CIT v. HSBC Securities & Capital Markets (India) (P.) Ltd.

379 ITR 146High Court2015#14112 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 348,615 Indian tax judgments — from 2016 to 2023.

Judgments citing CIT v. HSBC Securities & Capital Markets (India) (P.) Ltd.

Citigroup Global Markets (India) Private Limited, Mumbai vs. DCIT, Circle-4(1), Mumbai

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

ITA 72/MUM/2018[2010-11]Status: DisposedITAT Mumbai25 Oct 2023AY 2010-11

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm Citigroup Global Markets (India) Private Limited The Dcit 1402, 14Th Floor, Circle -4(1), First International Financial Aaykar Bhavan Centre, Vs. M.K. Road, Bandra Kurla Complex, Mumbai-400 020 G Block, Bandra (East), Mumbai-400 051 (Appellant) (Respondent) Pan No.Aaecs7234F Citigroup Global Markets (India) The Jcit (Osd) Private Limited 4(1)(1) 1402, 14Th Floor, Room No. 640, 6 Th Floor, First International Financial Aaykar Bhavan, Centre, Vs. M.K. Road, Bandra Kurla Complex, G Block, Bandra (East), Mumbai-400 020 Mumbai-400 051 (Appellant) (Respondent) Assessee By : Shri Nishant Thakkar & Mr. Jasmin Amalsadwala, Ars Revenue By : Ms. Vranda U. Matkari, Dr Date Of Hearing: 04/08/2023 Date Of Pronouncement : 25/10/2023

For Appellant: Shri Nishant Thakkar &For Respondent: Ms. Vranda U. Matkari, DR
Section 143(3)Section 144CSection 73

…see has to bear it by reversal of the trade. The learned Assessing Officer disallowed the same holding that the provisions of Section 73 of the Act hit it and loss is speculative. The learned CIT (A) relying on the decision of the Hon'ble Bombay High Court in 379 ITR 146, deleted the disallowance. h. The learned Assessing Officer during the course of assessment proceedings, disallowed 20% of entertainment and conference, repairs and maintenance and books and periodical expenditure holding that this expenditure were not incurred wholly and exclusively for the ITA Nos. 72 & 45/Mum/2018 Citigroup Global Market (Ind…

Joint Commissioner of Income Tax (OSD)-4(1)(1), Mumbai vs. Citigroup Global Markets (India) Private Limited, Mumbai

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

ITA 45/MUM/2018[2010-11]Status: DisposedITAT Mumbai25 Oct 2023AY 2010-11

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm Citigroup Global Markets (India) Private Limited The Dcit 1402, 14Th Floor, Circle -4(1), First International Financial Aaykar Bhavan Centre, Vs. M.K. Road, Bandra Kurla Complex, Mumbai-400 020 G Block, Bandra (East), Mumbai-400 051 (Appellant) (Respondent) Pan No.Aaecs7234F Citigroup Global Markets (India) The Jcit (Osd) Private Limited 4(1)(1) 1402, 14Th Floor, Room No. 640, 6 Th Floor, First International Financial Aaykar Bhavan, Centre, Vs. M.K. Road, Bandra Kurla Complex, G Block, Bandra (East), Mumbai-400 020 Mumbai-400 051 (Appellant) (Respondent) Assessee By : Shri Nishant Thakkar & Mr. Jasmin Amalsadwala, Ars Revenue By : Ms. Vranda U. Matkari, Dr Date Of Hearing: 04/08/2023 Date Of Pronouncement : 25/10/2023

For Appellant: Shri Nishant Thakkar &For Respondent: Ms. Vranda U. Matkari, DR
Section 143(3)Section 144CSection 73

…see has to bear it by reversal of the trade. The learned Assessing Officer disallowed the same holding that the provisions of Section 73 of the Act hit it and loss is speculative. The learned CIT (A) relying on the decision of the Hon'ble Bombay High Court in 379 ITR 146, deleted the disallowance. h. The learned Assessing Officer during the course of assessment proceedings, disallowed 20% of entertainment and conference, repairs and maintenance and books and periodical expenditure holding that this expenditure were not incurred wholly and exclusively for the ITA Nos. 72 & 45/Mum/2018 Citigroup Global Market (Ind…

Clsa India P.Ltd, Mumbai vs. Asst CIT RG 4(1), Mumbai

ITA 4824/MUM/2015[2003-04]Status: DisposedITAT Mumbai14 Dec 2020AY 2003-04

Bench: Shri Pramod Kumar & Shri Ravish Soodclsa India Private Limited Acit, Range-4(1) 6Th Floor, Room No.640, (Formerly Clsa India Limited) 8/F Dalamal House, Vs. Aayakar Bhavan, M.K. Road, Nariman Point, Mumbai – 400 020 Mumbai – 400 021 Pan – Aaacc2262K (Appellant) (Respondent)

For Appellant: Shri Mukesh Butani &For Respondent: Shri Akhtar Hussain Ansari, D.R
Section 143(3)Section 250Section 253(1)Section 92CSection 92C(3)

…thus, the same had to be accepted as a business loss. On further appeal by the revenue, the Hon‟ble High Court of Bombay in its order passed while disposing off the appeal of the revenue in CIT- 4 Vs. HSBC Securities & Capital Markets (India) Pvt. Ltd. (2015) 379 ITR 146 (Bom) after deliberating on the ITA No.4824/Mum/2015 AY. 2003-04 14 CLSA India Private Limited Vs. ACIT, Range-4(1) observations recorded by the Tribunal observed, that the Tribunal had held that in case the loss on the purchase and sale of shares was found to have occurred on account of error trade conducted by the assessee on behalf of its clie…

ACIT (Ltu), New Delhi vs. M/S Havells India Ltd., New Delhi

In the result, appeal of the assessee is partly allowed

ITA 466/DEL/2011[2007-08]Status: DisposedITAT Delhi25 Aug 2020AY 2007-08

Bench: Shri Amit Shukla & Shri Prashant Maharishihavells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi Cr Building Ip Estate, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Ltu, Nbcc Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Acit (Ltu), Vs. Havells India Ltd, Nbcc Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi Pan: Aaach0351E (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Saras Kumar, Sr. DR
Section 143(3)Section 144ASection 14ASection 80H

…stion raised in the appeal is answered accordingly and the appeal is disposed off in the above terms with no order as to costs.‖ Similar view has been endorsed by the Bombay High Court in the case of CIT vs. HSBC Securities & Capital Markets (India) (P.) Ltd: 379 ITR 146 wherein, again, it has been reiterated that where assessee was under bona fide belief that tax was not deductible at source, disallowance made under section 40(a)(ia) of the Act could not be sustained for non-deduction of tax at source. He also referred to following decisions to support his above argument: i. CIT vs. Nestle India Ltd: 243 ITR 435…

M/S Havells India Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee is partly allowed

ITA 6073/DEL/2010[2007-08]Status: DisposedITAT Delhi25 Aug 2020AY 2007-08

Bench: Shri Amit Shukla & Shri Prashant Maharishihavells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi Cr Building Ip Estate, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Ltu, Nbcc Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Acit (Ltu), Vs. Havells India Ltd, Nbcc Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi Pan: Aaach0351E (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Saras Kumar, Sr. DR
Section 143(3)Section 144ASection 14ASection 80H

…stion raised in the appeal is answered accordingly and the appeal is disposed off in the above terms with no order as to costs.‖ Similar view has been endorsed by the Bombay High Court in the case of CIT vs. HSBC Securities & Capital Markets (India) (P.) Ltd: 379 ITR 146 wherein, again, it has been reiterated that where assessee was under bona fide belief that tax was not deductible at source, disallowance made under section 40(a)(ia) of the Act could not be sustained for non-deduction of tax at source. He also referred to following decisions to support his above argument: i. CIT vs. Nestle India Ltd: 243 ITR 435…

M/S Havells India Ltd., New Delhi vs. DCIT, New Delhi

In the result, appeal of the assessee is partly allowed

ITA 6072/DEL/2010[2004-05]Status: DisposedITAT Delhi25 Aug 2020AY 2004-05

Bench: Shri Amit Shukla & Shri Prashant Maharishihavells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Circle-12(1), Civil Lines, New Delhi Cr Building Ip Estate, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Havells India Ltd, Vs. Dcit, 1/7 Ram Kishore Road, Ltu, Nbcc Plaza, Civil Lines, New Delhi Pusp Vihar, Sector-4, Saket, Pan: Aaach0351E New Delhi (Appellant) (Respondent) Acit (Ltu), Vs. Havells India Ltd, Nbcc Plaza, Pusp Vihar, Sector- 1/7 Ram Kishore Road, 4, Saket, New Delhi Civil Lines, New Delhi Pan: Aaach0351E (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri Saras Kumar, Sr. DR
Section 143(3)Section 144ASection 14ASection 80H

…stion raised in the appeal is answered accordingly and the appeal is disposed off in the above terms with no order as to costs.‖ Similar view has been endorsed by the Bombay High Court in the case of CIT vs. HSBC Securities & Capital Markets (India) (P.) Ltd: 379 ITR 146 wherein, again, it has been reiterated that where assessee was under bona fide belief that tax was not deductible at source, disallowance made under section 40(a)(ia) of the Act could not be sustained for non-deduction of tax at source. He also referred to following decisions to support his above argument: i. CIT vs. Nestle India Ltd: 243 ITR 435…

M/S. Bharti Airtel Ltd., New Delhi vs. Addl. CIT, New Delhi

In the result appeal of the assessee with respect to ground No

ITA 5816/DEL/2012[2008-09]Status: DisposedITAT Delhi24 Oct 2016AY 2008-09

Bench: Shri I.C.Sudhir & Shri Prashant Maharishibharti Airtel Ltd, Addl Cit, Bharti Crescent, 1, Vs. Range-2, Cr Building, Ip Nelson Mandela Road, Vasant Estate, New Delhi Kunj, New Delhi Pan:Aaacb2894G (Appellant) (Respondent) Bharti Airtel Ltd, Addl Cit, Bharti Crescent, 1, Vs. Range-2, Cr Building, Ip Nelson Mandela Road, Vaxant Estate, New Delhi Kunj, New Delhi Pan:Aaacb2894G (Appellant) (Respondent)

For Appellant: Sh. Ajay Vohra, SrFor Respondent: Sh. NC Swain, CIT DR (OSD)
Section 201Section 254Section 40

…l is answered accordingly and the appeal is disposed off in the above terms with no order as to costs. " (emphasis supplied) iv. Similar view has been endorsed by the Bombay High Court in the case of CIT vs. HSBC Securities & Capital Markets (India) (P.) Ltd: 379 ITR 146 wherein, again, it has been reiterated that where assessee was under bona fide belief that tax was not deductible at source, disallowance made under section 40(a)(ia) of the Act could not be sustained for non-deduction of tax at source. v. Further, the Delhi Bench of the Tribunal in the case of Convergys India Services Pvt. Ltd vs. ACIT: ITA No.…