CIT v. Sandersons & Morgans

Philip Capital (India) P.Ltd, Mumbai vs. ACIT Cir 4(2), Mumbai

The appeal of the assessee is allowed in terms of our aforesaid observations

Bench: Shri Ravish Sood & Shri N.K. Pradhanphilip Capital (India) Pvt. Ltd. Acit, Circle 4(2) (Formerly Known As Mf Room No. 669, Global Sify Securities India Aayakar Bhavan Private Limited) No. 1, 18Th M.K. Road, Floor, Urmi Estate, 95 Vs. Mumbai – 20 Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013

…proceed on the basis that the income did not in fact belong to him and was not liable to be taken into computation in his personal assessment. A similar view has been taken by a Division Bench of the Calcutta High Court in CIT vs. Sandersons & Morgans (1970) 75 ITR 443 (Cal).” We are of the considered view that in the backdrop of the aforesaid judgment of the Hon’ble High Court, now when the amounts aggregating to Rs. 29,91,792/-(supra) credited in the “Clients account” maintained by the assessee with the bank, could safely be held to be the clients money which were held by the assessee in a fiduciary capacity,…

Phillip Capital (India) P.Ltd, Mumbai vs. Asst CIT Cir 4(2), Mumbai

In the result, appeal of the assessee is allowed in part

…proceed on the basis that the income did not in fact belong to him and was not liable to be taken into computation in his personal assessment. A similar view has been taken by a Division Bench of the Calcutta High Court in CIT vs. Sandersons & Morgans (1970) 75 ITR 443 (Cal).” We are of the considered view that in the backdrop of the aforesaid judgment of the Hon’ble High Court, now when the amounts aggregating to Rs. 29,91,792/-(supra) credited in the “Clients account” maintained by the assessee with the bank, could safely be held to be the clients money which were held by the assessee in a fiduciary capacity,…

Mf Global Sify Securities India P.Ltd, Mumbai vs. Addl CIT RG 4(2), Mumbai

The appeal of the assessee is partly allowed in terms of our aforesaid observations

Bench: Shri G.S.Pannu, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No. 4407/Mum/2012 (निर्धारण वर्ा / Assessment Year: 2008-09) Mf Global Sify Securities India Addl. Commissioner Of Private Ltd. (Formerly Known As Mf Income Tax- Range 4(2) बिधम/ Global Sify Securities India Private Limited); Room No. 669, Aayakar 2Nd Floor, Modern Centre, Block Vs. Bhavan, M.K. Road, C, Mahalaxmi-Mumbai. Mumbai- 400 020 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aabcr6382C (अपीलाथी/Appellant) (प्रत्यथी / Revenue) :

…proceed on the basis that the income did not in fact belong to him and was not liable to be taken into computation in his personal assessment. A similar view has been taken by a Division Bench of the Calcutta High Court in CIT vs. Sandersons & Morgans (1970) 75 ITR 443 (Cal).” We are of the considered view that in the backdrop of the aforesaid judgment of the Hon‟ble High Court, now when the amounts aggregating to Rs. 29,91,792/-(supra) credited in the “Clients account” maintained by the assessee with the bank, could safely be held to be the clients money which were held by the assessee in a fiduciary capacity,…