CIT v. Baljit Securities (P) Ltd.

368 ITR 470High Court2014#17762 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2018.

Judgments citing CIT v. Baljit Securities (P) Ltd.

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)

…would be eligible to be set off with the profits and gains on sale of shares treating the same as speculative profits. This has been duly considered and approved by the Hon’ble Jurisdictional High Court in the case of CIT vs Baljit Securities Ltd reported in 368 ITR 470 (Cal) wherein it was held as under:- 10 M/s Jet Age Securities Pvt. Ltd. A.Yr. 2011-12 2. The assessee basically is a share broker. The assessee also deals in buying and selling of shares for himself. The assessee is also dealing in derivatives. Dealing in derivatives has been excluded from the ambit of speculative transactions with effect from…

Kedia Shares & Stocks Brokers Ltd, Mumbai vs. Jt CIT (OSD) 4(3), Mumbai

In the result, the appeal is partly allowed

ITA 4033/MUM/2013[2009-10]Status: DisposedITAT Mumbai07 Apr 2017AY 2009-10

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 2009-10

For Appellant: Shri Ajay Singh, ARFor Respondent: Shri B.S. Bist, DR

Section 143(3)Section 28Section 43(5)Section 43(5)(c)Section 73

…ed before the AO along with details of arbitrage working, (v) rectification of mistake application filed before the AO and (vi) remand report dated 01.09.2012. Reliance was placed by him on the decision in the case of CIT vs. Baljit Securities (P) Ltd. (2014) 368 ITR 470 (Cal), DCIT vs. Baljit Securities (P) Ltd. (2015) 68 SOT 82 (Kolkata – Trib.) (URO) and DCIT vs. M/s. J.M. Financial Services Ltd. (ITA No. 3660/Mum/2014) – ITAT “ J” Bench, Mumbai. 6. Per contra, the learned DR relied on the order of the learned CIT(A). 7. We have heard the rival submissions and perused the relevant material on record. We begi…

DCIT RG 4(1), Mumbai vs. Bidhata Synthetic Mills P.Ltd, Mumbai

In the result, both appeals of the assessee and revenue are allowed in part, in terms indicated hereinabove

ITA 3425/MUM/2012[2008-09]Status: DisposedITAT Mumbai10 Feb 2016AY 2008-09

For Appellant: Shri Jitendra Sanghavi &For Respondent: Shri Peeyush Sonkar

Section 14ASection 271Section 43Section 43(5)Section 5Section 73

…since the assessee was fully engaged in purchase and sale of shares, the shares were held as stock-in-trade, therefore, no disallowance should have been made u/s.14A in terms of decision of Hon’ble Kolkata High Court in the case of Baljit Securities (P) Ltd., 368 ITR 470. 10. On the other hand, ld. DR relied on the order of lower authorities. 11. We have considered rival contentions and found that the assessee had not offered the disallowance u/s.14A as per rule 8D, therefore, the AO had recomputed the disallowance as per Rule 8D. However, as per the decision in the case of Baljit Securities (P) Ltd (supra), the…

Bidhata Synthetic Mills P.Ltd, Mumbai vs. ACIT 4(1), Mumbai

In the result, both appeals of the assessee and revenue are allowed in part, in terms indicated hereinabove

ITA 3255/MUM/2012[2008-09]Status: DisposedITAT Mumbai10 Feb 2016AY 2008-09

For Appellant: Shri Jitendra Sanghavi &For Respondent: Shri Peeyush Sonkar

Section 14ASection 271Section 43Section 43(5)Section 5Section 73

Vidhya Equiresearch P. Ltd, Mumbai vs. ACIT 5(3), Mumbai

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

ITA 2672/MUM/2013[2009-10]Status: DisposedITAT Mumbai08 Feb 2016AY 2009-10

For Appellant: Shri Paresh ShapariaFor Respondent: Shri Vikram Batra

Section 14ASection 43Section 43(5)Section 5Section 73

…t by Section 43(5) and therefore the aggregation of share trading loss and profit from derivative transactions should be done before the application of the Explanation to Section 73. 6. The Hon’ble Kolkata High Court in the case of Baljit Securities (P) Ltd., 368 ITR 470, had also held as under :- “6.It would, thus, appear that where an assessee, being the company, besides dealing in other things also deals in purchase and sale of shares of other companies, the assessee shall be deemed to be carrying on a speculation business. The assessee, in the present case, principally is a share broker, as already indicated.…