CIT v. Lokmat Newspapers P. Ltd.

322 ITR 43High Court2010#11521 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2022.

Judgments citing CIT v. Lokmat Newspapers P. Ltd.

WEALTHY SKY DEVELOPMENT PRIVATE LIMITED,JAIPUR vs. PR.CIT-1, JAIPUR

In the result, the appeal of the assessee is allowed

ITA 15/JPR/2021[2016-17]Status: DisposedITAT Jaipur27 Jun 2022AY 2016-17

For Appellant: Shri Bhupendra Shah, CAFor Respondent: Shri Sanjay Dhariwal, CIT

Section 143(3)Section 263Section 43(5)(d)Section 73Section 73(4)

…3(4) of the Act. Further the ld. PCIT Jaipur-1 relied upon following judgments :- i. DLF Commercial Developers Limited Vs CIT in ITA No. 94/2013 dated 11.07.2013 ii. Intermetal Trade Ltd. (2006) 285 ITR 536 (MP) iii. CIT vs Lokmat Newspapers P. Ltd. (2010) 322 ITR 43 (Bom) iv. R.P.G. Industries Ltd. vs CIT, (2011) 338 ITR 313(Cal) The ld. PCIT further observed that the view taken by the AO was not in accordance with the provisions of the section 73. The ld. PCIT also rejected several case laws cited by the assessee and held that the order passed by the AO on 26.11.2018 was erroneous and prejudicial in the i…

ANIL MURLIDHAR DESHMUKH,,NASHIK vs. INCOME-TAX OFFICER, WARD - 3(2),, NASHIK

In the result, appeal of the assessee is dismissed

ITA 1821/PUN/2017[2013-14]Status: DisposedITAT Pune13 Dec 2018AY 2013-14

Bench: Shri R.S. Syal

For Appellant: Shri Sanket M. JoshiFor Respondent: Shri M.K. Verma

Section 50C

…cernible that section 50C is a deeming provision and it is a settled legal position that a deeming provision must be extended to its logical conclusion. The Hon'ble jurisdictional High Court in the case of CIT Vs. Lokmat Newspapers P. Ltd. reported in (2010) 322 ITR 43 (Bombay) has held that: “Once a deeming fiction is created by law, it must be given full and free effect, of course, in relation to the ambit within which it is intended to operate”. 13. First and the foremost point to be noted in the context of section 50C(1) is that it is a deeming provision which substitutes the declared sale consideration…

ARJAV DIAMONDS (INDIA) P.LTD,MUMBAI vs. ADDL CIT 5(1), NAVI MUMBAI

In the result, the appeal assessee is allowed

ITA 4218/MUM/2016[2010-11]Status: DisposedITAT Mumbai04 Jul 2018AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

For Appellant: Shri Anuj Kisnadwala, ARFor Respondent: Shri V. Vidhyadhar, DR

Section 10(38)Section 143(3)Section 14A

…ainst profit earned from trading in shares and securities as profit from such activity falls within the purview of explanation to section 73 of the Act in view of the decision of Hon’ble Bombay High Court in the case of CIT vs. Lokmat Newspapers P. Ltd (2010) 322 ITR 43 (Bom). 13. The learned Counsel for assessee specifically drew our attention to the judgment of Hon’ble Bombay High Court, wherein the loss arising out of speculative transaction is to be set off against profit and gains of any speculative business. The Hon’ble High Court held as under: - “9. The contention of the Revenue in the present case, in…

DCIT 14(2)(1), MUMBAI vs. KALPANA MADHANI SECURITIES P.LTD, MUMBAI

The appeal of the Revenue is dismissed

ITA 940/MUM/2017[2012-13]Status: DisposedITAT Mumbai21 Jun 2018AY 2012-13

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2012-13 Dcit-14(2)(1), M/S Kalpana Madhani Room No.432, 4Th Floor, Securities Pvt. Ltd. बनाम/ Aayakar Bhavan, 11/1102, Shanti Tower, Vs. M. K. Road, Shanti Path, Near Garodia Mumbai-400020 Nagar, Ghatkopar (East), Mumbai-400077 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No. Aabck2968H

Section 143(3)Section 28Section 73

…2010), was also considered by him as distinguishable on facts and circumstances of the case. 2.2 In further appeal, the assessee found favour with the ld. CIT(A), relying on the said decision by the hon'ble Jurisdictional High Court, since reported at [2010] 322 ITR 43 (Bom). The hon’ble high court had clarified that where Explanation to section 73 is attracted, the same would apply regardless of whether the result of the said transactions is a profit or loss. He, accordingly, directed the A.O. to treat the income as covered by Explanation to section 73 as speculative income, and apply the provision of section 7…

ACIT - 4(2)(1), MUMBAI vs. PROGRESSIVE SHARE BROKERS PVT. LTD., MUMBAI

The appeal of the Revenue is dismissed

ITA 5317/MUM/2016[2009-10]Status: DisposedITAT Mumbai07 Jun 2018AY 2009-10

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Acit-4(2)(1), M/S Progressive Share Room No.642, 6Th Floor, Brokers Pvt. Ltd. बनाम/ Aayakar Bhavan, B, 1St Floor, Fort Chambers, Vs. M. K. Road, Homi Modi Cross Street, Mumbai-400020 Off. Hamam Street, Fort, Mumbai-400001 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.Aaacp6712H

Section 14ASection 43(5)Section 73

…attention to page-3 (para-5) and also para 5.3 of the assessment order. The crux of the argument is in support of the addition/assessment order. Reliance was placed upon the decision from Hon'ble Bombay High Court in CIT vs Lilmat Newspaper Pvt. Ltd. (2010) 322 ITR 43 (Bom.). On the other hand, shri Rohit Golecha, Ld. counsel for the assessee defended the impugned order by inviting 3 M/s Progressive Share Brokers Pvt. Ltd. our attention to page-12 onwards. Reliance was placed upon the decision of the Tribunal in the case of J. M. Financial Services Ltd. & Ors. Vs JCIT (2017) 54 ITR (Trib.) 120 (Mum.); (20…

ITO 3(3)(3), MUMBAI vs. TCFC FINANCE LTD, MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 5699/MUM/2016[2010-11]Status: DisposedITAT Mumbai07 Mar 2018AY 2010-11

Bench: Shri B.R. Baskaran (Am)& Shri Pawan Singh (Jm)

Section 115JSection 14ASection 73

…he business profits and accordingly rejected the claim of the assessee 6. The Ld CIT(A) held that the mark to market loss is not a notional loss. By following the decision rendered by Hon’ble Bombay High Court in the case of CIT Vs. Lokmat Newpapers (P) Ltd (322 ITR 43), the Ld CIT(A) held that the profit/loss arising on purchase and sale of shares is also speculation profit/loss. He agreed with the AO that the loss arising on valuation loss is also speculation loss. Accordingly he directed the AO to allow set off of valuation loss against the profits arising on purchase and sale of shares. 7. We heard the part…

STANDARD CHARTERD SECURITIES (INDIA) LTD ( FORMERLY KNOWN AS STANDARD CHARTERED STCI CAPITAL MARKETS LTD AND PRIOR THAT UTI SECURITIES LTD),MUMBAI vs. ASST CIT RG 4(2), MUMBAI

Appeal stands allowed for statistical purposes

ITA 1506/MUM/2012[2008-09]Status: DisposedITAT Mumbai24 Jan 2018AY 2008-09

Bench: Shri D.T. Garasia, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. No.1506/Mum/2012 (िनधा"रण वष" / Assessment Year: 2008-09) Standard Chartered Securities Assistant Commissioner Of (India) Limited Income Tax Range 4(2) बनाम/ (Formerly Known As ‘Standard Chartered -Stci R.No.642,Aaykar Bhavan Capital Markets Limited’ & Prior That ‘Uti Mumbai-400 020 Vs. Securities Limited’) 2Nd Floor, 23-25, Mg Road Fort, Mumbai – 400 001 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacu-0622-M (अपीलाथ" /Appellant) (""थ" / Respondent) :

For Appellant: Nitesh Joshi, Ld.ARFor Respondent: Ram Tiwari, Ld. DR

Section 143(3)Section 14ASection 73

…e was trading in the shares and units. 14. In reply the learned Counsel submitted that he has no objection if the matter is remitted back to the CIT (A) for consideration of the additional ground as the Hon'ble Bombay High Court in the case of Lokmat Holdings 322 ITR 43 has considered the scope of section 73 Explanation (2) and therefore, in view of the jurisdictional High Court judgment the assessee’s contention made before the Assessing Officer during the assessment should be allowed and if that is considered, there is no case for adjudicating the Ground No.2 as such. 15. We have considered the issue. The main…

TRAPU INVESTMENTS P.LTD,MUMBAI vs. DCIT CIR 3(3), MUMBAI

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

ITA 1123/MUM/2012[2008-09]Status: DisposedITAT Mumbai19 Apr 2017AY 2008-09

Bench: Shri B.R. Baskaran (Am)& Shri Ramlal Negi (Jm)

Section 73

…loss of ` 1.34 crores as speculation loss. In the appellate proceedings, the learned CIT(A) confirmed the order passed by the Assessing Officer by following the decision rendered by Hon'ble Bombay High Court in the case of CIT Vs. Lokmat Newspapers Pvt. Ltd. (322 ITR 43). Aggrieved, the assessee has filed this appeal before us. 4. Learned AR submitted that the Explanation 1 to section 73 of the Act has been amended w.e.f. 1.4.2015 and as per the amended provisions, loss claimed by the assessee should be treated as business loss only. 5. When learned Departmental Representative submitted that the amendment has b…

JM FINANCIAL SERVICES LTD,MUMBAI vs. JCIT (OSD) 4(3), MUMBAI

Accordingly dismissed. However, in view of our findings given above, the appeal of the assessee is treated as partly allowed

ITA 3654/MUM/2014[2009-10]Status: DisposedITAT Mumbai28 Dec 2016AY 2009-10

Bench: Shri G.S. Pannu & Shri Sanjay Gargassessment Year: 2009-10 M/S. J.M. Financial Services The Joint Commissioner Of Ltd., Income-Tax (Osd)-4(3), (Formerly Jm Financial Room No.635, Services Pvt. Ltd.), Aayakar Bhavan, Vs. 7Th Floor, Cnergy, M.K. Road, Appasaheb Marathe Marg, Mumbai - 400020 Prabhadevi, Mumbai – 400 025 Pan: Aaacj5977A (Appellant) (Respondent) Assessment Year: 2009-10

For Appellant: Shri K. Shivaram, A.RFor Respondent: Shri Alok Johri, D.R

Section 14A

…the profit from derivative transactions and only the net loss can be disallowed under Explanation to section 73. In this regard, reliance is also placed on the decision of the Hon'ble Bombay High Court in the case of CIT v. Lokmat Newspapers (P.) Ltd. (2010) 322 ITR 43 (Born) where in it has been held that the Explanation applied whether there is a profit or loss. The Ld. AO, therefore, erred on facts and in law in considering a part of the arbitrage transaction as deemed speculation loss as per Expin. to Sec.73. In view of the facts as explained above it is held that the appellant carries on arbitrage business…