CIT v. Madan Gopal Radhyalal

ACIT 33(2), Mumbai vs. Manish P Gandhi, Mumbai

In the result, appeal filed by the revenue is dismissed

Bench: Shri Sandeep Gosain () & Shri G Manjunatha () Acit-33(2), Mumbai Vs Shri Manish P Gandhi 2302, Challenger Tower-1, Thakur Village, Kandivali East, Mumbai 400 101 Pan : Aacpg3600N Appellant Respondednt

…1 ITA 7474/Mum/2014 IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI Before Shri Sandeep Gosain (JUDICIAL MEMBER) AND Shri G Manjunatha (ACCOUNTANT MEMBER) ACIT-33(2), Mumbai vs Shri Manish P Gandhi 2302, Challenger Tower-1, Thakur Village, Kandivali East, Mumbai 400 101 PAN : AACPG3600N APPELLANT RESPONDEDNT Appellant by Shri Rajeev S Kesarwani Respondent by Shri Sanjay R Parikh Date of hearing 12-04-2019 Date of pronouncement 24-05-2019 O R D E R Per G Manjunatha, AM : This appeal filed by the revenue is directed against order of the CIT(A)- 35, Mumbai dated 26-09-2014 and it pertains to AY…

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

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

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) ..

…been holding a large number of shares for more than a period of one year and there no borrowings made by the appellant. The appellant has also earned substantial dividend during the year. The Hon'ble Supreme Court in the case of CIT Vs Madan Gopal Radhyalal 73 ITR 62 has held that there cannot be a presumption that every acquisition by a dealer in a particular commodity is an acquisition for the purpose of his business. In each case the intention is to be seen from the facts of the case and also from the conduct of acquiring the commodity and its dealings in the same. The Hon'ble Supreme Court have further held…

Dilip Variya HUF, Mumbai vs. ITO 25(3)(2), Mumbai

The appeal of the assessee is allowed, more specifically when the assessee is carrying the business of

Bench: Shri Joginder Singh, Assessment Year: 2010-11 Mr. Dilip Variya Huf, Income Tax Officer-25(3)(2) 602, Shri Aashirwad Chs, Mumbai बनाम/ Shankar Lane, Opp. Shankar Vs. Mandir, Kandivali (W), Mumbai-400101 "नधा"रती / Assessee राज"व / Revenue P.A. No.Aachd1838F

…rading in shares as business income instead of capital gains, computed by the assessee. The Ld. Commissioner of Income Tax (Appeal) made reference to CBDT Circular No.4 of 2007 dated 15/06/2007 and also a decision in the case of CIT vs Mandan Gopal Radhyalal 73 ITR 62 and dismissed the appeal of the assessee. The assessee is in appeal before this Tribunal. 2.3. If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, material available on record, assertions made by the ld. respective counsel, if kept in juxtaposition and analyzed, it…

ACIT 32(2), Mumbai vs. Laxmi M Chaturvedi, Mumbai

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2010-11 A C I T - 32(2) Smt. Laxmi M. Chaturvedi Pratyaksha Kar Bhavan Tara-1002, Tara Apt. बनाम/ Room No. 202, 2Nd Floor Dhruv Tara Chs, Shiv Vs. Bandra Kurla Complex Vallabh Road, Ashokvan Bandra (E), Mumbai 400051 Borivali (E), Mumbai 400066 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No. Aacpc3302M

…d as stock in trade. So far as the observation that quantum being high cannot be the sole criteria to treat the portfolio as business income. The CBDT circular No. 4 of 2007 dated 15.06.2007 clarifies the position. The decision in CIT vs. Madan Gopal Radhalal 73 ITR 62 clarifies that there cannot be a presumption that every acquisition by a dealer in the particular commodity is an acquisition for the purposes of his business. In each case the intention has to be gathered from the conduct and facts of the case. The Hon'ble judicdictional 6 Smt. Laxmi M. Chaturvedi High Court in Yatish Trading Company has laid do…