Comfund Financial Services (I) Ltd. v. DCIT (ITAT Bangalore Bench) and ACIT Vs. K.Mohan & Co. (Exports) (P) Ltd.

39 DTR 97Reported decision2010#12730 most cited
8

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2018.

Judgments citing Comfund Financial Services (I) Ltd. v. DCIT (ITAT Bangalore Bench) and ACIT Vs. K.Mohan & Co. (Exports) (P) Ltd.

Asvini Fisheries (P) Ltd., Chennai vs. Dcitcompany Circle 1(1), Chennai

In the result, the assessee’s above appeals are treated as allowed for

ITA 1709/CHNY/2017[2011-12]Status: DisposedITAT Chennai06 Aug 2018AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकरअपीलसं/.I.T.A. Nos. 1708 & 1709/Chny/2017 "नधा"रणवष"/Assessment Year : 2010-11 & 2011-12

For Appellant: Shri R. Sivaraman, AdvocateFor Respondent: Shri ARV Sreenivasan, JCIT
Section 73

…considered as commodity .... " :- 8 -: ITA No. 1708 & 1709/Chny/2017 m. Further reliance is placed on the recent decision of the Honorable ITAT, Bangalore 'A' Bench, in the case of Assistant Commissioner of Income-tax vsK.Mohan&Co(Exports) (P) Ltd. (2010) 39 DTR 97 wherein it was held that settlement of Forward contracts without actual delivery of currency as a speculative transaction under section 43(5) of the Income-tax Act, 1961. This adds further strength for treating the assessee's transactions in forex derivatives as speculative transactions. In view of the above discussions, the income/loss from option…

Asvini Fisheries (P) Ltd., Chennai vs. Dcitcompany Circle 1(1), Chennai

In the result, the assessee’s above appeals are treated as allowed for

ITA 1708/CHNY/2017[2010-11]Status: DisposedITAT Chennai06 Aug 2018AY 2010-11

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकरअपीलसं/.I.T.A. Nos. 1708 & 1709/Chny/2017 "नधा"रणवष"/Assessment Year : 2010-11 & 2011-12

For Appellant: Shri R. Sivaraman, AdvocateFor Respondent: Shri ARV Sreenivasan, JCIT
Section 73

…considered as commodity .... " :- 8 -: ITA No. 1708 & 1709/Chny/2017 m. Further reliance is placed on the recent decision of the Honorable ITAT, Bangalore 'A' Bench, in the case of Assistant Commissioner of Income-tax vsK.Mohan&Co(Exports) (P) Ltd. (2010) 39 DTR 97 wherein it was held that settlement of Forward contracts without actual delivery of currency as a speculative transaction under section 43(5) of the Income-tax Act, 1961. This adds further strength for treating the assessee's transactions in forex derivatives as speculative transactions. In view of the above discussions, the income/loss from option…

DCIT, Chennai vs. Asvini Fisheries P Ltd., Chennai

In the result, the Revenue’s appeals in ITA Nos

ITA 1760/CHNY/2016[2010-11]Status: DisposedITAT Chennai08 Dec 2017AY 2010-11

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Appellant: Shri B. Vijayaraghavan, Advocate
Section 43Section 43(5)Section 73

…ties and also units of UTI should also be considered as commodity .... " m. Further reliance is placed on the recent decision of the Honorable ITAT, Bangalore 'A' Bench, in the case of Assistant Commissioner of Income-tax vsK.Mohan&Co(Exports) (P) Ltd. (2010) 39 DTR 97 wherein it was held that settlement of Forward contracts without actual delivery of currency as a speculative transaction under section 43(5) of the Income-tax Act, 1961. This adds further strength for treating the assessee's transactions in forex derivatives as speculative transactions. In view of the above discussions, the income/loss from option…

DCIT, Chennai vs. Asvini Fisheries P Ltd., Chennai

In the result, the Revenue’s appeals in ITA Nos

ITA 1759/CHNY/2016[2010-11]Status: DisposedITAT Chennai08 Dec 2017AY 2010-11

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Appellant: Shri B. Vijayaraghavan, Advocate
Section 43Section 43(5)Section 73

…ties and also units of UTI should also be considered as commodity .... " m. Further reliance is placed on the recent decision of the Honorable ITAT, Bangalore 'A' Bench, in the case of Assistant Commissioner of Income-tax vsK.Mohan&Co(Exports) (P) Ltd. (2010) 39 DTR 97 wherein it was held that settlement of Forward contracts without actual delivery of currency as a speculative transaction under section 43(5) of the Income-tax Act, 1961. This adds further strength for treating the assessee's transactions in forex derivatives as speculative transactions. In view of the above discussions, the income/loss from option…

Bs & B Safety Systems (India) Ltd., Chennai vs. The Additional CIT, Chennai

In the result, the appeal of the assessee is treated as allowed

ITA 2937/CHNY/2016[2009-10]Status: DisposedITAT Chennai25 Sept 2017AY 2009-10

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

Section 43(5)Section 73

…आयकर अपील"य अ"धकरण, ‘बी’ "यायपीठ, चे"नई IN THE INCOME-TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी एसजयरामन, लेखा सद"य के सम" Before Shri N.R.S. Ganesan, Judicial Member & Shri S. Jayaraman, Accountant Member आयकर अपील सं./I.T.A. No. 2937/Mds/2016 "नधा"रण वष"/Assessment Year:2009-10 M/s. BS & B Safety Systems The Addl. Commissioner of (India) Ltd., Vs. Income Tax, Company Range I, 9, Cathedral Road, 121, Mahatma Gandhi High Road, Chennai 600 086. Chennai 600 034. [PAN: AAACB1438Q] (अपीलाथ" /Appellant) (""यथ"/Respondent) अपीलाथ! क" ओर से / Appellant by Shri R. Vijayaraghava…

Ambattur Clothing Ltd., Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 910/CHNY/2015[2010-11]Status: DisposedITAT Chennai28 Dec 2015AY 2010-11

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. Nos.1436, 1643/Mds/2014, 910/Mds/2015 ("नधा"रण वष" / Assessment Year : 2008-09, 2009-10 & 2010-2011)

For Appellant: Shri. T. Banusekar, C.AFor Respondent: Shri. Rajib Kumar Hota, IRS, CIT
Section 10BSection 14ASection 14A(2)

…c.43(5), held that they are in the nature of speculative transaction, since it satisfies the said provision. Reliance was also placed on Comfund Financial Services (I) Ltd vs. DCIT (ITAT Bangalore Bench) and ACIT Vs. K.Mohan & Co. (Exports) (P) Ltd (2010) (39 DTR 97). In view of the detailed discussions, the AO has concluded that the income/loss from options and forward contracts entered by the assessee forms part of the Speculation Business as per Explanation 2 to section 28 and disallowed the entire amount claimed by the assessee However, the AO has allowed the same to be carried I.T.A.Nos.1436 & 1643/M…

Ambattur Clothing Ltd., Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 1643/CHNY/2014[2009-10]Status: DisposedITAT Chennai28 Dec 2015AY 2009-10

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. Nos.1436, 1643/Mds/2014, 910/Mds/2015 ("नधा"रण वष" / Assessment Year : 2008-09, 2009-10 & 2010-2011)

For Appellant: Shri. T. Banusekar, C.AFor Respondent: Shri. Rajib Kumar Hota, IRS, CIT
Section 10BSection 14ASection 14A(2)

…c.43(5), held that they are in the nature of speculative transaction, since it satisfies the said provision. Reliance was also placed on Comfund Financial Services (I) Ltd vs. DCIT (ITAT Bangalore Bench) and ACIT Vs. K.Mohan & Co. (Exports) (P) Ltd (2010) (39 DTR 97). In view of the detailed discussions, the AO has concluded that the income/loss from options and forward contracts entered by the assessee forms part of the Speculation Business as per Explanation 2 to section 28 and disallowed the entire amount claimed by the assessee However, the AO has allowed the same to be carried I.T.A.Nos.1436 & 1643/M…

Ambattur Clothing Ltd., Chennai vs. DCIT, Chennai

In the result, the appeals of the assessee in ITA Nos

ITA 1436/CHNY/2014[2008-09]Status: DisposedITAT Chennai28 Dec 2015AY 2008-09

Bench: Shri Chandra Poojari & Shri V. Durga Raoआयकर अपील सं./ I.T.A. Nos.1436, 1643/Mds/2014, 910/Mds/2015 ("नधा"रण वष" / Assessment Year : 2008-09, 2009-10 & 2010-2011)

For Appellant: Shri. T. Banusekar, C.AFor Respondent: Shri. Rajib Kumar Hota, IRS, CIT
Section 10BSection 14ASection 14A(2)

…c.43(5), held that they are in the nature of speculative transaction, since it satisfies the said provision. Reliance was also placed on Comfund Financial Services (I) Ltd vs. DCIT (ITAT Bangalore Bench) and ACIT Vs. K.Mohan & Co. (Exports) (P) Ltd (2010) (39 DTR 97). In view of the detailed discussions, the AO has concluded that the income/loss from options and forward contracts entered by the assessee forms part of the Speculation Business as per Explanation 2 to section 28 and disallowed the entire amount claimed by the assessee However, the AO has allowed the same to be carried I.T.A.Nos.1436 & 1643/M…

Comfund Financial Services (I) Ltd. v. DCIT (ITAT Bangalore Bench) and ACIT Vs. K.Mohan & Co. (Exports) (P) Ltd. (39 DTR 97) — Cited in 8 Judgments | BharatTax