Prasad Agents Pvt. Ltd. v. Income Tax Officer

Arjav Diamonds (India) P.Ltd, Mumbai vs. Addl CIT 5(1), Navi Mumbai

In the result, the appeal assessee is allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am

…ss incurred in share trading activity as ‘speculation loss’ instead of ‘business loss’. 3. At the outset, learned AR fairly conceded that the issue is covered against the assessee by the decision of Jurisdictional High Court in case of Prasad Agents (P) Ltd.,333 ITR 275. Accordingly, we dismiss the ground raised by assessee being covered against it by the decision of the Bombay High Court.” 12. The learned Counsel for the assessee made alternative submission that if this is speculative loss, the same should be set off against profit earned from trading in shares and securities as profit from such activity falls…

DCIT 14(2)(1), Mumbai vs. Kalpana Madhani Securities P.Ltd, Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Manoj Kumar Aggarwalassessment Year: 2012-13 Dcit-14(2)(1), M/S Kalpana Madhani Room No.432, 4Th Floor, Securities Pvt. Ltd. बनाम/ Aayakar Bhavan, 11/1102, Shanti Tower, Vs. M. K. Road, Shanti Path, Near Garodia Mumbai-400020 Nagar, Ghatkopar (East), Mumbai-400077 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No. Aabck2968H

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ,‘ ‘एच’’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES, ‘H’ MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी मनोज कुमार अ"वाल, लेखा सद"य, के सम" Before Shri Joginder Singh, Judicial Member, and Shri Manoj Kumar Aggarwal, Accountant Member Assessment Year: 2012-13 DCIT-14(2)(1), M/s Kalpana Madhani Room No.432, 4th Floor, Securities Pvt. Ltd. बनाम/ Aayakar Bhavan, 11/1102, Shanti Tower, Vs. M. K. Road, Shanti Path, Near Garodia Mumbai-400020 Nagar, Ghatkopar (East), Mumbai-400077 (राज"व /Revenue) ("नधा"रती /Assessee) PAN. No. AABCK2968H ITA No.940/Mum/2017 & 2 C.O. No.139…

Khandwala Securities Ltd, Mumbai vs. DCIT 4(3), Mumbai

In the result, the appeal is allowed for statistical purposes

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

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “A” MUMBAI BEFORE SHRI MAHAVIR SINGH (JUDICIAL MEMBER) AND SHRI N.K. PRADHAN (ACCOUNTANT MEMBER) Assessment Year: 2009-10 M/s. Khandwala Securities Ltd. Vs. DCIT 4(3) G-7 Vikas Bldg. Gr. Floor, Aayakar Bhavan, Green Street Fort, Mumbai - 400020 Mumbai – 400 023 PAN No. AAACK2214P (Appellant) (Respondent) Assessee by : Dr. Prayag Jha, AR Revenue by: Shri R.P. Meena, CIT(DR) Date of Hearing : 22/12/2016 Date of pronouncement: 17/03/2017 ORDER PER N.K. PRADHAN, AM This is an appeal filed by the assessee. The relevant assessment year is 2009-10. The appeal…

Fiduciary Euromax Global Markets Ltd, Mumbai vs. DCIT 8(1), Mumbai

In the result, this appeal of the assessee is allowed

Bench: Shri G.S. Pannu & Shri Sanjay Garg

…n para 13.aa thereof holding that the amendment to section 68 of the Act by insertion of proviso is clarificatory and hence retrospective. 5.6.10 We have carefully perused the decision of the Hon'ble Bombay High Court in the case of Prasad Agents (P) Ltd. in 333 ITR 275 (Bom) and are of the humble opinion that the decision/finding rendered therein would not apply to the issue in the case on hand since the issue raised before the Hon'ble High Court was whether the loss due to valuation of stock is covered by Explanation to section 73 of the Act as it stood in 2009 and not in respect to the effect of the amendment…

Fiduciary Euromax Global Markets Ltd, Mumbai vs. DCIT 8(1), Mumbai

In the result, this appeal of the assessee is allowed

Bench: Shri G.S. Pannu & Shri Sanjay Garg

…n para 13.aa thereof holding that the amendment to section 68 of the Act by insertion of proviso is clarificatory and hence retrospective. 5.6.10 We have carefully perused the decision of the Hon'ble Bombay High Court in the case of Prasad Agents (P) Ltd. in 333 ITR 275 (Bom) and are of the humble opinion that the decision/finding rendered therein would not apply to the issue in the case on hand since the issue raised before the Hon'ble High Court was whether the loss due to valuation of stock is covered by Explanation to section 73 of the Act as it stood in 2009 and not in respect to the effect of the amendment…

The Dy CIT 4(1), Mumbai vs. M/S. Icici Brokerage Services, Mumbai

In the result, appeal of the assessee

…nature. 11. The last grievance of assessee relates to invoking Explanation to Section 73 and treating share trading loss as speculative loss. 12. Ld. AR fairly conceded that the issue has been decided by Hon’ble Bombay High Court in the case of Prasad Agents, 333 ITR 275, against the assessee. Accordingly we dismiss ground No.4 so raised by the assessee. 13. Common grievance has been raised by the revenue in assessment year 2003-04 & 2004-05. First grievance relates to deleting disallowance on account of depreciation on BSE membership card as business or commercial right of similar nature u/s.32(1)(ii), being int…

The Dy CIT 4(1), Mumbai vs. M/S. Icici Brokerage Services Ltd, Mumbai

In the result, appeal of the assessee

…nature. 11. The last grievance of assessee relates to invoking Explanation to Section 73 and treating share trading loss as speculative loss. 12. Ld. AR fairly conceded that the issue has been decided by Hon’ble Bombay High Court in the case of Prasad Agents, 333 ITR 275, against the assessee. Accordingly we dismiss ground No.4 so raised by the assessee. 13. Common grievance has been raised by the revenue in assessment year 2003-04 & 2004-05. First grievance relates to deleting disallowance on account of depreciation on BSE membership card as business or commercial right of similar nature u/s.32(1)(ii), being int…

Icici Securities Ltd. (Formerly Known As Icici Brokerage Services Ltd., Mumbai vs. ACIT Circle 4(1), Mumbai

In the result, appeal of the assessee

…nature. 11. The last grievance of assessee relates to invoking Explanation to Section 73 and treating share trading loss as speculative loss. 12. Ld. AR fairly conceded that the issue has been decided by Hon’ble Bombay High Court in the case of Prasad Agents, 333 ITR 275, against the assessee. Accordingly we dismiss ground No.4 so raised by the assessee. 13. Common grievance has been raised by the revenue in assessment year 2003-04 & 2004-05. First grievance relates to deleting disallowance on account of depreciation on BSE membership card as business or commercial right of similar nature u/s.32(1)(ii), being int…

Fiduciary Shares & Stocks P.Ltd, Mumbai vs. ACIT Cir 4(2), Mumbai

In the result, the assessee’s appeal for A

Bench: Shri Jason P. Boaz & Shri Sandeep Gosainfiduciary Shares & Stock P. Ltd. Acit, Circle 4(2) Unit No. T7B, 5Th Floor, Phoenix Àayakar Bhavan, M.K. Road House, Block No. 2, Phoenix Mills Vs. Mumbai 400020 Compound, 462, Senapati Bapat Marg, Mumbai 400013 Pan - Aaacf9759N Appellant Respondent

…ission income. 5.5 Per contra, the learned D.R. for Revenue strongly supported the decision of the learned CIT(A) on this issue and placed reliance on the decision of the Hon'ble Bombay High Court in the case of Prasad Agents Pvt. Ltd. vs. Income Tax Officer (333 ITR 275) to contend that the authorities below had correctly not allowed the assessee to claim adjustment of loss from share trading against other business income of the assessee-company. 5.6.1. We have heard the rival contentions of both the parties and perused and carefully considered the material on record; including the judicial pronouncements cited.…

Claridges Investments and Finance P.Ltd, Mumbai vs. ITO 4(1)(1), Mumbai

In the result, the appeal of the Assessee is allowed

Bench: Shri Amit Shukla & Shri Rajesh Kumar: (Assessment Year : 2007-08)

…luation of the stock-in-trade is covered by the Explanation to Section 73 and thereby it is a speculation loss which cannot be set-off against business income on the basis of the judgement of Hon’ble Bombay High Court in the case of Prasad Agents (Pvt.) Ltd., 180 Taxmann 178. 4 M/s.Claridges Investments & Finance P.Ltd 4. Before the ld. CIT(A), the main contention of the Assessee was that the Assessee had converted the shares into stock-in-trade as early as on 3.4.2006 and on that date it was impossible to visualize that the share having market price at Rs. 65/- and Rs. 36/- on 3.4.2006 will be priced at Rs. 47.5…