R.B.K. Securities (P.) Ltd. v. ITO

118 TTJ 465Income Tax Appellate Tribunal2008#14792 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2012 to 2021.

Judgments citing R.B.K. Securities (P.) Ltd. v. ITO

SRI. B. RUDRAGOUDA,BELLARY vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE- 1, BELLARY

In the result, the appeal is allowed

ITA 315/BANG/2020[2016-17]Status: DisposedITAT Bangalore15 Apr 2021AY 2016-17

Bench: Shri Chandra Poojari & Shri George George K.

For Appellant: Shri Chythanya K.K., AdvocateFor Respondent: Shri Muzaffar Hussain, CIT(DR)(ITAT), Bengaluru

Section 37Section 37(1)

…[Para 7 & 8]; ITA Nos.314 & 315/Bang/2020 Page 60 of 70 Asian Financial Services Ltd. vs. CIT, [2016] 240 Taxman 192 (Cal) [Para 11]; DCIT vs. Paterson Securities (P.) Ltd. [2010] 127 ITD 386 (Chennai) [Para 3,4]; R.B.K. Securities (P.) Ltd. vs. ITO [2008] 118 TTJ 465 (Mum) [Para 4 & 5]; DCIT vs. Madanlal Ltd. [2012] 51 SOT 188/21 taxmann.com 444 (Ko1.)(URO) [Para 4, 5] CIT vs. SSKI Investors Services (P.) Ltd. [2008] 113 TTJ 511 (Mumbai) [Para 3]; Rikeen P. Dalal vs. DCIT, [2014] 62 SOT 49 (Mum)(URO.) [Para 2 & 6]; 64. Therefore, it was submitted that trading in F & 0 derivative is taxable under section 28(i)…

SRI. B. RUDRAGOUDA,BELLARY vs. THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE- 1, BELLARY

In the result, the appeal is allowed

ITA 314/BANG/2020[2015-16]Status: DisposedITAT Bangalore15 Apr 2021AY 2015-16

Bench: Shri Chandra Poojari & Shri George George K.

For Appellant: Shri Chythanya K.K., AdvocateFor Respondent: Shri Muzaffar Hussain, CIT(DR)(ITAT), Bengaluru

Section 37Section 37(1)

DCIT, NEW DELHI vs. M/S FLORA & FAUNA HOUSING AND LAND DEVELOPERS PVT. LTD.,, NEW DELHI

ITA 4191/DEL/2012[2009-10]Status: DisposedITAT Delhi22 Jul 2019AY 2009-10

Bench: Shri R.K. Panda & Shri Kuldip Singh

For Appellant: Shri G.C. Srivastava, AdvocateFor Respondent: Ms. Ashima Neb, Senior DR

Section 43Section 43(5)Section 43(5)(c)Section 73

…by the assessee on derivatives and the profit earned if trading of the commodity as speculative in nature, For the aforesaid view, we are also fortified by the decision of the ITAT Mumbai ‘B’ Bench in the case of R.B.K. Securities (P) Ltd. Vs ITO reported in 118 TTJ 465 (supra).” 9 ITA No.4191/Del./2012 14. Aforesaid decisions have been duly discussed by the ld. CIT (A) in impugned order which are applicable to the facts and circumstances of the case. The only difference between the order passed by the AO and the impugned order passed by the ld. CIT (A) is, AO has ignored the amendment vide which clause (d)…

M/S. PRATHAM INVESTMENTS,BARODA vs. THE DY. CIT, BARODA

In the result, the re-assessment notice and consequent re-assessment order under s

ITA 747/AHD/2014[2005-06]Status: DisposedITAT Ahmedabad15 Jan 2019AY 2005-06

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad, Judicial Memebr आयकर अपील सं./I.T.A. No. 747/Ahd/2014 ("नधा"रण वष" / Assessment Year : 2005-06)

For Appellant: Shri Bhavin Marfatia, CA

Section 147

…loss and were not recorded as speculative loss as per some decisions of the co- ordinate bench prevailing at relevant time. A reference was made in this regard to the decision of the co-ordinate bench in the case of R.B.K. Securities (P.) Ltd. Vs. ITO [2008] 118 TTJ 465 (Mum) notwithstanding its reversal at a later stage by Special Bench in Shree Capitals case. The learned AR accordingly submitted that the AO after raising specific question in this regard and after considering the specific reply of the assessee dated 18th September, 2007 has decided the issue in favour of the assessee. Therefore, the issue when…

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

…e not deemed to be speculative transactions as provided in the provisions (c) & (d) of section 43(5) of the Act and the same has been supported by the decision in the case of DCIT vs. SSSKI Investors (P) Ltd. 113 TTJ 511 and RKB Securities (P) Ltd. vs. ITO 6 118 TTJ 465, (iii) since the assessee’s entire income is from share trading, the loss or profit earned through these transactions is deemed to be speculative transactions as per Explanation to Section 73 of the Act. In view of the above, the learned CIT(A) held that the assessee is not entitled to set off the losses in share trading with the profits earned…

CIT vs. HERMONOS ZUBADI INVESTMENT PVT LTD

The appeal is dismissed

ITA - 222 / 2012HC Delhi13 Apr 2012

Section 143(3)Section 154Section 43(5)

…CIT v. S.S.K.I. Investors Services Pvt. Ltd., (2008) 113 TTJ 511 in which it was held that provision of 43(5) was not applicable to derivative trading. There was thereafter decision of the Mumbai Tribunal in R.B.K. Securities Pvt. Ltd. v. ITO, (2008) 118 TTJ 465. There is an earlier decision of Bangalore Bench of Tribunal in C. Bharath Kumar v. Deputy CIT, (2005) 4 SOT 593 (Bangalore) in which a similar legal view was taken. Subsequently, Special Bench of Tribunal was constituted and these decisions were reversed in Shree Capital Services Ltd. v. ACIT, (2009) 318 ITR (AT) 1. . 4. The…