R.P.G. Industries Ltd. v. CIT

338 ITR 313High Court2011#15653 most cited
6

judgments rely on this decision, according to BharatTax’s citation analysis of 348,631 Indian tax judgments — from 2016 to 2022.

Judgments citing R.P.G. Industries Ltd. v. CIT

Wealthy Sky Development Private Limited, Jaipur vs. Pr.CIT-1, Jaipur

In the result, the appeal of the assessee is allowed

ITA 15/JPR/2021[2016-17]Status: DisposedITAT Jaipur27 Jun 2022AY 2016-17
For Appellant: Shri Bhupendra Shah, CAFor Respondent: Shri Sanjay Dhariwal, CIT
Section 143(3)Section 263Section 43(5)(d)Section 73Section 73(4)

…following judgments :- i. DLF Commercial Developers Limited Vs CIT in ITA No. 94/2013 dated 11.07.2013 ii. Intermetal Trade Ltd. (2006) 285 ITR 536 (MP) iii. CIT vs Lokmat Newspapers P. Ltd. (2010) 322 ITR 43 (Bom) iv. R.P.G. Industries Ltd. vs CIT, (2011) 338 ITR 313(Cal) The ld. PCIT further observed that the view taken by the AO was not in accordance with the provisions of the section 73. The ld. PCIT also rejected several case laws cited by the assessee and held that the order passed by the AO on 26.11.2018 was erroneous and prejudicial in the interest of the revenue. Accordingly the order of the AO was…

Jai Bhikshu Credit and Holding Ltd., New Delhi vs. DCIT, New Delhi

The appeal of the assessee are allowed

ITA 2911/DEL/2016[2012-13]Status: DisposedITAT Delhi28 May 2019AY 2012-13

Bench: Smt Beena A Pillai & Shri Prashant Maharishijai Bhikshu Credit & Holding Vs. Dcit, Ltd, F-591, Sarita Vihar, Circle-13(1), New Delhi New Delhi Pan: Aaacj0774F (Appellant) (Respondent)

For Appellant: Shri V P Guta & Anuvav KumarFor Respondent: Ms. Naina Soin Kapil, Sr. DR
Section 143(3)Section 73

…shares. These decisions, in addition to the ones cited above, are as under: (i) Rohini Capital Services Ltd. vs. DCIT (ITAT, Del) 92 ITD 317 (ii) AMP Spinning & Weaving Mills (P) Ltd. vs. ITO (ITAT, SB-Ahd.) 100 ITD 142 (iii) RPG Industries Ltd. vs. CIT (Cal) 338 ITR 313 5.3.1. Therefore, it is held that delivery based share transactions are not specifically excluded from the deeming provisions of section 73. There is a fundamental difference between a speculative transaction provided u/s 43(5) and a speculative business is deemed as such u/s 73. Undoubtedly there are certain decisions which have held that the tr…

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

In the result, this appeal of the assessee is allowed

ITA 955/MUM/2014[2010-11]Status: DisposedITAT Mumbai29 Jun 2016AY 2010-11

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

For Appellant: Shri V.C. Shah, A.RFor Respondent: Shri S. Senthil Kumaran, D.R
Section 14ASection 73

…ntical facts, is fully applicable to the case of the assessee. 10. So far as the reliance of the Ld. DR on the decision in the case of ‘CIT vs. Intermetal Trade Ltd.’ [2006] 285 ITR 536 (MP) and in the case of ‘R.P.G. Industries Ltd. vs CIT & another’ [2011] 338 ITR 313 (Cal) is concerned, we find that the said decisions have been rendered prior to the insertion of amendment to Explanation to section 73 of the Act by Finance (No. 2) Act, 2014, hence there was no question before the Hon’ble respective High Courts regarding the retrospective or prospective operation of the said amendment brought vide Act of 2014.…

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

In the result, this appeal of the assessee is allowed

ITA 1349/MUM/2012[2009-10]Status: DisposedITAT Mumbai29 Jun 2016AY 2009-10

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

For Appellant: Shri V.C. Shah, A.RFor Respondent: Shri S. Senthil Kumaran, D.R
Section 14ASection 73

…ntical facts, is fully applicable to the case of the assessee. 10. So far as the reliance of the Ld. DR on the decision in the case of ‘CIT vs. Intermetal Trade Ltd.’ [2006] 285 ITR 536 (MP) and in the case of ‘R.P.G. Industries Ltd. vs CIT & another’ [2011] 338 ITR 313 (Cal) is concerned, we find that the said decisions have been rendered prior to the insertion of amendment to Explanation to section 73 of the Act by Finance (No. 2) Act, 2014, hence there was no question before the Hon’ble respective High Courts regarding the retrospective or prospective operation of the said amendment brought vide Act of 2014.…

DCIT, CC-Xvi, Kolkata vs. Shree Ram Electrocast Pvt.Ltd., Kolkata

In the result, the appeal by the Assessee and the Revenue are dismissed

ITA 750/KOL/2012[2007-08]Status: DisposedITAT Kolkata02 Mar 2016AY 2007-08

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am ] Assessment Year : 2007-08

For Respondent: Shri Rajat Subhra Biswas, CIT, DR
Section 132Section 143(1)Section 153ASection 72Section 73

…shares cannot be held to be ingenuine.” 8. With regard to the claim of the assessee that the loss in question should be treated as speculation loss, the CIT(A) relied on the decision of the Hon’ble Calcutta High Court in the case of RPG Industries Ltd. Vs CIT 338 ITR 313(Cal). In the aforesaid decision the Hon’ble Calcutta High Court held that when there was actual delivery of shares the loss in question on account of dealing in shares in the case of an assessee which is a company had to be treated as speculation loss. One of the contention raised by the assessee before CIT(A) was that the intention of the legisl…

Shree Ram Electrocast Private Limited, Kolkata vs. DCIT, Central Circle - Xvi, Kolkata

In the result, the appeal by the Assessee and the Revenue are dismissed

ITA 657/KOL/2012[2007-08]Status: DisposedITAT Kolkata02 Mar 2016AY 2007-08

Bench: Hon’Ble Shri N.V.Vasudevan, Jm & Shri Waseem Ahmed, Am ] Assessment Year : 2007-08

For Respondent: Shri Rajat Subhra Biswas, CIT, DR
Section 132Section 143(1)Section 153ASection 72Section 73

…shares cannot be held to be ingenuine.” 8. With regard to the claim of the assessee that the loss in question should be treated as speculation loss, the CIT(A) relied on the decision of the Hon’ble Calcutta High Court in the case of RPG Industries Ltd. Vs CIT 338 ITR 313(Cal). In the aforesaid decision the Hon’ble Calcutta High Court held that when there was actual delivery of shares the loss in question on account of dealing in shares in the case of an assessee which is a company had to be treated as speculation loss. One of the contention raised by the assessee before CIT(A) was that the intention of the legisl…

R.P.G. Industries Ltd. v. CIT (338 ITR 313) — Cited in 6 Judgments | BharatTax