CIT v. G.K.K. Capital Markets (P) Ltd.

392 ITR 196High Court#9772 most cited
11

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2017 to 2024.

Sections most often in play

Section 145(2)Section 14ASection 1961Section 2015Section 36(1)(vii)Section 36(1)(vii) provisoSection 36(1)(viia)Section 36(2)

Judgments citing CIT v. G.K.K. Capital Markets (P) Ltd.

DCIT, NEW DELHI vs. CARISSA INVESTMENT PVT. LTD., DELHI

In the result, the appeal of the Revenue is dismissed

ITA 1648/DEL/2021[2013-14]Status: DisposedITAT Delhi07 Feb 2024AY 2013-14

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

For Appellant: Sh. Mayank Patwari, CAFor Respondent: Ms. Sapna Bhatia, CIT-DR
Section 14A

…Rs.9,83,504/- out of the shares kept in stock-in-trade and the assessee has suo moto disallowed Rs.2,00,000/- towards the expenses incurred for earning the exempt income. 5. Placing reliance on the following judgments,  CIT vs. GKK Capital Market Pvt. Ltd. (392 ITR 196) (Del.)  PCIT vs. U. K. Paints India Pvt. Ltd. (392 ITR 552) (Del.) 6. We hold that the disallowance of Rs.2,00,000/- on account of exempt income claimed of Rs.9,83,504/- is fair and sufficient. The order of the ld. CIT(A) on this ground is affirmed. Bad Debts: 7. During the course of the assessment proceedings, the Assessing Officer observed…

KISHAN GOPAL MOHTA,KOLKATA vs. ACIT, CIRCLE-35, KOLKATA, KOLKATA

In the result, assessee’s appeal stands allowed

ITA 182/KOL/2017[2010-2011]Status: DisposedITAT Kolkata27 Apr 2018AY 2010-2011

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmedassessment Year :2010-11 Kishan Gopal Mohta V/S. Acit, Circle-35, Aayakar 7, Lyons Range, 2Nd Floor, Bhawan, P-7, Room No. 2A, Kolkata-001 Chowringhee Square, [Pan No.Adqpm 0469 E] Kolkata-69 .. अपीलाथ" /Appellant ""यथ"/Respondent Shri P.J. Bhide, Fca अपीलाथ" क" ओर से/By Appellant Shri G. Hangshing, Cit-Dr ""यथ" क" ओर से/By Respondent 01-03-2018 सुनवाई क" तार"ख/Date Of Hearing 27-04-2018 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Assessee Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-10, Kolkata Dated 04.04.2016. Assessment Was Framed By Acit, Circle-35, Kolkata U/S 263/154/143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 26.02.2016 For Assessment Year 2010-11 & Assessee Has Raised Following Grounds:- “1. That On The Facts & Circumstances Of The Case As Well As In Law, The Ld. Commissioner Of Income Tax (Appeals), Erred In Holding That The Assessing Officer Was Justified In Invoking The Provision Of Section 14A Of The Act. 2. That On The Facts & Circumstances Of The Case, The Ld. Commissioner Of Income Tax (Appeals), Kolkata Erred In Confirming The Disallowance Of Rs.94,89,504/- Made By The Assessing Officer U/S. 14A Of The Act. 3. That On The Facts & Circumstances Of The Case, The Ld. Commissioner Of Income Tax (Appeals), Kolkata, Erred In Holding That

Section 143(3)Section 14ASection 154Section 263

…f the same, we hold that in the facts and circumstances of the case disallowance u/s 14A of the Act read with Rule 8D of the Rules need to be made in the instant case. Hence, reliance placed on the decision of the Hon’ble Jurisdictional High Court reported in 392 ITR 196 (Cal) need not be adjudicated upon. To this extent, the argument placed by the Ld. DR deserves to be appreciated. From the perusal of the balance sheet, we find that the assessee has sufficient own funds to make the investments and hence the reliance placed by the Ld. AR on the decision of Hon’ble Bombay High Court in the case of CIT vs. Reliance…

DCIT, CIR-10(1), KOLKATA, KOLKATA vs. M/S. LUCKY GOLD STAR COMPANY LTD., KOLKATA

In the result, Revenue’s appeal is dismissed

ITA 1382/KOL/2016[2013-14]Status: DisposedITAT Kolkata20 Apr 2018AY 2013-14

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 143(3)Section 2(24)(x)Section 36(1)(va)Section 37

…undisputed fact that assessee is dealing in shares and securities and all the investments in shares and securities have been classified as stock-in-trade. The Hon'ble jurisdictional High Court in the case of CIT vs. G.K.K. Capital Markets (P) Ltd. reported in 392 ITR 196 (Cal) has held that if the assessee is into the trading business of shares / securities then no disallowance can be made under the provision of Section 14A r.w.r. 8D of IT Rules. The relevant extract is reproduced below:- “9. In Dhanuka & Sons case (supra) it was found there was no dispute that part of the income of the assessee from its business…

DCIT, CIR-10(1), KOLKATA, KOLKATA vs. M/S. LUCKY GOLD STAR COMPANY LTD., KOLKATA

In the result, Revenue’s appeal is dismissed

ITA 1381/KOL/2016[2012-13]Status: DisposedITAT Kolkata20 Apr 2018AY 2012-13

Bench: Shri N.V.Vasudevan & Shri Waseem Ahmed

Section 143(3)Section 2(24)(x)Section 36(1)(va)Section 37

…undisputed fact that assessee is dealing in shares and securities and all the investments in shares and securities have been classified as stock-in-trade. The Hon'ble jurisdictional High Court in the case of CIT vs. G.K.K. Capital Markets (P) Ltd. reported in 392 ITR 196 (Cal) has held that if the assessee is into the trading business of shares / securities then no disallowance can be made under the provision of Section 14A r.w.r. 8D of IT Rules. The relevant extract is reproduced below:- “9. In Dhanuka & Sons case (supra) it was found there was no dispute that part of the income of the assessee from its business…

ITO, WD-31(4), KOLKATA, KOLKATA vs. SHRI SHYAMA DEVI DALMIA, KOLKATA

In the result, the appeal of the revenue is dismissed

ITA 1422/KOL/2016[2009-10]Status: DisposedITAT Kolkata05 Jan 2018AY 2009-10

Bench: Shri P.M. Jagtap] I.T.A. No. 1422/Kol/2016 Assessment Year 2009-10 Income Tax Officer.............................…………………………………………………..Appellant 31(4), Kolkata 10B, Middleton Row, Kolkata – 700 71 Shyama Devi Dalmia....................……………………………………………Respondent Dalmia Mansion, 5, A.J.C. Bose Road, Kolkata – 700 020 [Pan: Agbpd 5911 E] Appearances By: Shri Sailen Samaddar, Addl. Cit, Sr. Dr Appearing On Behalf Of The Revenue. Shri Ravi Tulsiyan, Fca Appearing On Behalf Of The Assessee. Date Of Concluding The Hearing : November 28, 2017 Date Of Pronouncing The Order : January 05, 2018 Order This Appeal Is Preferred By The Revenue Against The Order Of Ld. Cit (A) – 9, Kolkata 31.03.2016. 2. The First Issue Involved In This Case Relating To The Claim Of The Assessee For Loss Of Rs. 23,40,887/- From Mutual Fund Transactions Is Raised By The Revenue In Ground No 1 & 2 As Under: “1. That On The Facts & Circumstances Of The Case & On Law, The Ld. Cit(A) Is Not Justified In Allowing Set Off Of Loss Of Rs. 23,40,887/- From Mutual Fund Transactions With The Profit Out Of Transactions In Shares, Securities Etc., Without Considering The Fact That The Assessee Has Treated These Under The Head “Investments” & Did Not Audit Her Accounts As Prescribed In Section 44Ab Of The I.T. Act, 1961 For Claiming The Transactions As Business Transactions. 2. That On The Facts & Circumstances Of The Case & On Law, The Ld. Cit(A) Is Not Justified In Holding That Provisions Of Section 94(7)/94(8) Of The I.T. Act, 1961 Is Not Applicable In This Case For Earning Exempt Income

Section 44ASection 94(7)Section 94(8)

…ides on this issue and also perused the relevant material available on record. It is observed that this issue is squarely covered in favour of the assessee by the decision of the Hon’ble Kolkata High Court in the case of CIT vs G.K.K. Capital Markets (P) Ltd. 392 ITR 196 (Cal) wherein it was held that no disallowance under section 14A can be made on account of expenditure incurred in relation to the investment made by the assessee in shares held as stock in trade. Respectfully following the said decision of the Hon’ble Kolkata High Court in the case of CIT vs G.K.K. Capital Markets (P) Ltd., I uphold the impugned…

KISHAN GOPAL MOHTA,KOLKATA vs. ACIT, CIR-35, KOLKATA, KOLKATA

In the result, all the appeals of the assessee are allowed

ITA 635/KOL/2016[2012-2013]Status: DisposedITAT Kolkata03 Jan 2018AY 2012-2013

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] I.T.A No. 310/Kol/2015 Assessment Year : 2010-11 Kishan Gopal Mohta -Vs- Jcit, Range-35,Kolkata [Pan: Adqpm 0469 E] (Appellant) (Respondent) I.T.A Nos. 634 & 635/Kol/2016 Assessment Year : 2011-12 & 2012-13 Kishan Gopal Mohta -Vs- Acit, Circle-35,Kolkata [Pan: Adqpm 0469 E] (Appellant) (Respondent)

For Appellant: Shri P.J. Bhide, AdvocateFor Respondent: Shri G. Mallikarjune, CIT DR
Section 143(3)Section 14ASection 263Section 36(1)(iii)

…ss would be a business loss. He further argued that no disallowance under section 14A of the Act would apply for shares held as stock-in-trade as held by the Hon’ble Jurisdictional High Court in the case of CIT vs. G.K.K. Capital Markets Pvt. Ltd. reported in 392 ITR 196 (Cal). He finally argued that in the instant case, three views are possible: i) Disallowance u/s 14A made by the assessee voluntarily; ii) Disallowance u/s 14A made by the Ld. AO; ii) Disallowance u/s 14A contemplated by the Ld. CIT; Hence in this scenario when a view has been taken by the Ld. AO after due appreciation of facts and application…

KISHAN GOPAL MOHTA,KOLKATA vs. ACIT, CIR-35, KOLKATA, KOLKATA

In the result, all the appeals of the assessee are allowed

ITA 634/KOL/2016[2011-2012]Status: DisposedITAT Kolkata03 Jan 2018AY 2011-2012

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] I.T.A No. 310/Kol/2015 Assessment Year : 2010-11 Kishan Gopal Mohta -Vs- Jcit, Range-35,Kolkata [Pan: Adqpm 0469 E] (Appellant) (Respondent) I.T.A Nos. 634 & 635/Kol/2016 Assessment Year : 2011-12 & 2012-13 Kishan Gopal Mohta -Vs- Acit, Circle-35,Kolkata [Pan: Adqpm 0469 E] (Appellant) (Respondent)

For Appellant: Shri P.J. Bhide, AdvocateFor Respondent: Shri G. Mallikarjune, CIT DR
Section 143(3)Section 14ASection 263Section 36(1)(iii)

…ss would be a business loss. He further argued that no disallowance under section 14A of the Act would apply for shares held as stock-in-trade as held by the Hon’ble Jurisdictional High Court in the case of CIT vs. G.K.K. Capital Markets Pvt. Ltd. reported in 392 ITR 196 (Cal). He finally argued that in the instant case, three views are possible: i) Disallowance u/s 14A made by the assessee voluntarily; ii) Disallowance u/s 14A made by the Ld. AO; ii) Disallowance u/s 14A contemplated by the Ld. CIT; Hence in this scenario when a view has been taken by the Ld. AO after due appreciation of facts and application…

KISHAN GOPAL MOHTA,KOLKATA vs. JCIT, RG-35, KOLKATA, KOLKATA

In the result, all the appeals of the assessee are allowed

ITA 310/KOL/2015[2010-2011]Status: DisposedITAT Kolkata03 Jan 2018AY 2010-2011

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] I.T.A No. 310/Kol/2015 Assessment Year : 2010-11 Kishan Gopal Mohta -Vs- Jcit, Range-35,Kolkata [Pan: Adqpm 0469 E] (Appellant) (Respondent) I.T.A Nos. 634 & 635/Kol/2016 Assessment Year : 2011-12 & 2012-13 Kishan Gopal Mohta -Vs- Acit, Circle-35,Kolkata [Pan: Adqpm 0469 E] (Appellant) (Respondent)

For Appellant: Shri P.J. Bhide, AdvocateFor Respondent: Shri G. Mallikarjune, CIT DR
Section 143(3)Section 14ASection 263Section 36(1)(iii)

…ss would be a business loss. He further argued that no disallowance under section 14A of the Act would apply for shares held as stock-in-trade as held by the Hon’ble Jurisdictional High Court in the case of CIT vs. G.K.K. Capital Markets Pvt. Ltd. reported in 392 ITR 196 (Cal). He finally argued that in the instant case, three views are possible: i) Disallowance u/s 14A made by the assessee voluntarily; ii) Disallowance u/s 14A made by the Ld. AO; ii) Disallowance u/s 14A contemplated by the Ld. CIT; Hence in this scenario when a view has been taken by the Ld. AO after due appreciation of facts and application…

M/S CROSSSEAS CAPITAL SERVICES PVT. LTD.,KOLKATA vs. DCIT, CIR-6(2), KOLKATA, KOLKATA

In the result, assessee’s appeal stands allowed

ITA 632/KOL/2016[2010-2011]Status: DisposedITAT Kolkata22 Sept 2017AY 2010-2011

Bench: Shri Aby.T Varkey & Shri Waseem Ahmedassessment Year :2010-11

Section 143(3)Section 14A

…he books of account as stock-in-trade and no part of it was shown under the head of investment as evident from the financial statement produced before us. The Hon'ble jurisdictional High Court in the case of CIT vs. G.K.K. Capital Markets (P) Ltd. reported in 392 ITR 196 (Cal) has held that if the assessee is into the trading business of shares / securities then no disallowance can be made under the provision of Section 14A r.w.r. 8D of IT Rules. The relevant extract is reproduced below:- “9. In Dhanuka & Sons case (supra) it was found there was no dispute that part of the income of the assessee from its business…

CAMELOT ENTERPRISES P. LTD,MUMBAI vs. ASST CIT CEN CIR 39, MUMBAI

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

ITA 536/MUM/2017[2011-12]Status: DisposedITAT Mumbai07 Sept 2017AY 2011-12

Bench: Shri Shamim Yahya

For Appellant: Shri Sunil HirawatFor Respondent: Shri V.Janardhanan
Section 14A

…cond ground raised, I find that the same is covered in favour of the assessee by the decision of Hon’ble Punjab & Haryana High Court in the case of State Bank of Patiala and Hon’ble Calcutta High Court decision in the case of CIT v. G.K.K. Capital Market Ltd. 392 ITR 196. In these 4 ITA No.536/Mum/2017. M/s.Camelot Enterprises Private Limited. cases, it was expounded that where shares held as stock in trade the expenses relatable there to cannot be disallowed u/s 14A. 9. No decision of Hon’ble jurisdictional High Court to the contrary has been produced before me. The decision of Hon’ble jurisdictional High Cour…

DCIT, CIRCLE-6, KOLKATA, KOLKATA vs. M/S. KREDENT BROKERAGE SERVICES PVT. LTD., KOLKATA

In the result the appeal by the revenue is dismissed

ITA 2070/KOL/2014[2011-2012]Status: DisposedITAT Kolkata02 Jun 2017AY 2011-2012

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am] I.T.A No. 2070/Kol/2014 Assessment Year : 2011-12 D.C.I.T., Circle-6, -Vs.- M/S. Kredent Brokerage Services Kolkata Pvt. Ltd., Kolkata. [Pan : Aaaci 8269 C] (Respondent) (Appellant) For The Appellant : Shri Sallong Yaden, Adl. Cit For The Respondent : Shri K.K.Chhaparia, Fca & Shri Nirav Sheth, Aca Date Of Hearing : 30.05.2017. Date Of Pronouncement : 02.06.2017. Order Per N.V.Vasudevan, Jm This Is An Appeal By The Revenue Against The Order Dated 20.08.2014 Of Cit- (A)-Vi, Kolkata Relating To A.Y.2011-12. 2. Grounds Of Appeal Raised By The Revenue Reads As Follows :- “1. That On The Facts & Circumstances Of The Case, The Cit(A) Erred As On Facts As Well As In Law In Holding That Disallowance U/S 14A Of Rs. 43,24,843/- Was Not Warranted As Dividend Income Accrued Only From Shares Kept As Stock In Trade Not From Shares Kept As Investment, Ignoring The Decision Of Ito Vs Cheminvest Ltd As Well As Cbdt Circular No- 5/2014 In This Regard Which Provides That Disallowance U/S 14A Read With Rule 8D Can Be Invoked Even When Shares Did Not Yield Exempt Income In A Particular Financial Year.”

For Appellant: Shri Sallong Yaden, Adl. CITFor Respondent: Shri K.K.Chhaparia, FCA &
Section 14Section 14A

…his Tribunal in ITA No.806/Kol/2012 by order dated 11.09.2010 on an identical issue was pleased to uphold similar order of CIT(A). The ld. Counsel also brought to our notice that the Hon’ble Calcutta High Court in the case of CIT vs GKK Capital Markets (P)Ltd 392 ITR 196 (Calcutta) has taken a view that the shares held as stock in trade and the expenses in relation to shares so held cannot be disallowed u/s 14A of the Act. In view of the aforesaid decision and the decision of the ITAT in assessee’s own case, we are of the view that order of CIT(A) on this issue does not call for any interference. We also notice t…

CIT v. G.K.K. Capital Markets (P) Ltd. (392 ITR 196) — Cited in 11 Judgments | BharatTax