CIT v. Parkview Properties Pvt. Ltd.

261 ITR 473High Court2003#12517 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2022.

Judgments citing CIT v. Parkview Properties 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

…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 the loss on trading of shares (both cash and derivative segments) as speculation loss in the sum of Rs 1,13,24,176/…

Urja Investment P. Ltd, Mumbai vs. DCIT 4(2)(1), Mumbai

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

ITA 3286/MUM/2017[2012-13]Status: DisposedITAT Mumbai26 Jul 2019AY 2012-13

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am M/S. Urja Investments Vs. Dy. Commissioner Of Pvt.Ltd Income Tax-4(2)(1) Ground Floor, Khatau Bldg Aayakar Bhavan 8/10, Alkesh Dinesh Mody Mumbai Marg, Fort Mumbai – 400 001 Pan/Gir No.Aaacu0637N (Appellant) .. (Respondent)

Section 143(3)Section 73

…peculative in nature and to this extent, we uphold the action of the ld AO. We find that the ld DR placed reliance on the decision of Hon’ble Calcutta High Court in the case of CIT vs Parkview 11 M/s. Urja Investments Pvt. Ltd., Properties P Ltd reported in 261 ITR 473 (Cal). We find that even in that decision, it has been held that the speculation loss could be set off against speculative profits for the purpose of section 73 of the Act, which is what is done by the assessee also in the instant case by setting off the derivative profit with share trading loss. Hence the decision of Hon’ble Calcutta High Court…

ITO, Corporate Ward-2(1), Chennai vs. Euroflora Bioland Pvt Ltd, Chennai

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

ITA 2124/CHNY/2017[2008-09]Status: DisposedITAT Chennai05 Dec 2017AY 2008-09

Bench: Shri Chandra Poojari

For Appellant: Mr.S.Sridhar, AdvocateFor Respondent: 16.11.2017

Section 73Section 73(1)

…that the assessee’s case is not coved by the provisions of explanation to Section 73 and relied on certain case laws. The AO distinguished the Hon’ble High Court of Calcutta decision relied on by the assessee in the case of CIT vs Park View Properties Ltd., 261 ITR 473 by observing that the loss incurred by the assessee from share trading of `38,65,615/- is more than the income under other heads and therefore provisions of Section 73 would be attracted in the assessee’s case. The AO also observed that the loss from delivery based transaction amounting to `15,62,126/- offered under the head ‘income from short t…

DCIT, Circle - 6, Kolkata vs. Loknath Saraf Securities Ltd., Kolkata

In the result, to sum up ITA No

ITA 852/KOL/2008[2003-04]Status: DisposedITAT Kolkata08 Jul 2016AY 2003-04

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

Section 43(5)Section 73

…able even in such case where the entire transactions are related to shares and cited the decisions of Hon’ble Calcutta High Court in the case of CIT –vs.- Arvind Investments Limited [192 ITR 365] and in the case of CIT –vs.- Park View Properties Pvt. Limited [261 ITR 473] in support of the Revenue’s case. 8. The ld. counsel for the assessee, on the other hand, submitted that all the relevant transactions resulting into profit/loss are pertaining to the same business of the assessee of dealing in shares and keeping in view the nature of the business of the assessee, the ld. CIT(Appeals) is fully justified in hold…

M/S. A K Capital Markets Ltd., New Delhi vs. DCIT, New Delhi

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

ITA 6859/DEL/2014[2006-07]Status: DisposedITAT Delhi04 Dec 2015AY 2006-07

Bench: Sh. N. K. Sainiita No. 6859/Del/2014 : Asstt. Year : 2006-07 A. K. Capital Markets Ltd., Vs Dcit, Central Circle-2, 609, 6Th Floor, Antriksh Bhawan, 22, New Delhi Kasturba Gandhi Marg, Connaught Place, New Delhi-110001 (Appellant) (Respondent) Pan No. Aadca9960D Assessee By : Sh. Ved Jain, Adv. Revenue By : Sh. Sarabhjit Singh, Dr Date Of Hearing : 16.09.2015 Date Of Pronouncement : 04.12.2015 Order

For Appellant: Sh. Ved Jain, AdvFor Respondent: Sh. Sarabhjit Singh, DR

Section 132Section 133ASection 14ASection 153ASection 43(5)

…o deciding, we also endorse the reliance by the Revenue on the decisions by the hon'ble high courts and tribunal, as cited in their orders, viz. Eastern Aviation & Industries Ltd. vs. CIT [1994] 208 ITR 1023 (Cal); CIT vs. Parkview Properties (P.) Ltd. [2003] 261 ITR 473 (Cal); JRD Securities Pvt. Ltd. vs. ACIT (in ITA No. 4943 of 2002 dated 26.10.2005); Associated Capital Market Mgnt. Pvt. Ltd. Vs. Jt. CIT (in ITA No. 20 A.K. Capital Markets Ltd. 1103/Mum/2001); and Prudential Construction Co. Ltd. Vs. Asst. CIT [2000] 75 ITD 338 (Hyd). We decide accordingly. This disposes the assessee’s ground nos. 1 & 2.” 15.…

ITO 4(2)(4), Mumbai vs. Marudhar Mudra P.Ltd, Mumbai

The appeal of the Revenue is dismissed

ITA 3166/MUM/2012[2007-08]Status: DisposedITAT Mumbai20 Nov 2015AY 2007-08

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year 2007-08 Ito-4(2)(4), M/S Marudhar Mudra Pvt. Room No.647, 6Th Floor, Ltd. बनाम/ M.K. Road, 101-102, Chartered House, Vs. Aayakar Bhavan, 293-297, Dr. C.H.Street, Mumbai-400020 Marine Lines, Mumbai-400002 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aabcm5764F

Section 73

…e it has to be held that its main income consists of business of share trading and test of Explanation to s. 73 was not satisfied and, therefore, the loss incurred by assessee was a loss from speculative business. [CIT vs. Park View Properties (P) Ltd. (2003) 261 ITR 473 (Cal)]. 6.1.6 In Williamson Financial Services Ltd. Vs CIT & Anr. (2007) 290 ITR 385 (Gau) Tribunal had not recorded a define finding based on materials on the Question whether assessee was covered by Explanation to s. 73 and hence High Court remanded the matter to the Tribunal. 6.1.7 The Honble ITAT, Special Bench, Mumbai in the case of ACIT V…

K.B. Capital Markets (P) Ltd., Kolkata vs. DCIT, Circle - 6, Kolkata

In the result, the appeal of revenue as well as that of the assessee, both are partly allowed

ITA 607/KOL/2011[2007-08]Status: DisposedITAT Kolkata05 Nov 2015AY 2007-08

Bench: Shri Mahavir Singh, Jm & Shri Waseem Ahmed, Am]

For Appellant: Shri Akkal Dudhwewala, ACAFor Respondent: Shri P. K. Chakraborty, JCIT, Sr. DR

Section 143(3)Section 14ASection 35(1)(ii)Section 80G

…me of business and this loss is a speculation loss within the meaning of Explanation to Sec. 73 of the Act. According to AO, this issue is covered by the decision of Hon’ble jurisdictional High Court in the case of CIT Vs. Parkview Properties Pvt. Ltd. (2003) 261 ITR 473. He also relied on CBDT Circular No. 204 dated 24.07.1976 and stated that the second clause of Explanation to Sec. 73 of the Act does not apply to this case and to qualify for the first exception the income from business is to be computed with the income from other sources and he noted that the business income is at Rs.1,88,23,827/- for setting o…

DCIT, Circle - 6, Kolkata vs. M/S. K. B. Capital Ltd., Kolkata

In the result, the appeal of revenue as well as that of the assessee, both are partly allowed

ITA 582/KOL/2011[2007-08]Status: DisposedITAT Kolkata05 Nov 2015AY 2007-08

Bench: Shri Mahavir Singh, Jm & Shri Waseem Ahmed, Am]

For Appellant: Shri Akkal Dudhwewala, ACAFor Respondent: Shri P. K. Chakraborty, JCIT, Sr. DR

Section 143(3)Section 14ASection 35(1)(ii)Section 80G