CIT v. N.S.S. Investments Pvt. Ltd.

277 ITR 149High Court2005#4731 most cited

What is CIT v. N.S.S. Investments Pvt. Ltd. authority for?

The nature of gains arising from the transfer of shares and securities depends on the assessee's intention at the time of acquisition. If shares are held for earning dividends and not as stock-in-trade, profits on their sale are treated as capital gains, not business income.

25

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2010 to 2025.

Also referred to as

CIT v. N.S.S. Investments Pvt. Ltd. · 277 ITR 149 · capital gains vs business income · shares · securities · intention of assessee · dividend income · stock-in-trade

Judgments citing CIT v. N.S.S. Investments Pvt. Ltd.

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

…Ess Jay Enterprises (P) Limited: 173 Taxman 1 (Del.)  Pace Industries Ltd. for A.Y. 2000-01 in ITA No.1106/Del/2004 (Del)  CIT vs. S. Ramaamirtham: 306 ITR 239 (Mad.)  CIT v. Trish Investments Ltd..: 305 ITR 434 (Mad).  CIT v. N.S.S. Investment Pvt. Ltd.: 277 ITR 149 (Mad)  Arjun Kapur vs. DCIT: 70 ITD 161 (Del.)  Slocum Investment (P) Ltd. v. DCIT: 106 ITD 1 (Del.)  Gomti Credits (P) Limited v. DCIT: 100 TTJ 1132 (Del).  Ashish Chaudhary v. ITO : ITA No. 5227/Del./2014 (Del. ITAT) In the light of the aforesaid legal position, it is clear that the nature of gain arising on transfer of shares/ securities d…

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

…Ess Jay Enterprises (P) Limited: 173 Taxman 1 (Del.)  Pace Industries Ltd. for A.Y. 2000-01 in ITA No.1106/Del/2004 (Del)  CIT vs. S. Ramaamirtham: 306 ITR 239 (Mad.)  CIT v. Trish Investments Ltd..: 305 ITR 434 (Mad).  CIT v. N.S.S. Investment Pvt. Ltd.: 277 ITR 149 (Mad)  Arjun Kapur vs. DCIT: 70 ITD 161 (Del.)  Slocum Investment (P) Ltd. v. DCIT: 106 ITD 1 (Del.)  Gomti Credits (P) Limited v. DCIT: 100 TTJ 1132 (Del).  Ashish Chaudhary v. ITO : ITA No. 5227/Del./2014 (Del. ITAT) In the light of the aforesaid legal position, it is clear that the nature of gain arising on transfer of shares/ securities d…

DCIT, CHENNAI vs. INTEGRATED SECURITIES LIMITED, CHENNAI

ITA 1191/CHNY/2017[2008-09]Status: DisposedITAT Chennai08 Jun 2022AY 2008-09

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri S. Sridhar (Advocate) – Ld. A.RFor Respondent: Shri G. Johnson (Addl.CIT) – Ld. DR
Section 143(3)Section 145

…ed that the assessee could be investor as well as stock broker and could hold shares both as investment as well as stock in trade. Reliance was placed, inter-alia, on the decision of Hon’ble High Court of Madras in the case of CIT V/s NSS Investments P. Ltd. (277 ITR 149) to support the arguments. 3.2 Another pertinent fact brought to the notice was that sale of 7.50 Lacs shares of CUBL would not amount to transfer in view of the provisions of Sec. 47(v) of the Act as this transaction was between holding company i.e. M/s Integrated Enterprises India Ltd. (IEPL) and subsidiary company (assessee). The assessee subm…

SHRI. AMIT JAIN PROP M/S AMIT S FRAGRANCES,ERODE vs. ACIT CIRCLE 1, ERODE

In the result, both the appeals filed by the assessee are dismissed

ITA 1817/CHNY/2018[2015-16]Status: DisposedITAT Chennai13 Sept 2019AY 2015-16

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./Ita Nos.1816 & 1817/Chny/2018 "नधा"रण वष" /Assessment Years: 2014-15 & 2015-16 Shri Amit Jain, Vs. The Asst. Commissioner Of Prop. M/S. Amit S. Fragrances, Income Tax, 37, Nms Compound, Circle-1, Erode – 638 001. Erode. [Pan: Afipj 5671F] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri L.Shibi, C.S ""यथ" क" ओर से /Respondent By : Shri A.R.V. Sreenivasan, Jcit सुनवाई क" तार"ख/Date Of Hearing : 10.07.2019 घोषणा क" तार"ख /Date Of Pronouncement : 13.09.2019 आदेश / O R D E R Per Shri S. Jayaraman: The Assessee Filed These Two Appeals Against The Common Order Of The Commissioner Of Income Tax (Appeals)-3, Coimbatore, In Ita No.444/16-17 & 90/17-18 Dated 01.03.2018 For The Assessment Years (Ays) 2014-15 & 2015-16, Respectively. Since, Common Issues Are Involved In These Appeals, They Are Heard Together & Being Disposed Together, For Convenience Sake.

For Appellant: Shri L.Shibi, C.SFor Respondent: Shri A.R.V. Sreenivasan, JCIT
Section 111A

…ration and applied in this case, the assessee’s treatment would pass through and hence pleaded to allow these appeals. 5. Per contra, the ld. DR relying on the decision of Hon’ble Jurisdictional High Court in the case of CIT v. NSS Investments P. Ltd. [2005] 277 ITR 149 (Mad.) which was also considered by the Delhi High court in the case relied on by the ld AR, supra, submitted that it is clear that on a turnover of 10.64 Cr & Rs 8.01 Cr., for the assessments for AYs 2014-15 & 2015-16 respectively, the assessee made a profit of Rs 16.28 lakhs & 48.61 lakhs, respectively, for the assessments for AYs 2014-15 & 201…

SHRI. AMIT JAIN PROP M/S AMIT S FRAGRANCES,ERODE vs. ACIT CIRCLE 1, ERODE

In the result, both the appeals filed by the assessee are dismissed

ITA 1816/CHNY/2018[2014-15]Status: DisposedITAT Chennai13 Sept 2019AY 2014-15

Bench: Shri Duvvuru Rl Reddy & Shri S. Jayaramanआयकर अपील सं./Ita Nos.1816 & 1817/Chny/2018 "नधा"रण वष" /Assessment Years: 2014-15 & 2015-16 Shri Amit Jain, Vs. The Asst. Commissioner Of Prop. M/S. Amit S. Fragrances, Income Tax, 37, Nms Compound, Circle-1, Erode – 638 001. Erode. [Pan: Afipj 5671F] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Shri L.Shibi, C.S ""यथ" क" ओर से /Respondent By : Shri A.R.V. Sreenivasan, Jcit सुनवाई क" तार"ख/Date Of Hearing : 10.07.2019 घोषणा क" तार"ख /Date Of Pronouncement : 13.09.2019 आदेश / O R D E R Per Shri S. Jayaraman: The Assessee Filed These Two Appeals Against The Common Order Of The Commissioner Of Income Tax (Appeals)-3, Coimbatore, In Ita No.444/16-17 & 90/17-18 Dated 01.03.2018 For The Assessment Years (Ays) 2014-15 & 2015-16, Respectively. Since, Common Issues Are Involved In These Appeals, They Are Heard Together & Being Disposed Together, For Convenience Sake.

For Appellant: Shri L.Shibi, C.SFor Respondent: Shri A.R.V. Sreenivasan, JCIT
Section 111A

…ration and applied in this case, the assessee’s treatment would pass through and hence pleaded to allow these appeals. 5. Per contra, the ld. DR relying on the decision of Hon’ble Jurisdictional High Court in the case of CIT v. NSS Investments P. Ltd. [2005] 277 ITR 149 (Mad.) which was also considered by the Delhi High court in the case relied on by the ld AR, supra, submitted that it is clear that on a turnover of 10.64 Cr & Rs 8.01 Cr., for the assessments for AYs 2014-15 & 2015-16 respectively, the assessee made a profit of Rs 16.28 lakhs & 48.61 lakhs, respectively, for the assessments for AYs 2014-15 & 201…

ACIT, NEW DELHI vs. M/S. PURAN ASSOCIATES PVT. LTD., NEW DELHI

In the result, the appeal of the Revenue is partly allowed for statistical purposes

ITA 5054/DEL/2015[2011-12]Status: DisposedITAT Delhi20 Aug 2018AY 2011-12

Bench: Shri Amit Shukla & Shri O.P. Kant

For Appellant: Ms. Paramita Tripathi, CIT-DRFor Respondent: Shri M.P. Rastogi, Adv
Section 10(38)Section 111ASection 143(3)Section 14A

…liance was placed upon the decision of Hon'ble Jurisdictional High Court in the case of Essjay Enterprises Pvt. Ltd., reported in (2007) 165 taxmann.com (Del.) and Madras High Court judgment in the case of CIT vs. NSS Investments Pvt. Ltd., reported in (2005) 277 ITR 149 (Mad.). Thereafter, point-wise rebuttal of Assessing Officer’s allegation was given which has been incorporated in the appellate order in detail. Again, in support of the contention that if the assessee has maintained two separate portfolios, one for the investment and other for trading, then it cannot be held that shares held under the head ‘Inv…

DCIT, NEW DELHI vs. M/S. PURAN ASSOCIATES PVT. LTD., NEW DELHI

In the result, the appeal of the Revenue is partly allowed for statistical purposes

ITA 820/DEL/2013[2009-10]Status: DisposedITAT Delhi20 Aug 2018AY 2009-10

Bench: Shri Amit Shukla & Shri O.P. Kant

For Appellant: Ms. Paramita Tripathi, CIT-DRFor Respondent: Shri M.P. Rastogi, Adv
Section 10(38)Section 111ASection 143(3)Section 14A

…liance was placed upon the decision of Hon'ble Jurisdictional High Court in the case of Essjay Enterprises Pvt. Ltd., reported in (2007) 165 taxmann.com (Del.) and Madras High Court judgment in the case of CIT vs. NSS Investments Pvt. Ltd., reported in (2005) 277 ITR 149 (Mad.). Thereafter, point-wise rebuttal of Assessing Officer’s allegation was given which has been incorporated in the appellate order in detail. Again, in support of the contention that if the assessee has maintained two separate portfolios, one for the investment and other for trading, then it cannot be held that shares held under the head ‘Inv…

ACIT, NEW DELHI vs. M/S PURAN ASSOCIATES PVT. LTD., NEW DELHI

In the result, the appeal of the Revenue is partly allowed for statistical purposes

ITA 3078/DEL/2011[2008-09]Status: DisposedITAT Delhi20 Aug 2018AY 2008-09

Bench: Shri Amit Shukla & Shri O.P. Kant

For Appellant: Ms. Paramita Tripathi, CIT-DRFor Respondent: Shri M.P. Rastogi, Adv
Section 10(38)Section 111ASection 143(3)Section 14A

…liance was placed upon the decision of Hon'ble Jurisdictional High Court in the case of Essjay Enterprises Pvt. Ltd., reported in (2007) 165 taxmann.com (Del.) and Madras High Court judgment in the case of CIT vs. NSS Investments Pvt. Ltd., reported in (2005) 277 ITR 149 (Mad.). Thereafter, point-wise rebuttal of Assessing Officer’s allegation was given which has been incorporated in the appellate order in detail. Again, in support of the contention that if the assessee has maintained two separate portfolios, one for the investment and other for trading, then it cannot be held that shares held under the head ‘Inv…

THE ITO,, VIJAYAWADA vs. PEDARLA SRINIVASA MURTHY,, VIJAYAWADA

In the result, the appeals filed by the revenue for the A

ITA 124/VIZ/2016[2008-09]Status: DisposedITAT Visakhapatnam09 May 2018AY 2008-09

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

For Appellant: Shri Y. Sesha Srinivas, DR
Section 10(38)Section 143(3)

…ITA No.123 /Vizag/2016 Shri Pedarla Srinivasa Murthy, Vijayawada आयकर अपील"य अ"धकरण, "वशाखापटणम पीठ, "वशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM "ी वी. दुगा"राव, "या"यक सद"य एवं "ी ड.एस. . . . सु"दर "संह, लेखा सद"य के सम% BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A.No.123&124/Vizag/2016 ("नधा"रण वष" / Assessment Year: 2007-08 & 2008-09) ITO, Ward-2(3), Shri Pedarla Srinivasa Murthy Vijayawada Vijayawada [PAN No.AHUPP6051B] (अपीलाथ' / Appellant) (()याथ' / Respondent) अपीलाथ" क" ओर से / Appellant by : Shri Y…

THE ITO,, VIJAYAWADA vs. PEDARLA SRINIVASA MURTHY,, VIJAYAWADA

In the result, the appeals filed by the revenue for the A

ITA 123/VIZ/2016[2007-08]Status: DisposedITAT Visakhapatnam09 May 2018AY 2007-08

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singh

For Appellant: Shri Y. Sesha Srinivas, DR
Section 10(38)Section 143(3)

…ITA No.123 /Vizag/2016 Shri Pedarla Srinivasa Murthy, Vijayawada आयकर अपील"य अ"धकरण, "वशाखापटणम पीठ, "वशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM "ी वी. दुगा"राव, "या"यक सद"य एवं "ी ड.एस. . . . सु"दर "संह, लेखा सद"य के सम% BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A.No.123&124/Vizag/2016 ("नधा"रण वष" / Assessment Year: 2007-08 & 2008-09) ITO, Ward-2(3), Shri Pedarla Srinivasa Murthy Vijayawada Vijayawada [PAN No.AHUPP6051B] (अपीलाथ' / Appellant) (()याथ' / Respondent) अपीलाथ" क" ओर से / Appellant by : Shri Y…

ITO 2(1)(1), MUMBAI vs. CENTRAL; BANK OF INDIA, MUMBAI

Appeal stands dismissed

ITA 910/MUM/2011[2003-04]Status: DisposedITAT Mumbai04 Oct 2017AY 2003-04

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./I.T.A. No.8581/Mum/2010 (िनधा"रण वष" / Assessment Year: 1999-2000) Deputy Commissioner Of Central Bank Of India Income Tax 2(1) Central Office बनाम/ Central Accounts Deptt. Aaykar Bhavan Vs. Chandermukhi, 4Th Floor Room No. 575, 5Th Floor Nariman Point, Mumbai-400 021 M.K.Road, Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacc-2498-P (अपीलाथ" /Appellant) (""थ" / Respondent) : & C.O. No. 153/2012 [Arising Out Of Ita No.8581/Mum/2010 (िनधा"रण वष" / Assessment Year: 1999-2000) Central Bank Of India Deputy Commissioner Of Central Office Income Tax 2(1) बनाम/ Central Accounts Deptt. Aaykar Bhavan Chandermukhi, 4Th Floor Room No. 575, 5Th Floor Vs. Nariman Point, Mumbai-400 021 M.K.Road, Mumbai-400 020 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. Aaacc-2498-P (अपीलाथ" /Appellant) (""थ" / Respondent) : &

Section 115JSection 143(3)Section 147

…n. Hence the A.O.is not justified in treating the Long term capital gain shown by the assessee as business income. Reliance is placed on the decision of UCO Bank vs CIT (240 ITR 355). Reliance is also placed on the decision of CIT Vs NSS Investment Pvt. Ltd. (277 ITR 149)(MAD) wherein it was held that a company can hold shares as the stock-in trade for the purpose of doing business of buying and selling such shares at the same time it can also hold some other shares as its capital for the purpose of earning dividend. The shares were not held as stock-in-trade. Hence, there would be capital gain and not business i…

ACIT, NEW DELHI vs. M/S DATAVISION SYSTEMS (P) LTD., NEW DELHI

In the result ground No. 1 of the appeal of the Revenue is dismissed

ITA 5957/DEL/2010[2007-08]Status: DisposedITAT Delhi18 Sept 2017AY 2007-08

Bench: Shri I.C.Sudhir & Shri Prashant Maharishi & Acit, Vs. Datavision Systems P Ltd, Circle-10(1), 203, Pragati House, New Delhi 47-48, Nehru Place, New Delhi Pan:Aaacd3381N (Appellant) (Respondent)

For Appellant: Shri Ajay Baheti, CAFor Respondent: Shri Anshu Prakash, Sr. DR

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “B”: NEW DELHI BEFORE SHRI I.C.SUDHIR, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER And ACIT, Vs. Datavision Systems P Ltd, Circle-10(1), 203, Pragati House, New Delhi 47-48, Nehru Place, New Delhi PAN:AAACD3381N (Appellant) (Respondent) Revenue by : Shri Anshu Prakash, Sr. DR Assessee by: Shri Ajay Baheti, CA Date of Hearing 05/09/2017 Date of pronouncement 18/09/2017 O R D E R PER PRASHANT MAHARISHI, A. M. 1. ITA No. 5957/Del/2010 for assessment year 2007 – 2008, wherein the coordinate bench has passed its order dated 31/03/2011, on appeal before the…

ACIT 13(2), MUMBAI vs. ANAND GUPTA HUF, MUMBAI

ITA 2073/MUM/2013[2008-09]Status: DisposedITAT Mumbai02 Jun 2017AY 2008-09
For Appellant: Shri Madhur AggarwalFor Respondent: Shri Rajesh Kumar Yadav
Section 143

…आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण, मुंबई अिधकरण मुंबई मुंबई “ए” खंडपीठ मुंबई खंडपीठ खंडपीठ मेमेमेमे खंडपीठ Income-tax Appellate Tribunal -“A”Bench Mumbai सव"ी राजे"",लेखा सद"य एवं अमरजीत "सह, "याियक सद"य Before S/Sh.Rajendra,Accountant Member and Amarjit Singh,Judicial Member आयकर अपील सं./I.T.A./2073/Mum/2013,िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2008-09 िनधा"रण िनधा"रण वष" वष" DCIT -13(2) Shri Anand Gupta HUF Room No.421, 4th Floor, 32/38F, Iron Market Aayakar Bhavan, M.K. Road Vs. Ahmedabad Street Mumbai-400 020. Mumbai-400 009. PAN:AAEHA 0857 R (अपीलाथ" /Appellant) (…

NAVINCHANDRA N . MAJITHIA,MUMBAI vs. ITO 9(2)(1), MUMBAI

The appeal of the assessee is partly allowed

ITA 2830/MUM/2013[1999-00]Status: DisposedITAT Mumbai18 Nov 2016AY 1999-00

Bench: Shri Joginder Singh & Shri N.K. Pradhanassessment Year: 1999-2000 Shri Navinchandra N. Income Tax Officer-9(2)(1) Majithia, Aayakar Bhavan, बनाम/ 304, Kedia Chambers, M.K. Road, Vs. Near New Era Cinema, Mumbai-400020 S.V. Road, Malad (W), Mumbai-400064 ("नधा"रती /Assessee) (राज"व /Revenue) P.A. No. Aaepm6435F "नधा"रती क" ओर से / Assessee By M/S. Keyuri Desai Shri Sushil Kumar Poddar,Dr राज"व क" ओर से / Revenue By 16/11/2016 सुनवाई क" तार"ख / Date Of Hearing : 18/11/2016 आदेश क" तार"ख /Date Of Order:

…annot be said to be justified. We find that the case of the assessee is covered in his favour by the ratio laid down in CIT vs Trishul Investment Ltd. (2008) 305 ITR 434 (Mad.), CIT vs Ramamirtham (2008) 306 ITR 239 (Mad.), CIT vs N.S. S. Investment Pvt. Ltd. 277 ITR 149 (Mad.), CIT vs Jubilant Security Pvt. Ltd. (2011) 333 ITR 445 (Del.), Janak S. Rangwala vs ACIT 11 SOT 627 (Mum.), Bombay Gymkhana Ltd. vs Income Tax Officer (2008) 5 DTR (Mum) 29 Shri Navinchandra N. Majithia 401, CIT vs Gopal Purohit (2011) 336 ITR 287 (Bom.)(SLP dismissed by Supreme Court in 334 ITR 308)(St.)(SC). So far as, the frequency of…

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

…P) Ltd vs CIT reported in 70 ITD 200 (CHD) Ramnarain Sons (Pr) Ltd vs CIT reported in 41 ITR 534 (SC) ACIT vs Kethan Kumar A Shah reported in 242 ITR 83 (Ker) Motilal 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 m…

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

…P) Ltd vs CIT reported in 70 ITD 200 (CHD) Ramnarain Sons (Pr) Ltd vs CIT reported in 41 ITR 534 (SC) ACIT vs Kethan Kumar A Shah reported in 242 ITR 83 (Ker) Motilal 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 m…

ACIT RG 4(2), MUMBAI vs. NVS BROKERAGE P[ LTD, MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 8295/MUM/2010[2007-08]Status: DisposedITAT Mumbai21 Jul 2016AY 2007-08

Bench: Shri R.C.Sharma (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2007-08

For Appellant: Shri. Pramod Kumar Parida & MsFor Respondent: Shri. B. Satyaramayana Rajo
Section 143(3)

…163/Mum/2004 dated 19.12.2006), decision rendered by the Hyderabad Tribunal in Shah Investments and Financial Consultants Pvt. Ltd. vs DCIT [2005]2 SOT 371(Hyd) and judgment delivered by the Hon’ble High Court of Madras in N.S.S. Investments vs P. Ltd. [2005] 277 ITR 149(Mad) to substantiate his contentions. The Ld. Counsel for the assessee relying on the judgments passed by the Hon’ble Supreme Court in Ashok Viniyoga Ltd. vs CIT 84 ITR 264(SC), Karam Chand Thakur & Bros.Pvt. Ltd.vs CIT 82 ITR 899 (SC), Madnani Development Corporation Pvt. Ltd. vs CIT 161 ITR 165 (SC) and other judgments passed by the High Courts…

N vs. BROKERAGE P. LTD,MUMBAIVS.ASST CIT CIR 1(2), MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 7280/MUM/2010[2007-08]Status: DisposedITAT Mumbai21 Jul 2016AY 2007-08

Bench: Shri R.C.Sharma (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2007-08

For Appellant: Shri. Pramod Kumar Parida & MsFor Respondent: Shri. B. Satyaramayana Rajo
Section 143(3)

…163/Mum/2004 dated 19.12.2006), decision rendered by the Hyderabad Tribunal in Shah Investments and Financial Consultants Pvt. Ltd. vs DCIT [2005]2 SOT 371(Hyd) and judgment delivered by the Hon’ble High Court of Madras in N.S.S. Investments vs P. Ltd. [2005] 277 ITR 149(Mad) to substantiate his contentions. The Ld. Counsel for the assessee relying on the judgments passed by the Hon’ble Supreme Court in Ashok Viniyoga Ltd. vs CIT 84 ITR 264(SC), Karam Chand Thakur & Bros.Pvt. Ltd.vs CIT 82 ITR 899 (SC), Madnani Development Corporation Pvt. Ltd. vs CIT 161 ITR 165 (SC) and other judgments passed by the High Courts…

KAMAL KISHORE AGARWAL,MUMBAI vs. ITO 24(2)(1), MUMBAI

In the result, appeals for A

ITA 3515/MUM/2014[2010-11]Status: DisposedITAT Mumbai13 Jul 2016AY 2010-11
For Appellant: Shri S.C. Tiwari & Rutuja PawarFor Respondent: Shri Morya Pratap
Section 143(3)

…there was nothing in law which prohibited a trader in shares to invest in shares. The intention of the assessee was relevant to determine whether he was carrying on the business in shares or investment. vii. In the case of CIT v/s N.S.S. Investments Pvt. Ltd. 277 ITR 149 (Madras) The Hon‟ble Court held that a Company can hold shares as stock in trade for the purpose of doing business of buying and selling of such shares, while at the same time, it can also hold other shares as its capital, that where the findings Mr. Kamal Kishore Agarwal was that the shares in question were never treated by the assessee as stoc…

DCIT 24(2), MUMBAI vs. KAMAL KIOSHOR AGARWAL, MUMBAI

In the result, appeals for A

ITA 5974/MUM/2011[2008-09]Status: DisposedITAT Mumbai13 Jul 2016AY 2008-09
For Appellant: Shri S.C. Tiwari & Rutuja PawarFor Respondent: Shri Morya Pratap
Section 143(3)

…there was nothing in law which prohibited a trader in shares to invest in shares. The intention of the assessee was relevant to determine whether he was carrying on the business in shares or investment. vii. In the case of CIT v/s N.S.S. Investments Pvt. Ltd. 277 ITR 149 (Madras) The Hon‟ble Court held that a Company can hold shares as stock in trade for the purpose of doing business of buying and selling of such shares, while at the same time, it can also hold other shares as its capital, that where the findings Mr. Kamal Kishore Agarwal was that the shares in question were never treated by the assessee as stoc…

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