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“Section 43(5)(d)”

Section References (mined)Section 43Section 43(5)(d)42 judgments

Judgments citing Section 43(5)(d)

Titan Company Limited 9Earstwhile Known As Titan Industries Limited), Krishnagiri vs. ACIT Ltu 1, Chennai

In the result, the appeals filed by the assessee in ITA Nos

ITA 505/CHNY/2018[2010-11]Status: DisposedITAT Chennai29 May 2024AY 2010-11

Bench: Shri Mahavir Singhand Shri Amitabh Shukla

For Appellant: Shri T. Surya Narayana, AdvocateFor Respondent: Shri A. Sasikumar, CIT
Section 143(3)

considered on revenue account, the same are unascertained liability. Therefore, he held that this being speculative loss, is covered by the provisions of section 43(5)(d) of the Act and hence, not allowable. Accordingly, the AO disallowed the marked to market loss claimed by assessee at Rs.2

Sachin Kanodia, New Delhi vs. ITO Ward - 42(2), New Delhi

Appeal are dismissed

ITA 9504/DEL/2019[2015-16]Status: DisposedITAT Delhi10 May 2024AY 2015-16

Bench: SHRI S. RIFAUR RAHMAN (Accountant Member), SHRI YOGESH KUMAR U.S. (Judicial Member)

Section 142(2)Section 143(2)Section 2Section 68Section 69C

action of ld AO in making addition of Rs 64,90,468/- without appreciating spirit of law contained in section 10(38) and section 43(5)(d) where statutory status is provided to evidences generated from stock exchange system treating the same to be impeccable and only from finance

Megapode Vyapaar Pvt. Ltd., Kolkata vs. D.C.I.T., Central Circle - 1(2), Kolkata

In the result, ITA No. 98/KOL/2023 is allowed for statistical purposes

ITA 98/KOL/2023[2012-2013]Status: DisposedITAT Kolkata12 Mar 2024AY 2012-2013

Bench: Sri Rajesh Kumar & Sri Anikesh Banerjee

Section 144Section 250Section 43(5)

specially in case of derivative loss amounting to Rs. 61,79,816/-. The ld. AO added back for the contravening of provision of Section 43(5)(d) of the Act. The Act is very specific and asked for clear explanation related to claiming of loss as non-speculative loss ... tried to prove that the transaction is genuine and there is no question for addition the same. But in case of derivative transactions Section 43(5)(d) of the Act should be followed and the documents should be submitted accordingly. Both the Revenue and the assessee had not properly considered

Ambicaa Sales Corporation, Bengaluru vs. Principal Commissioner of Income Tax Bengaluru - 5, Bengaluru

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

ITA 726/BANG/2023[2014-15]Status: DisposedITAT Bangalore18 Jan 2024AY 2014-15

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2014-15

For Appellant: Shri Balram R. Rao, AdvocateFor Respondent: Shri D.K. Mishra, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 263Section 43

ledger for profits from MCX and loss from MCX has been furnished. Regarding the allowability of such loss, reliance has been placed upon Section 43(5)(d) of the IT Act, 1961. Further, it has been submitted that as per Notification No.46/2009, dated 22.05.2009, MCX has been including ... incurred. The AO has allowed such loss on the explanation of the assessee that transactions done on MCX are not speculative as per section 43(5)(d) r.w. Notification No.46/2009 dated 22.05.2009. The ld. Pr.CIT observed section 43(5)(d) is applicable to trading in derivatives and admittedly the assessee

Deputy Commissioner of Income Tax, Circle-1(1), Raipur vs. S.P. Buildcon Pvt. Ltd., Raipur

ITA 38/RPR/2023[2016-17]Status: DisposedITAT Raipur28 Nov 2023AY 2016-17

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am (Ita No. 35 & 38/Rpr/2023) (Assessment Year: 2014-15 & 2016-17) Deputy Commissioner Of Income Tax, V S.P. Buildcon Private Limited Circle-1(1), S Ff-06, Shyam Plaza, Pandri Bus Stand, Aayakar Bhawan, Civil Lines, Raipur Raipur Pan: Aajcs0653H (अपीलाथ" /Applicant) . (""यथ" / Respondent) . िनधा"रती क" ओर से /Assessee By : Shri Amit M. Jain, Adv. राज"व क" ओर से /Revenue By : Shri Satya Prakash Sharma, Sr. Dr सुनवाई क" तार"ख / Date Of Hearing : 05-09-2023 घोषणा क" तार"ख/Date Of Pronouncement : 28-11-2023

For Appellant: Shri Amit M. Jain, AdvFor Respondent: Shri Satya Prakash Sharma, Sr. DR
Section 143(3)Section 14ASection 2(22)(e)Section 40Section 43C

Biswanath Poddar [(2020) 60 CCH 0078 Kol Trib], it is held that, “Where the assessee’s case is covered in explanation 1 to section 43(5)(d) and assessee’s transactions is an eligible transaction, it cannot be termed as speculative transaction.” Commissioner of Income Tax vs Vasavi Gold & Bullion

Deputy Commissioner of Income Tax, Circle-1(1), Raipur vs. S.P. Buildcon Pvt. Ltd., Raipur

ITA 35/RPR/2023[2014-15]Status: DisposedITAT Raipur28 Nov 2023AY 2014-15

Bench: Shri Ravish Sood, Jm & Shri Arun Khodpia, Am (Ita No. 35 & 38/Rpr/2023) (Assessment Year: 2014-15 & 2016-17) Deputy Commissioner Of Income Tax, V S.P. Buildcon Private Limited Circle-1(1), S Ff-06, Shyam Plaza, Pandri Bus Stand, Aayakar Bhawan, Civil Lines, Raipur Raipur Pan: Aajcs0653H (अपीलाथ" /Applicant) . (""यथ" / Respondent) . िनधा"रती क" ओर से /Assessee By : Shri Amit M. Jain, Adv. राज"व क" ओर से /Revenue By : Shri Satya Prakash Sharma, Sr. Dr सुनवाई क" तार"ख / Date Of Hearing : 05-09-2023 घोषणा क" तार"ख/Date Of Pronouncement : 28-11-2023

For Appellant: Shri Amit M. Jain, AdvFor Respondent: Shri Satya Prakash Sharma, Sr. DR
Section 143(3)Section 14ASection 2(22)(e)Section 40Section 43C

Biswanath Poddar [(2020) 60 CCH 0078 Kol Trib], it is held that, “Where the assessee’s case is covered in explanation 1 to section 43(5)(d) and assessee’s transactions is an eligible transaction, it cannot be termed as speculative transaction.” Commissioner of Income Tax vs Vasavi Gold & Bullion

Sourabh Sharma, Jaipur vs. PCIT, Jaipur-2, Jaipur

In the result, appeal of the assessee is allowed

ITA 240/JPR/2023[2018-19]Status: DisposedITAT Jaipur22 Nov 2023AY 2018-19

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri Mahendra Gargieya (Adv.)For Respondent: Sh. Arvind Kumar (CIT) a
Section 142(1)Section 143(2)Section 263

आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”A” JAIPUR Mk0 ,l- lhrky{eh

ACIT Circle-54(1), New Delhi vs. National Agricultural Cooperative Marketing Federation of India, New Delhi

ITA 3555/DEL/2019[2014-15]Status: DisposedITAT Delhi09 Aug 2023AY 2014-15

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

For Appellant: Sh. Herin Mehta, CA, ShFor Respondent: Ms. Sarita Kumari, CIT DR
Section 10Section 14ASection 2Section 37(1)Section 40Section 43(5)(d)Section 72Section 80

Year 2012-13 made by the AO, without appreciating the fact that the said loss was rightly held as speculative loss as per section 43(5)(d) by the AO as the transactions were not done through recognized stock exchange and this loss can’t be set off against income ... 43,27,778/- for the AY 2011-12 made on the ground that the said loss was speculative loss as per Section 43(5)(d) by the A.O. as the transaction were not done through recognized stock exchange and the said loss cannot be set off against income from

ACIT Circle-54(1), New Delhi vs. National Agricultural Cooperative Marketing Federation of India, New Delhi

ITA 3554/DEL/2019[2012-13]Status: DisposedITAT Delhi09 Aug 2023AY 2012-13

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

For Appellant: Sh. Herin Mehta, CA, ShFor Respondent: Ms. Sarita Kumari, CIT DR
Section 10Section 14ASection 2Section 37(1)Section 40Section 43(5)(d)Section 72Section 80

Year 2012-13 made by the AO, without appreciating the fact that the said loss was rightly held as speculative loss as per section 43(5)(d) by the AO as the transactions were not done through recognized stock exchange and this loss can’t be set off against income ... 43,27,778/- for the AY 2011-12 made on the ground that the said loss was speculative loss as per Section 43(5)(d) by the A.O. as the transaction were not done through recognized stock exchange and the said loss cannot be set off against income from

ACIT Circle-54(1), New Delhi vs. National Agricultural Cooperative Marketing Federation of India, New Delhi

ITA 3553/DEL/2019[2011-12]Status: DisposedITAT Delhi09 Aug 2023AY 2011-12

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

For Appellant: Sh. Herin Mehta, CA, ShFor Respondent: Ms. Sarita Kumari, CIT DR
Section 10Section 14ASection 2Section 37(1)Section 40Section 43(5)(d)Section 72Section 80

Year 2012-13 made by the AO, without appreciating the fact that the said loss was rightly held as speculative loss as per section 43(5)(d) by the AO as the transactions were not done through recognized stock exchange and this loss can’t be set off against income ... 43,27,778/- for the AY 2011-12 made on the ground that the said loss was speculative loss as per Section 43(5)(d) by the A.O. as the transaction were not done through recognized stock exchange and the said loss cannot be set off against income from

National Agricultural Cooperative Marketing Federation of India, New Delhi vs. ACIT Circle-32(1), New Delhi

ITA 3000/DEL/2019[2011-12]Status: DisposedITAT Delhi09 Aug 2023AY 2011-12

Bench: Dr. B. R. R. Kumar & Shri Yogesh Kumar U.S.

For Appellant: Sh. Herin Mehta, CA, ShFor Respondent: Ms. Sarita Kumari, CIT DR
Section 10Section 14ASection 2Section 37(1)Section 40Section 43(5)(d)Section 72Section 80

Year 2012-13 made by the AO, without appreciating the fact that the said loss was rightly held as speculative loss as per section 43(5)(d) by the AO as the transactions were not done through recognized stock exchange and this loss can’t be set off against income ... 43,27,778/- for the AY 2011-12 made on the ground that the said loss was speculative loss as per Section 43(5)(d) by the A.O. as the transaction were not done through recognized stock exchange and the said loss cannot be set off against income from

Tata Teleservices (Maharashtra)Ltd., Navi Mumbai vs. Pr CIT -8, Mumbai

In the result, the appeal by the assessee is allowed

ITA 1308/MUM/2021[2015-16]Status: DisposedITAT Mumbai13 Jul 2023AY 2015-16

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

For Appellant: Shri Hiten ChandeFor Respondent: Shri Biswanath Das
Section 253Section 263

also held Tata Teleservices (Maharashtra) Limited ITA no.1308/Mum./2021 that the AO has not verified whether MTM losses are speculative in nature under section 43(5)(d) of the Act. The learned PCIT further held that the reversal of loss in the subsequent assessment year was not verified ... regards the finding of the learned PCIT that the AO has not verified whether MTM losses are speculative in nature under section 43(5)(d) of the Act, we find that this allegation does not form part of the notice issued under section 263 of the Act by the learned

Navdeep Sharma, New Delhi vs. ITO(, Waqrd-71(1), New Delhi

In the result, appeal is dismissed

ITA 7067/DEL/2018[2010-11]Status: DisposedITAT Delhi08 Jun 2023AY 2010-11

Bench: Shri Saktijit Deyassessment Year: 2010-11

Section 139(1)Section 142(1)(iii)Section 147Section 148Section 151Section 151(2)Section 43(5)(d)Section 69A

Addition of Rs.1,46,2721- : 2. The Assessing Officer / ITO has disallowed set off of Rs.1,46,272/- ignoring the proviso clause to section 43(5)(d) of the Income Tax Act read with explanation. The record of transaction reproduced as Annexure A-7 clearly reflect that all transactions were ... respect of Intraday trading in shares, the assessee has not furnished any documentary evidence to establish his claim coming within exceptions provided under section 43(5)(d) of the Act. That being the case, I reject assessee’s claim. 17. For the sake of completeness, I must observe, after analyzing

Randhir Singh Verma, New Delhi vs. ITO Ward 67(4), New Delhi

ITA 3137/DEL/2019[2014-15]Status: DisposedITAT Delhi23 May 2023AY 2014-15

Bench: Sh. Shamim Yahya & Sh. Anubhav Sharmaita No. 3137/Del/2019, A.Y. 2014-15 Randhir Singh Verma Vs. Ito, C/O Kapil Goel Adv. Ward 67(4), F-26/124 New Delhi Sector 7 Rohini Delhi 110085 Pan : Abmpv2253R (Appellant) (Respondent)

Section 143(2)Section 143(3)Section 68

sustaining the action of Id AO in making addition of Rs 21.56.261/- without appreciating spirit of law contained in section 10(38) and section 43(5)(d) where statutory status is provided to evidences generated from stock exchange system treating the same to be impeccable and only from finance

M/S Ramavtar Krishanavtar, Kota vs. Income Tax Officer, Kota

In the result, the appeal of the assessee is partly allowed

ITA 214/JPR/2018[2014-15]Status: DisposedITAT Jaipur05 Jan 2023AY 2014-15

Bench: Hon’ble SHRI SANDEEP GOSAIN (Judicial Member)

For Appellant: Shri Saurav Harsh, AdvocateFor Respondent: Smt. Monisha Choudhary, JCIT
Section 143(2)Section 234ASection 43Section 43(5)(e)

department Admittedly, MCX, through which the assessee has carried out the transactions, is not a recognized stock exchange as under the provisions of Section 43(5)(d) of the Act. As it can be seen from the abovementioned Notification dated 29-11-2013, which has been relied upon

Bharat Mines and Minerals, Bangalore vs. Assistant Commissioner of Income Tax, Circle-1(2)(1), Bangalore

In the result, the assessee’s appeal is partly allowed for statistical purposes

ITA 974/BANG/2022[2011-12]Status: DisposedITAT Bangalore23 Nov 2022AY 2011-12

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2011 – 12

For Appellant: Shri K.R. Pradeep &For Respondent: Shri A. Ramesh Kumar, D.R
Section 10BSection 142(1)Section 143(2)Section 143(3)

ITA No.974/Bang/2022 Bharat Mines and Minerals, Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “A’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI

ACIT -6(1)(1), Mumbai vs. M/S. Clothing Culture Ltd., Mumbai

In the result, appeal of the Revenue is dismissed

ITA 495/MUM/2021[2014-15]Status: DisposedITAT Mumbai31 Oct 2022AY 2014-15

Bench: This Tribunal By The Revenue During The Covid Period. Hence, In View Of The Relaxation Granted By The Hon’Ble Supreme Court, The Delay Of 123 Days Is Hereby Condoned & Appeal Of The Revenue Is Admitted For Adjudication.

Section 133ASection 143(3)Section 43(5)Section 68

relief to the assessee by holding that the loss incurred on commodity transactions by the assessee is covered by express provisions contained in Section 43(5)(d) of the Act and hence, the said loss should be construed only as normal business loss. With regard to allowability of deduction ... regular course of carrying out its business transactions. As corectly stated by the ld. CIT(A), as per the provisions of Section 43(5)(d) of the Act, transactions carried out by the assessee cannot be treated as a speculative transaction. Hence, it should be considered as regular business transaction

DCIT 14(1)(1), Mumbai vs. Blue Berry Trading Co P.Ltd, Mumbai

In the result appeal of the Revenue is dismissed

ITA 3568/MUM/2016[2011-12]Status: DisposedITAT Mumbai08 Aug 2022AY 2011-12
Section 143(3)Section 73

Rs.12,65,977/- can never be treated as speculation 6 M/s. Blue Berry Trading Co.Pvt.Ltd., loss in terms of provisions of Section 43(5)(d) of the Act. For the sake of convenience, Section 43(5) (d) is reproduced hereunder:- 5) "speculative transaction" means a transaction in which a contract ... recognised stock exchange; shall not be deemed to be a speculative transaction.” 3.7. In our considered opinion, in terms of Section 43(5)(d) of the Act, the loss incurred on futures and options (derivative transactions) would have to be construed only as business loss and hence the provisions

ITO, WD 2(2)(3), Mumbai vs. Plaza Securities Ltd., Mumbai

In the result, the appeal of the revenue is dismissed

ITA 2472/MUM/2021[2010-11]Status: DisposedITAT Mumbai15 Jun 2022AY 2010-11

Bench: Shri Vikas Awasthy & Shri Amarjit Singhincome Tax Officer, Vs. M/S Plaza Securities Ltd. Ward-2(2)(3) 8-B, Rajbahadur Motilal Room No. 542, 5 Th Floor, Mansion, 11/43 Aayakar Bhavan, M.K. Tamarind Street For, Road, Churchgate, Mumbai - 400023 Mumbai – 400 020 स्थायी लेखा सं./ जीआइआर सं./ Pan/Gir No: Aaacp8335L Respondent .. Appellant

For Appellant: N.R. AgarwalFor Respondent: Ms. Vranda U. Matkar
Section 143Section 143(1)Section 143(3)Section 43(5)(d)

decision of Hon’ble Delhi High Court and ITAT, Ahmedabad as discussed supra in his finding. The Finance Act, 2005 has amended section 43(5)(d) to provide that an eligible transaction in respect of trading in derivatives of securities carried out on a recognized stock exchange shall ... view, the Income Tax Appellate Tribunal could not have confirmed any addition on transaction in derivatives on recognised stock exchange as defined in Section 43(5)(d) of the Income Tax Act, 1961 with reference to explanation given to Section 73 of the Income Tax Act, 1961 which is applicable

Naresh Sharma, Delhi vs. ITO Ward-46(2), New Delhi

Appeal is allowed

ITA 8108/DEL/2019[2016-17]Status: DisposedITAT Delhi11 Feb 2022AY 2016-17

Bench: Shri Kul Bharat[Assessment Year: 2016-17

Section 143(3)Section 43(5)(d)

ITA no. 8108/Del/2019 Naresh Sharma Vs. ITO IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “SMC-2” BENCH: NEW DELHI