How many judgments cite CIT v. Darshan Securities (P) Ltd.?

27 judgments on BharatTax cite CIT v. Darshan Securities (P) Ltd. (341 ITR 556), spanning 2015 to 2024.

Which sections of the Income Tax Act does CIT v. Darshan Securities (P) Ltd. come up under?

It is most often cited in judgments turning on Section 1961, Section 73 of the IT Act.

CIT v. Darshan Securities (P) Ltd.

341 ITR 556High Court2012#4426 most cited

What is CIT v. Darshan Securities (P) Ltd. authority for?

A company involved in the purchase and sale of shares is deemed to be carrying on a speculative business to the extent of such transactions, unless it falls under an exception to Section 73 of the Income Tax Act.

judgments rely on this decision, according to BharatTax’s citation analysis of 366,459 Indian tax judgments — from 2015 to 2024.

Also referred to as

CIT v Darshan Securities · Section 73 · speculation loss · share trading · business income · Explanation to Section 73 · set off loss · Explanation to Section 73 of the Act · purchase and sale of shares · speculative business

Also reported as

18 Taxmann.com 142

Sections most often in play

Section 1961 Section 73 of the IT Act

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

Kaynet Capital Ltd, Mumbai vs. ITO 4(3)(2), Mumbai

In the result, appeal of the assessee is dismissed

ITA 8746/MUM/2011[2003-04]Status: DisposedITAT Mumbai28 Mar 2016AY 2003-04

For Appellant: Shri Bhupendra ShahFor Respondent: Ms. Vinita Menon

Section 143(3)Section 73

…& Co. Pvt Ltd (1969) 74 ITR 754 (SC). Grounds of appeal No.2, is therefore dismissed.” Against the above order assessee is in further appeal before us. 5. Ld. AR relied on the decision of Hon’ble Bombay High Court in the case of Darshan Securities Pvt. Ltd., 341 ITR 556 and contended that assessee is covered by exception having income from other sources more than business income. 6. We have considered the ratio laid down by the Hon’ble High Court in the case of Darshan Securities Pvt. Ltd. (supra), wherein assessee’s from business. We found that in this case, the assessee was having net business income of Rs.2 l…

DCIT 4(1), Mumbai vs. India Advantage Securities Ltd, Mumbai

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

ITA 3759/MUM/2014[2009-10]Status: DisposedITAT Mumbai10 Feb 2016AY 2009-10

Bench: Shri D. Karunakara Rao & Shri Sanjay Gargi.T.A. No.3759/M/2014 (Assessment Year: 2009-2010) फनाभ/ Dcit-4(1), M/S. India Advantage R.No. 640, 6Th Floor, Aayakar Securities Ltd., Vs. 4Th Floor, Om Plaza, Bhavan, M.K. Road, Mumbai – 400 020. Vasanji Lalji Road, Kandivali (W), Mumbai-67. स्थामी रेखा सं./ Pan : Aadcp5317M (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) I.T.A. No.3576/M/2014 (Assessment Year: 2009-2010) M/S. India Advantage फनाभ/ Dcit-4(1), R.No. 640, 6Th Floor, Securities Ltd., Vs. 4Th Floor, Om Plaza, Aayakar Bhavan, M.K. Road, Vasanji Lalji Road, Mumbai – 400 020. Kandivali (W), Mumbai-67. स्थामी रेखा सं./ Pan : Aadcp5317M (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent) अऩीराथी की ओय से / Assessee By : Shri Dharmesh Shah प्रत्मथी की ओय से/ Revenue By : Shri Santosh Mankoskar, Dr

For Appellant: Shri Dharmesh ShahFor Respondent: Shri Santosh Mankoskar, DR

Section 73

…82/- is higher. He analysed the said Explanation to section 73 of the Act in para 3.3.9 of his order before for coming to the above conclusion. Considering the judgment of the Hon’ble jurisdictional High Court in the case of CIT vs. Darshan Securities P. Ltd [341 ITR 556 (Mum)] (para 3.3.11 of the CIT (A)’s order is relevant in this regard), CIT (A) held that the provisions of Explanation to section 73 do not apply to the facts of the present case. CIT (A) also discussed other arguments of the Revenue before dismissing the arguments of the AO. Aggrieved, Revenue carried the matter in appeal before the Tribunal by…

DCIT 7(3), Mumbai vs. Vinarma Universal Traders P.Ltd, Mumbai

In the result, the appeal of the assessee allowed and the appeal of the Revenue is hereby dismissed

ITA 3680/MUM/2012[2008-09]Status: DisposedITAT Mumbai31 Dec 2015AY 2008-09

Bench: Shri B.R. Baskaran & Shri Sanjay Gargassessment Year: 2008-09 M/S. Vinamra Universal Dy. Commissioner Of Income Traders Pvt. Ltd., Tax, Circle-7(3), Jai Centre, 1St Floor, Mumbai - 400020 Vs. 34 P.D’ Mello Road, Opp: Red Gate, Mumbai – 400 009 Pan: Aaccv5090J (Appellant) (Respondent) Assessment Year: 2008-09 Asstt. Commissioner Of Income M/S. Vinamra Universal Tax, Circle-7(3), Traders Pvt. Ltd., Room No.615, 6Th Floor, Jai Centre, 1St Floor, Vs. Aayakar Bhavan, 34 P.D’ Mello Road, M.K. Road, Opp: Red Gate, Mumbai - 400020 Mumbai – 400 009 Pan: Aaccv5090J (Appellant) (Respondent) Present For: Assessee By : Shri S.D. Mistry, A.R. Revenue By : Shri G.M. Doss, D.R. Date Of Hearing : 29.10.2015 Date Of Pronouncement : 31.12.2015

For Appellant: Shri S.D. Mistry, A.RFor Respondent: Shri G.M. Doss, D.R

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “F”, MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER Assessment Year: 2008-09 M/s. Vinamra Universal Dy. Commissioner of Income Traders Pvt. Ltd., Tax, Circle-7(3), Jai Centre, 1st Floor, Mumbai - 400020 Vs. 34 P.D’ Mello Road, Opp: Red Gate, Mumbai – 400 009 PAN: AACCV5090J (Appellant) (Respondent) Assessment Year: 2008-09 Asstt. Commissioner of Income M/s. Vinamra Universal Tax, Circle-7(3), Traders Pvt. Ltd., Room No.615, 6th Floor, Jai Centre, 1st Floor, Vs. Aayakar Bhavan, 34 P.D’ mello Road, M.K. Road, Opp: Red Gat…

Vinamra Universal Traders P.Ltd, Mumbai vs. DCIT Cir 7(3), Mumbai

In the result, the appeal of the assessee allowed and the appeal of the Revenue is hereby dismissed

ITA 3256/MUM/2012[2008-09]Status: DisposedITAT Mumbai31 Dec 2015AY 2008-09

For Appellant: Shri S.D. Mistry, A.RFor Respondent: Shri G.M. Doss, D.R

Lotus Capital Financial Services Pvt. Ltd., Kolkata vs. ITO, WD-6(2), Kolkata

In the result, appeals of assessee are allowed

ITA 410/KOL/2014[2004-2005]Status: DisposedITAT Kolkata16 Dec 2015AY 2004-2005

Bench: Shri Mahavir Singh, Jm]

For Appellant: Shri Sunil Surana, CAFor Respondent: Shri Tanuj Niyogi, JCIT, Sr. DR

Section 143(3)Section 73Section 94(7)

…d by the decision of Calcutta High Court in the case of CIT vs Middleton Investment & Trading Co. Ltd in ITA No. 196 of 1999 dated 15.1.2014 which in turn relied on the decision of Bombay High Court in the case of CIT vs Darshan Securities (P) Ltd reported in 341 ITR 556 (Bom). I find that the intention behind provisions of section 73 is only to prohibit the setting off of a loss which has resulted from a speculation business, save and except against the profits and gains of another speculation business. Further in order to determine whether the exception that is carved out by the Explanation applies to the facts…

ITO 4(2)(4), Mumbai vs. Marudhar Mudra P.Ltd, Mumbai

The appeal of the Revenue is dismissed

ITA 3166/MUM/2012[2007-08]Status: DisposedITAT Mumbai20 Nov 2015AY 2007-08

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year 2007-08 Ito-4(2)(4), M/S Marudhar Mudra Pvt. Room No.647, 6Th Floor, Ltd. बनाम/ M.K. Road, 101-102, Chartered House, Vs. Aayakar Bhavan, 293-297, Dr. C.H.Street, Mumbai-400020 Marine Lines, Mumbai-400002 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aabcm5764F

Section 73

…ppeal to the effect that income is assessable from other sources. It was also contended that Explanation to section 73 of the Act is not applicable to the facts of the case. Reliance was placed upon the decision in CIT v/s Darshan Securities Pvt. Ltd., [2012] 341 ITR 556 (Bom.) and CIT v/s HSBC Securities and Capital Market India (P) Ltd., [2012] 208 Taxman 439 (Bom.). 2.1 We have considered the rival submissions and perused the material available on record. Before coming to any conclusion, we are reproducing hereunder the relevant portion from the findings arrived at in the impugned order for ready reference:-…

ITO, Ward-9(3), Kolkata vs. M/S. Parrot Agencies & Credited(P)Ltd, Kolkata

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

ITA 1079/KOL/2012[1997-98]Status: DisposedITAT Kolkata16 Sept 2015AY 1997-98

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am] Assessment Year : 1997-98 (Appellant ) (Respondent) I.T.O., Ward-9(3) -Versus- M/S. Parrot Agencies & Credited Kolkata Private Ltd., Kolkata (Pan:Aabcp6800F) For The Appellant : Shri Amitabh Chaudhuri, Addl.Cit For The Respondent : Shri Sanjay Bajoria, Fca Date Of Hearing : 25.08.2015. Date Of Pronouncement : 16.09.2015. Order Per Shri M.Balaganesh, Am 1. This Appeal Of The Revenue Arises Out Of The Order Of The Learned Cita In Appeal No. 105/Cit(A)-Ii/Kol/2000-01 Dated 18.05.2012 For The Asst Year 1997-98 Arising Out Of The Order Of The Learned Assessing Officer Framed U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As The ‘Act’).

For Appellant: Shri Amitabh Chaudhuri, Addl.CITFor Respondent: Shri Sanjay Bajoria, FCA

Section 143(3)Section 73

…d by the decision of Calcutta High Court in the case of CIT vs Middleton Investment & Trading Co. Ltd in ITA No. 196 of 1999 dated 15.1.2014 which in turn relied on the decision of Bombay High Court in the case of CIT vs Darshan Securities (P) Ltd reported in 341 ITR 556 (Bom). We find that the intention behind provisions of section 73 is only to prohibit the setting off of a loss which has resulted from a speculation business, save and except against the profits and gains of another speculation business. Further in order to determine whether the exception that is carved out by the Explanation applies to the fact…