CIT v. Gopal Purohit

336 ITR 287High Court2011#334 most cited

What is CIT v. Gopal Purohit authority for?

The gain from delivery-based share transactions, where shares are consistently treated as investments and valued at cost in the books, is assessable as capital gains and not business income. An assessee's consistent stand on classifying share transactions should generally be followed by the assessing officer in subsequent years.

254

judgments rely on this decision, according to BharatTax’s citation analysis of 367,154 Indian tax judgments — from 2011 to 2026.

Also referred to as

CIT v. Gopal Purohit · Section 10(38) · Section 14A · Section 143(3) · share transactions · capital gains · business income · investment or stock-in-trade · consistency · Supreme Court SLP dismissed

Also reported as

228 CTR 582188 Taxmann 14034 DTR 52

Sections most often in play

Section 10(38)Section 143(3)Section 14ASection 68Section 10(34)Section 131Section 133(6)Section 142(1)

Issues it is cited on

long term capital gainsection 14asection 10previous yeartransfercompanysection 143businessindiaprescribedsection 143(3)total income

Judgments citing CIT v. Gopal Purohit

Gitanjali Infratech Ltd, Mumbai vs. ACIT Cen Cir 2, Mumbai

ITA 1366/MUM/2016[2008-09]Status: DisposedITAT Mumbai07 Feb 2018AY 2008-09

Bench: S/Sh.Rajendra & C. N. Prasadआयकर अपील अपील संसंसंसं./I.T.A./1366/Mum/2016,िनधा"रण िनधा"रण वष" वष" /Ay.: 2008-09 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" आयकर अपील अपील संसंसंसं./I.T.A./3486/Mum/2016,िनधा"रण िनधा"रण वष" वष" /Ay.: 2010-11 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" आयकर अपील अपील संसंसंसं./I.T.A./3487/Mum/2016,िनधा"रण िनधा"रण वष" वष" /Ay.: 2011-12 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/S. Gitanjali Infratech Ltd. Acit, Central Circle-1(2), A-1, 7Th Floor, Laxmi Tower, G Block 9Th Floor, Old Cgo Building, Mk Road Bandra Kurla Complex, Bandra East Vs. Mumbai-400 020. Mumbai-400 051. Pan:Aaccg 7677 G (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri Y.K. Bhaskar-Dr अपीलाथ" क" ओर से /Assessee By: Shri K. Gopal/Ms.Neha Paranjpe सुनवाई क" तारीख / Date Of Hearing: 15/11/2017 घोषणा क" तारीख / Date Of Pronouncement: 07/02/2018 लेखा लेखा सद"य लेखा लेखा सद"य सद"य, राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार/ Per Rajendra A.M.- अनुसार Challenging The Order Dated 28/4/2016 Of The Cit(A)- 47,Mumbai,The Assessee Has Filed Present Appeals For The Above Mentioned Ay.S (Ay.S) .The Assessee Is Engaged In The Business Of Construction Of Residential/Commercial Buildings.Details Of Filing Of Returns, Returned Incomes,Assessment Dates Etc., Can Be Summarised As Under: A.Y. Roi Filed On Returned Income Assessment Dt. Assessed Income 2008-09 3.12.2013 Rs.6,41,16,960/- 20/03/2014 Rs.6.46 Crores 2010-11 30/11/12 Rs.75,91,149/- 20/03/2014 Rs.7.77 Lakhs 2011-12 30/11/2012 Rs.31,54,224/- 20/03/2014 Rs.17.68 Lakhs

For Appellant: Shri K. Gopal/Ms.Neha ParanjpeFor Respondent: Shri Y.K. Bhaskar-DR
Section 132Section 133ASection 143(3)Section 153CSection 57

…आयकर अपीलीय अिधकरण, मुंबई “जी” खंडपीठ म" Income-tax Appellate Tribunal -“G”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं सी. एन. "साद, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and C. N. Prasad,Judicial Member आयकर अपील अपील संसंसंसं./I.T.A./1366/Mum/2016,िनधा"रण िनधा"रण वष" वष" /AY.: 2008-09 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" आयकर अपील अपील संसंसंसं./I.T.A./3486/Mum/2016,िनधा"रण िनधा"रण वष" वष" /AY.: 2010-11 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" आयकर अपील अपील संसंसंसं./I.T.A./3487/Mum/2016,िनधा"रण िनधा"रण वष" वष" /AY.: 2011-12 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" M/s. G…

ITO 32(2)(3), Mumbai vs. Mukund T Parmar, Mumbai

In the result both the appeal of the assessee and the Revenue is dismissed

ITA 2826/MUM/2015[2010-11]Status: DisposedITAT Mumbai31 Jan 2018AY 2010-11

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.2826/Mum/2015 (नििाारण वर्ा / Assessment Year: 2010-11) Ito 32(2)(3) बिाम/ Shri Mukund T Parmar R.No. 305-B, 3R D Floor, C-13 Flat No. 903/A Wing, Pratyakshkar Bhavan, Bkc Ajmera Pristine, Building V. Bandra (E) , Mumbai 400051 No. 70, Yogi Nagar, Eksar Road, Borivali(W), Mumbai 400092 स्थायी ऱेखा सं./ Pan : Aaapp9619E (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

For Appellant: Shri. P. Murli Mohan RaoFor Respondent: Shri. H.N Singh,CIT-DR
Section 10(38)Section 143(3)Section 68

…आयकर अपीऱीय अधिकरण “C” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI MAHAVIR SINGH, JUDICIAL MEMBER AND SHRI RAMIT KOCHAR, ACCOUNTANT MEMBER आयकर अपीऱ सं./I.T.A. No.2826/Mum/2015 (नििाारण वर्ा / Assessment Year: 2010-11) ITO 32(2)(3) बिाम/ Shri Mukund T Parmar R.No. 305-B, 3r d floor, C-13 Flat no. 903/A Wing, Pratyakshkar Bhavan, BKC Ajmera Pristine, Building v. Bandra (E) , Mumbai 400051 No. 70, Yogi Nagar, Eksar Road, Borivali(W), Mumbai 400092 स्थायी ऱेखा सं./ PAN : AAAPP9619E (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) .. आयकर अपीऱ सं./I.T.A. No. 2781/Mum/2015 (न…

DCIT 2(2), Mumbai vs. Larsen & Toubro Finance Ltd, Mumbai

Appeal stands allowed for statistical purposes

ITA 4459/MUM/2013[2006-07]Status: DisposedITAT Mumbai24 Jan 2018AY 2006-07

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. Nos.3980, 3981 & 3982/Mum/2013 (िनधा"रण वष" / Assessment Years: 2005-06, 2006-07 & 2007-08) L & T Finance Limited Deputy Commissioner Of Income बनाम/ Taxation Department, L&T House, Tax-Circle 2(2) R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. Mumbai-400 001 M.K.Marg,Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) : & आयकर अपील सं./I.T.A. No.4459/Mum/2013 (िनधा"रण वष" / Assessment Year: 2006-07) Deputy Commissioner Of Income L & T Finance Limited बनाम/ Tax-Circle 2(2) Taxation Department, L&T House, R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. M.K.Marg,Mumbai-400 020 Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) :

For Appellant: M.M.Golvala & Akram Khan, Ld.AR’sFor Respondent: S.C.Tiwari CIT (DR) & Saurabh Kumar Rai
Section 115JSection 143(3)Section 14ASection 40Section 88E

…taking flickering stands on similar facts in different assessment years. Our aforesaid view is duly supported by the decision of this Tribunal rendered in Gopal Purohit Vs. JCIT [29 SOT 117] as confirmed by Hon’ble Bombay High Court in CIT Vs. Gopal Purohit [336 ITR 287]. Further the SLP of the department against the same has been dismissed by Hon’ble Apex Court vide order dated 15/11/2010. The relevant portion of Tribunal’s order is extracted below for ease of reference:- ITA Nos.3980-3982 &4459/Mum/2013 L & T Finance Limited Assessment Years 2005-06 to 2007-2008 8.1 Thus, the nature of activities, modus oper…

L & T Finance Ltd, Mumbai vs. DCIT Cir 2(2), Mumbai

Appeal stands allowed for statistical purposes

ITA 3982/MUM/2013[2007-08]Status: DisposedITAT Mumbai24 Jan 2018AY 2007-08

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. Nos.3980, 3981 & 3982/Mum/2013 (िनधा"रण वष" / Assessment Years: 2005-06, 2006-07 & 2007-08) L & T Finance Limited Deputy Commissioner Of Income बनाम/ Taxation Department, L&T House, Tax-Circle 2(2) R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. Mumbai-400 001 M.K.Marg,Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) : & आयकर अपील सं./I.T.A. No.4459/Mum/2013 (िनधा"रण वष" / Assessment Year: 2006-07) Deputy Commissioner Of Income L & T Finance Limited बनाम/ Tax-Circle 2(2) Taxation Department, L&T House, R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. M.K.Marg,Mumbai-400 020 Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) :

For Appellant: M.M.Golvala & Akram Khan, Ld.AR’sFor Respondent: S.C.Tiwari CIT (DR) & Saurabh Kumar Rai
Section 115JSection 143(3)Section 14ASection 40Section 88E

…taking flickering stands on similar facts in different assessment years. Our aforesaid view is duly supported by the decision of this Tribunal rendered in Gopal Purohit Vs. JCIT [29 SOT 117] as confirmed by Hon’ble Bombay High Court in CIT Vs. Gopal Purohit [336 ITR 287]. Further the SLP of the department against the same has been dismissed by Hon’ble Apex Court vide order dated 15/11/2010. The relevant portion of Tribunal’s order is extracted below for ease of reference:- ITA Nos.3980-3982 &4459/Mum/2013 L & T Finance Limited Assessment Years 2005-06 to 2007-2008 8.1 Thus, the nature of activities, modus oper…

L & T Finance Ltd, Mumbai vs. DCIT Cir 2(2), Mumbai

Appeal stands allowed for statistical purposes

ITA 3981/MUM/2013[2006-07]Status: DisposedITAT Mumbai24 Jan 2018AY 2006-07

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. Nos.3980, 3981 & 3982/Mum/2013 (िनधा"रण वष" / Assessment Years: 2005-06, 2006-07 & 2007-08) L & T Finance Limited Deputy Commissioner Of Income बनाम/ Taxation Department, L&T House, Tax-Circle 2(2) R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. Mumbai-400 001 M.K.Marg,Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) : & आयकर अपील सं./I.T.A. No.4459/Mum/2013 (िनधा"रण वष" / Assessment Year: 2006-07) Deputy Commissioner Of Income L & T Finance Limited बनाम/ Tax-Circle 2(2) Taxation Department, L&T House, R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. M.K.Marg,Mumbai-400 020 Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) :

For Appellant: M.M.Golvala & Akram Khan, Ld.AR’sFor Respondent: S.C.Tiwari CIT (DR) & Saurabh Kumar Rai
Section 115JSection 143(3)Section 14ASection 40Section 88E

…taking flickering stands on similar facts in different assessment years. Our aforesaid view is duly supported by the decision of this Tribunal rendered in Gopal Purohit Vs. JCIT [29 SOT 117] as confirmed by Hon’ble Bombay High Court in CIT Vs. Gopal Purohit [336 ITR 287]. Further the SLP of the department against the same has been dismissed by Hon’ble Apex Court vide order dated 15/11/2010. The relevant portion of Tribunal’s order is extracted below for ease of reference:- ITA Nos.3980-3982 &4459/Mum/2013 L & T Finance Limited Assessment Years 2005-06 to 2007-2008 8.1 Thus, the nature of activities, modus oper…

L & T Finance Ltd, Mumbai vs. DCIT Cir 2(2), Mumbai

Appeal stands allowed for statistical purposes

ITA 3980/MUM/2013[2005-06]Status: DisposedITAT Mumbai24 Jan 2018AY 2005-06

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. Nos.3980, 3981 & 3982/Mum/2013 (िनधा"रण वष" / Assessment Years: 2005-06, 2006-07 & 2007-08) L & T Finance Limited Deputy Commissioner Of Income बनाम/ Taxation Department, L&T House, Tax-Circle 2(2) R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. Mumbai-400 001 M.K.Marg,Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) : & आयकर अपील सं./I.T.A. No.4459/Mum/2013 (िनधा"रण वष" / Assessment Year: 2006-07) Deputy Commissioner Of Income L & T Finance Limited बनाम/ Tax-Circle 2(2) Taxation Department, L&T House, R.No.545,5Th Floor, Aaykar Bhavan, N.M.Marg, Ballard Estate Vs. M.K.Marg,Mumbai-400 020 Mumbai-400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No.Aaacl-8668-G (अपीलाथ" /Appellant) (""थ" / Respondent) :

For Appellant: M.M.Golvala & Akram Khan, Ld.AR’sFor Respondent: S.C.Tiwari CIT (DR) & Saurabh Kumar Rai
Section 115JSection 143(3)Section 14ASection 40Section 88E

…taking flickering stands on similar facts in different assessment years. Our aforesaid view is duly supported by the decision of this Tribunal rendered in Gopal Purohit Vs. JCIT [29 SOT 117] as confirmed by Hon’ble Bombay High Court in CIT Vs. Gopal Purohit [336 ITR 287]. Further the SLP of the department against the same has been dismissed by Hon’ble Apex Court vide order dated 15/11/2010. The relevant portion of Tribunal’s order is extracted below for ease of reference:- ITA Nos.3980-3982 &4459/Mum/2013 L & T Finance Limited Assessment Years 2005-06 to 2007-2008 8.1 Thus, the nature of activities, modus oper…

P. P. Suppliers & Agencies Pvt. Ltd., Kolkata vs. DCIT, Cir-2, Kolkata

In the result, the appeal of the assessee is allowed

ITA 1042/KOL/2015[2006-2007]Status: DisposedITAT Kolkata19 Jan 2018AY 2006-2007
Section 143(3)

…r under consideration and the rule of consistency was not followed merely on the basis of period of holding of units and shares before their sale, which was short. Relying inter alia on the decision of Hon’ble Supreme Court in the case of CIT vs Gopal Purohit 336 ITR 287, he contended that the facts and circumstances being similar, rule of consistency ought to have been followed by the authorities below. 5. The learned DR, on the other hand, strongly relied on the orders of authorities below in support of the revenue’s case on the issue under consideration. 6. We have heard the arguments of both the sides and als…

Jumana Vahanvati, Mumbai vs. Addl CIT RG 12(2), Mumbai

Accordingly. This ground raised by the assessee is allowed

ITA 308/MUM/2016[2010-11]Status: DisposedITAT Mumbai03 Jan 2018AY 2010-11

Bench: Sh. R. C. Sharma, Am & Sh. Sandeep Gosain, Jm आयकरअपीलसं./ I.T.A. No. 308/Mum/2016 (निर्धारणवर्ा / Assessment Year: 2010-11)

For Appellant: Shri Yogesh A Thar &For Respondent: Ms. Arju Garodia
Section 143(1)Section 143(3)Section 14A

…IN THE INCOME TAX APPELLATE TRIBUNAL “J” BENCH, MUMBAI BEFORE SH. R. C. SHARMA, AM & SH. SANDEEP GOSAIN, JM आयकरअपीलसं./ I.T.A. No. 308/Mum/2016 (निर्धारणवर्ा / Assessment Year: 2010-11) ACIT RG 12(2) Jumana Vahanvati Buckley Court, 21st and 22nd R. No. 123A, Aayakar बिधम/ Bhavan, Duplex, No. 6, Nathalal Vs. Mumbai Parekh Marg, Colaba, Mumbai-39 स्थायीलेखासं./जीआइआरसं./ PAN/GIR No. ABUPV1085D (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : अपीलाथीकीओरसे/ Appellant by : Shri Yogesh A Thar & Ms. Ikshu Shah प्रत्यथीकीओरसे/Respondentby : Ms. Arju Garodia सुनवाईकीतारीख/ : 27/11/2017 Date of Hearing घोषणाकीतारीख / : 03/…

The Bombay Oil P.Ltd, Mumbai vs. DCIT 9(2), Mumbai

In the result, the appeal filed by the assessee is partly allowed

ITA 6873/MUM/2014[2010-11]Status: DisposedITAT Mumbai29 Nov 2017AY 2010-11
For Appellant: Shri Nitesh JoshiFor Respondent: Shri T.A. Khan-Sr. DR
Section 254(1)

…lated the principles of consistency. In this regard, the Ld A.R placed reliance on the decision rendered by Hon’ble Supreme Court in the case of Radhoswamy Satsang (198 ITR 321), the decision rendered by Hon’ble Bombay High Court in the case of Gopal Purohit (336 ITR 287) and also other decisions. 4. The Ld A.R submitted that the rejection of the application for securing NBFC status would not render the assessee business less and the income 6873/M/14 derived by the assessee would not lose business character. In this regard, he placed reliance on the decision rendered by the co-ordinate bench in the case of Pre…

The DCIT, Circle-8, Ahmedabad vs. Shri Mayur Mukundbhai Desai, Ahmedabad

In the result, the appeal of the Revenue is dismissed

ITA 2017/AHD/2013[2010-11]Status: DisposedITAT Ahmedabad16 Nov 2017AY 2010-11

Bench: Shri Mahavir Prasad & Shri Amarjit Singh

For Appellant: NoneFor Respondent: Shri Prasoon Kabra, Sr.DR
Section 10Section 14A

…irected to set off the long term capital loss against the short term capital gain of the year under consideration. The grounds of appeal raised by the assessee are allowed." 11 The Honourable Bombay High Court in the case of CIT Vs. Copal Purohit reported in 228 CTR 582 (Bom) has categorically held that the delivery based transactions have to be treated as investment transactions and the profit received there from is to be treated as short-term or long-term capital gains depending upon the period of holding. The Court also held that the Tribunal has correctly held that though the principle of Res Judicata is not…

JCIT 16(3), Mumbai vs. Supria Poongalia, Mumbai

ITA 2472/MUM/2012[2008-09]Status: DisposedITAT Mumbai16 Oct 2017AY 2008-09
For Appellant: Shri Vijay MehtaFor Respondent: Shri V. Justin-DR
Section 143(3)Section 254(1)

…d as investments at one place and stock-in-trade at other place, that there was no reason for the AO to treat the investment in shares by the assessee as stock- in-trade for A.Y.2008-09.He relied upon the cases of Janak S.Rangwalla(11 SOT 627), Gopal Purohit (228 CTR 582), Rohit Anand (327 ITR 445),SMK Shares & Stock Broking Pvt.Ltd.( ITA/799/ Mum/ 2009), Vinod K.Nevatia (ITA/6556/Mum/2009 & 181/Mum/2010).Finally, he allowed the appeal of the assessee. 4.During the course of hearing before us the Departmental Representative(DR) stated that period of holding of the security was very short, that the assessee had bo…

Sh. Rakesh Kumar Gupta, New Delhi vs. ITO, New Delhi

In the result, the appeal is dismissed

ITA 5845/DEL/2014[2010-11]Status: DisposedITAT Delhi09 Oct 2017AY 2010-11

Bench: : Shri H.S. Sidhu & Shri L.P. Sahu

Section 133(6)

…In the Income-Tax Appellate Tribunal, Delhi Bench ‘C’, New Delhi Before : Shri H.S. Sidhu, Judicial Member And Shri L.P. Sahu, Accountant Member ITA No. 5845/Del./2014 Assessment Year: 2010-11 Rakesh Kumar Gupta, vs. Income-tax Officer, 267, Sukhdev Vihar, New Delhi. Ward 37(3), New Delhi PAN – AEKPG6510R (Respondent) (Appellant) Appellant by Sh. KVS Gupta, Advocate Respondent by Sh. Arun Kumar Yadav, Sr. DR Date of Hearing 14.09.2017 Date of Pronouncement 09.10.2017 ORDER Per L.P. Sahu, A.M.: This is an appeal filed by the assessee against the order of ld. CIT(A)- XXVIII, New Delhi dated 21.08.2014 for the…

Jet Airways (India) Ltd, Mumbai vs. DCIT RG 5(2), Mumbai

The appeal of the assessee is allowed

ITA 933/MUM/2015[2008-09]Status: DisposedITAT Mumbai27 Sept 2017AY 2008-09
For Appellant: Shri Jehangir D.Mistry-ARFor Respondent: Shri Alok Johari and Ms.Arju Goradia-DR
Section 115JSection 254(1)

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, , , , मुंबई आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण मुंबई मुंबई “जेजेजेजे” ” ” ” खंडपीठ मुंबई खंडपीठ खंडपीठ खंडपीठ Income-tax Appellate Tribunal “J”Bench Mumbai सव"ी सव"ी राजे"" राजे"", लेखा लेखा सद"य सद"य एवं पवन "सह, "याियक "याियक सद"य सद"य सव"ी सव"ी राजे"" राजे"" लेखा लेखा सद"य सद"य एवं एवं पवन "सह एवं पवन "सह पवन "सह "याियक "याियक सद"य सद"य Before S/Sh. Rajendra,Accountant Member & Pawan Singh, Judicial Member आयकर अपील अपील संसंसंसं./I.T.A./933/Mum/2015, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Jet Airways (Indi…

ITO- (Internation Taxation), Nagpur vs. Smt. Urmila Sharan Rampal, Nagpur

In the result, Revenue’s appeal is dismissed

ITA 63/NAG/2015[2007-08]Status: DisposedITAT Nagpur27 Jun 2017AY 2007-08

Bench: Shri P.K. Bansal & Shri Amarjit Singh

For Appellant: Shri Manoj Moryani a/wFor Respondent: Shri A.R. Ninawe
Section 143(1)Section 143(2)Section 148Section 54F

…investment and resultant shares as investment and now also retains balance shares and accretions thereon by way of dilution of equity as an investment only. The AR has placed reliance on the following judgements: Reliance placed on : > CIT Vs. Gopal Purohit 228 CTR 582 (Bombay HC) > CIT v Consolidated Finvest and Holding Ltd. (2011) 337 ITR 264 (Delhi) 10.0 Keeping in view of the submissions of the AR of the appellant and the decision of the Hon'ble High Court of Mumbai cited supra, the transactions in shares are treated as investment in shares. 10.1 The Hon'ble ITAT, Nagpur Bench, in the case of Ms. Nishi Ra…

M/S. Eastman Industries Ltd., New Delhi vs. ACIT, New Delhi

In the result, the appeal of the assessee is allowed for statistical purpose and that of Revenue is partly allowed for statistical purposes

ITA 286/DEL/2013[2008-09]Status: DisposedITAT Delhi09 Jun 2017AY 2008-09

Bench: : Shri I.C. Sudhir & Shri L.P. Sahu

For Appellant: 1. (a) That the Learned CIT(A) has erred in sustaining the disallowance under se
Section 14ASection 28Section 37(1)

…In the Income-Tax Appellate Tribunal, Delhi Bench ‘B’, New Delhi Before : Shri I.C. Sudhir, Judicial Member And Shri L.P. Sahu, Accountant Member ITA No. 286/Del./2013 Assessment Year: 2008-09 Eastman Industries Ltd., vs. A.C.I.T., Circle 10(1), Plot No. 101, 1st Floor, Community New Delhi. Centre, Naraina Industrial Area, Phase-I, New Delhi. PAN- AAACE 0633N (Appellant) (Respondent) ITA No. 45/Del./2013 Assessment Year: 2008-09 A.C.I.T., Circle 10(1), vs. Eastman Industries Ltd., New Delhi. Plot No. 101, 1st Floor, Community Centre, Naraina Industrial Area, Phase-I, New Delhi. PAN- AAACE 0633N (Appellant) (Resp…

Harbans Lal Sethi, Jaipur vs. Addl. CIT, Kota

In the result, the appeals of the assessee are partly allowed and that of the Revenue are dismissed

ITA 495/JPR/2013[2006-07]Status: DisposedITAT Jaipur30 May 2017AY 2006-07
For Appellant: Shri Mahendra Gargieya, AdvocateFor Respondent: Shri R.A. Verma, Addl. CIT-. DR
Section 143(3)Section 145(3)Section 234BSection 244A

…to ne sustained by not challenging the order, it would not be at all appropriate to allow the position to be changed in a subsequent year”. This view has been followed by in CIT v/s Neo Ploy Pack (P) Ltd (2000) 245 ITR 492 (Del), CIT v/s Gopal Purohit (2011) 336 ITR 287 (Bom) and M/s Hero MotoCorp Ltd. v/s Addl. CIT in ITA No.1980/Del/12 for A.Y.2007-08 vide order dated 11.06.2013. 7.6 Therefore, in the present case the only course left with the ld. CIT(A) was to appreciate the past history settled by superior authority i.e. ITAT which he could and should not have ignored and to decide the appeal in that light o…

Addl CIT RG 1(2), Mumbai vs. Money Matters (India) P.Ltd, Mumbai

ITA 1019/MUM/2013[2008-09]Status: DisposedITAT Mumbai18 May 2017AY 2008-09

Bench: S/Sh.Rajendra & C. N. Prasadआयकर आयकर अपील अपील संसंसंसं./I.T.A./1019/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" & आयकर आयकर अपील अपील संसंसंसं./I.T.A./1020/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Addl Cit- 1(2) M/S. Money Matters (India) Pvt.Ltd. Room No.535, 5Th Floor, Aayakar 1-B, 1St Floor, Court Chambers, Bhavan Vs. 35, New Marine Lines M.K. Road, Mumbai-400 020. Mumbai-400 020. Pan:Aabcm 4155 A (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri N.P. Singh- Cit-Dr अपीलाथ" क" ओर से /Assessee By: Shri Arvind Sonde-Ar सुनवाई क" तारीख / Date Of Hearing: 18/05/2017 घोषणा क" तारीख / Date Of Pronouncement: 18/05/2017. लेखा सद"य, राजे"" के अनुसार लेखा सद"य राजे"" के अनुसार/ Per Rajendra A.M.- लेखा सद"य लेखा सद"य राजे"" के अनुसार राजे"" के अनुसार Challenging The Orders,Dated 20/11/12 & 29/11/2012 Of The Cit(A)-2, Mumbai The Assessing Officer (Ao)Has Filed Appeals For The Above Mentioned Two Assessment Years (Ay.S).As The Issues Are Almost Identical For Both The Years, So,We Are Adjudicating Both The Appeals By A Common Order.Assessee-Company Is Engaged In The Business Of Trading & Investing In Shares & Securities As Well As In Financial Consultancy. The Details Of Dates Of Filing Of Return, Returned Income, Assessed Income Etc.,Can Be Tabulated As Under:- A.Y. Roi Filed On Returned Income Assessment Dt. Assessed Income 2008-09 25.09.2008 Rs.30.19 Crores 29.12.2010 Rs.48.70Crores 2009-10 29.9.2009 Rs.59.65 Crores 29.12.2011 Rs.59.78 Crores

For Appellant: Shri Arvind Sonde-ARFor Respondent: Shri N.P. Singh- CIT-DR
Section 68

…आयकर अपीलीय अिधकरण, मुंबई “बी” खंडपीठ म" Income-tax Appellate Tribunal -“B”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं सी. एन. "साद, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and C. N. Prasad,Judicial Member आयकर आयकर अपील अपील संसंसंसं./I.T.A./1019/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" & आयकर आयकर अपील अपील संसंसंसं./I.T.A./1020/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Addl CIT- 1(2) M/s. Money Matters (India) Pvt.Ltd. Room No.535, 5th Floor, Aayakar 1-B, 1st Floor, Court Chambe…

ACIT 12(2), Mumbai vs. Neena Rajan Mehara, Mumbai

In the result appeal of the revenue is dismissed

ITA 7189/MUM/2012[2006-07]Status: DisposedITAT Mumbai17 May 2017AY 2006-07

Bench: Shri Shamim Yahaha & Shri Pawan Singh

Section 143(3)Section 253Section 254(1)Section 263Section 43

…TA No. 4932/M/2009, Nagindas P. Sheth (HUF) versus JCIT ITA No. 961/M /2010, Gopal Purohit Versus JCIT (ITA No.4854/M/2008, the decision of Bombay ITA No. 7189/M/2012 for AY 2006-07 ITA No. 3015/M/2012 for AY 2008-09 High Court in CIT Versus Gopal Purohit 228 CTR 582 (Bombay) and circular number 4 /20007 dated 15 June 2007. 4. We have considered the submissions of learned representatives of the parties and gone through the orders of the authorities below. The assessing officer while framing the assessment order on the directions/ order of learned Commissioner under section 263 dated 15 July 2008 issued notice…

JCIT RG 12(2), Mumbai vs. Neena Rajan Mehra, Mumbai

In the result appeal of the revenue is dismissed

ITA 3015/MUM/2012[2008-09]Status: DisposedITAT Mumbai17 May 2017AY 2008-09

Bench: Shri Shamim Yahaha & Shri Pawan Singh

Section 143(3)Section 253Section 254(1)Section 263Section 43

…TA No. 4932/M/2009, Nagindas P. Sheth (HUF) versus JCIT ITA No. 961/M /2010, Gopal Purohit Versus JCIT (ITA No.4854/M/2008, the decision of Bombay ITA No. 7189/M/2012 for AY 2006-07 ITA No. 3015/M/2012 for AY 2008-09 High Court in CIT Versus Gopal Purohit 228 CTR 582 (Bombay) and circular number 4 /20007 dated 15 June 2007. 4. We have considered the submissions of learned representatives of the parties and gone through the orders of the authorities below. The assessing officer while framing the assessment order on the directions/ order of learned Commissioner under section 263 dated 15 July 2008 issued notice…

ACIT RG 22, Navi Mumbai vs. Sunderji Thakkar, Mumbai

In the result, the appeal is partly allowed

ITA 240/MUM/2010[2006-07]Status: DisposedITAT Mumbai12 May 2017AY 2006-07

Bench: Shri Joginder Singh () & Shri N.K. Pradhan () Assessment Year: 2006-07

For Appellant: Shri Narayan Atal,ARFor Respondent: Shri B.S. Bist, DR
Section 143(3)

…06, (iv) Statement of short term capital gains, (v) Summary of short term capital gains, (vi) Copies of Form 10DB, (vii) Written Submissions before CIT (Appeals). The Ld. Counsel also placed reliance on the decision in the case of CIT vs. Gopal Purohit (2011) 336 ITR 287 (Bom) and filed a copy of it. 7. We have heard the rival submissions and perused the relevant material on record. In the computation of income for the impugned assessment year, the assessee has shown ‘Dividend (Others)’ amounting to Rs. 18,002/- under the head ‘Income from other sources’. This is a meagre amount in comparison to the investment m…