CIT v. Gopal Purohit

Dy Commissioner of Income Tax (Exemption)-2(1), Mumbai vs. Nela Trust, Mumbai

In the result, appeal filed by the revenue is dismissed

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit (Exemption) – 2(1) V. Neia Trust Room No. 608, 6Th Floor C/O. Ecgc Of India Mtnl Building, Cumballa Hill 10Th Floor, Express Tower Mumbai - 400026 Nariman Point Mumbai – 400021 Pan: Aaatn9999F (Appellant) (Respondent)

…assessing the income of the appellant. 10. On the captioned subject of respecting the principle of "Rule of Consistency", we draw your kind attention to the following decisions, endorsing the sanctity to the said proposition: (a) CIT Vs. Gopal Purohit [2011] 336 ITR 287 (Bombay HC) Note: SLP filed by the Department dismissed by the Hon. Supreme Court of India. (15.11.2010) (b) Aroni Commercials Ltd Vs. DCIT [2014] 44 taxmann.com 304 (Bombay HC) (c) Prin. CIT Vs. Quest Investment Advisors (P) Ltd (2018) 96 taxmann.com 157 (Bombay HC) 11. The scope of activity of the appellant is primarily to implement schemes for…

DCIT-CC 3(2), Mumbai vs. Aniruddha N Malpani, Mumbai

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahmanassessment Year: 2016-17 Smt. Anjali Aniruddha Dcit-Central Circle-3(2), Malpani, Room No.1913, 603, 6Th Floor, 19Th Floor, 6Th Floor, Jamuna Sagar, Air India Building, Vs. Shahid Bhagat Singh Nariman Point, Road, Mumbai - 400021 Near Colaba Bus Station, Mumbai – 400 005 Pan: Aahpm0693E (Appellant) (Respondent) Assessment Year: 2016-17 Shri Aniruddha Narayan. Dcit-Central Circle-3(2), Malpani, Room No.1913, 603, 6Th Floor, 19Th Floor, 6Th Floor, Jamuna Sagar, Air India Building, Vs. Shahid Bhagat Singh Nariman Point, Road, Mumbai - 400021 Near Colaba Bus Station, Mumbai – 400 005 Pan: Aacpm9738M (Appellant) (Respondent) Assessment Year: 2016-17 Deputy Commissioner Of Smt. Anjali Aniruddha Income Tax, Malpani, 603, 6Th Floor, Central Circle-3(2), Vs. 6Th Floor, Jamuna Sagar Central Range-3, Room No.1913, Building, Air India Building, Sbs Road, Nariman Point, Colaba

…assessee are to be taxed under the head “business income” by relying upon the decision rendered by Hon’ble Gujarat High Court in case of Smt. Meenal Ramesh Chandra 165 ITR 507, Ratanlal J. Oswal 63 taxmann.com 57 by Hon’ble Bombay High Court and Gopal Purohit 336 ITR 287. 21. No doubt the assessee has entered into huge value and high frequency of transactions as explained in para 7.17 which is extracted for ready perusal as under: F.Y. 2010-11 2011-12 2012-13 2013-14 2014-15 Buy ITA No.3923/M/2019 & ors. 14 Smt. Anjali Aniruddha Malpani 2,10,822 3,36,128 2,31,778 4,35,827 9,98,113 Quantity of shares 3,84,94,86…

DCIT-CC3(2), Mumbai vs. Anjali A Malpani, Mumbai

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahmanassessment Year: 2016-17 Smt. Anjali Aniruddha Dcit-Central Circle-3(2), Malpani, Room No.1913, 603, 6Th Floor, 19Th Floor, 6Th Floor, Jamuna Sagar, Air India Building, Vs. Shahid Bhagat Singh Nariman Point, Road, Mumbai - 400021 Near Colaba Bus Station, Mumbai – 400 005 Pan: Aahpm0693E (Appellant) (Respondent) Assessment Year: 2016-17 Shri Aniruddha Narayan. Dcit-Central Circle-3(2), Malpani, Room No.1913, 603, 6Th Floor, 19Th Floor, 6Th Floor, Jamuna Sagar, Air India Building, Vs. Shahid Bhagat Singh Nariman Point, Road, Mumbai - 400021 Near Colaba Bus Station, Mumbai – 400 005 Pan: Aacpm9738M (Appellant) (Respondent) Assessment Year: 2016-17 Deputy Commissioner Of Smt. Anjali Aniruddha Income Tax, Malpani, 603, 6Th Floor, Central Circle-3(2), Vs. 6Th Floor, Jamuna Sagar Central Range-3, Room No.1913, Building, Air India Building, Sbs Road, Nariman Point, Colaba

…assessee are to be taxed under the head “business income” by relying upon the decision rendered by Hon’ble Gujarat High Court in case of Smt. Meenal Ramesh Chandra 165 ITR 507, Ratanlal J. Oswal 63 taxmann.com 57 by Hon’ble Bombay High Court and Gopal Purohit 336 ITR 287. 21. No doubt the assessee has entered into huge value and high frequency of transactions as explained in para 7.17 which is extracted for ready perusal as under: F.Y. 2010-11 2011-12 2012-13 2013-14 2014-15 Buy ITA No.3923/M/2019 & ors. 14 Smt. Anjali Aniruddha Malpani 2,10,822 3,36,128 2,31,778 4,35,827 9,98,113 Quantity of shares 3,84,94,86…

Aniruddha N. Malpani, Mumbai vs. DCIT- Central Circle- 3 (2), Mumbai

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahmanassessment Year: 2016-17 Smt. Anjali Aniruddha Dcit-Central Circle-3(2), Malpani, Room No.1913, 603, 6Th Floor, 19Th Floor, 6Th Floor, Jamuna Sagar, Air India Building, Vs. Shahid Bhagat Singh Nariman Point, Road, Mumbai - 400021 Near Colaba Bus Station, Mumbai – 400 005 Pan: Aahpm0693E (Appellant) (Respondent) Assessment Year: 2016-17 Shri Aniruddha Narayan. Dcit-Central Circle-3(2), Malpani, Room No.1913, 603, 6Th Floor, 19Th Floor, 6Th Floor, Jamuna Sagar, Air India Building, Vs. Shahid Bhagat Singh Nariman Point, Road, Mumbai - 400021 Near Colaba Bus Station, Mumbai – 400 005 Pan: Aacpm9738M (Appellant) (Respondent) Assessment Year: 2016-17 Deputy Commissioner Of Smt. Anjali Aniruddha Income Tax, Malpani, 603, 6Th Floor, Central Circle-3(2), Vs. 6Th Floor, Jamuna Sagar Central Range-3, Room No.1913, Building, Air India Building, Sbs Road, Nariman Point, Colaba

…assessee are to be taxed under the head “business income” by relying upon the decision rendered by Hon’ble Gujarat High Court in case of Smt. Meenal Ramesh Chandra 165 ITR 507, Ratanlal J. Oswal 63 taxmann.com 57 by Hon’ble Bombay High Court and Gopal Purohit 336 ITR 287. 21. No doubt the assessee has entered into huge value and high frequency of transactions as explained in para 7.17 which is extracted for ready perusal as under: F.Y. 2010-11 2011-12 2012-13 2013-14 2014-15 Buy ITA No.3923/M/2019 & ors. 14 Smt. Anjali Aniruddha Malpani 2,10,822 3,36,128 2,31,778 4,35,827 9,98,113 Quantity of shares 3,84,94,86…

Anjali A. Malpani, Mumbai vs. DCIT - CC- 3(2), Mumbai

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahmanassessment Year: 2016-17 Smt. Anjali Aniruddha Dcit-Central Circle-3(2), Malpani, Room No.1913, 603, 6Th Floor, 19Th Floor, 6Th Floor, Jamuna Sagar, Air India Building, Vs. Shahid Bhagat Singh Nariman Point, Road, Mumbai - 400021 Near Colaba Bus Station, Mumbai – 400 005 Pan: Aahpm0693E (Appellant) (Respondent) Assessment Year: 2016-17 Shri Aniruddha Narayan. Dcit-Central Circle-3(2), Malpani, Room No.1913, 603, 6Th Floor, 19Th Floor, 6Th Floor, Jamuna Sagar, Air India Building, Vs. Shahid Bhagat Singh Nariman Point, Road, Mumbai - 400021 Near Colaba Bus Station, Mumbai – 400 005 Pan: Aacpm9738M (Appellant) (Respondent) Assessment Year: 2016-17 Deputy Commissioner Of Smt. Anjali Aniruddha Income Tax, Malpani, 603, 6Th Floor, Central Circle-3(2), Vs. 6Th Floor, Jamuna Sagar Central Range-3, Room No.1913, Building, Air India Building, Sbs Road, Nariman Point, Colaba

…assessee are to be taxed under the head “business income” by relying upon the decision rendered by Hon’ble Gujarat High Court in case of Smt. Meenal Ramesh Chandra 165 ITR 507, Ratanlal J. Oswal 63 taxmann.com 57 by Hon’ble Bombay High Court and Gopal Purohit 336 ITR 287. 21. No doubt the assessee has entered into huge value and high frequency of transactions as explained in para 7.17 which is extracted for ready perusal as under: F.Y. 2010-11 2011-12 2012-13 2013-14 2014-15 Buy ITA No.3923/M/2019 & ors. 14 Smt. Anjali Aniruddha Malpani 2,10,822 3,36,128 2,31,778 4,35,827 9,98,113 Quantity of shares 3,84,94,86…

Addl CIT 3(1), Mumbai vs. Bajaj Hindustan Ltd, Mumbai

In the result, the appeal of the revenue is dismissed and the appeal of the assesse is partly allowed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhacit-3(1)(1) Vs. M/S Bajaj Hindustan Room No. 607, 6 Th Floor, Sugar Ltd. Aayakar Bhavan, ( Ea R L I E R K N O W N A S M / S B A J A J H I N D U S T A N L T D ) Bajaj Bhavan, 2 Nd Floor, M.K. Road, Jamanalal Bajaj, Marg- Mumbai – 400 020 226, Nariman Point Mumbai 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacb4351J Appellant .. Respondent M/S Bajaj Hindustan Vs. Acit-3(1)(1) Sugar Ltd. Room No. 607, 6 Th Floor, ( Ea R L I E R K N O W N A S M / S B A J A J H I N D U S T A N L T D ) Aayakar Bhavan, Bajaj Bhavan, 2 Nd Floor, M.K. Road, Jamanalal Bajaj, Marg- Mumbai – 400 020 226, Nariman Point Mumbai 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacb4351J Appellant .. Respondent

…osing stock and also the basis of valuation. 3. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in allowing assessee's appeal by placing reliance on the decision of the Hon'ble Bombay High Court in the case of Gopal Purohit (336 ITR 287), without appreciating the fact that the facts of the case relied upon are distinguishable from the facts of the assessee's case In the case of Gopal Purohit, the assessee was engaged in the activity of sale and purchase of shares for a long period and has treated non delivery based transaction as business activity and delivery based transaction…

Bajaj Hindustan Ltd, Mumbai vs. ACIT 3(1), Mumbai

In the result, the appeal of the revenue is dismissed and the appeal of the assesse is partly allowed

Bench: Shri Vikas Awasthy & Shri Amarjit Singhacit-3(1)(1) Vs. M/S Bajaj Hindustan Room No. 607, 6 Th Floor, Sugar Ltd. Aayakar Bhavan, ( Ea R L I E R K N O W N A S M / S B A J A J H I N D U S T A N L T D ) Bajaj Bhavan, 2 Nd Floor, M.K. Road, Jamanalal Bajaj, Marg- Mumbai – 400 020 226, Nariman Point Mumbai 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacb4351J Appellant .. Respondent M/S Bajaj Hindustan Vs. Acit-3(1)(1) Sugar Ltd. Room No. 607, 6 Th Floor, ( Ea R L I E R K N O W N A S M / S B A J A J H I N D U S T A N L T D ) Aayakar Bhavan, Bajaj Bhavan, 2 Nd Floor, M.K. Road, Jamanalal Bajaj, Marg- Mumbai – 400 020 226, Nariman Point Mumbai 400021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaacb4351J Appellant .. Respondent

…osing stock and also the basis of valuation. 3. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in allowing assessee's appeal by placing reliance on the decision of the Hon'ble Bombay High Court in the case of Gopal Purohit (336 ITR 287), without appreciating the fact that the facts of the case relied upon are distinguishable from the facts of the assessee's case In the case of Gopal Purohit, the assessee was engaged in the activity of sale and purchase of shares for a long period and has treated non delivery based transaction as business activity and delivery based transaction…

Privilege Industries Ltd., Mumbai vs. Pr. CIT - 14, Mumbai

In the result, appeal is dismissed

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm Pr. Commissioner Of Income Tax– M/S Privilege Industries Ltd. 14 3Rd Floor, Dheeraj Arma, Anant Room No. 415, Vs. Kanekar Marg, 4Th Floor, Aayakar Bhavan, Bandra (E), Mumbai-400 051 Maharshi Karve Road, Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaecs6532N

…nate bench in case of blue Dart express Ltd versus JCIT 75 ITD 414, honourable Delhi High Court in case of associated food products 280 ITR 377, honourable Andhra Pradesh High Court in 114 ITR 404 and Hon. Bombay High Court in case of CIT versus Gopal purohit 228 CTR 582. He further submitted that the AO has held that the method of valuation of share is correct and accepted accordingly this is one of the possible view in accordance with the law and therefore he relied upon decision of honourable Supreme Court in case of Malabar industrial Co Ltd versus CIT 243 ITR 83 two submitted that in such cases the revision…