CIT v. Concord Commercial Pvt. Ltd.

95 ITD 117Income Tax Appellate Tribunal2005#3501 most cited

What is CIT v. Concord Commercial Pvt. Ltd. authority for?

The aggregate of business profits and losses from derivative transactions must be worked out before applying the Explanation to Section 73 of the Income-tax Act, 1961. This means that trading of shares and derivative transactions are not considered speculative transactions under Section 43(5) for the purposes of Sections 28 to 41.

34

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2022.

Also referred to as

CIT v. Concord Commercial Pvt. Ltd. · 95 ITD 117 · Section 43(5) · Section 73 · Explanation to Section 73 · derivative transactions · speculation · business profit loss · share delivery · share derivative

Issues it is cited on

section 43(5)section 254section 43section 13transferopportunity of being heardcompanysection 143(3)indiatotal incomebusinessinterest

Judgments citing CIT v. Concord Commercial Pvt. Ltd.

BHARAT MINES AND MINERALS,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(2)(1), BANGALORE

In the result, the assessee’s appeal is partly allowed for statistical purposes

ITA 974/BANG/2022[2011-12]Status: DisposedITAT Bangalore23 Nov 2022AY 2011-12

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2011 – 12

For Appellant: Shri K.R. Pradeep &For Respondent: Shri A. Ramesh Kumar, D.R
Section 10BSection 142(1)Section 143(2)Section 143(3)

…of the trading profit and loss from derivative transactions should be done before Explanation to Section 73 of the Act is applied. The above view was taken by the Special Bench of the Mumbai Tribunal in the case of CIT vs. Concord Commercial Pvt. Ltd. (2005) 95 ITD 117 (Mum) (SB). In this case the Special Bench held that: "Before considering whether the assessee's case is hit by the deeming provision of Explanation to Section 73 of the Act, aggregate of the business profit/loss has to be worked out based on the non-speculative profits; either it is from share delivery or from share derivative." From the above it…

WIPRO GE HEALTHCARE PRIVATE LIMITED,BANGALORE vs. ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE

In the result, the appeal filed by the assessee in IT(TP)A No

ITA 703/BANG/2021[2012-13]Status: DisposedITAT Bangalore07 Oct 2022AY 2012-13

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri K.R. Pradeep &For Respondent: Shri Praveen Karanth, D.R
Section 143(3)Section 254Section 92C

…of the trading profit and loss from derivative transactions should be done before Explanation to Section 73 of the Act is applied. The above view was taken by the Special Bench of the Mumbai Tribunal in the case of CIT vs. Concord Commercial Pvt. Ltd. (2005) 95 ITD 117 (Mum) (SB). In this case the Special Bench held that: "Before considering whether the assessee's case is hit by the deeming provision of Explanation to Section 73 of the Act, aggregate of the business profit/ loss has to be worked out based on the non-speculative profits: either it is from share delivery or from share derivative." From the above…

WIPRO GE HEALTHCARE PRIVATE LIMITED (EARLIER KNOWN AS GE MEDICAL SYSTEMS INDIA PRIVATE LIMITED),BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-7(1)(1), BANGALORE

In the result, the appeal filed by the assessee in IT(TP)A No

ITA 344/BANG/2021[2006-07]Status: DisposedITAT Bangalore07 Oct 2022AY 2006-07

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri K.R. Pradeep &For Respondent: Shri Praveen Karanth, D.R
Section 143(3)Section 254Section 92C

…of the trading profit and loss from derivative transactions should be done before Explanation to Section 73 of the Act is applied. The above view was taken by the Special Bench of the Mumbai Tribunal in the case of CIT vs. Concord Commercial Pvt. Ltd. (2005) 95 ITD 117 (Mum) (SB). In this case the Special Bench held that: "Before considering whether the assessee's case is hit by the deeming provision of Explanation to Section 73 of the Act, aggregate of the business profit/ loss has to be worked out based on the non-speculative profits: either it is from share delivery or from share derivative." From the above…

THE DY. CIT., CIRCLE-4(1)(1),, AHMEDABAD vs. M/S. SURAJ LIMITED,, AHMEDABAD

In the result, the appeal of the Revenue is dismissed

ITA 1052/AHD/2017[2009-10]Status: DisposedITAT Ahmedabad14 May 2019AY 2009-10

Bench: Shri Pradip Kumar Kedia & Ms. Madhumita Royआयकर अपील सं./Ita No.1052/Ahd/2017 ("नधा"रण वष"/Assessment Year : 2009-10)

For Appellant: Shri Vikram S. Sharma, Sr.DRFor Respondent: Shri G.C. Pipara, AR
Section 271(1)(c)Section 73

…aid speculative loss of Rs.245.42 in question and, therefore a debate may also arise about the applicability of Explanation to section 73 itself in the given facts having regard to the decision of Special Bench in ACIT vs. Concord Commercials (P.) Ltd. [2005] 95 ITD 117 (Mum.)[SB]. Thus, in the totality of circumstances, the action of the assessee cannot be regarded as malafide to fall within the mischief of section 271(1)(c) of the Act. Therefore, we concur with the conclusion drawn by the CIT(A). We thus decline to interfere. Hence, the ground raised by the Revenue contesting reversal of penalty by CIT(A) is wi…

DIWALI CAPITAL & FINANCE PVT. LTD.,MUMBAI vs. DCIT- CC-2(2), MUMBAI

In the result, the appeals of assessee are partly allowed

ITA 3108/MUM/2018[2014-15]Status: DisposedITAT Mumbai08 May 2019AY 2014-15

Bench: Sri Mahavir Singhaayakr Apila Sam./ Ita No. 3107/Mum/2018 (Inaqa-Arna Baya- / Assessment Year 2013-14) Aayakr Apila Sam./ Ita No. 3108/Mum/2018 (Inaqa-Arna Baya- / Assessment Year 2014-15)

For Appellant: Shri Vimal Punamiya, ARFor Respondent: Shri Satishchandra Rajore, DR
Section 143(3)Section 153ASection 43(5)Section 73

…Aayakr ApIlaIya AiQakrNa “SMC” nyaayapIz maMuba[- mao. IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI श्री महावीर स िंह, न्याययक दस्य के मक्ष । BEFORE SRI MAHAVIR SINGH, JUDICIAL MEMBER Aayakr ApIla saM./ ITA No. 3107/Mum/2018 (inaQa-arNa baYa- / Assessment Year 2013-14) Aayakr ApIla saM./ ITA No. 3108/Mum/2018 (inaQa-arNa baYa- / Assessment Year 2014-15) Diwali Capital & Finance The Dy. Commissioner of Private Ltd. Income Tax, Central Circle 2(2), 8th Floor, Room No. 113, Commerce House, 140, Vs. N.M. Road, Fort, Mumbai-400 806, Old CGO Bldg, M.K. 023 Road, Mumbai-400 020 .. (p`%yaqaaI- / Respondent)…

DIWALI CAPITAL & FINANCE PVT. LTD.,MUMBAI vs. DCIT -CC- 2(2), MUMBAI

In the result, the appeals of assessee are partly allowed

ITA 3107/MUM/2018[2013-14]Status: DisposedITAT Mumbai08 May 2019AY 2013-14

Bench: Sri Mahavir Singhaayakr Apila Sam./ Ita No. 3107/Mum/2018 (Inaqa-Arna Baya- / Assessment Year 2013-14) Aayakr Apila Sam./ Ita No. 3108/Mum/2018 (Inaqa-Arna Baya- / Assessment Year 2014-15)

For Appellant: Shri Vimal Punamiya, ARFor Respondent: Shri Satishchandra Rajore, DR
Section 143(3)Section 153ASection 43(5)Section 73

…Aayakr ApIlaIya AiQakrNa “SMC” nyaayapIz maMuba[- mao. IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI श्री महावीर स िंह, न्याययक दस्य के मक्ष । BEFORE SRI MAHAVIR SINGH, JUDICIAL MEMBER Aayakr ApIla saM./ ITA No. 3107/Mum/2018 (inaQa-arNa baYa- / Assessment Year 2013-14) Aayakr ApIla saM./ ITA No. 3108/Mum/2018 (inaQa-arNa baYa- / Assessment Year 2014-15) Diwali Capital & Finance The Dy. Commissioner of Private Ltd. Income Tax, Central Circle 2(2), 8th Floor, Room No. 113, Commerce House, 140, Vs. N.M. Road, Fort, Mumbai-400 806, Old CGO Bldg, M.K. 023 Road, Mumbai-400 020 .. (p`%yaqaaI- / Respondent)…

GIRISH FASHION PVT. LTD.,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-2(1)(1),, AHMEDABAD

In the result, appeal of the assessee is allowed

ITA 2811/AHD/2015[2012-13]Status: DisposedITAT Ahmedabad06 May 2019AY 2012-13

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadआयकर अपील सं./I.T.A. No.2811/Ahd/2015 ("नधा"रण वष" / Assessment Year : 2012-13)

For Appellant: Shri Vijay Ranjan, ARFor Respondent: Shri Aditya Shukla, Sr.DR
Section 73

…the purview of first exception carved out in the Explanation to section 73 and the assessee thus could not be deemed to be carrying on a speculative business. Support is drawn from the decision of Special Bench in ACIT vs. Concord Commercials (P.) Ltd. [2005] 95 ITD 117 (MUM.)[SB] and CIT vs. Darshan Securities Pvt.Ltd. (2012) 249 CTR 199 (Bom). 6.2. Thus, we find merit in the plea raised on behalf of the assessee. The order of the CIT(A) accordingly is set aside and the Assessing Officer is directed to restore the action of the assessee in this regard. 7. In the result, appeal of the assessee is allowed. This…

DY.C.I.T. 1(2), RAIPUR (CG) vs. M/S RISHABH INFRASTRUCTURE PVT.LTD, RAIPUR

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

ITA 157/BIL/2014[2011-12]Status: DisposedITAT Raipur23 Oct 2018AY 2011-12

Bench: Sh. R.K. Panda & Ms. Suchitra Kambleassessment Year: 2011-12

Section 165Section 4Section 44A

…wing decisions :- 1) Mcdowell & Co. (S/C) 154 ITR 148 2) Durga Prasad More Vs.CIT (SC) 82 ITR 540 3) Sumati Dayal Vs. CIT (SC) 214 ITR 801 4) CIT Vs. Amrit Lal 212 ITR 514 (Bombay) 5) DIT Vs. Bharat Diamond 259 ITR 280 (S/C) 6) ACIT Vs. Concord Communication 95 ITD 117 (SB) 15. The Ld. Counsel for the assessee on the other hand heavily relied on the order of the CIT (A). Referring to the copy of the assessment order passed u/s 143 (3) for A. Y. 2003-04, copy of which is placed at paper book page No. 27, the Ld. Counsel for the assessee submitted that the Assessing Officer in the assessment order himself has adm…

M/S ELEM INVESTMENT(P)LIMITED,HYDERABAD vs. THE DICT, HYDERABAD

In the result, appeal of assessee for AY

ITA 121/HYD/2010[2005-06]Status: DisposedITAT Hyderabad03 Aug 2018AY 2005-06

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiahappellant Respondent

For Appellant: Shri K.C. Devdas, ARFor Respondent: Smt. Suman Malik, DR
Section 37(1)Section 40A(2)

…to set-off the business loss against its income from other sources viz., interest and :- 7 -: M/s. Elem Investments Pvt. Ltd., dividend income. Assessee relied on the decision of Rajan Enterprises Pvt. Ltd., [41 ITD 469] (Bom), Concord Commercial Pvt. Ltd., [95 ITD 117] (Mum.)(SB) and Godavari Capital Ltd., [91 ITD 274] (Hyd). 5.1. Ld.CIT(A), however, did not agree and after analyzing the agreement entered into on 16-08-2001 with the promoters of DQ and the case law on the subject and also the fact that the said company has allotted shares subsequently to various persons at higher price than the purchase cost,…

M/S FINCITY INVESTMENTS PVT LTD,HYDERABAD vs. DCIT, HYDERABAD

In the result, appeal of assessee for AY

ITA 119/HYD/2010[2005-06]Status: DisposedITAT Hyderabad03 Aug 2018AY 2005-06

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

For Appellant: Shri K.C. Devdas, ARFor Respondent: Smt. Suman Malik, DR
Section 37(1)Section 40A(2)

…et-off the business loss :- 7 -: M/s. Fincity Investments Pvt. Ltd., against its income from other sources viz., interest and dividend income. Assessee relied on the decision of Rajan Enterprises Pvt. Ltd., [41 ITD 469] (Bom), Concord Commercial Pvt. Ltd., [95 ITD 117] (Mum.)(SB) and Godavari Capital Ltd., [91 ITD 274] (Hyd). 5.1. Ld.CIT(A), however, did not agree and after analyzing the agreement entered into on 16-08-2001 with the promoters of DQ and the case law on the subject and also the fact that the said company has allotted shares subsequently to various persons at higher price than the purchase cost,…

M/S HIGHGRACE INVESTMENTS PVT LTD,HYDERABAD vs. DCIT, HYDERABAD

In the result, appeal of assessee for AY

ITA 114/HYD/2010[2005-06]Status: DisposedITAT Hyderabad03 Aug 2018AY 2005-06

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiahappellant Respondent

For Appellant: Shri K.C. Devdas, ARFor Respondent: Smt. Suman Malik, DR
Section 37(1)Section 40A(2)

…t-off the business loss against its income from other sources viz., interest and :- 7 -: M/s. Highgrace Investments Pvt. Ltd., dividend income. Assessee relied on the decision of Rajan Enterprises Pvt. Ltd., [41 ITD 469] (Bom), Concord Commercial Pvt. Ltd., [95 ITD 117] (Mum.)(SB) and Godavari Capital Ltd., [91 ITD 274] (Hyd). 5.1. Ld.CIT(A), however, did not agree and after analyzing the agreement entered into on 16-08-2001 with the promoters of DQ and the case law on the subject and also the fact that the said company has allotted shares subsequently to various persons at higher price than the purchase cost,…

M/S FINCITY INVESTMENTS PVT.LTD.,,HYDERABAD vs. ACIT, HYDERABAD

In the result, appeal of assessee for AY

ITA 591/HYD/2006[2002-03]Status: DisposedITAT Hyderabad03 Aug 2018AY 2002-03

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

For Appellant: Shri K.C. Devdas, ARFor Respondent: Smt. Suman Malik, DR
Section 37(1)Section 40A(2)

…et-off the business loss :- 7 -: M/s. Fincity Investments Pvt. Ltd., against its income from other sources viz., interest and dividend income. Assessee relied on the decision of Rajan Enterprises Pvt. Ltd., [41 ITD 469] (Bom), Concord Commercial Pvt. Ltd., [95 ITD 117] (Mum.)(SB) and Godavari Capital Ltd., [91 ITD 274] (Hyd). 5.1. Ld.CIT(A), however, did not agree and after analyzing the agreement entered into on 16-08-2001 with the promoters of DQ and the case law on the subject and also the fact that the said company has allotted shares subsequently to various persons at higher price than the purchase cost,…

M/S HIGHGRACE INVESTEMENTS PVT.LTD.,,HYDERABAD vs. ACIT, HYDERABAD

In the result, appeal of assessee for AY

ITA 590/HYD/2006[2002-03]Status: DisposedITAT Hyderabad03 Aug 2018AY 2002-03

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiahappellant Respondent

For Appellant: Shri K.C. Devdas, ARFor Respondent: Smt. Suman Malik, DR
Section 37(1)Section 40A(2)

…t-off the business loss against its income from other sources viz., interest and :- 7 -: M/s. Highgrace Investments Pvt. Ltd., dividend income. Assessee relied on the decision of Rajan Enterprises Pvt. Ltd., [41 ITD 469] (Bom), Concord Commercial Pvt. Ltd., [95 ITD 117] (Mum.)(SB) and Godavari Capital Ltd., [91 ITD 274] (Hyd). 5.1. Ld.CIT(A), however, did not agree and after analyzing the agreement entered into on 16-08-2001 with the promoters of DQ and the case law on the subject and also the fact that the said company has allotted shares subsequently to various persons at higher price than the purchase cost,…

M/S ELEM INVESTMENTS PVT.LTD.,,HYDERABAD vs. ACIT, HYDERABAD

In the result, appeal of assessee for AY

ITA 589/HYD/2006[2002-03]Status: DisposedITAT Hyderabad03 Aug 2018AY 2002-03

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiahappellant Respondent

For Appellant: Shri K.C. Devdas, ARFor Respondent: Smt. Suman Malik, DR
Section 37(1)Section 40A(2)

…to set-off the business loss against its income from other sources viz., interest and :- 7 -: M/s. Elem Investments Pvt. Ltd., dividend income. Assessee relied on the decision of Rajan Enterprises Pvt. Ltd., [41 ITD 469] (Bom), Concord Commercial Pvt. Ltd., [95 ITD 117] (Mum.)(SB) and Godavari Capital Ltd., [91 ITD 274] (Hyd). 5.1. Ld.CIT(A), however, did not agree and after analyzing the agreement entered into on 16-08-2001 with the promoters of DQ and the case law on the subject and also the fact that the said company has allotted shares subsequently to various persons at higher price than the purchase cost,…

M/S VECYES INVESTEMENT PVT LTD.,,HYDERABAD vs. ACIT, HYDERABAD

In the result, the appeal of assessee is partly allowed

ITA 588/HYD/2006[2002-03]Status: DisposedITAT Hyderabad03 Aug 2018AY 2002-03

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

For Appellant: Shri K.C. Devdas, ARFor Respondent: Smt. Suman Malik, DR
Section 37(1)Section 40A(2)

…t was submitted that assessee is entitled to set-off the business loss against its income from other sources viz., interest and dividend income. Assessee relied on the decision of Rajan Enterprises Pvt. Ltd., [41 ITD 469] (Bom), Concord Commercial Pvt. Ltd., [95 ITD 117] (Mum.)(SB) and Godavari Capital Ltd., [91 ITD 274] (Hyd). 5.1. Ld.CIT(A), however, did not agree and after analyzing the agreement entered into on 16-08-2001 with the promoters of DQ and the case law on the subject and also the fact that the said company has allotted shares subsequently to various persons at higher price than the purchase cost,…

M/S HIGH GRACE INVESTMENTS PVT.LTD.,,HYDERABAD vs. ACIT, HYDERABAD

In the result, appeal of assessee for AY

ITA 619/HYD/2008[2004-05]Status: DisposedITAT Hyderabad03 Aug 2018AY 2004-05

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiahappellant Respondent

For Appellant: Shri K.C. Devdas, ARFor Respondent: Smt. Suman Malik, DR
Section 37(1)Section 40A(2)

…t-off the business loss against its income from other sources viz., interest and :- 7 -: M/s. Highgrace Investments Pvt. Ltd., dividend income. Assessee relied on the decision of Rajan Enterprises Pvt. Ltd., [41 ITD 469] (Bom), Concord Commercial Pvt. Ltd., [95 ITD 117] (Mum.)(SB) and Godavari Capital Ltd., [91 ITD 274] (Hyd). 5.1. Ld.CIT(A), however, did not agree and after analyzing the agreement entered into on 16-08-2001 with the promoters of DQ and the case law on the subject and also the fact that the said company has allotted shares subsequently to various persons at higher price than the purchase cost,…

M/S ELEM INVESTMENTS PVT.LTD.,,HYDERABAD vs. ACIT, HYDERABAD

In the result, appeal of assessee for AY

ITA 617/HYD/2008[2004-05]Status: DisposedITAT Hyderabad03 Aug 2018AY 2004-05

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiahappellant Respondent

For Appellant: Shri K.C. Devdas, ARFor Respondent: Smt. Suman Malik, DR
Section 37(1)Section 40A(2)

…to set-off the business loss against its income from other sources viz., interest and :- 7 -: M/s. Elem Investments Pvt. Ltd., dividend income. Assessee relied on the decision of Rajan Enterprises Pvt. Ltd., [41 ITD 469] (Bom), Concord Commercial Pvt. Ltd., [95 ITD 117] (Mum.)(SB) and Godavari Capital Ltd., [91 ITD 274] (Hyd). 5.1. Ld.CIT(A), however, did not agree and after analyzing the agreement entered into on 16-08-2001 with the promoters of DQ and the case law on the subject and also the fact that the said company has allotted shares subsequently to various persons at higher price than the purchase cost,…

M/S FINCITY INVESTMENTS PVT.LTD.,,HYDERABAD vs. ACIT, HYDERABAD

In the result, appeal of assessee for AY

ITA 616/HYD/2008[2004-05]Status: DisposedITAT Hyderabad03 Aug 2018AY 2004-05

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

For Appellant: Shri K.C. Devdas, ARFor Respondent: Smt. Suman Malik, DR
Section 37(1)Section 40A(2)

…et-off the business loss :- 7 -: M/s. Fincity Investments Pvt. Ltd., against its income from other sources viz., interest and dividend income. Assessee relied on the decision of Rajan Enterprises Pvt. Ltd., [41 ITD 469] (Bom), Concord Commercial Pvt. Ltd., [95 ITD 117] (Mum.)(SB) and Godavari Capital Ltd., [91 ITD 274] (Hyd). 5.1. Ld.CIT(A), however, did not agree and after analyzing the agreement entered into on 16-08-2001 with the promoters of DQ and the case law on the subject and also the fact that the said company has allotted shares subsequently to various persons at higher price than the purchase cost,…

M/S HIGHGRACE INVESTEMENTS PVT.LTD.,,HYDERABAD vs. ACIT, HYDERABAD

In the result, appeal of assessee for AY

ITA 733/HYD/2006[2003-04]Status: DisposedITAT Hyderabad03 Aug 2018AY 2003-04

Bench: Smt. P. Madhavi Devi & Shri B. Ramakotaiahappellant Respondent

For Appellant: Shri K.C. Devdas, ARFor Respondent: Smt. Suman Malik, DR
Section 37(1)Section 40A(2)

…t-off the business loss against its income from other sources viz., interest and :- 7 -: M/s. Highgrace Investments Pvt. Ltd., dividend income. Assessee relied on the decision of Rajan Enterprises Pvt. Ltd., [41 ITD 469] (Bom), Concord Commercial Pvt. Ltd., [95 ITD 117] (Mum.)(SB) and Godavari Capital Ltd., [91 ITD 274] (Hyd). 5.1. Ld.CIT(A), however, did not agree and after analyzing the agreement entered into on 16-08-2001 with the promoters of DQ and the case law on the subject and also the fact that the said company has allotted shares subsequently to various persons at higher price than the purchase cost,…

M/S FINCITY INVESTMENTS PVT.LTD.,,HYDERABAD vs. ACIT, HYDERABAD

In the result, appeal of assessee for AY

ITA 732/HYD/2006[2003-04]Status: DisposedITAT Hyderabad03 Aug 2018AY 2003-04

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

For Appellant: Shri K.C. Devdas, ARFor Respondent: Smt. Suman Malik, DR
Section 37(1)Section 40A(2)

…et-off the business loss :- 7 -: M/s. Fincity Investments Pvt. Ltd., against its income from other sources viz., interest and dividend income. Assessee relied on the decision of Rajan Enterprises Pvt. Ltd., [41 ITD 469] (Bom), Concord Commercial Pvt. Ltd., [95 ITD 117] (Mum.)(SB) and Godavari Capital Ltd., [91 ITD 274] (Hyd). 5.1. Ld.CIT(A), however, did not agree and after analyzing the agreement entered into on 16-08-2001 with the promoters of DQ and the case law on the subject and also the fact that the said company has allotted shares subsequently to various persons at higher price than the purchase cost,…

Showing 1–20 of 34 · Page 1 of 2

CIT v. Concord Commercial Pvt. Ltd. (95 ITD 117) — Cited in 34 Judgments | BharatTax