Wallfort Financial\nServices Ltd. v. ADCIT

Oceanic Marketing Agencies India Ltd, Mumbai vs. Dy. Commissioner of Income Tax Central Circle -2(2), Mumbai

In the result ITA No. 4542/Mum/2025 is dismissed as

…reatment and consistency under the same facts and circumstances is one of the fundamentals of the judicial principles which cannot be brushed aside without proper reason. 13. The CIT(A) has relied on the decision of Wallfort Financial Services Ltd. Vs. ADCIT, 41 SOT 200 for coming to the conclusion that the profit earned on sale of shares was business income. In this case, it was held by Mumbai. Bench of the Tribunal that where the assessee had dealt in more than 300 scripts during the year and the turnover was about Rs.3500 crores and the assessee had regularly dealt in purchase and sales of shares with high fre…

M/S. Oceanic Marketing Agencies India Ltd., Delhi vs. The Dy. Commissioner of Income Tax, (OSD), Circle 2(2), Mumbai

In the result ITA No. 4542/Mum/2025 is dismissed as

…eatment and consistency under the same facts and circumstances is one of the fundamentals of the judicial principles which cannot be brushed aside without proper reason. 13. The CIT(A) has relied on the decision of Wallfort Financial Services Ltd. Vs. ADCIT, 41 SOT 200 for coming to the conclusion that the profit earned on sale of shares was business income. In this case, it was held by Mumbai. Bench of the Tribunal that where the assessee had dealt in more than 300 scripts during the year and the turnover was about Rs.3500 crores and the assessee had regularly dealt in purchase and sales of shares with high fre…

Assistant Commissioner of Income Tax 32(3), Mumbai vs. Sagar Construction, Mumbai

Bench: Shri Pramod Kumar () & Shri Ravish Sood () Acit 32(3) M/S Sagar Construction Room No. 732, 7Th Floor, Vs. C-402, Gokul Divine, Irla, S.V. Kautilya Bhavan, Bkc, Road, Vile Parle (W), Bandra (E) Mumbai – 400 051 Mumbai - 400 056 Pan No. Aagfs8539N (Revenue) (Assessee) Assessee By : Shri Vimal Punmiya, A.R Revenue By : Shri Gurbinder Singh, D.R Date Of Hearing : 16/09/2021 Date Of Pronouncement : 21/09/2021

…ITA No.5270/Mum/2019 A.Y.2012-13 1 ACIT 32(3) Vs. M/s Sagar Construction IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “H” MUMBAI BEFORE SHRI PRAMOD KUMAR (VICE PRESIDENT) AND SHRI RAVISH SOOD (JUDICIAL MEMBER) ACIT 32(3) M/s Sagar Construction Room No. 732, 7th Floor, Vs. C-402, Gokul Divine, Irla, S.V. Kautilya Bhavan, BKC, Road, Vile Parle (W), Bandra (E) Mumbai – 400 051 Mumbai - 400 056 PAN No. AAGFS8539N (Revenue) (Assessee) Assessee by : Shri Vimal Punmiya, A.R Revenue by : Shri Gurbinder Singh, D.R Date of Hearing : 16/09/2021 Date of pronouncement : 21/09/2021 ORDER PER RAVISH SOOD, J.M: The p…

Mahalaxmi Innovative Services Ltd, Mumbai vs. DCIT Cir 2(2), Mumbai

The appeal of the assessee is partly allowed in light our aforesaid observations

Bench: Shri D. Karunakara Rao, Am & Shri Ravish Sood, Jm आयकर अपील सं./ I.T.A. No. 4856/Mum/2011 (निर्धारण वर्ा / Assessment Year: 2007-08) Mahalaxmi Innovative Services Ltd. Dcit Cir 2(2) बिधम/ 1004, 10Th Floor, Maker Chambers-V, Mumbai Nariman Point Vs. Mumbai, स्थायीलेखासं./जीआइआरसं./Pan/Gir No. Aadcm9810C (अपीलाथी/Appellant) (प्रत्यथी / Respondent) :

…was to earn profit in a systematic manner and this being so, the income from the transaction is to be treated as business income. In this respect a recent decision of the Hon. ITAT, Mumbai in the case Wallfort Financial Services Ltd. v/s Addl. CIT Range 4(2) 41 SOT 200 bears special mention. In this case the share broker tried to pass off his trading transactions in shares after 1.10.2004 as investment in light of the possibility of availing lower tax rate. In this backdrop, in this case, after analyzing all facts, the Hon. ITAT has agreed with the assessment made holding the income as business income. In face o…