New Era Agencies Pvt. Ltd. v. CIT (SC)

68 ITR 585Supreme Court of India1968#18258 most cited
5

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2022.

Judgments citing New Era Agencies Pvt. Ltd. v. CIT (SC)

ACIT, CENTRAL CIRCLE, PANAJI vs. M/S SOCIADADE DE FOMENTO INDUSTRIAL P. LTD, MARGAO

In the result, the appeal of the assessee is partly allowed and that of the Revenue is dismissed

ITA 116/PAN/2018[2010-11]Status: DisposedITAT Panaji12 Sept 2022AY 2010-11

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal

For Appellant: Sh. Nishant Thakkar, AdvocateFor Respondent: Sh. Ranjan Kumar, CIT-DR
Section 143(1)Section 143(2)Section 14A

…e shares in the balance sheet viz. whether shown under the head investment or under the head stock-in- trade. This was so held in the following cases: a. CIT Vs. Karam Chand Thapar & Bros.Pvt. Ltd., (SC) 176 ITR 535 b. New Era Agencies Pvt. Ltd., Vs. CIT (SC) 68 ITR 585 c. Matheson Bosanquet Enterprises Ltd., Vs. DCIT (Mad) 316 ITR 375 V) Transaction in exchange traded derivatives - life of short duration and they do not yield any income like dividend - Income can be derived only on their purchases and sales and so they are held only as stock-in-trade - Hence the income from such transactions is business income a…

SOCIEADADE DE FOMENTO INDL. PVT. LTD.,MARGAO vs. JOINT COMMISSIONER OF INCOME TAX, MARGAO RANGE, MARGAO

In the result, the appeal of the assessee is partly allowed and that of the Revenue is dismissed

ITA 105/PAN/2018[2010-11]Status: DisposedITAT Panaji12 Sept 2022AY 2010-11

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal

For Appellant: Sh. Nishant Thakkar, AdvocateFor Respondent: Sh. Ranjan Kumar, CIT-DR
Section 143(1)Section 143(2)Section 14A

…e shares in the balance sheet viz. whether shown under the head investment or under the head stock-in- trade. This was so held in the following cases: a. CIT Vs. Karam Chand Thapar & Bros.Pvt. Ltd., (SC) 176 ITR 535 b. New Era Agencies Pvt. Ltd., Vs. CIT (SC) 68 ITR 585 c. Matheson Bosanquet Enterprises Ltd., Vs. DCIT (Mad) 316 ITR 375 V) Transaction in exchange traded derivatives - life of short duration and they do not yield any income like dividend - Income can be derived only on their purchases and sales and so they are held only as stock-in-trade - Hence the income from such transactions is business income a…

ACIT RG 4(2), MUMBAI vs. NVS BROKERAGE P[ LTD, MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 8295/MUM/2010[2007-08]Status: DisposedITAT Mumbai21 Jul 2016AY 2007-08

Bench: Shri R.C.Sharma (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2007-08

For Appellant: Shri. Pramod Kumar Parida & MsFor Respondent: Shri. B. Satyaramayana Rajo
Section 143(3)

…as not verified and brought on records the facts necessary to determine whether the shares are stock in trade or the capital asset, in accordance with the general principles of law laid down by the Hon’ble Supreme Court in New Era Agencies P. Ltd vs CIT(1968) 68 ITR 585 (SC). So, in our considered view the following facts are required to be verified in this case, whether the assessee had been maintaining two separate portfolios in respect of shares, one in respect of investment and other as stock in trade, whether shares were transferred from one portfolio to other during the relevant previous year and apart from…

N vs. BROKERAGE P. LTD,MUMBAIVS.ASST CIT CIR 1(2), MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 7280/MUM/2010[2007-08]Status: DisposedITAT Mumbai21 Jul 2016AY 2007-08

Bench: Shri R.C.Sharma (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2007-08

For Appellant: Shri. Pramod Kumar Parida & MsFor Respondent: Shri. B. Satyaramayana Rajo
Section 143(3)

…as not verified and brought on records the facts necessary to determine whether the shares are stock in trade or the capital asset, in accordance with the general principles of law laid down by the Hon’ble Supreme Court in New Era Agencies P. Ltd vs CIT(1968) 68 ITR 585 (SC). So, in our considered view the following facts are required to be verified in this case, whether the assessee had been maintaining two separate portfolios in respect of shares, one in respect of investment and other as stock in trade, whether shares were transferred from one portfolio to other during the relevant previous year and apart from…

DHAIRESH K SANGHVI,MUMBAI vs. DCIT 12(3), MUMBAI

In the result, the appeal filed by the assessee is allowed

ITA 2933/MUM/2013[2008-09]Status: DisposedITAT Mumbai16 Oct 2015AY 2008-09

Bench: S/Shri B.R.Baskaran, Am & Amarjit Singh, Jm आमकय अऩीर सं./I.T.A. No.2933/Mum/2013 (ननधधायण वषा / Assessment Year: 2008-09) बनाम/ Shri Dhairesh K Sangvi, The Dy. Commissioner Of Income Tax, 12(3), 3Rd Floor, Union –Co-Op.Inse Vs. Aayakar Bhavan, Building, M K Road, P M Road, Fort, Mumbai-400020 Mumbai-400001 (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…Gopal Purohit shall not apply, since the parity of facts has not been established by the assessee. The Ld D.R placed his reliance on the following case law:- (a) Jayashree Pradeep Shah (131 ITD 326) (b) Karamchand Thapar (176 ITR 535)(SC) (c) New Era Agency (68 ITR 585)(SC) 6. We heard the parties and perused the record. The dispute is with regard to the nature of receipt of profit arising on sale of shares. The assessee claims the same to be capital gain, whereas the AO has assessed the same as business income of the assessee. It is well settled that the true nature of the transactions has to be determined by…

New Era Agencies Pvt. Ltd. v. CIT (SC) (68 ITR 585) — Cited in 5 Judgments | BharatTax