Max Telecom Ventures Ltd. v. ACIT

Citi Corp International Finance Corporation, Mumbai vs. Asst DIT (It) 1(2)

In the result, both the appeals filed by the assessee are allowed

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

….04.2006 and, therefore, shares are held for less than 12 months, so it is short term capital gain referring to section 2(29B) of the Act. He relied on Circular No. 704 dated 28.04.1995 and decision of co-ordinate bench in Max Telecom Ventures Ltd. Vs. ACIT (114 ITD 46). The ld. A.O. taxed the same @ 30%. The ld. A.O. passed the draft assessment order dated 26.02.2010 u/s. 143(3) r.w.s. 144C(1) of the Act. 4 ITA Nos. 2545/M/2011 & 2732/Mum/2014 (A.Y. 2007-08) Citicorp International Finance Corporation vs. The Addl. DIT (IT) 6. The assessee was in appeal before the ld. CIT(A) challenging the impugned order of…

Citicorp International Finance Corporation, Mumbai vs. Addl.D.I.T. (It) RG.-1, Mumbai

In the result, both the appeals filed by the assessee are allowed

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm

….04.2006 and, therefore, shares are held for less than 12 months, so it is short term capital gain referring to section 2(29B) of the Act. He relied on Circular No. 704 dated 28.04.1995 and decision of co-ordinate bench in Max Telecom Ventures Ltd. Vs. ACIT (114 ITD 46). The ld. A.O. taxed the same @ 30%. The ld. A.O. passed the draft assessment order dated 26.02.2010 u/s. 143(3) r.w.s. 144C(1) of the Act. 4 ITA Nos. 2545/M/2011 & 2732/Mum/2014 (A.Y. 2007-08) Citicorp International Finance Corporation vs. The Addl. DIT (IT) 6. The assessee was in appeal before the ld. CIT(A) challenging the impugned order of…

Dy.Comm of Income Tax CC 5(2) Central RG. -5, Mumbai vs. Parshvanath Comtrade LLP, Mumbai

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm Parsvanatha Comtrade Llp Dcit-Cc-5(2) F 501, Sterling Court, Central Range-5, Maheshwari Nagar, Room No.1906, Marol-Midc Road Andheri Air India Building, Vs. Nariman Point, (E) Mumbai-400 021 Mumbai-400 093 (Appellant) (Respondent) Pan No. Aaqfp9841A Assessee By : Shri Rakesh Joshi, Ar Revenue By : Shri Achal Sharma, Cit Dr Date Of Hearing: 02.11.2022 Date Of Pronouncement : 23.12.2022

…Gupta. He submitted that those documents were intimation to the Securities And Exchange Board of India Limited and Stock Exchange. He further relied upon the co-ordinate Bench decision of Amritsar Bench in case of Max Telecom Ventures Limited Vs. ACIT [2008] 114 ITD 46 (Amritsar) which held that when an agreement was acted upon and was followed up by the delivery of shares the date of contract and sale declared by the parties shall be treated as date of transfer. He further relied upon on the decision of Kolkata Tribunal in Pramod Kumar Chaudhary Vs. ITO in ITA No. 925/Kol/2012 dated 29th January, 2015 which als…