“speculative transaction”

Asstt. CIT -Circle-3(4), Mumbai vs. M/S. Lupin Ltd., Mumbai

In the result, the appeal of the assessee in I

Bench: Shri Pavan Kumar Gadale, Jm & Ms Padmavathy S, Am

would not by itself determine whether the activity was a part of the Respondent- assessee's regular business transaction or it was a speculative transaction. On present facts, it was never the Revenue's contention that the transaction was speculative but only disallowed on the ground that it was notional

Kunda Nanda Kirpekar, Mumbai vs. ITO Int Tax Ward 3(1)(1), Mumbai

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GAGAN GOYAL (Accountant Member)

offered profit on these Commodities Transactions as Short Term Capital Gain and the AO and CIT Appeal ha wrongly confirmed the same as speculative transactions on the ground that there was no physical Delivery of Commodities and also erred in taxing the same u/s 69C of the Income

Lupin Ltd., Mumbai vs. The Dy CIT, Circle-3(4), Mumbai

In the result, all the appeals of the assessee and revenue are treated as partly allowed

Bench: Shri B.R. Baskaran (Am) & Shri Pavan Kumar Gadale (Jm)

IN THE INCOME TAX APPELLATE TRIBUNAL Mumbai “A” Bench, Mumbai. Before Shri B.R. Baskaran (AM) & Shri Pavan Kumar Gadale (JM

Deputy Commissioner of Income Tax, Central Circle -3(2), Mumbai vs. Viraj Profiles Private Limited, Mumbai

In the result, appeal filed by the assessee is partly allowed as per above directions

Bench: Shri Narender Kumar Choudhry, Hon’Ble & Shri S. Rifaur Rahman, Hon'Bleviraj Profiles Pvt Ltd V. Dy. Cit - Central Circle- 3(2) (Formerly Known As Viraj Profiles Limited) Room No. 1923, 19Th Floor 1St Floor, Viraj Towers Air India Building Jn Of Andheri Kurla Road Nariman Point W.E. Highway, Andheri (E) Mumbai- 400021 Mumbai- 400093 Pan: Aabcv1740N (Appellant) (Respondent) Dy. Cit - Central Circle- 3(2) V. Viraj Profiles Pvt Ltd (Formerly Known As Viraj Profiles Limited) Room No. 1923, 19Th Floor 1St Floor, Viraj Towers Air India Building, Nariman Jn Of Andheri Kurla Road Point W.E. Highway, Andheri (E) Mumbai- 400021 Mumbai- 400093 Pan: Aabcv1740N (Appellant) (Respondent) Assessee Represented By : Shri. Mani Jain Department Represented By : Shri. Ujjawal Kumar Chavan

contradicts, overrides, conflict with the decision of Hon'ble SC in case of Woodward (supra) as there is not dispute about the loss. Speculative transactions are complete world in themselves involving short-term, long-term capital gains, speculative gains etc to name a few. Loss from them set of against

Viraj Profiles Private Limited, Mumbai vs. Dy. Commissioner of Income Tax, Central Circle-3(2), Mumbai

In the result, appeal filed by the assessee is partly allowed as per above directions

Bench: Shri Narender Kumar Choudhry, Hon’Ble & Shri S. Rifaur Rahman, Hon'Bleviraj Profiles Pvt Ltd V. Dy. Cit - Central Circle- 3(2) (Formerly Known As Viraj Profiles Limited) Room No. 1923, 19Th Floor 1St Floor, Viraj Towers Air India Building Jn Of Andheri Kurla Road Nariman Point W.E. Highway, Andheri (E) Mumbai- 400021 Mumbai- 400093 Pan: Aabcv1740N (Appellant) (Respondent) Dy. Cit - Central Circle- 3(2) V. Viraj Profiles Pvt Ltd (Formerly Known As Viraj Profiles Limited) Room No. 1923, 19Th Floor 1St Floor, Viraj Towers Air India Building, Nariman Jn Of Andheri Kurla Road Point W.E. Highway, Andheri (E) Mumbai- 400021 Mumbai- 400093 Pan: Aabcv1740N (Appellant) (Respondent) Assessee Represented By : Shri. Mani Jain Department Represented By : Shri. Ujjawal Kumar Chavan

contradicts, overrides, conflict with the decision of Hon'ble SC in case of Woodward (supra) as there is not dispute about the loss. Speculative transactions are complete world in themselves involving short-term, long-term capital gains, speculative gains etc to name a few. Loss from them set of against

Dy. Commissioner of Income Tax 19(3), Mumbai vs. Sanjiv Mahendra Parikh, Mumbai

Bench: 31.03.2014.”

Assessee had undertaken speculative and non-speculative trades but had not maintained separate accounts. Therefore, the Assessing Officer computed the losses arising from speculative transaction by allocating/appropriating receipts and payments to arrive at the figure of INR 3,18,43,201/- as the loss arising from speculative transactions undertaken ... which put these transactions outside commodity derivatives. Thus, the losses accruing to assessee from trading on NSEL falls squarely within the ambit of speculative transaction and the gains or loss resulting from such transaction should rightly be characterized as speculative in nature. Flowing from the discussion above, it is concluded

Income Tax Officer, Mumbai vs. Mohammed Sajid Shahid Shaikh, Mumbai

Bench: Shri Kuldip Singh & Shri Amarjit Singhassessment Year:2012-13

single trading session of a day. So, the transactions have to be considered as day trading in nature. Hence, the same fits under speculative transactions. As rightly 4 Mr. Mohammed Sajid Shahid Shaikh pointed out by the appellant, in day trading transactions payment of total value of cost of purchase ... same day i.e. 14.06.2011 @ Rs.34.73 for a sale consideration of Rs.64,450/- by booking STCL of Rs.1909.81, it is proved that it was a speculative transaction and was not the investment transactions as observed by the AO. 7. The Ld. CIT(A) has rightly and validly concluded that the source

Smt. Jyoti H Mehta, Mumbai vs. ACIT, CC-4(1), Mumbai

Bench: Shri Amit Shukla & Shri Gagan Goyaljyoti H. Mehta 32, Madhuli Apartment, 3Rd Floor, Dr. A. B. Road, Worli, Mumbai-400 018 Pan: Abnpm8233B ..... Appellant Vs. Acit Circle 4(1) R. No. 1916, 19Th Floor, Air India Building, Nariman Point, Mumbai-400021 Mumbai ..... Respondent

speculative loss. The relevant observations made by the A.O. on page 30 of the assessment are reproduced below : “1.4 The assessee carried out speculative transaction in shares. The details are obtained from the clients of the assessee and others. Such details are enclosed herewith as annexure S-2. It shows ... allowed on this issue as the learned A.O has brought out at page 30 para 1.4 that the transaction carried out here is speculative transaction. It is therefore prayed that this GOA of the Deptt be allowed.” 65. In the facts and circumstances the case, it is apparent that

Dam Capital Advisors Limited, Mumbai vs. DCIT-4(1)(1), Mumbai

In the result, appeal is allowed

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

purchase and sale of shares that is settled otherwise than the actual delivery. Accordingly, the Assessing Officer treated the loss as arising out of speculative transaction as per provisions of section 43(5) and held the same as not to be allowed. On appeal, the CIT(A) held that ... order with regard to the income and expenditure of the assessee from which it is clear that the assessee is not involved in any speculative transactions. The Ld.AR further submitted that the assessee during the course of assessment proceedings has given reasons for the returned loss and also the break

Mondelez India Foods P.Ltd, Mumbai vs. Asst CIT RG 5(1)(2), Mumbai

Bench: Vikas Awasthy () & Ms. Padmavathy S. ()

submissions of the assessee and proceeded to treat the loss as a speculative loss. The Assessing Officer held that foreign exchange derivative transactions are speculative transaction unless it is proved by the assessee that it was covered by any Provisos (a) to (d) to section 43(5). The Assessing Officer

Mondelez India Foods P. Ltd, Mumbai vs. DCIT RG 5(1)(2), Mumbai

Bench: Vikas Awasthy () & Ms. Padmavathy S. ()

submissions of the assessee and proceeded to treat the loss as a speculative loss. The Assessing Officer held that foreign exchange derivative transactions are speculative transaction unless it is proved by the assessee that it was covered by any Provisos (a) to (d) to section 43(5). The Assessing Officer