CIT v. Pangal Vithal Nayak & Co. Pvt Ltd.

74 ITR 754Supreme Court of India1969#21454 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. Pangal Vithal Nayak & Co. Pvt Ltd.

DCIT CIR 4 (2)(1), MUMBAI vs. M/S QUANT SECURITIES PVT LTD., MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 7756/MUM/2019[2014-15]Status: DisposedITAT Mumbai02 Sept 2022AY 2014-15

Section 143(3)Section 43(5)Section 73

…the capacity of share broker would also fall within the purview of provisions of Explanation to Section 73 of the Act. The ld. AO in this regard placed reliance on the decision of Hon’ble Supreme Court in the case of CIT vs Pangal Vittal Nair & Co reported in 74 ITR 754 (SC) ; decisions of Hon’ble Calcutta High Court in the case of Park View Properties P Ltd reported in 261 ITR 473 (Cal) and Eastern Aviation & Industries Ltd reported in 208 ITR 1023 (Cal). Accordingly, the ld. AO concluded that the assessee transactions would be hit by the provisions of Explanation to Section 73 of the Act and hence he treated th…

ACIT,CIRCLE-10(2), KOLKAT, KOLKATA vs. M/S. STEWART & MACKERTICH WEALTH MANAGEMENT LTD., KOLKATA

In the result, the assessee`s ground No

ITA 1858/KOL/2016[2011-12]Status: DisposedITAT Kolkata12 Apr 2017AY 2011-12

Bench: Shri Partha Sarathi Choudhary, Jm & Dr. A. L. Saini, Am]

For Appellant: Shri A. K. Tibrewal, FCAFor Respondent: Md. Ghayas Uddin, JCIT, Sr. DR

Section 143(2)Section 143(3)Section 14ASection 37Section 73

…o) Courts on the same issue, then view of the higher Court would prevail, i.e. view of Hon'ble Supreme Court would prevail over that of Hon 'ble High Court. In the present case, Hon'ble Supreme Court in the case of CIT -Vs- Pangal Vittal Nayak& Co. Pvt. Ltd., 74 ITR 754 and the Hon'ble Calcutta High Court in the caseof CIT -Vs- K L Jhunjhunwala, 139 ITR 371, had already taken a view on the issue of 'brokerage' and 'trading Management Ltd...AY. 2011-12 income' then it was not proper to have any other view, unless these judgements were overruled. With due respect, the decision of Hon'ble Kolkata ITAT in the case o…

STEWART AND MACKERTICH WEALTH MANAGEMENT LTD.,KOLKATA vs. THE DCIT, CIRCLE-10, KOLKATA, KOLKATA

In the result, the assessee`s ground No

ITA 1820/KOL/2016[2011-12]Status: DisposedITAT Kolkata12 Apr 2017AY 2011-12

Bench: Shri Partha Sarathi Choudhary, Jm & Dr. A. L. Saini, Am]

For Appellant: Shri A. K. Tibrewal, FCAFor Respondent: Md. Ghayas Uddin, JCIT, Sr. DR

Section 143(2)Section 143(3)Section 14ASection 37Section 73

KAYNET CAPITAL LTD,MUMBAI vs. ITO 4(3)(2), MUMBAI

In the result, appeal of the assessee is dismissed

ITA 8746/MUM/2011[2003-04]Status: DisposedITAT Mumbai28 Mar 2016AY 2003-04

For Appellant: Shri Bhupendra ShahFor Respondent: Ms. Vinita Menon

Section 143(3)Section 73

…nt and where such appellant sustains any loss from his own speculation business, then such commission cannot be reduced from speculation loss. Reliance is placed on the Hon'ble Apex Court decision in the case of CIT vs Pangal Vithal Nayak & Co. Pvt Ltd (1969) 74 ITR 754 (SC). Grounds of appeal No.2, is therefore dismissed.” Against the above order assessee is in further appeal before us. 5. Ld. AR relied on the decision of Hon’ble Bombay High Court in the case of Darshan Securities Pvt. Ltd., 341 ITR 556 and contended that assessee is covered by exception having income from other sources more than business income…