“Section 73(1)”

Section References (mined)Section 73Section 73(1)12 judgments

J vs. EXPORTS,MADURAIVS.DCIT, NCC-2, , MADURAI

In the result, the appeal of the assessee is allowed

ITA 2059/CHNY/2025[2013-14]Status: DisposedITAT Chennai16 Oct 2025AY 2013-14

Bench: Shri M. Balaganesh & Shri S.S. Viswanethra Raviआयकरअपीलसं./Ita No.:2059/Chny/2025 यनिाारणवर्ा / Assessment Year:2013-14 Jvs Export, Deputy Commissioner Of No.32, Sarojini Street, Vs. Income Tax, Chinna Chokkikulam, Non-Corporate Circle-2 Madurai, Madurai. Tamil Nadu-625 002. [Pan:Aabfj2836N] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपीलार्थीकीओरसे/Appellant By : Mr.N.Arjun Raj, Advocate प्रत्यर्थीकीओरसे/Revenue By : Ms.R.Anitha, Addl.Cit सुनवाईकीतारीख/Date Of Hearing : 15.10.2025 घोर्णाकीतारीख/Date Of Pronouncement: 16.10.2025 आदेश /O R D E R Per M. Balaganesh, Am : This Appeal By The Assessee Is Filed Against The Order Of The Learned Commissioner Of Income Tax (Appeal), Nfac, Delhi, (In Short Ld.Cit(A) For The Assessment Year 2013-14, Vide Order Dated 21.05.2025. 2. The Preliminary Issue Raised By The Assessee Is Challenging The Validity Of Assumption Of Jurisdiction For Reopening The Assessment In The Instant Case. 3. We Have Heard The Rival Submissions & Perused The Materials Available On Record. The Assessee Is A Partnership Firm & Had Filed Its

For Appellant: Mr.N.Arjun Raj, AdvocateFor Respondent: Ms.R.Anitha, Addl.CIT

Section 143(3)Section 147Section 43(5)Section 73(1)

section 43(5) of the I.T Act, 1961, the loss on cancellation of forward contract is a speculation loss and as per section 73(1) of the I.T Act, 1961 such loss cannot be set off against profits and gains if any, except against profits or gains from another speculation

INCOME TAX OFFICER, WARD 43(6), NEW DELHI vs. MUNISH BAJAJ AND SONS HUF, DELHI

ITA 2782/DEL/2023[2010-11]Status: DisposedITAT Delhi30 Jun 2025AY 2010-11

Bench: Ms. Madhumita Roy & Shri Manish Agarwalassessment Year: 2010-11

Section 142(1)Section 143(3)Section 147Section 148Section 73(1)

guise of speculation business profit. As per the 3 ITO v. Munish Bajaj & Sons A.Y. 2010-11 provisions of section 73(1) of the Income Tax Act, 1961, any loss, computed in respect of speculation business carried on, shall not be set off except against profits and gains ... Munish Bajaj & Sons A.Y. 2010-11 his income from other sources and cannot be set off against speculation loss in view of section 73(1) of the Income Tax Act. Therefore there was a reason to believe that you have understated your income and hence reasons in this regard were

CHANDRU SHEWAKRAM WATWANI HUF,MUMBAI vs. ITO WARD 24(1)(1), MUMBAI

In the result, the appeal filed by the Assessee stands allowed

ITA 6661/MUM/2024[2015-16]Status: DisposedITAT Mumbai25 Mar 2025AY 2015-16

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankarassessment Year: 2015-16

For Appellant: Shri Devendra Jain, Ld. A.RFor Respondent: Shri Mahesh Pamnani, Ld. Sr. D.R

Section 24ASection 250

Tribunal came to the conclusion that the demand by the Revenue was beyond the period of limitation of one year prescribed under Section 73(1) of the Finance Act, 1994 and that the period of five years could not have been invoked. That part of the judgment of the Tribunal

M/S. VISION MILLENIUM EXPORTS P. LTD,MUMBAI vs. DCIT, CENTRAL CIRCLE- 7(2), MUMBAI

In the result, the appeal

ITA 1645/MUM/2020[2015-16]Status: DisposedITAT Mumbai10 Feb 2025AY 2015-16

Bench: BEFORESHRI SANDEEP GOSAIN (Judicial Member), SHRI PRABHASH SHANKAR (Accountant Member)

For Appellant: Shri Abhishek Khandelwal,ARFor Respondent: Ms. Neena Jeph, (CIT DR)

Section 143(3)

ambit of loss from speculation business within the meaning of section 43(5) of the Act. 5.1 As per section 73(1) of the A 5.1 As per section 73(1) of the Act:- “any loss, computed in respect of a speculation business carried on by the assessee, any loss

M/S AMU SHARES AND SECURITIES LTD,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-4(1)(1), MUMBAI

In the result, appeal of the assessee is allowed

ITA 4364/MUM/2023[2009-10]Status: DisposedITAT Mumbai26 Jul 2024AY 2009-10

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

Section 143(3)Section 317Section 73

deemed to carry on speculation business. It is only thereafter that sub section (1) of section 73 can apply. Applying the provisions of Section 73(1) to determine whether a company is carrying on speculation business would reverse the order of application. That would be Impermissible, nor, is it contemplated

DCIT,CORPORATE CIRCLE, MADURAI vs. M/S STANDARD MATCH INDUSRIES PRIVATE LIMITED, SIVAKASI

The appeal stand allowed for statistical purposes

ITA 485/CHNY/2023[2009-10]Status: DisposedITAT Chennai22 Mar 2024AY 2009-10

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.485/Chny/2023 (िनधा)रण वष) / Assessment Year: 2009-10) Dcit M/S. Standard Match Industries Pvt. Ltd. बनाम/ Corporate Circle 5-2-15C, Sattur Road, Vs. Madurai. Sivakasi-626 123. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaccs-5742-A (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Clement Ramesh Kumar (Cit)- Ld. Dr " थ"कीओरसे/Respondent By : Shri S. Sridhar (Advocate) -Ld. Ar सुनवाईकीतारीख/Date Of Final Hearing : 31-01-2024 घोषणाकीतारीख /Date Of Pronouncement : 22-03-2024 आदेश / O R D E R

For Appellant: Shri R. Clement Ramesh Kumar (CIT)- Ld. DRFor Respondent: Shri S. Sridhar (Advocate) -Ld. AR

Section 143(3)Section 37(1)Section 43(5)Section 73

during the course of the ordinary business of the company can be considered as business by itself bring it into the ambit of section 73(1) of the Act. Section 73(1) of the Act restricts the set off of speculation loss against the other business income in only those

DCIT, CIR-3(3)(1), MUMBAI vs. EAST WEST PIPELINE PVT LTD., MUMBAI

Accordingly, without any adjudication upon the merits, Ground No. 5 to 8 to raised by the Revenue are dismissed as being infructuous

ITA 1999/MUM/2023[2014-15]Status: DisposedITAT Mumbai05 Jan 2024AY 2014-15

Bench: SHRI B.R. BASKARAN, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Madhur AgrawalFor Respondent: Shri Biswanath Das

Section 143(3)Section 144BSection 147Section 73(1)

therefore the AO had correctly denied adjustment of this speculation loss against the normal business income as per the provisions of section 73(1) of the Income Tax Act, 1961? 6. Whether on the facts and circumstances of the case, the Ld. CIT(A) is justified in deleting disallowance ... clause (d) of section 43(5). Such speculative loss could not be adjusted against the normal business income as per the provisions of section 73(1) of the Income Tax Act. Thus, all these facts and documents would be checked during the re-assessment proceedings after giving opportunity

SAIF 2-SE INVESTMENTS MAURITIUS LTD,NEW DELHI vs. ACIT, CIRCLE INTERNATIONAL TAXATION (3)(1)(2) DELHI, NEW DELHI

ITA 1812/DEL/2022[2018-19]Status: DisposedITAT Delhi14 Aug 2023AY 2018-19

Bench: Shri G.S. Pannu & Shri Saktijit Deyassessment Year: 2018-19

Section 10(34)Section 142(1)Section 143(3)Section 144C(13)

submitted, the fact that the assessee has been incorporated in Mauritius and holding a valid TRC is beyond dispute. He submitted, under section 73(1)(b) of the Mauritius Income Tax Act, a company is said to be resident in Mauritius, if it satisfies either of the two conditions

DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-1, JAIPUR vs. WEALTHY SKY DEVELOPMENT, JAIPUR

In the result, the appeal filed by the Department is dismissed

ITA 23/JPR/2023[2016-17]Status: DisposedITAT Jaipur29 Mar 2023AY 2016-17

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri Manish Agarwal, CAFor Respondent: Shri Ajey Malik, CIT-DR fu/kZkfjrh dh vksj ls@

Section 143(3)Section 1dSection 263Section 73(1)

order of the AO wherein the AO disallowed the set off of speculative loss of Rs.74,43,978/- from business income as per Section 73(1) of the Act. 2.2 On the other hand, the ld. AR of the assessee supported the order of the ld.CIT(A) and also

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)

business of the assessee. These regulations do not permit the assessee to enter into forex derivative contract as a separate business. (xi) Section 73(1) of the Act restricts the set off of speculation loss against the other business income in only those cases were speculative transactions carried

DCIT CIR 4 (2)(1), MUMBAI vs. M/S QUANT SECURITIES PVT LTD., MUMBAI

In the result, the appeal of the revenue is dismissed

ITA 7756/MUM/2019[2014-15]Status: DisposedITAT Mumbai02 Sept 2022AY 2014-15

Section 143(3)Section 43(5)Section 73

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

deemed to carry on speculation business. It is only thereafter that sub-section (1) of section 73 can apply. Applying the provisions of Section 73(1) to determine whether a company is carrying on speculation business would reverse the order of application. That would be impermissible, nor, is it contemplated