Snowtex Investment Limited v. PCIT

DCIT 4(3)(1), MUMBAI vs. JM FINANCIAL SERVICES PVT. LTD., MUMBAI

In the result, the appeals filed by the revenue are allowed and the appeals filed by the assessee are allowed for statistical purpose

Bench: SHRI NARENDRA KUMAR BILLAIYA (Accountant Member), SHRI PAWAN SINGH (Judicial Member)

…t the profit in negative. Future and Option (F&O) transactions (business transaction)in the facts and circumstances of the instant case, more particularly in the light of the decision of Hon'ble Supreme Court in the case of Snowtex Investment Limited v. PCIT [414 ITR 227] and decision of the Hon‟ble Madhya Pradesh High Court in the case of Diamond Securities Pvt. Ltd. [115 Taxmann.com 437]. And Consequently, expenses allocated towards share tradingconstitutes share trading loss in the facts and Circumstances of the instant case. 21 In terms of the above, I concur with the decision of learned Judicial Member all…

JM FINANCIAL SERVICES LTD.,MUMBAI vs. DCIT - CIRCLE -4(3)(1), MUMBAI

In the result, the appeals filed by the revenue are allowed and the appeals filed by the assessee are allowed for statistical purpose

Bench: SHRI NARENDRA KUMAR BILLAIYA (Accountant Member), SHRI PAWAN SINGH (Judicial Member)

…t the profit in negative. Future and Option (F&O) transactions (business transaction)in the facts and circumstances of the instant case, more particularly in the light of the decision of Hon'ble Supreme Court in the case of Snowtex Investment Limited v. PCIT [414 ITR 227] and decision of the Hon‟ble Madhya Pradesh High Court in the case of Diamond Securities Pvt. Ltd. [115 Taxmann.com 437]. And Consequently, expenses allocated towards share tradingconstitutes share trading loss in the facts and Circumstances of the instant case. 21 In terms of the above, I concur with the decision of learned Judicial Member all…

JM FINANCIAL SERVICES LTD.,MUMBAI vs. DCIT - CIRCLE -4(3)(1), MUMBAI

In the result, the appeals filed by the revenue are allowed and the appeals filed by the assessee are allowed for statistical purpose

Bench: SHRI NARENDRA KUMAR BILLAIYA (Accountant Member), SHRI PAWAN SINGH (Judicial Member)

…t the profit in negative. Future and Option (F&O) transactions (business transaction)in the facts and circumstances of the instant case, more particularly in the light of the decision of Hon'ble Supreme Court in the case of Snowtex Investment Limited v. PCIT [414 ITR 227] and decision of the Hon‟ble Madhya Pradesh High Court in the case of Diamond Securities Pvt. Ltd. [115 Taxmann.com 437]. And Consequently, expenses allocated towards share tradingconstitutes share trading loss in the facts and Circumstances of the instant case. 21 In terms of the above, I concur with the decision of learned Judicial Member all…

DCIT- 4(3)(1), MUMBAI vs. JM FINANCIAL SERVICES LTD., MUMBAI

In the result, the appeals filed by the revenue are allowed and the appeals filed by the assessee are allowed for statistical purpose

Bench: SHRI NARENDRA KUMAR BILLAIYA (Accountant Member), SHRI PAWAN SINGH (Judicial Member)

…t the profit in negative. Future and Option (F&O) transactions (business transaction)in the facts and circumstances of the instant case, more particularly in the light of the decision of Hon'ble Supreme Court in the case of Snowtex Investment Limited v. PCIT [414 ITR 227] and decision of the Hon‟ble Madhya Pradesh High Court in the case of Diamond Securities Pvt. Ltd. [115 Taxmann.com 437]. And Consequently, expenses allocated towards share tradingconstitutes share trading loss in the facts and Circumstances of the instant case. 21 In terms of the above, I concur with the decision of learned Judicial Member all…

AMOL CAPITAL MARKETS PRIVATE LIMITED,MUMBAI vs. ITO 4(1)(1), MUMBAI

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Shri Aby T Varkey & Shri Amarjit Singhamol Capital Markets Vs. Ito 4(1)(1) Private Limited Room No. 636, Aayakar A-106, Motalibai Wadia Bhavan, M.K. Road, Bldg, 22-D Sa Brelvi Mumbai - 400020 Street, Road, Fort, Mumbai – 400001 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aadcs8022N Appellant .. Respondent [ Appellant By : Rahul Hakani Respondent By : Manoj Kumar Sinha Date Of Hearing 03.08.2023 Date Of Pronouncement 18.08.2023 आदेश / O R D E R Per Amarjit Singh (Am): The Solitary Ground Of Appeal Of The Assessee Is Directed Against The Order Of Ld. Cit(A) In Confirming The Action Of Assessing Officer Of Denying Set Off Of Profit Of F. & O. Transactions & Profit Of Non-Delivery Based Share Against Brought Forward Business Loss. 2. Fact In Brief Is That Return Of Income Declaring Income At Rs.Nil Was Filed On 25.09.2014. The Assessment U/S 143(3) Of The Act Was Completed On 15.12.2016. The Assessing Officer Has Treated The Brought Forward Loss On The Trading Of F & O As Speculative Loss By Invoking Explanation To Sec. 73 Of The Act & Has Not Allowed The Same To Be Set

…P a g e | 1 Amol Capital Markets Pvt. Ltd. Vs. ITO 4(1)(1) IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI ABY T VARKEY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER Amol Capital Markets Vs. ITO 4(1)(1) Private Limited Room No. 636, Aayakar A-106, Motalibai Wadia Bhavan, M.K. Road, Bldg, 22-D SA Brelvi Mumbai - 400020 Street, Road, Fort, Mumbai – 400001 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AADCS8022N Appellant .. Respondent [ Appellant by : Rahul Hakani Respondent by : Manoj Kumar Sinha Date of Hearing 03.08.2023 Date of Pronouncement 18.08.2023 आदेश / O R D E R Per Amarjit Sin…

DCIT 14(1)(1), MUMBAI vs. BLUE BERRY TRADING CO P.LTD, MUMBAI

In the result appeal of the Revenue is dismissed

…Hon‟ble Jurisdictional High Court becomes squarely applicable to the facts of the facts of the instant case before us. 3.11. The ld. DR vehemently relied on the decision of the Hon‟ble Supreme Court in the case of Snowtex Investment Limited vs. PCIT reported 414 ITR 227 dated 30/04/2019. We have perused the judgement of the Hon‟ble Supreme Court referred to supra. In the said case, that assessee had incurred loss in share trading activity and made profit from derivatives and had set off the losses with derivatives profit. We find from para 8 of the said judgement in page 240, the Hon‟ble Supreme Court had addres…

HINDUJA FINANCE LTD.,MUMBAI vs. DCIT , RANGE -7(1)(2) (EARLIER DCIT 6(1)), MUMBAI

In the result, this ground of appeal of assessee is dismissed and order of Ld

Bench: Shri Vikas Awasthy & Shri Gagan Goyalhinduja Finance Ltd. 171, Hinduja House, Dr. Annie Besant Road, Worli, Mumbai-400018 Pan: Aagca0533R ...... Appellant Vs. Dy.Cit, Range-7(1)(2) Aayakar Bhavan, M.K. Road, Mumbai-400020. ..... Respondent Appellant By : Sh. Ruturaj Gurjar Respondent By : Sh. B.K. Bagchi, Cit-Dr Date Of Hearing : 25/03/2022 Date Of Pronouncement : 20/05/2022 Order Per Gagan Goyal, A.M: This Appeal By The Assessee Is Directed Against The Order Of Commissioner Of Income Tax (Appeals)-13, Mumbai [Hereinafter Referred To As ‘The Cit (A)’] Vide Order Dated 05.09.2019 For The Assessment Year (Ay) 2010- 11. The Assessee Has Raised The Following Grounds Of Appeal: 1. On The Facts & The Circumstances Of The Case & In Law, The Cit(A) Has Erred In Confirming: I) The Disallowance Made U/S.14A Of The Income Tax Act At Rs.7, 06,985/- As Against Disallowance Of Rs.2, 52,536/- As Computed By The Appellant. The Disallowance Made Of Rs.4, 54,449/- May Please Be Deleted.

…of being set off against the profits which it had earned against the business of futures and options/trading in shares with delivery, since the latter did not constitute profits and gains of a speculative business. [Re: Snowtex Investment Ltd. vs. PCIT [2019] 414 ITR 227 (SC)]. 16. In the result, this ground of appeal of assessee is dismissed and order of Ld. CIT (A) is confirmed. 17. In the result appeal of assessee is partly allowed. Order pronounced in the open court on 20th day of May, 2022. (VIKAS AWASTHY) (GAGAN GOYAL) JUDICIAL MEMBER ACCOUNTANT MEMBER Mumbai, िदनांक/Dated: 20/05/2022 SK, Sr.PS 13 ITA…

ACIT- 4(2)(1), MUMBAI vs. QUANT SECURITIES PVT. LTD., MUMBAI

The appeal of the Revenue is partly allowed

Bench: Shri Rajesh Kumar & Shri Ram Lal Negiassessment Year: 2013-14

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “D”, MUMBAI BEFORE SHRI RAJESH KUMAR, ACCOUNTANT MEMBER AND SHRI RAM LAL NEGI, JUDICIAL MEMBER Assessment Year: 2013-14 ACIT 4(2)(1), M/s. Quant Securities Room No.642, Pvt. Ltd., 6th Floor, 612-617, 6th Floor, Vs. Aayakar Bhavan, Maker Chambers IV, M.K. Road, Nariman Point, Mumbai - 400020 Mumbai – 400 021 PAN: AAACQ1648R (Appellant) (Respondent) Present for: Assessee by : Shri Jitendra Sanghavi, A.R. Shri Amit Khatiwala, A.R. Revenue by : Shri D.G. Pansari, D.R. Date of Hearing : 06.06.2019 Date of Pronouncement : 26.06.2019 O R D E R Per Rajesh Kumar,…