“speculation loss”

Smt Asha Devi Poddar, Mumbai vs. ACIT 19(1), Mumbai

In the result, appeal filed by the assessee is treated as allowed for statistical purposes

further grossly erred in confirming the action of Assessing Officer treating the non-receipt of sale consideration of commodities on commodity exchange "as Speculation Loss and allowing it to be carried forward" as stated in ground 2 above and at the same time not treating current assessment year income ... from the same commodity business activity as speculation income and not setting off the same against alleged speculation loss of Rs.1,79,73,982/- and the reasons assigned by him in doing so are totally wrong and are contrary to the provisions of Income Tax Act, 1961 and rules made

Azofen P.Ltd, Mumbai vs. DCIT 9(1)(2), Mumbai

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri Pramod Kumar & Shri Pavan Kumar Gadaleazofen Pvt Ltd Vs. Dcit, Range – 9 (1)(2) 37/38, Lk Arcade, Aayakar Bhavan, Marol Naka, Marol, M.K. Road. Andheri Mumbai- 400020. Mumbai-400059. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaca5098F Appellant .. Respondent Appellant By : None Respondent By : Smt. Shailja Rai, Cit Dr Date Of Hearing 21.07.2022 Date Of Pronouncement 26.07.2022 आदेश / O R D E R Per Pavan Kumar Gadale, Jm: The Assessee Has Filed The Appeal Against The Order Of The Commissioner Of Income Tax (Appeals)-16, Mumbai Passed U/S 143(3) R.W.S 145(3) & 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal:

erred in confirming that the loss of Rs. 1,34,35,617/- on account of loss from shares / derivatives is a speculative loss and therefore the same is not eligible for set off against the other incomes of the appellant. 6 The CIT (A) has failed to appreciate the facts ... accordingly the same is one of the principle businesses of the company and accordingly the loss is not Azofen P Ltd., Mumbai. a speculation loss as per the provisions of Explanation to section 73 of the Act. 2. On perusal of the facts, the appeal was filed by the assessee

Mr. Dhaval R. Ajmera, Mumbai vs. ITO, 17(1)(4), Mumbai

In the result, appeal of the assessee is allowed

purchase and sale of shares through that broker. The assessee gave the workings of both short term and long term capital gains, speculation loss and speculation profits, derivative profits / losses together with the supporting documents in the form of broker contract notes corroborating the relevant transactions with the bank statements ... made any purchase of shares through the said broker. It was also submitted that assessee had neither claimed the said speculation loss incurred of Rs.33,83,516/- with Alliance Intermediates and Network Pvt. Ltd., for the relevant period or 5 Shri Dhaval R Ajmera in any subsequent assessment years

DCIT, Cir - 4(2)(1), Mumbai vs. M/S.Ohm Stock Broker P. Ltd., Mumbai

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Aby T. Varkey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bledcit – Circle – 4(2)(1) V. M/S. Ohm Stock Brokers Pvt. Ltd., Room No. 642, 6Th Floor 301-A, Poonam Chambers Aayakar Bhavan, M.K. Road B-Wing, Dr. A.B. Road Mumbai - 400020 Worli, Mumbai -400018 Pan: Aaaco3526E (Appellant) (Respondent) Assessee By : None Department By : Shri M.P. Ahuja

consists of purchase and sale of shares. Therefore, the loss on account of share trading activity of the assessee has to be treated as speculation loss. Accordingly, the trading loss claimed by the assessee was accordingly, treated as speculation loss by the Assessing Officer. Further, Assessing Officer disallowed the expenses ... before the Ld.CIT(A) assessee filed detailed submissions, for the sake of clarity it is reproduced below: - "Ground- Share Trading Business Loss treated as Speculative Loss. 1. The Appellant Company had incurred losses in trading in future and options of Rs.7,79,70,705.89/- which has been claimed

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

In the result, the appeal of the revenue is dismissed

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

facts and the circumstances of the case and in law, the Ld.CIT(A) erred in not considering the loss in F&O segment us speculation loss, relying on the decision of ITAT, Ahmedabad, in the case of ITO Vs Upkar Retails Pvt. Ltd. (ITA No. 2237/Ahd/2014) notwithstanding that on similar ... completed on 31.03.2016. During the course of assessment the A.O has treated loss from F & O of Rs.1,72,18,187/- as speculation loss and same was not allowed to be set off against the non speculation income. 3. Aggrieved, the assessee filed the appeal before

Bombay Marine Engineering Works Pvt. Ltd, Mumbai vs. The ITO WD 3(1) (2), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri M Balaganesh, Am & Shri Pavan Kumar Gadale, Jm The Ito, Bombay Marine Engineering Ward 3(1)(2) Works Pvt. Ltd. Aayakar Bhavan, 5B Bakhtawar, Nariman Point, Vs. M.K.Road, Mumbai-400 021 Mumbai-400 020 (Respondent) (Appellant) Pan No. Aaacb0451F Assessee By : Shri Nimesh Chotani, Ar Revenue By : Shri S.G. Mehta, Dr Date Of Hearing: 30.05.2022 Date Of Pronouncement : 31.05.2022

assessment was completed originally u/s 143(3) of the Act on 26.12.2008. Determining total income at Rs.7,38,660/- after adjusting speculation loss of Rs.16,31,177 and business loss of 2,15,075 of assessment year 2005-06. 04. The assessment for AY 2006-06 was sought ... total income of Rs 7.38,660/- after setting off brought forward loss of Rs 26,41,870/- which included brought forward speculation loss of Rs 16,31,177/ As per the Return of income filed by the assessee refer sch1 computation of income), it is seen that the assessee

ACIT 4 (3)(1), Mumbai vs. Kotak Securities Ltd., Mumbai

Appeal is dismissed

that the ITA. No. 7357/Mum/2019 Assessment Year: 2007-08 provision of explanation to Section 73 is not applicable to assessee‟s case thereby the speculation loss incurred by the assessee is trading in shares is allowable to be set off against non-speculative income earned.” 3. The Assessee has also ... disallowing ITA. No. 7357/Mum/2019 Assessment Year: 2007-08 set off of the loss of INR 39,36,79,000/- holding the same to be speculative loss. 5. Being aggrieved, the Assessee filed appeal before CIT(A) challenging the validity of the re-assessment proceedings as well as the disallowance

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.

section 14A of the Act amounting to Rs. 2,52,536/- and disallowance of loss of Rs. 33,48,000/- treating the same as speculation loss. 4. On the issue of section 14A disallowance finding of the ld. CIT (A) is as under: “I have considered the submission made ... action of the AO in treating loss suffered by the appellant-on account of intraday trading in the shares of Indusind Bank as a speculative loss is upheld and this ground of appeal is dismissed.” 9. The AO during the assessment proceeding held as under: “6.1 during the course

Geeta Arvind Haria, Mumbai vs. ITO WD 26(1) (1), Mumbai

The appeal of the assessee stands allowed

Bench: Hon'Ble Shri Sanjay Gargthe Ito Ward 26(1)(1), Geeta Arvind Haria Room No. 303, 3Rd Floor, 186/16, Shriniwas 2Nd Floor, V.P. Kautilya Bhavan, Cross Road, Mulund (W) Vs. C-41 To C-43, G-Block, Bkc, Mumbai-400 080 Bandra (East), Mumbai-400 051 (Respondent) (Appellant) Pan No. Aaaph2574C Assessee By : None Revenue By : Shri Anil Gupta, Dr Date Of Hearing: 19.05.2022 Date Of Pronouncement : 19.05.2022

learned Commissioner of Income Tax (Appeals) erred in treating the losses amounting to 7,34,243 incurred from trading in derivatives as speculation losses by relying upon the decision of Delhi High Court in the case of CIT vs. DLF Commercial Developers Ltd. without appreciating that Explanation to Section

M/S Khandwala Securities Ltd., Mumbai vs. DCIT Cir. 4(3)(1), Mumbai

The appeal is dismissed

Appellant vide order dated, 23.12.2011 wherein loss of INR 68,20,061/- on account of share trading activity was treated as a speculation loss. The issue travelled to the Tribunal and vide order dated, 17.03.2017, it was restored to the file of Assessing Officer (AO). The AO, vide order dated ... read with Section 254 of the Act, again held that the loss suffered by the Appellant on account of share trading activity was a speculation loss as per Section 73 of the Act, which was not allowed to be set-off against income under other heads of income

DCIT Circle- 3 (3)(1), Mumbai vs. M/S Sarthak Industries Ltd., Mumbai

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year: 2014-15

made the written submissions. The relevant extract of the same corresponding to the above ground is reproduced as following:- "Direction for carried forward of speculation loss Rs.57831865/-. The assessee company shown speculation loss on commodity exchange during the year and claimed carried forward in the subsequent years profit ... while computing the total income. The same may kindly be allowed for carried forward and oblige." 3.3.2 These grounds relate to carry forward of speculation loss of Rs.5,78,31,865/-. The AO is directed to verify the amount of speculation loss in accordance with law in consequence of this