CIT v. Currency Investment Ltd.

241 ITR 494High Court2000#8904 most cited

What is CIT v. Currency Investment Ltd. authority for?

A Tribunal allowing a claim for share loss cannot be considered erroneous or perverse if the loss is genuine and eligible for deduction.

12

judgments rely on this decision, according to BharatTax’s citation analysis of 366,421 Indian tax judgments — from 2018 to 2022.

Also referred to as

CIT v. Currency Investment Ltd. · share loss · genuine loss · eligible for deduction · tribunal decision · erroneous · perverse

Judgments citing CIT v. Currency Investment Ltd.

Nishat Ara, Kanpur vs. Deputy Commissioner of Income Tax, Central Circle-II, Kanpur

In the result, all the appeals of the assessees are partly allowed

ITA 65/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…d against the Revenue. Similarly, we answer question No. 2 relating to share loss of Rs. 49,210 in the affirmative, that is, in favour of the assessee and against the Revenue.” B) The Calcutta High Court in the case of CIT vs. Currency Investment Ltd. (2000) 241 ITR 494 (Cal.) it was held as under: “The learned Tribunal has concluded that in view of the facts of this case, the assessee has made out a case of a genuine loss in share transactions. Whether the shares were sold or not and for how much the shares were purchased and for how much the shares were sold, is basically a question of fact. The identity of t…

Zain Alam, Kanpur vs. Deputy Commissioner of Income Tax, Central Circle- II, Kanpur

In the result, all the appeals of the assessees are partly allowed

ITA 64/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…d against the Revenue. Similarly, we answer question No. 2 relating to share loss of Rs. 49,210 in the affirmative, that is, in favour of the assessee and against the Revenue.” B) The Calcutta High Court in the case of CIT vs. Currency Investment Ltd. (2000) 241 ITR 494 (Cal.) it was held as under: “The learned Tribunal has concluded that in view of the facts of this case, the assessee has made out a case of a genuine loss in share transactions. Whether the shares were sold or not and for how much the shares were purchased and for how much the shares were sold, is basically a question of fact. The identity of t…

Nausheen Farah, Kanpur vs. Deputy Commissioner of Income Tax, Central Circle-II, Kanpur

In the result, all the appeals of the assessees are partly allowed

ITA 63/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…d against the Revenue. Similarly, we answer question No. 2 relating to share loss of Rs. 49,210 in the affirmative, that is, in favour of the assessee and against the Revenue.” B) The Calcutta High Court in the case of CIT vs. Currency Investment Ltd. (2000) 241 ITR 494 (Cal.) it was held as under: “The learned Tribunal has concluded that in view of the facts of this case, the assessee has made out a case of a genuine loss in share transactions. Whether the shares were sold or not and for how much the shares were purchased and for how much the shares were sold, is basically a question of fact. The identity of t…

Shaheen Rabia, Kanpur vs. Deputy Commissioner of Income Tax, Central Circle -II, Kanpur

In the result, all the appeals of the assessees are partly allowed

ITA 62/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…d against the Revenue. Similarly, we answer question No. 2 relating to share loss of Rs. 49,210 in the affirmative, that is, in favour of the assessee and against the Revenue.” B) The Calcutta High Court in the case of CIT vs. Currency Investment Ltd. (2000) 241 ITR 494 (Cal.) it was held as under: “The learned Tribunal has concluded that in view of the facts of this case, the assessee has made out a case of a genuine loss in share transactions. Whether the shares were sold or not and for how much the shares were purchased and for how much the shares were sold, is basically a question of fact. The identity of t…

Marghoob Alam, Kanpur vs. Dcut, CC-II, Kanpur

In the result, all the appeals of the assessees are partly allowed

ITA 61/LKW/2021[2012-2013]Status: DisposedITAT Lucknow06 Jul 2022AY 2012-2013

Bench: Shri A. D. Jain & Shri T. S. Kapoor

Section 10(38)Section 147Section 148Section 69A

…d against the Revenue. Similarly, we answer question No. 2 relating to share loss of Rs. 49,210 in the affirmative, that is, in favour of the assessee and against the Revenue.” B) The Calcutta High Court in the case of CIT vs. Currency Investment Ltd. (2000) 241 ITR 494 (Cal.) it was held as under: “The learned Tribunal has concluded that in view of the facts of this case, the assessee has made out a case of a genuine loss in share transactions. Whether the shares were sold or not and for how much the shares were purchased and for how much the shares were sold, is basically a question of fact. The identity of t…

Shri Harish Kumar Buyani, Kolkata vs. A.C.I.T.Circle-34, Kolkata

Appeal is allowed

ITA 2547/KOL/2019[2010-11]Status: DisposedITAT Kolkata14 Feb 2020AY 2010-11

Bench: Shri S.S, Godaraassessment Year:2010-11

Section 147Section 68

…d to be erroneous or perverse CIT vs. Emerald Commercial Ltd & Anr (2001) 171 CTR (Cal) 193: (2001) 250 ITR 539 (Can. CIT- vs. Dhawan Investment & Trading Co. Ltd (1999) 238 ITR 486 (Can and CIT vs. Currency Investment Co. Ltd (2000) 158 CTR (Cal) 361: (2000) 241 ITR 494 (Cal) relied on. Respectfully following the same, we hold that the impugned loss claimed by assessee is genuine loss in the above facts and circumstances of the case and therefore eligible for deduction. Accordingly, AD is directed. This ground of assessee's appeal is allowed." 6. In view of above, we find that the CIT-A was not justified in conf…

Shagun Business Services Pvt. Ltd., Kolkata vs. I.T.O., Ward-5(1), Kolkata

Appeal is allowed

ITA 2395/KOL/2019[2009-10]Status: DisposedITAT Kolkata31 Jan 2020AY 2009-10

Bench: Shri Satbeer Singh Godara

Section 143(3)Section 147Section 148Section 68

…to be erroneous or perverse.- CIT vs. Emerald Commercial Ltd & Anr (2001) 171 CTR (Cal) 193: (2001) 250 ITR 539 (Can. CIT- vs. Dhawan Investment & Trading Co. Ltd (1999) 238 ITR 486 (Can and CIT vs. Currency Investment Co. Ltd (2000) 158 CTR (Cal) 361: (2000) 241 ITR 494 (Cal) relied on. Respectfully following the same, we hold that the impugned loss claimed by assessee is genuine loss in the above facts and circumstances of the case and therefore eligible for deduction. Accordingly, AD is directed. This ground of assessee's appeal is allowed." 6. In view of above, we find that the CIT-A was not justified in co…

Vivek Bhaia, Kolkata vs. ITO, Ward - 36(4), Kolkata

Appeal is allowed

ITA 2295/KOL/2018[2009-10]Status: DisposedITAT Kolkata15 May 2019AY 2009-10

Bench: Hon’Ble Shri S.S. Godara, Jm ] I.T. A No. 2295/Kol/2018 A.Y 2009-10 M/S. Vivek Bhaia V/S. I.T.O. Ward 36(4), Kolkata Pan: Aedpb3153Q (Appellant) (Respondent)

For Appellant: Shri S.M. Surana, Advocate, ld.ARFor Respondent: Shri C.J. Singh, JCIT, ld.DR
Section 133(6)Section 147Section 40

…rroneous or perverse.--CIT vs. Emerald Commercial Ltd. & Anr. (2001) 171 CTR (Cal) 193 : (2001) 250 ITR 539 (Cal), CIT vs. Dhawan Investment & Trading Co. Ltd. (1999) 238 ITR 486 (Cal) and CIT vs. Currency Investment Co. Ltd. (2000) 158 CTR (Cal) 361 : (2000) 241 ITR 494 (Cal) relied on." Respectfully following the same, we hold that the impugned loss claimed by assessee is genuine loss in the above facts and circumstances of the case and therefore eligible for deduction. Accordingly, AO is directed. This ground of assessee's appeal is allowed “. 6 Vivek Bhaia . 7 Vivek Bhaia 3. Shri C.J. Singh, JCIT, ld.DR/Rev…

Sri Ashok Kumar Sharda, Kolkata vs. ITO, Ward - 34(2), Kolkata

In the result, appeal of the assessee is allowed

ITA 2366/KOL/2018[2010-11]Status: DisposedITAT Kolkata26 Apr 2019AY 2010-11

Bench: Sri J. Sudhakar Reddy] I.T.A. No. 2366/Kol/2018 Assessment Year: 2010-11 Sri Ashok Kumar Sharda..……………………………………....………………..…………………….….Appellant 22(A), 3Rd Floor 16, India Exchange Place Kolkata – 700 001 [Pan : Amops 3276 Q] Income Tax Officer, Ward-34(2), Kolkata…............................................................…...Respondent Appearances By: Shri Manish Tiwari, Fca, Appeared On Behalf Of The Assessee. Shri Ranu Biswas, Addl. Cit D/R, Appearing On Behalf Of The Revenue.

Section 143(3)Section 147Section 250Section 68

…o be erroneous or perverse.- CIT vs. Emerald Commercial Ltd & Anr (2001) 171 CTR (Cal) 193: (2001) 250 ITR 539 (Cal), CIT vs. Dhawan Investment & Trading Co. Ltd (1999) 238 ITR 486 (Cal) and CIT vs. Currency Investment Co. Ltd (2000) 158 CTR (Cal) 361: (2000) 241 ITR 494 (Cal) relied on. Respectfully following the same, we hold that the impugned loss claimed by assessee is genuine loss in the above facts and circumstances of the case and therefore eligible for deduction. Accordingly, AO is directed. This ground of assessee's appeal is allowed." 6. In view of above, we find that the CIT-A was not justified in conf…

Sumati Kumar Lunia, Kolkata vs. ITO, Ward - 36(4), Kolkata

Appeal is allowed

ITA 457/KOL/2018[2009-10]Status: DisposedITAT Kolkata28 Feb 2019AY 2009-10

Bench: Hon’Ble Shri S.S. Godara, Jm] I.T.A No. 457/Kol/2018 Assessment Year : 2009-10 Sumati Kumar Lunia Vs. I.T.O Ward 36(4), Kolkata Pan: Aavpl 7736 M (Appellant) (Respondent)

For Appellant: Shri Subash Agarwal, Advocate, ld.ARFor Respondent: Shri C.J. Singh, JCIT, ld. Sr.DR
Section 143(1)(a)Section 147Section 148

…rroneous or perverse.--CIT vs. Emerald Commercial Ltd. & Anr. (2001) 171 CTR (Cal) 193 : (2001) 250 ITR 539 (Cal), CIT vs. Dhawan Investment & Trading Co. Ltd. (1999) 238 ITR 486 (Cal) and CIT vs. Currency Investment Co. Ltd. (2000) 158 CTR (Cal) 361 : (2000) 241 ITR 494 (Cal) relied on." Respectfully following the same, we hold that the impugned loss claimed by assessee is genuine loss in the above facts and circumstances of the case and therefore eligible for deduction. Accordingly, AO is directed. This ground of assessee's appeal is allowed “. 4. I put up a specific query to the department as to whether assess…

JCIT (OSD), Cir-11(1), Kolkata vs. M/S Kalamkari Designs (P) Ltd., Kolkata

In the result, the appeal of the revenue is dismissed

ITA 1310/KOL/2016[2009-2010]Status: DisposedITAT Kolkata11 May 2018AY 2009-2010

Bench: Hon’Ble Shri M.Balaganesh, Am & Hon’Ble Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 1310/Kol/2016 Assessment Year : 2009-10 Jcit(Osd), Circle-11(1), Kolkata -Vs- M/S Kalamkari Designs Pvt. Ltd. [Pan: Aabck 2117 N ] (Appellant) (Respondent)

For Appellant: Shri S. Dasgupta, Addl. CIT(DR)For Respondent: Shri D.S. Damle, FCA
Section 143(3)Section 14A

…78 (SC) b) Hon’ble Gauhati High Court in the case of Nemi Chand Kothari vs CIT reported in 136 Taxman 213 (Gau) 8 M/s Kalamkari Designs Pvt. Ltd. A.Yr. 2009-10 c) Hon’ble Jurisdictional High Court in the case of CIT vs Currency Investment Co. ltd reported in 241 ITR 494 (Cal) d) Hon’ble Jurisdictional High Court in the case of CIT vs Korlay Trading Co. Ltd reported in 232 ITR 280 (Cal) 5.2. The assessee pleaded that having submitted the name, complete address & PAN details of the payees, no adverse inference should be drawn on the assessee merely because the parties failed to respond to notice issued u/s 133(6)…

M/S. Khaitan Trade Holdings Ltd., Kolkata vs. ITO, Ward - 12(1), Kolkata

In the result, appeal of the assessee is allowed

ITA 2179/KOL/2017[2008-09]Status: DisposedITAT Kolkata13 Apr 2018AY 2008-09

Bench: Sri J. Sudhakar Reddy) I.T.A. No. 2179/Kol/2017 Assessment Year: 2008-09

Section 250

…/Kol/2017 Assessment Year: 2008-09 M/s. Khaitan Trade Holdings Pvt. Ltd 171 CTR (Cal) 193: (2001) 250 ITR 539 (Cal), CIT vs. Dhawan Investment & Trading Co. Ltd (1999) 238 ITR 486 (Cal) and CIT vs. Currency Investment Co. Ltd (2000) 158 CTR (Cal) 361: (2000) 241 ITR 494 (Cal) relied on. Respectfully following the same, we hold that the impugned loss claimed by assessee is genuine loss in the above facts and circumstances of the case and therefore eligible for deduction. Accordingly, AO is directed. This ground of assessee's appeal is allowed." 6. In view of above, we find that the CIT-A was not justified in conf…

CIT v. Currency Investment Ltd. (241 ITR 494) — Cited in 12 Judgments | BharatTax