“Section 32(3)”

Section References (mined)Section 32Section 32(3)4 judgments

MR. 3 SIGMA GLOBAL FUND ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX INT TAX CIRCLE 4(2)(1), MUMBAI

Accordingly we hold that the gain arising from the transfer of Derivatives cannot be taxed in India and the addition made in this regard stands deleted. Ground No. 1 raised by the assessee is hereb...

ITA 1130/MUM/2025[2022-23]Status: DisposedITAT Mumbai30 Jun 2025AY 2022-23

Bench: Ms Padmavathy S, Am & Shri Raj Kumar Chauhan, Jm

For Appellant: Bhaumik Goda, ARFor Respondent: Shri Krishna Kumar, Sr. DR

Section 143(3)

Taxman 562/255 ITR 273 (SC), wherein the Hon'ble Apex Court held as under: "Even though the said section (Section 32(3) of the UTI Act, creates a fiction to make UTI as a deemed company and distribution of the income received by the unitholder as deemed dividend, by virtue ... cannot be said that it a/so makes the unit of UTI a deemed share. A deeming provision of this nature, as found in Section 32(3) (of the UTI Act) should be applied for the purposes for which the said deeming provision is specifically enacted, which in the instant case

EMERGING INDIA FOCUS FUNDS,MAURITIUS vs. ACIT, CIRCLE INT. TAXATION 1(2)(2), DELHI

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

ITA 1963/DEL/2025[2022-23]Status: DisposedITAT Delhi25 Jun 2025AY 2022-23

Section 143(2)Section 143(3)

absence\nof any specific deeming provision in regard to units as shares it would be\nerroneous to apply the provision of Section 32(3) of UTI Act, which provided\nincome from Units to be dividend, the purpose of holding that units as a share.\nHon'ble Bombay High Court

SEABIRD MARINE SERVICES PRIVATE LIMITED,JAMNAGAR vs. ACIT, CIRCLE - 1, JAMNAGAR, JAMANGAR

In the result, ground No.4 raised by the assessee is allowed

ITA 83/RJT/2025[2017-18]Status: DisposedITAT Rajkot30 May 2025AY 2017-18

Section 114Section 115JSection 143(3)

selling of shares will\nhave to be treated as a business of speculation. The revenue in support of this argument, relies\non section 32(3) of the UTI Act which reads as follows :\n\"(3) Subject to the foregoing sub-sections, for the purposes of the Income ... company amounts to a business of speculation. Both the Tribunal and\nthe High Court have considered this argument as also the effect of section 32(3) of the UTI Act\nand have come to the conclusion that the provision of the said Act is limited for the purpose of\nassessment

SAKET KANOI,GURGAON vs. DCIT INTL. TAXATION, GURGAON

In the result, the appeal of the assessee is allowed

ITA 3243/DEL/2023[2021-22]Status: DisposedITAT Delhi23 Oct 2024AY 2021-22

Bench: Dr. B. R. R. Kumar, Sh. Yogesh Kumar Us

For Appellant: Sh. Sunny Jain, CAFor Respondent: Sh. Vizay B. Vasanta, CIT-DR

Section 143(3)

Tyres Ltd v CIT [2002J 122 Taxman 562 (SC), wherein the Hon'ble Apex Court held as under: "Even though the said section (Section 32(3) of the UTI Act, creates a fiction to make UTI as a deemed company and distribution of the income received by the unitholder ... cannot be said that it a/so makes the unit of UTI a deemed share. A deeming provision of this nature, as found in Section 32(3) (of the UTI Act) should be applied for the purposes for which the said deeming provision is specifically enacted, which in the instant case