Raptakos Brett & Co. Ltd. v. DCIT

69 SOT 383Income Tax Appellate Tribunal2015#5901 most cited

What is Raptakos Brett & Co. Ltd. v. DCIT authority for?

Long-term capital loss on the sale of shares can be set off and carried forward under sections 70 and 71, as section 10(38) only exempts long-term capital gains and does not encompass capital losses.

20

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2025.

Also referred to as

Raptakos Brett & Co. Ltd. v. DCIT · ITAT 2015 · 69 SOT 383 · 58 Taxmann.com 115 · long term capital loss · sale of shares · section 10(38) · section 70 · section 71 · carry forward of losses · set off of losses

Also reported as

58 Taxmann.com 115

Sections most often in play

Section 10(38)Section 70Section 71Section 115JBSection 143(3)Section 2(14)Section 2(39A)Section 45

Issues it is cited on

section 4(3)section 4(1)section 74section 71section 10(33)section 47section 70transfer of capital assetsection 2(14)section 48section 45section 10(38)

Judgments citing Raptakos Brett & Co. Ltd. v. DCIT

Sahara India Corp Investment Ltd, Lucknow vs. ACIT, Central Circle-1, New Delhi

The appeal of the assessee is partly allowed as above

ITA 1750/DEL/2022[2017-18]Status: DisposedITAT Delhi31 Oct 2025AY 2017-18

Bench: Shri Yogesh Kumar U.S. & Shri Avdhesh Kumar Mishraita No.1750/Del/2022, A.Y. 2017-18 Sahara India Corp Investment Assistant Commissioner Ltd., Of Income Tax, I-Kapoorthala Complex, Vs. Central Circle–1, Aliganj, Lucknow, Up Jhandewalan, New Delhi Pan: Aaacs1707R (Appellant) (Respondent) Appellant By Sh. Aditya Vohra, Advocate Sh. Arpit Goyal, Advocate Respondent By Sh. Ajay Kumar Arora, Sr. Dr Date Of Hearing 10/10/2025 Date Of Pronouncement 31/10/2025 Order Per Avdhesh Kumar Mishra, Am This Appeal For The Assessment Year (‘Ay’) 2017-18 Filed By The Assessee Is Directed Against The Order Dated 07.06.2022 Of The Commissioner Of Income Tax (Appeals)-23, New Delhi [‘Cit(A)’].

…allowed to be carried forward to subsequent years. In support of this argument, he placed reliance on the following decisions:  Karanchand Premchand Ltd: [1960] 40 ITR 106 (SC)  Royal Calcutta Turf Club: 144 ITR 709 (Cal)  Raptakos Brett & Co Ltd.: [2015] 69 SOT 383 (Mum)  Shiv Kumar Jatia: ITA 7256/Del/2019 (Del Trib) 6. Per contra, the Ld. Sr. DR placed reliance on the relevant findings of the Ld. CIT(A). Emphasizing on the accounting treatment of shares of M/s. PDOECL given by the assessee in its regular books of accounts itself, the Ld. SR DR submitted that shares of M/s. PDOECL had been owned by the 6…

Mr. Nikhil Sawhney, New Delhi vs. ACIT, Noida

In the result, appeal of the assessee is dismissed

ITA 1249/DEL/2017[2013-14]Status: DisposedITAT Delhi10 Oct 2025AY 2013-14

Bench: Shri M. Balaganesh & Shri Vimal Kumarmr. Nikhil Sawhney, Vs. Dcit, 17, Sunder Nagar, Central Circle, New Delhi-11003 Noida (Appellant) (Respondent) Pan: Aaups0222Q

For Appellant: Shri Rohit Jain, AdvFor Respondent: Ms. Harpreet Kaur hansra, Sr. DR
Section 10(38)Section 143(3)

…of LTCL on STT suffered transaction would be unfair. We find that this issue had been duly considered by examining all the decisions on the impugned subject by the Co-ordinate Bench of Mumbai Tribunal in the case of Raptakos Brett & Co Ltd vs DCIT reported in 69 SOT 383 wherein it was held as under:- “7. We have heard rival submissions and perused the relevant findings given in the impugned orders. The main issue before us is, whether Long term capital loss on sale of equity shares can be set off against Long term capital gain arising on sale of land or not, as the income from Long term capital gain on sale of su…

Mr. Tarun Sawhney, New Delhi vs. ACIT, Noida

In the result, both the appeals of the assessee are allowed

ITA 1213/DEL/2017[2013-14]Status: DisposedITAT Delhi28 Oct 2024AY 2013-14

Bench: Shri M. Balaganesh & Shri Sudhir Kumar

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri V. K. Dubey, Sr. DR
Section 10(38)Section 143(3)

…of LTCL on STT suffered transaction would be unfair. We find that this issue had been duly considered by examining all the decisions on the impugned subject by the Co-ordinate Bench of Mumbai Tribunal in the case of Raptakos Brett & Co Ltd vs DCIT reported in 69 SOT 383 wherein it was held as under:- “7. We have heard rival submissions and perused the relevant findings given in the impugned orders. The main issue before us is, whether Long term capital loss on sale of equity shares can be set off against Long term capital gain arising on sale of land or not, as the income from Long term capital gain on sale of s…

Mr. Tarun Sawhney, New Delhi vs. ACIT, Noida

In the result, both the appeals of the assessee are allowed

ITA 1212/DEL/2017[2012-13]Status: DisposedITAT Delhi28 Oct 2024AY 2012-13

Bench: Shri M. Balaganesh & Shri Sudhir Kumar

For Appellant: Shri Rohit Jain, AdvFor Respondent: Shri V. K. Dubey, Sr. DR
Section 10(38)Section 143(3)

…of LTCL on STT suffered transaction would be unfair. We find that this issue had been duly considered by examining all the decisions on the impugned subject by the Co-ordinate Bench of Mumbai Tribunal in the case of Raptakos Brett & Co Ltd vs DCIT reported in 69 SOT 383 wherein it was held as under:- “7. We have heard rival submissions and perused the relevant findings given in the impugned orders. The main issue before us is, whether Long term capital loss on sale of equity shares can be set off against Long term capital gain arising on sale of land or not, as the income from Long term capital gain on sale of s…

Rita Gupta, Kolkata vs. DCIT, Cen. Cir.2(2), Kolkata

In the result, the appeal of the assessee is allowed

ITA 46/KOL/2024[2014-15]Status: DisposedITAT Kolkata06 Jun 2024AY 2014-15

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 10(38)Section 132Section 2(14)Section 45Section 45(1)Section 47

…e Ld. AR strongly relied upon the decision of Hon'ble jurisdictional Calcutta High Court in the case of Royal Calcutta Turf Club v. CIT [1983] 144 ITR 709/12 Taxman 133 and the coordinate Bench of this Tribunal in the case of Raptakos Brett & Co. Ltd Vs DCIT (69 SOT 383). Per contra the Ld. DR relied on the order of the lower authorities. He submitted that the term 'income' is understood to include negative income i.e. loss as well and therefore he submitted that when the profits arises from transfer of shares of listed companies on which security transaction is paid is exempt u/s 10(38) of the Act, then as a cor…

Misrilall Mines Pvt. Ltd., Kolkata vs. PCIT-2, Kolkata

In the result, the appeal of the assessee is allowed

ITA 259/KOL/2022[2017-18]Status: DisposedITAT Kolkata28 Mar 2023AY 2017-18

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 10(38)Section 143(3)Section 263

…आयकर अपील"य अ"धकरण, कोलकाता पीठ ‘‘सी’’, कोलकाता IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH: KOLKATA "ी राजेश कुमार, लेखा सद"य एवं "ी संजय शमा" "या"यक सद"यके सम" [Before Shri Rajesh Kumar, Accountant Member & Shri Sonjoy Sarma, Judicial Member] I.T.A. No. 259/Kol/2022 Assessment Year: 2017-18 Misrilall Mines Pvt. Ltd. Vs. PCIT, Kolkata-2, Kolkata (PAN: AABCM 9928 P) Appellant / (अपीलाथ") Respondent / ( !यथ") Date of Hearing / सुनवाई 28.03.2023 क$ "त&थ Date of Pronouncement/ 28.03.2023 आदेश उ)घोषणा क$ "त&थ For the Appellant/ Shri A.K. Tibrewal, FCA Shri Amit Agarwal, Advocate "नधा"/रती क$ ओर से For the Respon…

Poonawalla Shares & Securities Pvt.Ltd, Pune vs. Assistant Commissioner of Wealth-Tax, Circle-4, Pune

Appeal is partly allowed in above terms

ITA 380/PUN/2020[2016/17]Status: DisposedITAT Pune29 Jul 2022

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकर अपीलसं. / Ita No.380/Pun/2020 िनधा"रण वष" / Assessment Year : 2016-17 Poonawalla Shares & Securities The Assistant Pvt. Ltd., Vs Commissioner Of Income 16-B,/1, Sarosh Bhavan, Tax, Dr.Ambedkar Road, Circle-4, Pune. Pune – 411001 Pan: Aaacp 6087 H Appellant/ Assessee Respondent /Revenue Assessee By Shri Percy Pardiwala – Ar Revenue By Shri M.G.Jasnani – Dr Date Of Hearing 08/07/2022 Date Of Pronouncement 29/07/2022 आदेश/ Order Per S.S.Godara, Jm: This Assessee’S Appeal For Assessment Year 2016-17 Is Directed Against The Commissioner Of Income Tax(Appeals)-3, Pune’S Order Dated 11.12.2019 Passed In Case No.Pn/Cit(A)-3/Cir 4/193/2018-19/428, In Proceedings U/S.143(3) Of The Income Tax Act, 1961 [In Short “The Act”].

Section 143(3)Section 14A

…udgement. 14. It is submitted that the two conflicting views between Calcutta High Court and Gujarat High Court have since been considered by the Tribunal in a series of decisions. The Mumbai Tribunal in the case of Raptakos Brett & Co. Ltd. vs. DCIT (2015) (69 SOT 383) considered both the decisions and followed Royal Calcutta Turf (supra) in view of the fact that the judgement in the case of Kishorebhai (supra) was based solely on the judgement of the Supreme Court in the case of Harprasad (supra), which was in a different context and such judgement in fact supported the assessee’s argument that only when the s…

Alkyl Amines Chemicals Ltd, Navi Mumbai vs. Dy CIT (OSD) 10(3), Mumbai

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

ITA 1019/MUM/2020[2011-12]Status: DisposedITAT Mumbai14 Jul 2022AY 2011-12

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blem/S. Alkyl Amines Chemicals Ld., V. Dcit (Osd)-10(3) 401-407, Nirman Vyapar Kendra Room No. 517, 4Th Floor Plot No. 10, Sector – 17 Aayakar Bhavan, M.K. Road Vashi, Navi Mumbai – 400703 Mumbai - 400020 Pan: Aaaca6783F (Appellant) (Respondent) Assessee By : Ms. Shruti Agarwal Department By : Shri Mehul Jain

For Appellant: Ms. Shruti AgarwalFor Respondent: Shri Mehul Jain
Section 10Section 143(1)Section 143(2)Section 14ASection 195Section 40

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, HON'BLE JUDICIAL MEMBER M/s. Alkyl Amines Chemicals Ld., v. DCIT (OSD)-10(3) 401-407, Nirman Vyapar Kendra Room No. 517, 4th Floor Plot No. 10, Sector – 17 Aayakar Bhavan, M.K. Road Vashi, Navi Mumbai – 400703 Mumbai - 400020 PAN: AAACA6783F (Appellant) (Respondent) Assessee by : Ms. Shruti Agarwal Department by : Shri Mehul Jain Date of Hearing : 07.06.2022 Date of Pronouncement : 14.07.2022 O R D E R PER S. RIFAUR RAHMAN (AM) 1. This appeal is filed by the assessee ag…

Dy CIT - CC-2(3), Mumbai vs. Avinash Nivrutti Bhosale, Pune

In the result, appeal of the assessee is allowed and appeal of the revenue is dismissed for A

ITA 634/MUM/2021[2011-12]Status: DisposedITAT Mumbai28 Jan 2022AY 2011-12
Section 10(38)Section 132Section 153ASection 48

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A’ MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI KULDIP SINGH, JUDICIAL MEMBER Dy. Commissioner of Vs. Shri Avinash Nivrutti Income Tax-CC-2(3) Bhosale Room No.803, 8th Floor 2, ABIL House Pratishtha Bhavan Ganesh Khind Road Old CGO Building Annexe Hill Corner, M.K.Road, Mumbai-400020 Pune City, Pune- 411 007 PAN/GIR No. ABTPB8151F (Appellant) .. (Respondent) Shri Avinash Nivrutti Vs. Dy. Commissioner of Income Bhosale Tax-CC-2(3) Room No.802, 8th Floor 2, ABIL House Ganesh Khind Road Pratishtha Bhavan Hill Corner, Old CGO Building Annexe Pune City, M.K.Road,…

Mr. Nikhil Sawhney, New Delhi vs. ACIT, Noida

In the result, appeal of the assessee is dismissed

ITA 1248/DEL/2017[2012-13]Status: DisposedITAT Delhi17 Aug 2020AY 2012-13

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishimr. Nikhil Sawhney Acit, 17 – Sunder Nagar, Central Circle, Vs. New Delhi – 110 003. Noida. Pan: Aaups0222Q (Appellant) (Respondent)

For Appellant: Shri Rohit Jain, AdvFor Respondent: Ms. Rakhi Vimal, Sr. DR
Section 10(38)Section 143

…ages of the opening and closing figures;] 29. Assessee has relied upon the plethora of the judicial precedents and mainly y on the decision of the coordinate bench in case of Raptakose Brett & co Ltd V DCIT [ 2015] 58 taxmann.com 115 (Mumbai - Trib.)/ [2015] 69 SOT 383 (Mumbai - Trib.) Dated June 10, 2015 wherein the identical issue was decided and it was held as under:- ―8. From the conjoint reading and plain understanding of all these sections it can be seen that, firstly, shares in the company are treated as capital asset and no exception has been carved out in section 2(14), for excluding the equity shares…

Nomura India Investment Fund, Mumbai vs. Addl DIT (It) RG 4, Mumbai

In the result, the appeal is allowed

ITA 8140/MUM/2010[2007-08]Status: DisposedITAT Mumbai24 Dec 2019AY 2007-08

Bench: S/Shri Saktijit Dey & Manoj Kumar Aggarwal

For Appellant: Shri J D MistryFor Respondent: Shri Ajay Kumar
Section 115

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “B”, MUMBAI Before S/Shri Saktijit Dey, Judicial Member & Manoj Kumar Aggarwal, Accountant Member ITA 8140/Mum/2010 Assessment Year 2007-08 Nomura India Investment Fund Addl. DIT (IT) Range 4, Mother Fund, Mumbai Vs. C/o BSR & Co. Lodha Excellus, Apollo Mills Compound, 1st Floor, N M Joshi Marg, Mahalakshmi Mumbai 400 011 PAN AAAAN3240L (Appellant) (Respondent) Appellant By : Shri J D Mistry Respondent By : Shri Ajay Kumar Date of Hearing :26.09.2019 Date of Pronouncement : 24.12.2019 O R D E R Per Saktijit Dey, Judicial Member: The captioned appeal by th…

Netesoft India Limited, Mumbai vs. Deputy Commissioner of Income Tax -10(3)(1), Mumbai

The appeal is dismissed for non-prosecution

ITA 5359/MUM/2017[2013-14]Status: DisposedITAT Mumbai20 Dec 2019AY 2013-14

Bench: Shri Saktijit Dey, Jm & Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ I.T.A. No.5359/Mum/2017 (िनधा"रण वष" / Assessment Year:2013-14) Netesoft India Limited Dcit-Central Circle-10(3)(1) 602, Maker Bhavan-Iii बनाम/ Room No.212, Aaykar Bhavan New Marin Lines Vs. Mumbai-400 020. Mumbai-400 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacn-9543-J (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri Yogesh Thar-Ld. Ar ""थ"कीओरसे/Respondent By : Ms. Samatha Mullamudi-Ld.Sr.Dr सुनवाईकीतारीख/ : 30/09/2019 Date Of Hearing घोषणाकीतारीख / : 20/12/2019 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (): - 1. Aforesaid Appeal By Assessee For Assessment Year [Ay] 2013-14 Contest The Order Of Ld. Commissioner Of Income-Tax (Appeals)-17, Mumbai, [In Short Referred To As ‘Cit(A)’], Appeal No. Cit(A)-17/It-480/15- 16 Dated 02/05/2017 On Following Sole Ground Of Appeal: -

For Appellant: Shri Yogesh Thar-Ld. ARFor Respondent: Ms. Samatha Mullamudi-Ld.Sr.DR
Section 10(38)Section 143(3)Section 45Section 70

…ed on sale of properties keeping in view the fact that LTCG on similar transactions of sale of quoted equity shares were exempt from tax u/s 10(38)? We find that this issue has been dealt with by the Tribunal in the case of Raptakos Brett & Co. Ltd. V/s DCIT (58 Taxmann.com 115) wherein coordinate bench, after 10 Netesoft India Ltd. Assessment Year-2013-14 considering various judicial pronouncements including contrary decisions of Hon’ble Gujarat High Court in Kishorebhai Bhikhabhai Virani V/s ACIT (367 ITR 261) and Hon'ble Calcutta High Court in the case of Royal Calcutta Turf Club v. CIT (1983 144 ITR 709/12 T…

Abdullabhai Hasanali Through L/H Zohrabai, Nagpur vs. A.C.I.T. Cir-3, Nagpur

In the result, all the appeals of assessee are allowed as indicated above

ITA 318/NAG/2012[2007-08]Status: DisposedITAT Nagpur15 Oct 2019AY 2007-08

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

For Appellant: Shri Rajesh LoyaFor Respondent: Dr. Milind Bhusari, CIT
Section 143(1)Section 143(3)Section 147Section 148Section 263Section 271(1)

…आयकर अपीऱीय अधिकरण न्यायपीठ, नागपुर में । IN THE INCOME TAX APPELLATE TRIBUNAL BENCH, NAGPUR (At e-Court, PUNE) BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM आयकर अपऩल सं. / ITA No.621/NAG/2008 ननधधारण वषा / Assessment Year : 2005-06 Shri Abdullabhai Hasanali, Through L/H Zohara Bai, C/o M/s Loya Bagri & Co., Chartered Accountants, Gandhibag, Nagpur .......अपऩलधथी / Appellant PAN: ABUPA3467C बनधम / V/s. ……प्रत्यथी / Respondent CIT-II, Nagpur आयकर अपऩल सं. / ITA Nos.317 & 318/NAG/2012 ननधधारण वषा / Assessment Years : 2006-07 & 2007-08 Shri Abdullabhai Hasanali, Through L/H Zohara Bai,…

Abdullabhai Hasanali Through L/H Zohrabai, Nagpur vs. A.C.I.T. Cir-3, Nagpur

In the result, all the appeals of assessee are allowed as indicated above

ITA 317/NAG/2012[2006-07]Status: DisposedITAT Nagpur15 Oct 2019AY 2006-07

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

For Appellant: Shri Rajesh LoyaFor Respondent: Dr. Milind Bhusari, CIT
Section 143(1)Section 143(3)Section 147Section 148Section 263Section 271(1)

…आयकर अपीऱीय अधिकरण न्यायपीठ, नागपुर में । IN THE INCOME TAX APPELLATE TRIBUNAL BENCH, NAGPUR (At e-Court, PUNE) BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM आयकर अपऩल सं. / ITA No.621/NAG/2008 ननधधारण वषा / Assessment Year : 2005-06 Shri Abdullabhai Hasanali, Through L/H Zohara Bai, C/o M/s Loya Bagri & Co., Chartered Accountants, Gandhibag, Nagpur .......अपऩलधथी / Appellant PAN: ABUPA3467C बनधम / V/s. ……प्रत्यथी / Respondent CIT-II, Nagpur आयकर अपऩल सं. / ITA Nos.317 & 318/NAG/2012 ननधधारण वषा / Assessment Years : 2006-07 & 2007-08 Shri Abdullabhai Hasanali, Through L/H Zohara Bai,…

Shri. Abdullabhai Hasanali, Nagpur vs. Commissioner of Income-Tax, -II, Nagpur

In the result, all the appeals of assessee are allowed as indicated above

ITA 621/NAG/2008[2005-06]Status: DisposedITAT Nagpur15 Oct 2019AY 2005-06

Bench: Shri D. Karunakara Rao, Am & Shri Partha Sarathi Chaudhury, Jm

For Appellant: Shri Rajesh LoyaFor Respondent: Dr. Milind Bhusari, CIT
Section 143(1)Section 143(3)Section 147Section 148Section 263Section 271(1)

…आयकर अपीऱीय अधिकरण न्यायपीठ, नागपुर में । IN THE INCOME TAX APPELLATE TRIBUNAL BENCH, NAGPUR (At e-Court, PUNE) BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI PARTHA SARATHI CHAUDHURY, JM आयकर अपऩल सं. / ITA No.621/NAG/2008 ननधधारण वषा / Assessment Year : 2005-06 Shri Abdullabhai Hasanali, Through L/H Zohara Bai, C/o M/s Loya Bagri & Co., Chartered Accountants, Gandhibag, Nagpur .......अपऩलधथी / Appellant PAN: ABUPA3467C बनधम / V/s. ……प्रत्यथी / Respondent CIT-II, Nagpur आयकर अपऩल सं. / ITA Nos.317 & 318/NAG/2012 ननधधारण वषा / Assessment Years : 2006-07 & 2007-08 Shri Abdullabhai Hasanali, Through L/H Zohara Bai,…

Mafatlal Industries Ltd, Mumbai vs. ACIT 6(3), Mumbai

In the result, assessee’s appeal and cross objection are partly allowed and Revenue’s appeal stands dismissed

ITA 5202/MUM/2011[2004-05]Status: DisposedITAT Mumbai20 Sept 2019AY 2004-05

Bench: Shri Shamim Yahya (Am) & Shri Ravish Sood (Jm)

Section 14ASection 37(1)

…ot constitute speculative business. He further submitted that learned CIT(A) has not adjudicated upon the loss from units of US64 scheme of UTI. In this regard he placed reliance on the decision of Mumbai ITAT in the case of Raptakos Brett & Co.Ltd. Vs. DCIT (69 SOT 383). 46. Upon hearing both the counsel and perusing the record, we note that the disallowance in this regard is not based upon holding the transaction to be speculative in itself. Learned CIT(A) has given a correct finding that Explanation to section 73 of the Act is applicable as deeming provision and under the specified circumstances even a normal…

Mr. Chandershekhar Kapur, Mumbai vs. I.T.O. Ward - 16(1)(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 1118/MUM/2018[2009-10]Status: DisposedITAT Mumbai30 Apr 2019AY 2009-10

Bench: Shri G.S. Pannu, Vice- & Shri Pawan Singhmr Chandershekhar Kapur Ito, Ward 16(1)(1), A-5, Beach House, Aayakar Bhavan, M.K. Road, Gandhi Gram Road, Mumbai-400020 Juhu, Mumbai-400001. Vs. Pan: Aacpk9387Q Appellant Respondent Appellant By : Shri Nitesh Joshi & Vipul Mody (Ar) Respondent By : Shri Pramod Nikalje (Dr) Date Of Hearing : 23.04.2019 Date Of Pronouncement : 30.04.2019 Order Under Section 254(1)Of Income Tax Act Per Pawan Singh; 1. This Appeal By Assessee Under Section 253 Of Income-Tax Act (‘Act’) Is Directed Against The Order Of Ld. Commissioner Of Income-Tax

For Appellant: Shri Nitesh Joshi & Vipul Mody (AR)For Respondent: Shri Pramod Nikalje (DR)
Section 10(38)Section 143(3)Section 253Section 254(1)Section 271(1)(c)Section 94(7)

…td. vs. CIT (348 ITR 306) and decision of Hon’ble Andhra Pradesh High Court in case of CIT vs. Sania Mirza (ITA No. 526 of 2011). For disallowance of Long Term Capital Loss, the ld. AR submits that the Mumbai Tribunal in Raptakos Brett & Co. Ltd. vs. DCIT [69 SOT 383 (Mum)] held that Long Term Capital Loss on sale of shares attract Share Transaction Tax (STT) can be set off against Long Term Capital Gain on sale of land in accordance with section 70(3). The ld. AR further submits that the assessee has not set off the Long Term Capital Loss against the income in subsequent year. The ld. AR submits that the dis…

Sunidhi Securities & Finance Ltd, Mumbai vs. Addl CIT 4(2), Mumbai

ITA 6135/MUM/2013[2010-11]Status: DisposedITAT Mumbai10 Jun 2016AY 2010-11

Bench: Shri B.R.Baskaran, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1245/Mum/2012, 4983/Mum/2012 & 6135/Mum/2013 ("नधा"रण वष" / Assessment Year: 2008-09, 2009-10 & 2010-11) M/S. Sunidhi Securities & बनाम/ A.C.I.T. 4(2) Finance Ltd. Aayakar Bhavan, Vs. Maker Chamber Iv, Mumbai 14Th Floor, Nariman Point, Mumbai - 400021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcs1657D

For Appellant: Shri Hiro RaiFor Respondent: Shri Chandrajit Singh
Section 14ASection 32

…nged the action of learned CIT(A) to not to carry forward the Long Term Capital Loss for subsequent assessment years in the appeal for the A.Y.2008-09 and 2010-11. In support of this contention the learned representative of the assessee has placed reliance on 69 SOT 383 (Mum-Trib) in case of Raptakos Brett & Co. Ltd. Vs. DCIT. The order perused which speaks about the facts that Long Term Capital Loss on sale of shares attractive STT can be set off against Long Term Capital Gain on sale of land in accordance with section 70(3) of the Act. Accordingly, by honoring the judgement passed by the ITAT in case Raptakos B…

Sunidhi Securities & Finance Ltd, Mumbai vs. ACIT 4(2), Mumbai

ITA 4983/MUM/2012[2009-10]Status: DisposedITAT Mumbai10 Jun 2016AY 2009-10

Bench: Shri B.R.Baskaran, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1245/Mum/2012, 4983/Mum/2012 & 6135/Mum/2013 ("नधा"रण वष" / Assessment Year: 2008-09, 2009-10 & 2010-11) M/S. Sunidhi Securities & बनाम/ A.C.I.T. 4(2) Finance Ltd. Aayakar Bhavan, Vs. Maker Chamber Iv, Mumbai 14Th Floor, Nariman Point, Mumbai - 400021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcs1657D

For Appellant: Shri Hiro RaiFor Respondent: Shri Chandrajit Singh
Section 14ASection 32

…nged the action of learned CIT(A) to not to carry forward the Long Term Capital Loss for subsequent assessment years in the appeal for the A.Y.2008-09 and 2010-11. In support of this contention the learned representative of the assessee has placed reliance on 69 SOT 383 (Mum-Trib) in case of Raptakos Brett & Co. Ltd. Vs. DCIT. The order perused which speaks about the facts that Long Term Capital Loss on sale of shares attractive STT can be set off against Long Term Capital Gain on sale of land in accordance with section 70(3) of the Act. Accordingly, by honoring the judgement passed by the ITAT in case Raptakos B…

Sunidhi Securities & Finance Ltd, Mumbai vs. ACIT 4(2), Mumbai

ITA 1245/MUM/2012[2008-09]Status: DisposedITAT Mumbai10 Jun 2016AY 2008-09

Bench: Shri B.R.Baskaran, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.1245/Mum/2012, 4983/Mum/2012 & 6135/Mum/2013 ("नधा"रण वष" / Assessment Year: 2008-09, 2009-10 & 2010-11) M/S. Sunidhi Securities & बनाम/ A.C.I.T. 4(2) Finance Ltd. Aayakar Bhavan, Vs. Maker Chamber Iv, Mumbai 14Th Floor, Nariman Point, Mumbai - 400021 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aadcs1657D

For Appellant: Shri Hiro RaiFor Respondent: Shri Chandrajit Singh
Section 14ASection 32

…nged the action of learned CIT(A) to not to carry forward the Long Term Capital Loss for subsequent assessment years in the appeal for the A.Y.2008-09 and 2010-11. In support of this contention the learned representative of the assessee has placed reliance on 69 SOT 383 (Mum-Trib) in case of Raptakos Brett & Co. Ltd. Vs. DCIT. The order perused which speaks about the facts that Long Term Capital Loss on sale of shares attractive STT can be set off against Long Term Capital Gain on sale of land in accordance with section 70(3) of the Act. Accordingly, by honoring the judgement passed by the ITAT in case Raptakos B…

Raptakos Brett & Co. Ltd. v. DCIT (69 SOT 383) — Cited in 20 Judgments | BharatTax