CBDT Circular No. 4/2007, was issued, indicating the principles applicable in this regard. These…

Jayantilal B. Jain, Mumbai vs. DCIT 24(1), Mumbai

The appeal stand partly allowed

ITA 2241/MUM/2017[2011-12]Status: DisposedITAT Mumbai06 Jun 2019AY 2011-12

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am

For Appellant: Chaudhary Arun Kumar Singh-DR
Section 143(3)Section 14A

…ansaction (i.e. whether the same is in the nature of capital gain or business income) shall continue to be decided keeping in view the aforesaid Circulars issued by the CBDT. Further Apex Court in CIT v. Associated Industrial Development Co. (P.) Ltd. [1971] 82 ITR 586 (SC) has observed that: - “Whether a particular holding of shares is by way of investment or forms part of the stock-in- trade is a matter which is within the knowledge of the assessee who holds the shares and it should, in normal circumstances, be in a position to produce evidence from its records as to whether it has maintained any distinction…

Shri Harishbhai Keshavlal Patel, Ahmedabad vs. The Dy.CIT., Circle-7, Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 1180/AHD/2013[2006-07]Status: DisposedITAT Ahmedabad29 May 2019AY 2006-07

Bench: Shri Waseem Ahmed & Ms. Madhumita Royआयकर अपील सं./Ita No. 1180/Ahd/2013 "नधा"रण वष"/Asstt. Year: 2006-2007

Section 250

…ve instructions for the information of assessees as well as for guidance of the Page 7 of 14 Asstt. Years 2006-07 8 Assessing Officers. 5. In the case of Commissioner of Income-tax (Central), Calcutta v. Associated Industrial Development Co. (P.) Ltd. [1971] 82 ITR 586, the Supreme Court observed that : "Whether a particular holding of shares is by way of investment or forms part of the stock-in-trade is a matter which is within the knowledge of the assessee who holds the shares and it should, in normal circumstances, be in a position to produce evidence from its records as to whether it has maintained any dist…

Tash Investments Pvt. Ltd., Vadodara vs. The ACIT, Circle-2(1)(1), Baroda

In the result, appeal of the Revenue for AY 2011-12 is allowed

ITA 1158/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad30 Apr 2019AY 2012-13

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad

For Respondent: Shri Lalit P. Jain, Sr. DR

…se, thus it emerges that appellant company was not engaged in any business activity of purchase and sale of the shares. This view gets support from the decision of Hon'ble Supreme Court in the case of CIT Vs Associated Industrial Development Co.(P) Ltd (1971) 82 ITR 586. Even the CBDT Circular No. 4/2007 also supports the case of the appellant because the shares / mutual funds were shown as investment in the books of account and the investment was made out of own funds. Accordingly, the AO is directed to treat the transactions of purchase and sale of the shares / mutual funds / bonds as investments only. Thus app…

Shri Ashokkumar Khimraj, Ahmedabad vs. The Income Tax Officer, Ward-3(1), Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 1247/AHD/2015[2006-07]Status: DisposedITAT Ahmedabad01 Jan 2019AY 2006-07

Bench: Shri Waseem Ahmed & Smt Madhumita Royआयकर अपील सं./I.T.A. No. 1247/Ahd/2015 ("नधा"रण वष" / Assessment Year : 2006-07) Shri Ashokkumar Khimraj Ito, बनाम/ Prop. Ridhi Siddhi Ward – 3(1), Vs. Enterprises, 21, Shitalkunj Ahmedabad. Society, Rambaug Road, Ahmedabad. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Afdpk 6404 N .. (अपीलाथ"/Appellant) (""यथ" / Respondent) Shri Parin Shah, A.R. अपीलाथ" ओर से/ Appellant By : Shri Vinod Talwani, Sr. D.R. ""यथ" क" ओर से/Respondent By:

For Appellant: Shri Vinod Talwani, Sr. D.RFor Respondent: 01/11/2018

…आयकर अपील"य अ"धकरण, अहमदाबाद "यायपीठ ‘Mh* अहमदाबाद । IN THE INCOME TAX APPELLATE TRIBUNAL “ D ” BENCH, AHMEDABAD ds le{kA LkoZJh oZJh olhe olhe vgen] ys[kk lnL; , vgen] ys[kk lnL; ,oaoaoaoa Ek/Ek/Ek/Ek/kqferk kqferk jkW;] U; jkW;] U;kfkfkfkf;d lnL; ;d lnL; ds le{kA oZJh oZJh olhe olhe vgen] ys[kk lnL; , vgen] ys[kk lnL; , kqferk kqferk jkW;] U; jkW;] U; ;d lnL; ;d lnL; ds le{kA ds le{kA BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER And SMT MADHUMITA ROY, JUDICIAL MEMBER आयकर अपील सं./I.T.A. No. 1247/Ahd/2015 ("नधा"रण वष" / Assessment Year : 2006-07) Shri Ashokkumar Khimraj ITO, बनाम/ Prop. Ridhi Siddhi Ward – 3(1)…

DCIT, Cir-7(1), Kolkata vs. M/S Jet Age Securities Pvt. Ltd., Kolkata

In the result, the appeal of the revenue is dismissed

ITA 1359/KOL/2015[2011-2012]Status: DisposedITAT Kolkata26 Oct 2018AY 2011-2012

Bench: Hon’Ble Shri M.Balaganesh, Am & Hon’Ble Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 1359/Kol/2015 Assessment Year : 2011-12 Dcit, Circle-7(1), Kolkata -Vs- M/S Jet Age Securities Pvt. Ltd. [Pan: Aabcj 0993 R] (Appellant) (Respondent)

For Appellant: Shri Saurabh Kumar, Addl. CIT Sr. DRFor Respondent: Shri Manoj Kataruka, Advocate
Section 111ASection 143(3)Section 94(7)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH : KOLKATA [Before Hon’ble Shri M.Balaganesh, AM & Hon’ble Shri S.S.Viswanethra Ravi, JM] I.T.A No. 1359/Kol/2015 Assessment Year : 2011-12 DCIT, Circle-7(1), Kolkata -vs- M/s Jet Age Securities Pvt. Ltd. [PAN: AABCJ 0993 R] (Appellant) (Respondent) For the Appellant : Shri Saurabh Kumar, Addl. CIT Sr. DR For the Respondent : Shri Manoj Kataruka, Advocate Date of Hearing : 19.09.2018 Date of Pronouncement : 26. 10.2018 ORDER Per M.Balaganesh, AM 1. This appeal by the Revenue arises out of the order of the Learned Commissioner of Income Tax(Appeals)-11, Kol…

ITO Ward-10(4), Kolkata vs. M/S Aum Capital Market Pvt. Ltd., Kolkata

Appeal is dismissed

ITA 302/KOL/2017[2011-12]Status: DisposedITAT Kolkata28 Sept 2018AY 2011-12

Bench: Sri J. Sudhakar Reddy& Sri S.S. Godara] I.T.A. No. 302/Kol/2017 Assessment Year: 2011-12 Income Tax Officer, Ward-10(4), Kolkata..………....................................….….……………….…......Appellant M/S. Aum Capital Market Pvt. Ltd.....................…..…….……………………………………………..……Respondent 5, Lower Rowdon Street Kolkata – 700 020 [Pan: Aaaco 7624 B] Appearances By: Shri Ravi Tulsiyan, Fca, Appeared On Behalf Of The Assessee. Shri Saurabh Kumar, Addl. Cit, Dr Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : July 7Th,2018 Date Of Pronouncing The Order : September 28Th,2018 Order Per S.S. Godara, Jm :- This Revenue’S Appeal For The Assessment Year 2010-11 Arises Against The Commissioner Of Income Tax (Appeals) – 4, Kolkata’S Order Dated 18/11/2016 Passed In Case No. Ita No.1125/Cit(A)-4/Range-10/Kol/14015 Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961 (In Short ‘Act’).

Section 143(3)Section 14ASection 43(5)

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘C’ BENCH, KOLKATA [Before Sri J. Sudhakar Reddy, Accountant Member& Sri S.S. Godara, Judicial Member] I.T.A. No. 302/Kol/2017 Assessment Year: 2011-12 Income Tax Officer, Ward-10(4), Kolkata..………....................................….….……………….…......Appellant M/s. Aum Capital Market Pvt. Ltd.....................…..…….……………………………………………..……Respondent 5, Lower Rowdon Street Kolkata – 700 020 [PAN: AAACO 7624 B] Appearances by: Shri Ravi Tulsiyan, FCA, appeared on behalf of the assessee. Shri Saurabh Kumar, Addl. CIT, DR appearing on behalf of the Revenue. Date of concl…

Divya Shakti Trading Services Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result appeal filed by assessee stands allowed for statistical purposes

ITA 5029/DEL/2012[2008-09]Status: DisposedITAT Delhi23 Aug 2018AY 2008-09

Bench: Sri R.K.Panda & Smt. Beena A Pillaia.Y. 2008-09 Dy.Cit Vs. M/S Divya Shakti Trading Services Ltd. Circle 10(1) (Now M/S Indiabulls Advisory Services Ltd.) New Delhi F 60, 2Nd Floor, Malhotra Building Cannaught Place New Delhi Pan: Aaccd4953E A.Y. 2008-09 M/S Divya Shakti Trading Services Dy.Cit Ltd. Vs. Circle 10(1) (Now M/S Indiabulls Advisory New Delhi Services Ltd.) New Delhi Pan: Aaccd4953E (Appellant) (Respondent)

Section 142(1)Section 143Section 14ASection 271(1)(c)

…07 dated 15/06/07 issued by CBDT wherein a distinction between “capital asset” and a “trading asset” has been made out on the basis of the decision of Hon’ble Supreme Court in the case of CIT vs. Associated Industrial Development Company Pvt. Ltd. reported in 82 ITR 586, CIT vs. H. Holck Larsen reported in 26 Taxman 305 and Authority for Advance Ruling (AAR) in the case of Fidelity North Star Fund, reported in (2007) 158 Taxman 372. She submitted that, merely exercising power from Memorandum and Articles of Association to purchase and sell shares as investment will not by itself be decisive of the nature of trans…

Smt Gogineni Sarada Vani, Vijayawada vs. The ITO, Vijayawada

In the result, appeal filed by the Revenue is dismissed and that of assessee is allowed

ITA 152/VIZ/2017[2012-2013]Status: DisposedITAT Visakhapatnam31 Jul 2018AY 2012-2013

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleito, Ward-2(2), Vs. Smt. Gogineni Sarada Vijayawada. Vani, 40-7-13, J.C. Plaza, Jammichettu Street, Moghalrajpuram, Vijayawada. Pan No. Acfpg 5834 R (Appellant) (Respondent) Smt. Gogineni Sarada Vani, Vs. Ito, Ward-2(2), 40-7-13, J.C. Plaza, Vijayawada. Jammichettu Street, Moghalrajpuram, Vijayawada. Pan No. Acfpg 5834 R (Appellant) (Respondent)

For Appellant: Shri G.V.N. Hari, AdvocateFor Respondent: Shri M.N. Murthy Naik, Sr.DR
Section 143(3)Section 45(2)Section 54F

…ame is extracted as under:- “3. Insofar as the first question is concerned, the Tribunal while confirming the view of the CIT (Appeals) referred to and relied upon the decision of Supreme Court in case of CIT vs. Associated Industrial Development reported in 82 ITR 586 as also the CBDT circular dated 15.06.2007 highlighting that whether a particular holding of shares, by way of investment or forms part of the stock-in-trade, is a matter which is within the knowledge of the assessee who holds the shares and it should, in normal circumstances, be in a position to produce evidence from its records as to whether it…

The ITO, Vijayawada vs. Smt Gogineni Sarada Vani, Vijayawada

In the result, appeal filed by the Revenue is dismissed and that of assessee is allowed

ITA 122/VIZ/2017[2012-2013]Status: DisposedITAT Visakhapatnam31 Jul 2018AY 2012-2013

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleito, Ward-2(2), Vs. Smt. Gogineni Sarada Vijayawada. Vani, 40-7-13, J.C. Plaza, Jammichettu Street, Moghalrajpuram, Vijayawada. Pan No. Acfpg 5834 R (Appellant) (Respondent) Smt. Gogineni Sarada Vani, Vs. Ito, Ward-2(2), 40-7-13, J.C. Plaza, Vijayawada. Jammichettu Street, Moghalrajpuram, Vijayawada. Pan No. Acfpg 5834 R (Appellant) (Respondent)

For Appellant: Shri G.V.N. Hari, AdvocateFor Respondent: Shri M.N. Murthy Naik, Sr.DR
Section 143(3)Section 45(2)Section 54F

…ame is extracted as under:- “3. Insofar as the first question is concerned, the Tribunal while confirming the view of the CIT (Appeals) referred to and relied upon the decision of Supreme Court in case of CIT vs. Associated Industrial Development reported in 82 ITR 586 as also the CBDT circular dated 15.06.2007 highlighting that whether a particular holding of shares, by way of investment or forms part of the stock-in-trade, is a matter which is within the knowledge of the assessee who holds the shares and it should, in normal circumstances, be in a position to produce evidence from its records as to whether it…

G2 Corporate Services LLP, (Formerly M/S. G2 Corporate Services Ltd), Sec'Bad, Hyderabad vs. DCIT, Circle-2(3), Hyderabad

In the result, both the appeals of assessee are partly allowed

ITA 833/HYD/2016[2009-10]Status: DisposedITAT Hyderabad08 Jun 2018AY 2009-10

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiah

For Appellant: Shri K.A. Sai Prasad, ARFor Respondent: Shri M. Sitaram, DR
Section 143(1)(a)Section 143(3)Section 14A

…of the Hon'ble Supreme Court supporting the appellant's stand that the Assessing Officer erred in treating Appellant's investments as business assets: (a) The Hon'ble Supreme Court in the case of CIT v. Associated Industrial Development Co. (P.) Ltd. [19717 82 ITR 586 has observed as under: "Whether a particular holding of shares is by way of investment or forms part of the stock-in-trade is a matter which is within the knowledge of the assessee who holds the :- 5 -: ITA Nos. 832 & 833/Hyd/2016 shares and it should, in normal circumstances, be in a position to produce evidence from its records as to whether it…

G2 Corporate Services LLP, (Formerly M/S. G2 Corporate Services Ltd), Sec'Bad, Hyderabad vs. DCIT, Circle-2(3), Hyderabad

In the result, both the appeals of assessee are partly allowed

ITA 832/HYD/2016[2009-10]Status: DisposedITAT Hyderabad08 Jun 2018AY 2009-10

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiah

For Appellant: Shri K.A. Sai Prasad, ARFor Respondent: Shri M. Sitaram, DR
Section 143(1)(a)Section 143(3)Section 14A

…of the Hon'ble Supreme Court supporting the appellant's stand that the Assessing Officer erred in treating Appellant's investments as business assets: (a) The Hon'ble Supreme Court in the case of CIT v. Associated Industrial Development Co. (P.) Ltd. [19717 82 ITR 586 has observed as under: "Whether a particular holding of shares is by way of investment or forms part of the stock-in-trade is a matter which is within the knowledge of the assessee who holds the :- 5 -: ITA Nos. 832 & 833/Hyd/2016 shares and it should, in normal circumstances, be in a position to produce evidence from its records as to whether it…

The ITO, Vijayawada vs. Pedarla Srinivasa Murthy, Vijayawada

In the result, the appeals filed by the revenue for the A

ITA 124/VIZ/2016[2008-09]Status: DisposedITAT Visakhapatnam09 May 2018AY 2008-09

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

For Appellant: Shri Y. Sesha Srinivas, DR
Section 10(38)Section 143(3)

…the very beginning (i.e.) appellant's intention in buying shares was to invest and not to trade in shares. By this principle, the appellant is an investor. 3. Hon'ble Supreme Court in the case of CIT Vs Associated Industrial Development Co.(P) Limited (1971) 82 ITR 586 (SC) made the following observations: “whether a particular holding of shares is by way of investment or forms part of the stock-in-trade is a matter which is within the knowledge of the assessee who holds the shares and it should, in normal circumstances, be in a position to produce evidence from its records as to whether it has maintained any d…

The ITO, Vijayawada vs. Pedarla Srinivasa Murthy, Vijayawada

In the result, the appeals filed by the revenue for the A

ITA 123/VIZ/2016[2007-08]Status: DisposedITAT Visakhapatnam09 May 2018AY 2007-08

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

For Appellant: Shri Y. Sesha Srinivas, DR
Section 10(38)Section 143(3)

…the very beginning (i.e.) appellant's intention in buying shares was to invest and not to trade in shares. By this principle, the appellant is an investor. 3. Hon'ble Supreme Court in the case of CIT Vs Associated Industrial Development Co.(P) Limited (1971) 82 ITR 586 (SC) made the following observations: “whether a particular holding of shares is by way of investment or forms part of the stock-in-trade is a matter which is within the knowledge of the assessee who holds the shares and it should, in normal circumstances, be in a position to produce evidence from its records as to whether it has maintained any d…

Ramesh G Porwal, Pune vs. Assistant Commissioner of Income-Tax

In the result, the appeal of the assessee is partly allowed

ITA 1727/PUN/2014[2005-06]Status: DisposedITAT Pune16 Mar 2018AY 2005-06

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am

For Appellant: Shri R.G. NaharFor Respondent: Shri Dr. Vivek Aggarwal
Section 143(3)Section 14A

…6 (SC); (c) CIT v. Sutlej Cotton Mills Supply Agency Ltd. [1975] 100 ITR 706 (SC); (d) A.V. Thomas & Co. Ltd. v. CIT [1963] 48 ITR 67 (SC); (e) CIT v. P.K.N. Co. Ltd. [1966] 60 ITR 65 (SC); and (f) CIT v. Associated Industrial Development Co. (P.) Ltd.[1971] 82 ITR 586 (SC). 5.2.1.1. The Assessing Officer examined the details of the transactions which totaled 198 for the whole year, including multiple transactions that had been clubbed together on one single date. A perusal of the relevant transactions, detailed at pgs.12 to 17 of the assessment order, reveals a holding period of less than 90 days generally, an…

Shibir India Limited, Kolkata vs. DCIT, Circle-1, Kolkata

In the result, the appeal of the assessee is allowed

ITA 1688/KOL/2016[2007-08]Status: DisposedITAT Kolkata14 Mar 2018AY 2007-08

Bench: Shri P.M. Jagtap & Shri A.T. Varkey

…I.T.A. No. 1688/KOL./2016 Assessment year: 2007­2008 Page 1 of 8 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘C’ BENCH, KOLKATA Before Shri P.M. Jagtap, Accountant Member and Shri A.T. Varkey, Judicial Member I.T.A. No. 1688/KOL/ 2016 Assessment Year: 2007-2008 Shibir India Limited,...........................................................Appellant 25, Princep Street, Kolkata-700 072 [PAN: AAHCS 5421 K] -Vs.- Deputy Commissioner of Income Tax,...............................Respondent Circle-1, Kolkata, P-7, Chowringhee Square, Aayakar Bhawan, Kolkata-700 069 Appearances by: Shri Subash Agarwal, Advocate, f…

ITO 32(2)(3), Mumbai vs. Mukund T Parmar, Mumbai

In the result both the appeal of the assessee and the Revenue is dismissed

ITA 2826/MUM/2015[2010-11]Status: DisposedITAT Mumbai31 Jan 2018AY 2010-11

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.2826/Mum/2015 (नििाारण वर्ा / Assessment Year: 2010-11) Ito 32(2)(3) बिाम/ Shri Mukund T Parmar R.No. 305-B, 3R D Floor, C-13 Flat No. 903/A Wing, Pratyakshkar Bhavan, Bkc Ajmera Pristine, Building V. Bandra (E) , Mumbai 400051 No. 70, Yogi Nagar, Eksar Road, Borivali(W), Mumbai 400092 स्थायी ऱेखा सं./ Pan : Aaapp9619E (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri. P. Murli Mohan RaoFor Respondent: Shri. H.N Singh,CIT-DR
Section 10(38)Section 143(3)Section 68

…each case the intention is to be seen from the facts of the case and also from the conduct of acquiring the commodity and its dealings in the same. The Hon'ble Supreme Court have further held in the case of CIT Vs Associate Industrial Development Company Ltd. 82 ITR 586 that whether any part of the holding of shares is by way of investment or forms part of the stock in trade, is a matter which is within the knowledge of assessee, therefore he should be in a position to produce evidence to establish the distinction between the shares held as stock-in-trade and by way of investment. The system of accounting has rem…

DCIT, Cir-7(1), Kolkata vs. M/S Jet Age Securities Pvt. Ltd., Kolkata

In the result, the appeal of the revenue is dismissed

ITA 1352/KOL/2015[2010-2011]Status: DisposedITAT Kolkata13 Dec 2017AY 2010-2011

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

For Appellant: Shri Kalyan Nath, Addl.CIT, ld.DRFor Respondent: Shri Manoj Khataruka, Advocate, ld.AR
Section 143(2)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL : ‘D’ BENCH, KOLKATA Before : Shri P.M. Jagtap,Accountant Member and Shri S.S.Viswanethra Ravi, Judicial Member ITA No. 1352/Kol/2015 A.Y 2010-11 D.C.I.T, Cir-7(1), Kolkata Vs. M/s. Jet Age Securities Pvt. Ltd. PAN: AABCJ0993R [Appellant] [Respondent] Appellant by : Shri Kalyan Nath, Addl.CIT, ld.DR Respondent by : Shri Manoj Khataruka, Advocate, ld.AR Date of Hearing : 14-09-2017 Date of Pronouncement : 13-12-2017 ORDER Shri S.S.Viswanethra Ravi, JM: This appeal by the Revenue is against the order dt. 20-08-2015 of the CIT-A, 11, Kolkata for the A.Y 2010-11. 2.…

Chandra Ramesh, Chennai vs. ACIT, Chennai

In the result, the assessee’s appeals in ITA Nos371, 372 &

ITA 373/CHNY/2017[2000-01]Status: DisposedITAT Chennai08 Dec 2017AY 2000-01

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Appellant: Shri. AsishTripati, JCIT
Section 143(3)Section 144Section 147

…itself irrespective of the holding period of the shares opts to treat them as stock in trade, the income. "(copy of the circular enclosed)' 5. In the case of Commissioner of Income Tax (Centra!), Calcutta Vs Associated Industrial Development Company (P) Ltd (82 ITR 586), the Supreme Court observed that: "Whether a particular holding of shares is by way of investment or forms part of the stock-in-trade is a matter which is within the knowledge of the assessee who holds the shares and it should, in normal circumstances, be in a position to produce evidence from its records as to whether it has maintained any disti…

Chandra Ramesh, Chennai vs. ACIT, Chennai

In the result, the assessee’s appeals in ITA Nos371, 372 &

ITA 372/CHNY/2017[1999-2000]Status: DisposedITAT Chennai08 Dec 2017AY 1999-2000

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Appellant: Shri. AsishTripati, JCIT
Section 143(3)Section 144Section 147

…itself irrespective of the holding period of the shares opts to treat them as stock in trade, the income. "(copy of the circular enclosed)' 5. In the case of Commissioner of Income Tax (Centra!), Calcutta Vs Associated Industrial Development Company (P) Ltd (82 ITR 586), the Supreme Court observed that: "Whether a particular holding of shares is by way of investment or forms part of the stock-in-trade is a matter which is within the knowledge of the assessee who holds the shares and it should, in normal circumstances, be in a position to produce evidence from its records as to whether it has maintained any disti…