HoosenKasam Dada (India) Ltd. v. CIT

52 ITR 171Reported decision1964#25194 most cited
3

judgments rely on this decision, according to BharatTax’s citation analysis of 341,001 Indian tax judgments — from 2023 to 2023.

Issues it is cited on

section 71section 43(5)speculative transactionsection 43companysection 143(3)indiabusinessdocumentinterest

Judgments citing HoosenKasam Dada (India) Ltd. v. CIT

Measeg Saraf Electricals Private Limited, Rampura Phul vs. Principal Commissioner of Income Tax, Bathinda

In the result, appeal of the assessee ITA No

ITA 286/ASR/2019[2014-15]Status: HeardITAT Amritsar20 Sept 2023AY 2014-15

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 142(1)Section 143(2)Section 143(3)Section 263Section 43(5)

…Pradesh High Court in the case of CIT vs. Lakshminarayana Trading Co (1995) 82 Taxman 301(AP); Rajasthan High court in the case of Sripal Satypal vs. ITO (2008) 217 CTR [Raj] and Calcutta High Court in the case of Hoosen Kasam Dada(India) Ltd. vs. CIT (1964) 52 ITR 171. Accordingly, it is held that the transactions of trading in edible oil by the appellant are not speculative in nature within the meaning of section 43(5) of the Act. Therefore, the business loss incurred by the appellant is eligible for set off against other income in terms of the provisions of section 71(1) of the Act.” The transaction related…

Income Tax Officer Ward-1(1), Bathinda vs. M/S Apex Fibre India Limited, Bathinda

ITA 84/ASR/2020[2016-17]Status: DisposedITAT Amritsar23 Feb 2023AY 2016-17

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 145(3)Section 43(5)Section 45(3)

…saction entered into by the assessee or on his behalf otherwise than by actual delivery of the commodity [Page 21-24 of CIT(A) order]. The CIT(A) has also relied on the judgment of Calcutta High Court in the case of HoosenKasam Dada (India) Ltd. vs. CIT(1964) 52 ITR 171 in which the speculative transactions has been defined to me where there is no delivery under a settlement contract, it is speculative transaction. On the other hand, however speculative the transaction might be, if there is delivery, it cannot be considered to be a speculative transaction. SECTION 43(5) Speculative transactions means a transactio…

Deputy Commissioner of Income Tax Circle-1, Bathinda vs. M/S G.H. Crop Science Private Limited, Bathinda

ITA 56/ASR/2020[2016-17]Status: DisposedITAT Amritsar23 Feb 2023AY 2016-17

Bench: Dr. M. L. Meena & Sh. Anikesh Banerjee

Section 145(3)Section 43(5)Section 45(3)

…saction entered into by the assessee or on his behalf otherwise than by actual delivery of the commodity [Page 21-24 of CIT(A) order]. The CIT(A) has also relied on the judgment of Calcutta High Court in the case of HoosenKasam Dada (India) Ltd. vs. CIT(1964) 52 ITR 171 in which the speculative transactions has been defined to me where there is no delivery under a settlement contract, it is speculative transaction. On the other hand, however speculative the transaction might be, if there is delivery, it cannot be considered to be a speculative transaction. SECTION 43(5) Speculative transactions means a transactio…

HoosenKasam Dada (India) Ltd. v. CIT (52 ITR 171) — Cited in 3 Judgments | BharatTax