CIT v. Merlin

375 ITR 118High Court2015#5678 most cited
21

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2025.

Also reported as

65 Taxmann.com 37

Issues it is cited on

period of holdingshort term capital gainsection 28section 43long term capital gaintransfersection 143(3)total incomebusinessdocumentinterest

Judgments citing CIT v. Merlin

MARUTI SUZUKI INDIA LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, all the three appeals of the assessee are allowed as indicated above and the appeal of Revenue is partly allowed

ITA 901/DEL/2017[2012-13]Status: DisposedITAT Delhi08 Oct 2025AY 2012-13

Bench: Shris.Rifaur Rahman & Shri Vimal Kumar

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri G.C. Srivastava, Spl. Counsel for the Department
Section 143(3)Section 144CSection 144C(1)Section 144C(5)Section 14ASection 32Section 35Section 43B

…w the same treatment in succeeding years, which the appellant has undisputedly done. Reliance in this regards is also placed on the decision of Hon’ble Calcutta High Court in case of CIT vs. Merlin Holding (P.) Ltd. [2016] 65 taxmann.com 37 (Calcutta)/ [2015] 375 ITR 118 (Calcutta) [12-05-2015] wherein it was held that where share transaction was entered into with intention of investment, income derived from share transaction would constituted short-term capital gain; frequency of transactions alone could not be a factor to show that intention was not to make investment. Most importantly, even in the remand proce…

DCIT, NEW DELHI vs. M/S. MARUTI SUZUKI INDIA LTD., NEW DELHI

In the result, all the three appeals of the assessee are allowed as indicated above and the appeal of Revenue is partly allowed

ITA 1024/DEL/2016[2011-12]Status: DisposedITAT Delhi08 Oct 2025AY 2011-12

Bench: Shris.Rifaur Rahman & Shri Vimal Kumar

For Appellant: Shri Ajay Vohra, Sr. AdvocateFor Respondent: Shri G.C. Srivastava, Spl. Counsel for the Department
Section 143(3)Section 144CSection 144C(1)Section 144C(5)Section 14ASection 32Section 35Section 43B

…w the same treatment in succeeding years, which the appellant has undisputedly done. Reliance in this regards is also placed on the decision of Hon’ble Calcutta High Court in case of CIT vs. Merlin Holding (P.) Ltd. [2016] 65 taxmann.com 37 (Calcutta)/ [2015] 375 ITR 118 (Calcutta) [12-05-2015] wherein it was held that where share transaction was entered into with intention of investment, income derived from share transaction would constituted short-term capital gain; frequency of transactions alone could not be a factor to show that intention was not to make investment. Most importantly, even in the remand proce…

DCIT-1(1), BHOPAL vs. SHRI PRAKASH BHOJWANI, BHOPAL

Appeal is dismissed

ITA 172/IND/2019[2010-11]Status: DisposedITAT Indore02 Jan 2024AY 2010-11

Bench: Shri Vijay Pal Rao & Shri B.M. Biyaniassessment Year: 2010-11 Dy. Cit, Shri Prakash Bhojwani, 1(1), H.No. 7, Parika Phase-I, Bhopal Walmi Road, बनाम/ Chuna Bhatti, Vs. Bhopal (Revenue / Respondent) (Assessee / Appellant) Pan: Abvpb 8825 E Assessee By Shri Ashish Goyal & Shri N.D. Patwa, Ars Revenue By Shri Harshit Bari, Sr. Dr Date Of Hearing 02.11.2023 Date Of Pronouncement 02.01.2024

Section 111ASection 111USection 143(3)Section 147Section 148Section 28

…ting in short term capital gain on shares and it has been argued that frequency of transaction in share and period of holding is not determinative factor in deciding capital gain or business income. Reliance has been placed on CIT vs. Merlin Holding Pvt.Ltd., 375 ITR 118 (Cal). 8.4 From the details filed, it is observed that the appellant had shown short term capital gain of Rs. 62,52,950/- and after claiming carry forward capital loss of Rs. 5.24 lakh, the net amount of Rs. 57,28,867/- was shown. From the details filed before the AO and during appeal, it is observed that only amount of Rs. 7,52,383/- was pertain…

M/S. GAYAN TRADERS LIMITED vs. COMMISSIONER OF INCOME TAX, KOLKATA-II

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

ITA/48/2009HC Calcutta30 Sept 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE SUPRATIM BHATTACHARYA

Section 143(3)Section 260A

…that most of the shares were purchased and sold in the financial year relevant to the assessment year under consideration. This aspect has been very clearly 1 (2013) 214 Taxman 260 (Del) 2 (2015) 375 ITR 118 (Cal) 3 (2016) 236 Taxman 64 (Bom) ITA NO. 48 OF 2009 REPORTABLE Page 6 of 19 brought out by the assessing officer in the assessment order dated December 31, 2007 by mentioning the relevant…

JET AGE SECURITIES PRIVATE LIMITED vs. COMMISSIONER OF INCOME TAX, KOLKATA-III

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

ITA/79/2010HC Calcutta15 Sept 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE SUPRATIM BHATTACHARYA

Section 260ASection 94(7)

…e respondent that only less than 1/3rd of the total transactions was held for a short period. That apart, the volume of transaction cannot have any impact to consider as to whether the 3 (2015) 375 ITR 118 (Cal) 4 (2022) 287 Taxman 20/137 taxmann.com 253 (Calcutta) ITA NO. 79 OF 2010 Page 10 of 12 transaction would give rise to short-term capital gain or not.” “.........in the case of CIT v. Merlin Holding (P.) Ltd. [2016] 65 taxmann.com 37/[2015] 375 ITR 118 (Cal.). In the said case the Court found that the frequency cannot alone go t…

SHEETAL MOHTA,KOLKATA vs. ACIT, CIR.-50, KOLKATA

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

ITA 161/KOL/2021[2013-14]Status: DisposedITAT Kolkata31 Mar 2022AY 2013-14

Bench: Sri Rajpal Yadav & Sri Manish Borad)

Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA (Before Sri Rajpal Yadav, Vice President & Sri Manish Borad, Accountant Member) I.T.A. No.: 161/Kol/2021 Assessment Year: 2013-14 Sheetal Mohta........................................................................Appellant [PAN: AIAPM 3784 D] Vs. ACIT, Circle-50, Kolkata......................................................Respondent Appearances by: Sh. Siddharth Agarwal, Adv., appeared on behalf of the Assessee. Sh. Biswanath Das, Addl. CIT, appeared on behalf of the Revenue. Date of concluding the hearing : March 30th, 2022 Date of pronouncing t…

M/S.SHEETAL REAL vs. INCOME TAX OFFICER

In the result, the appeal fails and the substantial questions of law

ITA/83/2010HC Orissa08 Feb 2022

Bench: DR. JUSTICE S. MURALIDHAR (CJ),MR. JUSTICE R.K.PATTANAIK

Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 260ASection 372A

…ons which were issued by the Government to promote the primary and secondary market and the legislative changes which was brought about. The learned senior 222022 143 Taxman.com 42 (Cal) 232015 375 ITR 118 (Cal) 24ITA No. 79 of 2010 252022 287 Taxman 20 (Cal) ITA/83/2010 REPORTABLE Page 32 of 60 advocate referred to the facts in all the decis…

PRINCIPAL COMMISSIONER OF INCOME TAX CENTRAL -1, KOLKATA vs. PURVANCHAL LEASING LTD.

In the result, the appeal (ITAT/203/2017) fails and is

ITAT/203/2017HC Calcutta21 Jan 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

Section 143(3)Section 260ASection 263

…nces of the case on hand. The learned senior counsel for the respondent placed reliance on the decision in the case of Commissioner of Income-Tax, Kolkata - III Vs. Merlin Holding (P) Ltd., reported in [2016] 56 taxmann.com 37 (Calcutta) equivalent to [2015] 375 ITR 118 (Cal). In the said case the Court found that the frequency cannot alone go to show the intention was not to make an investment. Thus, the Tribunal rightly appreciated the legal position and granted relief. The learned senior counsel placed reliance on a circular issued by the CBDT dated 29th February, 2016. This circular having been issued only i…

M/S UNICORN AGRO TECH LIMITED, SECUNDERABAD. vs. THE ASST. COMMISISONER OF INCOME TAX, HYDERABAD.

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

ITTA/48/2009HC Telangana16 Mar 2021

Bench: T.VINOD KUMAR,M.S.RAMACHANDRA RAO

Section 143(3)Section 260A

…that most of the shares were purchased and sold in the financial year relevant to the assessment year under consideration. This aspect has been very clearly 1 (2013) 214 Taxman 260 (Del) 2 (2015) 375 ITR 118 (Cal) 3 (2016) 236 Taxman 64 (Bom) ITA NO. 48 OF 2009 REPORTABLE Page 6 of 19 brought out by the assessing officer in the assessment order dated December 31, 2007 by mentioning the relevant…

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

ITA 851/KOL/2013[2008-2009]Status: DisposedITAT Kolkata14 Feb 2018AY 2008-2009

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

For Appellant: Shri J.P.Khaitan, Sr. CounselFor Respondent: Shri P.K.Srihari, CIT
Section 143(3)

…it is held for a day and sold , the resultant gain would still be only short term capital gains if the shares were held as investments, as has been held by the Hon’ble Jurisdictional High Court in the case of CIT v. Merlin Holding (P.) Ltd. reported in (2015) 375 ITR 118 (Cal) for the Asst Years 2005- 06 and 2006-07 had held as below:— 4. Mr.Saraf, learned advocate, appearing for the appellant / revenue contended that there are more than one thousand transactions in the year which is not in consistence with the conduct of an investor. The dividend earned is restricted to less than Rs 2,50,000/- and the trading w…

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

ITA 850/KOL/2013[2007-08]Status: DisposedITAT Kolkata14 Feb 2018AY 2007-08

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

For Appellant: Shri J.P.Khaitan, Sr. CounselFor Respondent: Shri P.K.Srihari, CIT
Section 143(3)

…it is held for a day and sold , the resultant gain would still be only short term capital gains if the shares were held as investments, as has been held by the Hon’ble Jurisdictional High Court in the case of CIT v. Merlin Holding (P.) Ltd. reported in (2015) 375 ITR 118 (Cal) for the Asst Years 2005- 06 and 2006-07 had held as below:— 4. Mr.Saraf, learned advocate, appearing for the appellant / revenue contended that there are more than one thousand transactions in the year which is not in consistence with the conduct of an investor. The dividend earned is restricted to less than Rs 2,50,000/- and the trading w…

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

ITA 849/KOL/2013[2006-07]Status: DisposedITAT Kolkata14 Feb 2018AY 2006-07

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

For Appellant: Shri J.P.Khaitan, Sr. CounselFor Respondent: Shri P.K.Srihari, CIT
Section 143(3)

…it is held for a day and sold , the resultant gain would still be only short term capital gains if the shares were held as investments, as has been held by the Hon’ble Jurisdictional High Court in the case of CIT v. Merlin Holding (P.) Ltd. reported in (2015) 375 ITR 118 (Cal) for the Asst Years 2005- 06 and 2006-07 had held as below:— 4. Mr.Saraf, learned advocate, appearing for the appellant / revenue contended that there are more than one thousand transactions in the year which is not in consistence with the conduct of an investor. The dividend earned is restricted to less than Rs 2,50,000/- and the trading w…

RAGUVALIKA TRADING PVT LTD ( SINCE MERGED WITH M.M.MURARKA SHARE & SECURITIES PVT LTD),KOLKATA vs. D.C.I.T CIR - 4,KOLKATA, KOLKATA

In the result, the appeal of the assessee in ITA No

ITA 848/KOL/2013[2005-06]Status: DisposedITAT Kolkata14 Feb 2018AY 2005-06

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm] I.T.A Nos. 848 To 850/Kol/2013 Assessment Years : 2005-06 To 2007-08 Ruguvalika Trading Pvt. Ltd. -Vs- Dcit, Circle-4, Kolkata (Since Merged With M.M. Murarka Share & Securities Pvt. Ltd. [Pan: Aabcr 5743 B] (Appellant) (Respondent)

For Appellant: Shri J.P.Khaitan, Sr. CounselFor Respondent: Shri P.K.Srihari, CIT
Section 143(3)

…it is held for a day and sold , the resultant gain would still be only short term capital gains if the shares were held as investments, as has been held by the Hon’ble Jurisdictional High Court in the case of CIT v. Merlin Holding (P.) Ltd. reported in (2015) 375 ITR 118 (Cal) for the Asst Years 2005- 06 and 2006-07 had held as below:— 4. Mr.Saraf, learned advocate, appearing for the appellant / revenue contended that there are more than one thousand transactions in the year which is not in consistence with the conduct of an investor. The dividend earned is restricted to less than Rs 2,50,000/- and the trading w…

INCOME TAX OFFICER-WARD-31(3), KOLKATA, KOLKATA vs. DILIP B BESAI (HUF), KOLKATA

In the result, the appeals of the revenue are dismissed

ITA 2799/KOL/2013[2006-2007]Status: DisposedITAT Kolkata27 Jan 2017AY 2006-2007

Bench: Hon’Ble Shri M.Balaganesh, Am & Shri S.S.Viswanethra Ravi, Jm]

For Appellant: Shri Nicholas Murmu, JCIT, Sr.DRFor Respondent: Shri Vijay Shah, FCA
Section 10(38)Section 143(3)Section 263

…-10 & 2006-07 which is quite evident from the details of short term capital gains together with the holding period in days submitted before the ld AO. He argued that the Hon’ble Calcutta High Court in the case of CIT vs Merlin Holding P Ltd reported in (2015) 375 ITR 118 (Cal) for the Asst Years 2005-06 and 2006-07 had held that short term capital gains means shares held and sold within a period of 1 to 365 days. He placed reliance on the decision of the Hon’ble Bombay High Court in the case of CIT vs Gopal Purohit reported in (2011) 336 ITr 287 (Bom) in support of his arguments apart from relying on the co-ordin…

SURYA PRAKASH TOSHNIWAL HUF,KOLKATA vs. ITO, WD-41(3), KOLKATA, KOLKATA

In the result, assessee’s appeal stands allowed

ITA 1213/KOL/2016[2005-2006]Status: DisposedITAT Kolkata11 Jan 2017AY 2005-2006

Bench: Shri A.T.Varkey & Shri Waseem Ahmedassessment Year :2005-06 Surya Prakash Toshniwal V/S. Income Tax Officer, Huf, C/O. Narendra Goyal Ward-41(3), 3 & Co., 16, N.S. Road, 2Nd, Government Place, Floor, Kolkata-700 001 Kolkata-7001 [Pan No.Aaghs 7032 G] .. अपीलाथ" /Appellant ""यथ"/Respondent

Section 263Section 68

…Term Capital Loss against the Short Term Capital Gain of the year under consideration. The grounds of appeal raised by the assessee are allowed." We also find that the Hon'ble Calcutta High Court in the case of CIT vs Merlin Holding P Ltd reported in (2015) 375 ITR 118 (Cal) for the Asst Years 2005- 06 and 2006-07 had held as below:- "The frequency of transactions in shares alone cannot show that the intention of the investor was not to make an investment. The Legislature has not made any distinction on the basis-of frequency of transactions. The benefit of short - term capital gains can be availed of for any…

DCIT, CIRCLE - 10, KOLKATA, KOLKATA vs. M/S. VEDA COMMERCIAL PVT. LTD., KOLKATA

Appeal is partly allowed for statistical purposes

ITA 1527/KOL/2010[2007-08]Status: DisposedITAT Kolkata16 Nov 2016AY 2007-08

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Rabin Chaudhury, JCIT
Section 143(3)Section 14A

…Oswal vs Addl CIT reported in 8 SOT 771 (Bom) CIT vs N.S.S.Investments P Ltd reported in 277 ITR 149 (Mad) Janak S Rangwalla vs ACIT reported in 11 SOT 627 (Mum) CIT vs Gopal Purohit reported in 228 CTR 582 (Bom) CIT vs Merlin Holding (P) Ltd reported in 375 ITR 118 (Cal) ITO vs Manimaya Holdings Pvt Ltd in ITA No. 439/Kol/2009 for Asst Year 2005-06 dated 6.4.2016 (Kolkata Tribunal) 5.8. We have heard the rival submissions and perused the materials available on record including the paper book filed by the assessee. We would like to briefly narrate the principles applicable in deciding the above issue as la…

DCIT, CIRCLE - 10, KOLKATA, KOLKATA vs. M/S. VEDA COMMERCIAL PVT. LTD., KOLKATA

Appeal is partly allowed for statistical purposes

ITA 1064/KOL/2010[2006-07]Status: DisposedITAT Kolkata16 Nov 2016AY 2006-07

Bench: Shri M. Balaganesh, Am & Shri S. S. Viswanethra Ravi, Jm]

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Rabin Chaudhury, JCIT
Section 143(3)Section 14A

…Oswal vs Addl CIT reported in 8 SOT 771 (Bom) CIT vs N.S.S.Investments P Ltd reported in 277 ITR 149 (Mad) Janak S Rangwalla vs ACIT reported in 11 SOT 627 (Mum) CIT vs Gopal Purohit reported in 228 CTR 582 (Bom) CIT vs Merlin Holding (P) Ltd reported in 375 ITR 118 (Cal) ITO vs Manimaya Holdings Pvt Ltd in ITA No. 439/Kol/2009 for Asst Year 2005-06 dated 6.4.2016 (Kolkata Tribunal) 5.8. We have heard the rival submissions and perused the materials available on record including the paper book filed by the assessee. We would like to briefly narrate the principles applicable in deciding the above issue as la…

DCIT, CIRCLE - 10, KOLKATA, KOLKATA vs. TRISYS ON THE NET PVT. LTD., KOLKATA

In the result, Revenue’s appeal is dismissed

ITA 1547/KOL/2011[2006-07]Status: DisposedITAT Kolkata24 Jun 2016AY 2006-07

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

Section 143(3)

…Loss against the Short Term Capital gain of the year under consideration. The ground of appeal raise by the assessee are allowed.” 6.2 Further we also find the judgment of Hon'ble jurisdictional High Court in the case of CIT vs. Merlin Holding P Ltd. (2015) 375 ITR 118 (Cal) for the AY 2005-06 and 2006-07 had held as below:- “The frequency of transactions in shares along cannot show that the intention of the investor was not to make an investment. The Legislature has not made any distinction on the basis-of frequency of transactions. The benefit of short- term capital gains can be availed of for any period of r…

ITO, WARD - 12(4), KOLKATA vs. M/S. MANIMAYA HOLDINGS PVT. LTD., KOLKATA

In the result the appeal of the revenue is partly allowed for statistical purpose

ITA 439/KOL/2009[2005-06]Status: DisposedITAT Kolkata06 Apr 2016AY 2005-06

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am ] Assessment Year : 2005-06

For Appellant: Shri Sallong yaden, Addl.CIT,Sr.DRFor Respondent: Shri Subash Agarwal, Advocate

…ssee. The learned DR placed reliance on the order of AO. The learned Counsel for the assessee placed reliance on the order of CIT(A). He also placed reliance on the decision of the Hon’ble Calcutta High Court in the case of CIT vs Merlin Holding (P)Ltd (2016) 65 Taxmann.com 37 (Calcutta) wherein the Hon’ble Calcutta High Court observed as follows :- “6. These are the facts and circumstances, which according to him, go to show that the assessee primarily in the business of dealing in shares rather than in the business of investment. The frequency of transaction highlighted by Mr. Saraf is not decisive on either si…

ACIT, CIRCLE - 31, KOLKATA, KOLKATA vs. PRADYUMNA DALMIA, KOLKATA

In the result, the appeal of the assessee in ITA No

ITA 1280/KOL/2010[2007-08]Status: DisposedITAT Kolkata20 Jan 2016AY 2007-08

Bench: : Shri Mahavir Singh & Shri M. Balaganesh

For Appellant: Shri Sanjay Mukherjee, JCIT, ld. Sr.DRFor Respondent: Shri R.N Bajoria, Sr. Advocate &
Section 143(3)Section 144ASection 14A

…apital Loss against the Short Term Capital Gain of the year under consideration. The grounds of appeal raised by the assessee are allowed.” 4.4.1. We also find that the Hon’ble Calcutta High Court in the case of CIT vs Merlin Holding P Ltd reported in (2015) 375 ITR 118 (Cal) for the Asst Years 2005- 06 and 2006-07 had held as below:- Held, dismissing the appeal, that the assessee had adduced proof to show that some transactions were intended to be business transactions, some transactions were intended to be by way of investment and some transactions were by way of speculation. The Revenue had not been able to…

Showing 1–20 of 21 · Page 1 of 2