Dy. CIT v. Baljit Securities (P.) Ltd.

68 SOT 82Income Tax Appellate Tribunal2015#9122 most cited

What is Dy. CIT v. Baljit Securities (P.) Ltd. authority for?

Losses from a speculative business can only be set off against profits from another speculative business. Losses from speculative transactions cannot be set off against profits from non-speculative transactions.

12

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2019.

Also referred to as

Dy. CIT v. Baljit Securities (P.) Ltd. · speculative business · set off loss · profits · speculation business · Section 73 · loss arising out of speculative transaction · profits arising out of speculative transaction

Judgments citing Dy. CIT v. Baljit Securities (P.) Ltd.

M/S K Mohan & Co.(Exports)P Ltd, Bangalore vs. Commissioner of Income Tax, Bangalore

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

ITA 1197/BANG/2014[2009-10]Status: DisposedITAT Bangalore31 Jan 2019AY 2009-10

Bench: Shri Chandra Poojari & Shri Pavan Kumar Gadalem/S. K.Mohan & Co. (Exports) Pvt. Ltd. B-162/5, Begur Road, Bommanahalli, Bengaluru. … Appellant Pan: Aaacl9811H

For Appellant: Shri Suresh Muthukrishnan, CAFor Respondent: Shri C.H.Sundar Rao, CIT(DR)
Section 10BSection 143(1)Section 143(2)Section 143(3)Section 14ASection 263

…s view has been taken by Co-Ordinate, Chennai in the case Aishwarya & Co. (P.) Ltd. [IT Appeal No. 860 (Mad.) of 2014, dated 29-5-2015], wherein they followed the judgment of the Calcutta High Court in the case of Dy. CIT v. Baljit Securities (P.) Ltd. [2015] 68 SOT 82 (URO)/55 taxmann.com 191 wherein held as under:— '(1) Any loss, computed in respect of a speculation business carried on by the assessee, shall not be set off except against profits and gains, if any, of another speculation business.' The resultant effect was that any loss arising out of speculative transaction could only have been set off against…

Kedia Shares & Stocks Brokers Ltd, Mumbai vs. Jt CIT (OSD) 4(3), Mumbai

In the result, the appeal is partly allowed

ITA 4033/MUM/2013[2009-10]Status: DisposedITAT Mumbai07 Apr 2017AY 2009-10

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 2009-10

For Appellant: Shri Ajay Singh, ARFor Respondent: Shri B.S. Bist, DR
Section 143(3)Section 28Section 43(5)Section 43(5)(c)Section 73

…rectification of mistake application filed before the AO and (vi) remand report dated 01.09.2012. Reliance was placed by him on the decision in the case of CIT vs. Baljit Securities (P) Ltd. (2014) 368 ITR 470 (Cal), DCIT vs. Baljit Securities (P) Ltd. (2015) 68 SOT 82 (Kolkata – Trib.) (URO) and DCIT vs. M/s. J.M. Financial Services Ltd. (ITA No. 3660/Mum/2014) – ITAT “ J” Bench, Mumbai. 6. Per contra, the learned DR relied on the order of the learned CIT(A). 7. We have heard the rival submissions and perused the relevant material on record. We begin with the decisions relied on by the learned counsel of the a…

Metmin Investment and Trading P.Ltd, Mumbai vs. DCIT 3(2)

In the result, appeals i.e

ITA 6814/MUM/2012[2008-09]Status: DisposedITAT Mumbai30 Mar 2016AY 2008-09

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita Nos.6811& 6812/Mum/2012

For Appellant: Shri Haresh G. BuchFor Respondent: Dr. Sandeep Goel
Section 143(3)Section 14A

…pronouncements :- M/s. CCI Ltd. v. JCIT (ITA No. 359 of 2011) (Karnataka HC) DCIT v. India Advantage Securities Ltd. (ITA No. 1131 of 2013) (Bom HC) DCIT v. M/s. India Advantage Securities Ltd. (ITA No. 671/Mum/2011) (Mum) DCIT v. Baljit Securities (P.) Ltd. (68 SOT 82) M/s. JMP Securities Pvt. Ltd. v. ACIT (ITA No. 5688/Mum/2013) (Mum) DCIT v. Shree Durga Capital Ltd. (ITA No. 7405/Mm/2011) (Mum) Devkant Synthetics (India) Pvt. Ltd. v. ITA (ITA No. 2663, 2664 and 2665/Mum/2015) (Mum) D.H. Securities Pvt. Ltd. v. DClT (ITA No. 5724/Mum/2011) (Mum) 7. We have considered rival contentions, carefully gone through th…

Metmin Investment and Trading P.Ltd, Mumbai vs. DCIT 3(2)

In the result, appeals i.e

ITA 6813/MUM/2012[2007-08]Status: DisposedITAT Mumbai30 Mar 2016AY 2007-08

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita Nos.6811& 6812/Mum/2012

For Appellant: Shri Haresh G. BuchFor Respondent: Dr. Sandeep Goel
Section 143(3)Section 14A

…pronouncements :- M/s. CCI Ltd. v. JCIT (ITA No. 359 of 2011) (Karnataka HC) DCIT v. India Advantage Securities Ltd. (ITA No. 1131 of 2013) (Bom HC) DCIT v. M/s. India Advantage Securities Ltd. (ITA No. 671/Mum/2011) (Mum) DCIT v. Baljit Securities (P.) Ltd. (68 SOT 82) M/s. JMP Securities Pvt. Ltd. v. ACIT (ITA No. 5688/Mum/2013) (Mum) DCIT v. Shree Durga Capital Ltd. (ITA No. 7405/Mm/2011) (Mum) Devkant Synthetics (India) Pvt. Ltd. v. ITA (ITA No. 2663, 2664 and 2665/Mum/2015) (Mum) D.H. Securities Pvt. Ltd. v. DClT (ITA No. 5724/Mum/2011) (Mum) 7. We have considered rival contentions, carefully gone through th…

Metmin Finance and Holdings P. Ltd, Mumbai vs. DCIT 3(2), Mumbai

In the result, appeals i.e

ITA 6812/MUM/2012[2007-08]Status: DisposedITAT Mumbai30 Mar 2016AY 2007-08

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita Nos.6811& 6812/Mum/2012

For Appellant: Shri Haresh G. BuchFor Respondent: Dr. Sandeep Goel
Section 143(3)Section 14A

…pronouncements :- M/s. CCI Ltd. v. JCIT (ITA No. 359 of 2011) (Karnataka HC) DCIT v. India Advantage Securities Ltd. (ITA No. 1131 of 2013) (Bom HC) DCIT v. M/s. India Advantage Securities Ltd. (ITA No. 671/Mum/2011) (Mum) DCIT v. Baljit Securities (P.) Ltd. (68 SOT 82) M/s. JMP Securities Pvt. Ltd. v. ACIT (ITA No. 5688/Mum/2013) (Mum) DCIT v. Shree Durga Capital Ltd. (ITA No. 7405/Mm/2011) (Mum) Devkant Synthetics (India) Pvt. Ltd. v. ITA (ITA No. 2663, 2664 and 2665/Mum/2015) (Mum) D.H. Securities Pvt. Ltd. v. DClT (ITA No. 5724/Mum/2011) (Mum) 7. We have considered rival contentions, carefully gone through th…

Metmin Finance and Holdings P. Ltd, Mumbai vs. ITO 3(2)(2), Mumbai

In the result, appeals i.e

ITA 6811/MUM/2012[2008-09]Status: DisposedITAT Mumbai30 Mar 2016AY 2008-09

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita Nos.6811& 6812/Mum/2012

For Appellant: Shri Haresh G. BuchFor Respondent: Dr. Sandeep Goel
Section 143(3)Section 14A

…pronouncements :- M/s. CCI Ltd. v. JCIT (ITA No. 359 of 2011) (Karnataka HC) DCIT v. India Advantage Securities Ltd. (ITA No. 1131 of 2013) (Bom HC) DCIT v. M/s. India Advantage Securities Ltd. (ITA No. 671/Mum/2011) (Mum) DCIT v. Baljit Securities (P.) Ltd. (68 SOT 82) M/s. JMP Securities Pvt. Ltd. v. ACIT (ITA No. 5688/Mum/2013) (Mum) DCIT v. Shree Durga Capital Ltd. (ITA No. 7405/Mm/2011) (Mum) Devkant Synthetics (India) Pvt. Ltd. v. ITA (ITA No. 2663, 2664 and 2665/Mum/2015) (Mum) D.H. Securities Pvt. Ltd. v. DClT (ITA No. 5724/Mum/2011) (Mum) 7. We have considered rival contentions, carefully gone through th…

Metmin Finance and Holdings P. Ltd, Mumbai vs. DCIT 3(2), Mumbai

In the result, appeals i.e

ITA 1354/MUM/2010[2005-06]Status: DisposedITAT Mumbai30 Mar 2016AY 2005-06

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita Nos.6811& 6812/Mum/2012

For Appellant: Shri Haresh G. BuchFor Respondent: Dr. Sandeep Goel
Section 143(3)Section 14A

…pronouncements :- M/s. CCI Ltd. v. JCIT (ITA No. 359 of 2011) (Karnataka HC) DCIT v. India Advantage Securities Ltd. (ITA No. 1131 of 2013) (Bom HC) DCIT v. M/s. India Advantage Securities Ltd. (ITA No. 671/Mum/2011) (Mum) DCIT v. Baljit Securities (P.) Ltd. (68 SOT 82) M/s. JMP Securities Pvt. Ltd. v. ACIT (ITA No. 5688/Mum/2013) (Mum) DCIT v. Shree Durga Capital Ltd. (ITA No. 7405/Mm/2011) (Mum) Devkant Synthetics (India) Pvt. Ltd. v. ITA (ITA No. 2663, 2664 and 2665/Mum/2015) (Mum) D.H. Securities Pvt. Ltd. v. DClT (ITA No. 5724/Mum/2011) (Mum) 7. We have considered rival contentions, carefully gone through th…

M/S. Metmin Finance & Holdings P. Ltd., Mumbai vs. ITO - 3(2)(2), Mumbai

In the result, appeals i.e

ITA 1561/MUM/2007[2003-2004]Status: DisposedITAT Mumbai30 Mar 2016AY 2003-2004

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita Nos.6811& 6812/Mum/2012

For Appellant: Shri Haresh G. BuchFor Respondent: Dr. Sandeep Goel
Section 143(3)Section 14A

…pronouncements :- M/s. CCI Ltd. v. JCIT (ITA No. 359 of 2011) (Karnataka HC) DCIT v. India Advantage Securities Ltd. (ITA No. 1131 of 2013) (Bom HC) DCIT v. M/s. India Advantage Securities Ltd. (ITA No. 671/Mum/2011) (Mum) DCIT v. Baljit Securities (P.) Ltd. (68 SOT 82) M/s. JMP Securities Pvt. Ltd. v. ACIT (ITA No. 5688/Mum/2013) (Mum) DCIT v. Shree Durga Capital Ltd. (ITA No. 7405/Mm/2011) (Mum) Devkant Synthetics (India) Pvt. Ltd. v. ITA (ITA No. 2663, 2664 and 2665/Mum/2015) (Mum) D.H. Securities Pvt. Ltd. v. DClT (ITA No. 5724/Mum/2011) (Mum) 7. We have considered rival contentions, carefully gone through th…

M/S. Metmin Finance & Holdings P. Ltd., Mumbai vs. ITO - 3(2)(2), Mumbai

In the result, appeals i.e

ITA 1560/MUM/2007[2002-2003]Status: DisposedITAT Mumbai30 Mar 2016AY 2002-2003

Bench: Shri R.C.Sharma, Am & Shri Mahavir Singh, Jm आमकय अऩीर सं./Ita Nos.6811& 6812/Mum/2012

For Appellant: Shri Haresh G. BuchFor Respondent: Dr. Sandeep Goel
Section 143(3)Section 14A

…pronouncements :- M/s. CCI Ltd. v. JCIT (ITA No. 359 of 2011) (Karnataka HC) DCIT v. India Advantage Securities Ltd. (ITA No. 1131 of 2013) (Bom HC) DCIT v. M/s. India Advantage Securities Ltd. (ITA No. 671/Mum/2011) (Mum) DCIT v. Baljit Securities (P.) Ltd. (68 SOT 82) M/s. JMP Securities Pvt. Ltd. v. ACIT (ITA No. 5688/Mum/2013) (Mum) DCIT v. Shree Durga Capital Ltd. (ITA No. 7405/Mm/2011) (Mum) Devkant Synthetics (India) Pvt. Ltd. v. ITA (ITA No. 2663, 2664 and 2665/Mum/2015) (Mum) D.H. Securities Pvt. Ltd. v. DClT (ITA No. 5724/Mum/2011) (Mum) 7. We have considered rival contentions, carefully gone through th…

DCIT RG 4(1), Mumbai vs. Bidhata Synthetic Mills P.Ltd, Mumbai

In the result, both appeals of the assessee and revenue are allowed in part, in terms indicated hereinabove

ITA 3425/MUM/2012[2008-09]Status: DisposedITAT Mumbai10 Feb 2016AY 2008-09
For Appellant: Shri Jitendra Sanghavi &For Respondent: Shri Peeyush Sonkar
Section 14ASection 271Section 43Section 43(5)Section 5Section 73

…It was argued by ld. AR that issue with regard to application of Explanation to Section 73 in case assessee engaged in business of share-trading is covered in favour of assessee by the decision of ITAT Kolkata bench in the case of Baljit Securities (P) Ltd., 68 SOT 82, wherein it was held that in case of assessee engaged in the business of share trading, the activity of purchase and sale of delivery based shares and purchase and sale of non-delivery based shares i.e. derivatives. And incurred loss on delivery based purchase and sale of shares and earned profit on non delivery based sale and purchase of shares, t…

Bidhata Synthetic Mills P.Ltd, Mumbai vs. ACIT 4(1), Mumbai

In the result, both appeals of the assessee and revenue are allowed in part, in terms indicated hereinabove

ITA 3255/MUM/2012[2008-09]Status: DisposedITAT Mumbai10 Feb 2016AY 2008-09
For Appellant: Shri Jitendra Sanghavi &For Respondent: Shri Peeyush Sonkar
Section 14ASection 271Section 43Section 43(5)Section 5Section 73

…It was argued by ld. AR that issue with regard to application of Explanation to Section 73 in case assessee engaged in business of share-trading is covered in favour of assessee by the decision of ITAT Kolkata bench in the case of Baljit Securities (P) Ltd., 68 SOT 82, wherein it was held that in case of assessee engaged in the business of share trading, the activity of purchase and sale of delivery based shares and purchase and sale of non-delivery based shares i.e. derivatives. And incurred loss on delivery based purchase and sale of shares and earned profit on non delivery based sale and purchase of shares, t…

Vidhya Equiresearch P. Ltd, Mumbai vs. ACIT 5(3), Mumbai

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

ITA 2672/MUM/2013[2009-10]Status: DisposedITAT Mumbai08 Feb 2016AY 2009-10
For Appellant: Shri Paresh ShapariaFor Respondent: Shri Vikram Batra
Section 14ASection 43Section 43(5)Section 5Section 73

…assessee dealing in shares and securities, wherein profit is earned on sale and purchase of shares and F&O, the amount invested in share held as stock in trade should be excluded while making the disallowance under rule 8D. case of Baljit Securities (P) Ltd., 68 SOT 82, wherein it has been held that the shares held as stock-in-trade should not be taken into account while working the disallowance of expenses incurred on earning the tax free income. 4. In view of the above judicial pronouncements, we restore the issue back to the file of AO to recompute the disallowance under rule 8D after excluding the amount inve…

Dy. CIT v. Baljit Securities (P.) Ltd. (68 SOT 82) — Cited in 12 Judgments | BharatTax