CIT v. NASA Finlease Pvt. Ltd.

358 ITR 305High Court2013#17810 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2023.

Judgments citing CIT v. NASA Finlease Pvt. Ltd.

M/S RAMAVTAR KRISHANAVTAR,KOTA vs. INCOME TAX OFFICER, KOTA

In the result, the appeal of the assessee is partly allowed

ITA 214/JPR/2018[2014-15]Status: DisposedITAT Jaipur05 Jan 2023AY 2014-15

Bench: Hon’ble SHRI SANDEEP GOSAIN (Judicial Member)

For Appellant: Shri Saurav Harsh, AdvocateFor Respondent: Smt. Monisha Choudhary, JCIT

Section 143(2)Section 234ASection 43Section 43(5)(e)

…tion dated 27.11.2013, the eligible transaction entered into prior to that date will not quantify as non-speculative transaction. . We find that similar issue arose before the Hon'ble Delhi High Court in the case of CIT Vs NASA Finelease Pvt. Ltd. reported in 358 ITR 305 (Del.) wherein in relation to clause (d) of first proviso to Section 43(5) of the Act which was inserted w.e.f. assessment year 2006-07 and the recognized stock exchange was notified vide notification dated 25.01.2006 and therefore, the transaction which were otherwise eligible during the period 01.04.2005 to the date of notification were to be…

ITO, NEW DELHI vs. M/S. D.R. EXPORTS INTERNATIONAL, DELHI

In the result, the appeal is allowed for statistical purposes

ITA 2876/DEL/2016[2010-11]Status: DisposedITAT Delhi20 Mar 2019AY 2010-11

Bench: Sh. N. K. Billaiya & Sh.K.N.Charyassessment Year: 2010-11

Section 43Section 43(5)

…9,875/- on the transactions carried out by the assessee on MCX. It was claimed that such loss was allowable as a business loss. Strong reliance was placed on the decision of the Hon’ble High court of Delhi in the case of NASA Finlease Private Limited reported 358 ITR 305. 8. After considering the facts and the judgment relied upon by the assessee the CIT(A) held as under :- “The H’ble Delhi High Court in the case of Nasa Finlease has held that the provision for considering the trading in a recognised stock exchange was brought in with effect from 1 April 2006. The MCX exchange was recognised by the CBDT by the no…

MESERS P.D SEKHSARIA TRADING COMPANY ,BATHINDA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, BATHINDA

In the result, the appeal of the assessee is allowed and the Stay Petition of the assessee is dismissed

ITA 331/ASR/2018[2014-15]Status: DisposedITAT Amritsar18 Mar 2019AY 2014-15

Bench: Sh. N. S. Saini & Sh. N. K. Choudhryita No. 331/Asr./2018 : Asstt. Year : 2014-15 M/S P. D. Sekhsaria Trading Vs Dy. Commissioner Of Income Company Pvt. Ltd., 4242, Tax, Circle-I, Ground Floor, Gurudwara Singh Bathinda, Punjab Sabha Street, Bathinda, Punjab (Appellant) (Respondent) Pan No. Aabcp1720E Sa No. 03/Asr./2019 (In Ita No. 331/Asr./2018: Asstt. Year : 2014-15) M/S P. D. Sekhsaria Trading Vs Dy. Commissioner Of Income Company Pvt. Ltd., 4242, Tax, Circle-I, Ground Floor, Gurudwara Singh Bathinda, Punjab Sabha Street, Bathinda, Punjab (Appellant) (Respondent) Pan No. Aabcp1720E Assessee By : Shri. Salil Kapoor, Adv. & Shri. Sanat Kapoor, Adv. Revenue By : Shri. M. P. Singh, Cit Dr Date Of Hearing :20.02.2019 Date Of Pronouncement : 19.03.2019 Order Per N. S. Saini: This Is An Appeal Filed By The Assessee Against The Order Of Cit(A), Bathinda Dated 26.03.2018. 2. The Assessee Has Raised Following Grounds Of Appeal: “1. That On The Facts & Circumstances Of The Case The Addition/Disallowance Of Rs.4,69,47,808/- Made

For Appellant: Shri. Salil Kapoor, Adv. &For Respondent: Shri. M. P. Singh, CIT DR

Section 2Section 234ASection 43(5)Section 43(5)(e)

…e was substantial compliance of each and every aspect. iv. the notified rules cannot be made effective from every perspective date. v. Procedural compliance cannot override statute. vi. The Assessing Officer did not apply CIT Vs NASA Finlease Pvt. Ltd. (2013) 358 ITR 305. ITA No. 331/Asr./2018 5 SA No. 03/Asr./2019 P.D. Sekhsaria Trading Company Pvt. Ltd. vii. The notification of recognition of the exchange does not create any right or liability but it merely recognizes the eligibility. vii. A number of judicial precedents/decisions were also quoted. ACIT Vs Arnav Akshya Mehta (2012) 25 taxman.com 252 Vimal Oil…

DCIT, NEW DELHI vs. M/S. NAV AURO INVESTMENTS PVT. LTD., NEW DELHI

In the result, appeal of the Revenue is dismissed

ITA 5770/DEL/2015[2006-07]Status: DisposedITAT Delhi05 Nov 2018AY 2006-07

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

For Appellant: Shri Ved Jain, AdvocateFor Respondent: Shri Md. Gayasuddin Ansari

Section 43Section 43(5)Section 43(5)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘G’, NEW DELHI BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER ITA.No.5770/Del/2015 Assessment Year 2006-2007 The DCIT, Central Circle-5, M/s. Nav Auro Investments Pvt. Ltd., (now Room No.361, 3rd Floor, ARA vs. Known as Auro Sugar Pvt. Ltd.,) 6-B, Jor Bagh Lane, Centre, Jhandewalan Extn., New Delhi. New Delhi. PAN AAACN0192K (Appellant) (Respondent) For Revenue : Shri Md. Gayasuddin Ansari, Sr. D.R. For Assessee : Shri Ved Jain, Advocate Date of Hearing : 23.10.2018 Date of Pronouncement : 05.11.2018 ORDER PER BHAV…

ITO, NEW DELHI vs. SHRI PREM LAKHOTIA, NEW DELHI

In the result, appeal of the revenue is allowed for statistical

ITA 1532/DEL/2014[2008-09]Status: DisposedITAT Delhi13 Jun 2016AY 2008-09

Bench: Shri H S Sidhu & Shri Prashant Maharishi

For Appellant: Shri Alok Periwal, CAFor Respondent: Shri Sharvan Gotru, Sr DR

Section 139(5)Section 43(5)

…quently the assessee filed the revised return claiming that loss in speculative business should be treated as business loss and then short-term capital gain should be adjusted against it. Ld. CIT(A) relied on the decision of CIT vs. NASA Finlease Pvt. Ltd. 358 ITR 305. Ld. CIT(A) further discussed the decision relied upon by the AO in case of Goetz India Ltd. vs. CIT 284 ITR 323. Against the order of Ld. CIT(A), the revenue is in appeal before us. 3. Ld. DR stated that the assessee has incurred losses in the F & O business and assessee as well as AO has not brought any fact on record how the transactions a…