CIT vs N.S.S. Investment Pvt Ltd. 227 ITR 149 (Mad), CIT v. Associated Industrial Development Company

Sanjay Kumar Poddar, Mumbai vs. JCIT (OSD) 15(1), Mumbai

Appeal is allowed in favour of the assessee, in part

Bench: S/Shri Rajendra & Ram Lal Negiआयकर अपील अपील संसंसंसं./I.T.A./3150/Mum/2014, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Sanjay Kumar J. Poddar, C/O Shankarlal Jt. Commissioner Of Income Tax(Osd), Jain & Associates, Circle 15(1),Matru Mandir, Vs. 12 Engineer Building, 265, Princess Mumbai-400 006. Street, Mumbai – 400 002. Pan:Aabpp 2018 E (अपीलाथ" /Appellant) (""यथ" / Respondent) आयकर अपील अपील संसंसंसं./I.T.A./3961/Mum/2014, िनधा"रण िनधा"रण वष" वष" /Assessment Year: 2009-10 आयकर आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Jt. Commissioner Of Income Tax(Osd), Sanjay Kumar J. Poddar, C/O Shankarlal Vs. Jain & Associates, Mumbai – 400 002. Mumbai-400 006. (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By: Shri A.K. Nayak- Dr Assessee By: Shri S.L. Jain

…sion in the case of Janak S Ranawala, 11 SOT 627 (Mum.) further supports the case of the assessee. Likewise, the decision from Hon'ble Madras High Court in CIT vs N.S.S. Investment Pvt Ltd. 227 ITR 149 (Mad), CIT vs. Associated Industrial Development Company, 82 ITR 526 (SC) supports the case of the assessee. In the present appeal, we note that the assessee made investment in shares with 3150 & 3961/M/14(09-10) Sanjay Kumar Poddar intention to earn dividend income on appreciation of price of shares. Therefore, it cannot be said that the assessee was doing business. 14. From the record, we found that the assessee…

A.C.I.T. Circle 21(1), Mumbai vs. Mohan Kapoorchand Jain, Mumbai

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

…ision in the case of Janak S Ranawala, 11 SOT 627 (Mum.) further supports the case of the assessee. Likewise, the decision from Hon'ble Madras High Court in CIT vs N.S.S. Investment Pvt Ltd. 227 ITR 149 (Mad), CIT vs Associated Industrial Development Company, 82 ITR 526 (SC) supports the case of the assessee. In the present appeal, we note that the assessee made investment in shares with intention to earn dividend income on appreciation of price of shares. Therefore, it cannot be said that the assessee was doing business. More specifically when, the assessee either utilised his own funds/ family funds/associate‟s…

Mohan Kapoorchand Jain, Mumbai vs. Asst CIT 21(1), Mumbai

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

…ision in the case of Janak S Ranawala, 11 SOT 627 (Mum.) further supports the case of the assessee. Likewise, the decision from Hon'ble Madras High Court in CIT vs N.S.S. Investment Pvt Ltd. 227 ITR 149 (Mad), CIT vs Associated Industrial Development Company, 82 ITR 526 (SC) supports the case of the assessee. In the present appeal, we note that the assessee made investment in shares with intention to earn dividend income on appreciation of price of shares. Therefore, it cannot be said that the assessee was doing business. More specifically when, the assessee either utilised his own funds/ family funds/associate‟s…

Mohan Kapoorchand Jain, Mumbai vs. JCIT 20(2), Mumbai

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

…ision in the case of Janak S Ranawala, 11 SOT 627 (Mum.) further supports the case of the assessee. Likewise, the decision from Hon'ble Madras High Court in CIT vs N.S.S. Investment Pvt Ltd. 227 ITR 149 (Mad), CIT vs Associated Industrial Development Company, 82 ITR 526 (SC) supports the case of the assessee. In the present appeal, we note that the assessee made investment in shares with intention to earn dividend income on appreciation of price of shares. Therefore, it cannot be said that the assessee was doing business. More specifically when, the assessee either utilised his own funds/ family funds/associate‟s…

Mohan Kapoorchand Jain, Mumbai vs. Addl CIT 20(2), Mumbai

In the result, appeals of the assessees are allowed in part where as appeal of revenue in assessment 2009-2010 is dismissed

…ision in the case of Janak S Ranawala, 11 SOT 627 (Mum.) further supports the case of the assessee. Likewise, the decision from Hon'ble Madras High Court in CIT vs N.S.S. Investment Pvt Ltd. 227 ITR 149 (Mad), CIT vs Associated Industrial Development Company, 82 ITR 526 (SC) supports the case of the assessee. In the present appeal, we note that the assessee made investment in shares with intention to earn dividend income on appreciation of price of shares. Therefore, it cannot be said that the assessee was doing business. More specifically when, the assessee either utilised his own funds/ family funds/associate‟s…