DCIT 14(1)(1), MUMBAI vs. BLUE BERRY TRADING CO P.LTD, MUMBAI

In the result appeal of the Revenue is dismissed

depreciation or capital expenditure on scientific research, the provisions of sub-section (2) of section 72 shall apply in relation to speculation business as they apply in relation to any other business. (4) No loss shall be carried forward under this section for more than four assessment years immediately succeeding the assessment year for which the loss was first computed

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

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

Section 73. First of all, the gross total income shown by the assessee from various sources is as under:- Particulars Total Income Share F&O, Capital Trading Brokerage & Gain on Loss & Other Income account of Jobbing sale of BSE shares Income Loss on (2,79,572) (2,79,572) - share trading Jobbing 63,87,049 63,87,049 - Income Capital

SAMIR NARAIN BHOJWANI ,MUMBAI vs. DCIT 4(2)(1), MUMBAI

Appeal of the assessee is allowed for statistical purposes and the appeal of the revenue is dismissed

Bench: Shri Anikesh Banerjee, Jm & Ms Padmavathy S, Am

depreciable asset u/s 50 even though deem to be capital gain arising from transfer of a short term capital asset, that fiction has to be confined only to section 50 and it cannot convert 'short term capital asset' into a 'long term capital asset' and vice versa for the other purpose of the Act, either for set off against

M/S. SOEX IN vs. T & FIN. PVT.LTD.(NOW KNOWN AS SOPARIWALA EXPORTS P.LTD.),MUMBAIVS.INCOME TAX OFFICER-WARD-3(3)(3), MUMBAI

Accordingly, the cross objection raised by the assessee is allowed

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 2003-04

Section 13 ITA No. 6415, 6569/Mum/2008 & 1431, 1298/Mum/2009 & CO No. 79 & 153 /Mum/2009 73 and that consequently the assessee would not be deemed to be carrying on a speculation business for the purpose of Sec. 73(1)." Facts being similar, we follow the order of the Hon’ble Bombay High Court in the case of Darshan Securities (P) Ltd. (supra

THERMO FISHER SCIENTIFIC INDIA P. LTD,MUMBAI vs. DCIT 15(3)(1), MUMBAI

In the result, the appeal by the assessee is partly allowed for statistical\npurposes

73,52,790 on\ngoodwill purchased from GSK.\n7.4 On the facts and in the circumstances of the case and in law, the learned\nDCIT and Hon'ble DRP erred in not allowing depreciation of Rs.262,345\nrelating to depreciation on software expenses treated as capital expenditure\nin AY 2007-08.\n8. Ground 8 - Allowance of brought forward unabsorbed depreciation

DCIT 11(2)(1), MUMBAI vs. SHREE MOTHER CAPFIN AND SECURITIES P.LTD, MUMBAI

In the result, the appeal filed by the revenue is hereby ordered to be dismissed

Bench: Shri Shamim Yahya, Am & Shri Amarjit Singh, Jm आयकर अपील सं/ I.T.A. No.3903/Mum/2017 (निर्धारण वर्ा / Assessment Year: 2009-10) The Dy. Commissioner Of बिधम/ M/S. Shree Mother Capfin Income Tax-11(2)(1) & Securities Pvt. Ltd. Vs. Room No.477, Aayakar A-11/2, S.V. Road, Shree Bhavan, M.K. Marg, Ram Nagar, Andheri (W), Mumbai-400020. Mumbai-58 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabcr4418F (अपीलाथी /Appellant) .. (प्रत्यथी / Respondent) Revenue By: Shri Chaudhary Arun Kumar Singh (Sr. Ar) Assessee By: None सुनवाई की तारीख / Date Of Hearing: 22/07/2019 घोषणा की तारीख /Date Of Pronouncement: 26/07/2019 आदेश / O R D E R Per Amarjit Singh, Jm: The Revenue Has Filed The Present Appeal Against The Order Dated 28.02.2017 Passed By The Commissioner Of Income Tax (Appeals) -18, Mumbai [Hereinafter Referred To As The “Cit(A)”] Relevant To The A.Y.2009- 10 In Which The Penalty Levied By Ao Has Been Ordered To Be Deleted.

section 73 of the I.T. Act. The A.O. treated the loss from share trading as Speculation Loss. Further, the A.O. allocated 20% of the expenses debited to P & L Account (including 2 A.Y.2009-10 depreciation

DCIT 4(3)(1), MUMBAI vs. RELIANCE TRANSPORT AND TRAVELS P.LTD, MUMBAI

In the result, appeal of the Revenue is dismissed

Bench: Shri Amit Shukla & Shri S. Rifaur Rahman: A.Y : 2013-14 Asst. Commissioner Of Income Vs. M/S. Reliance Transport & Tax – 4(3)(1), Travels Pvt. Ltd., Mumbai (Appellant) 6Th Floor, Nagin Mahal, 82, Veer Nariman Road, Churchgate, Mumbai 400 020. Pan : Aaacr2380M (Respondent)

73,438/-) Capital gains as per section 50(2) of the Act 19,09,32,707 15. The helicopter was purchased on 31.10.2006 and the same was sold on 25.03.2013 and, therefore, the period of holding was more than 3 years. Since the block became Nil, the provisions of Section 50(2) of the Act was attracted and the deeming

ACIT 421 MUMBAI, MUMBAI CITY vs. SAMIR NARAIN BHOJWANI, MUMBAI

Appeal of the assessee is allowed for statistical purposes and the\nappeal of the revenue is dismissed

depreciable asset u/s 50\neven though deem to be capital gain arising from transfer of a short term capital\nasset, that fiction has to be confined only to section 50 and it cannot convert 'short\nterm capital asset' into a 'long term capital asset' and vice versa for the other\npurpose of the Act, either for set off against

ITO 4(2)(4), MUMBAI vs. MARUDHAR MUDRA P.LTD, MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year 2007-08 Ito-4(2)(4), M/S Marudhar Mudra Pvt. Room No.647, 6Th Floor, Ltd. बनाम/ M.K. Road, 101-102, Chartered House, Vs. Aayakar Bhavan, 293-297, Dr. C.H.Street, Mumbai-400020 Marine Lines, Mumbai-400002 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aabcm5764F

section 73 of the Act. 6,1.11 Having regard to the facts and circumstances of the present case and in the light of the aforesaid judicial decisions, it is held that the present appellant's case is covered by the first 8 M/s Marudhar Mudra Pvt. Ltd. exception in explanation to s. 73 of the Act and therefore, provisions

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

section 73 is also not applicable. Thus, the loss arising from trading in F & O is held as business loss and not speculative loss. The loss from trading in F & o being business loss is also allowed to be set off against other business income. Thus, the Assessing Officer is directed to consider the loss from trading in derivatives

ACIT, CC-6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

section 73 is also not applicable. Thus, the loss arising from trading in F & O is held as business loss and not speculative loss. The loss from trading in F & o being business loss is also allowed to be set off against other business income. Thus, the Assessing Officer is directed to consider the loss from trading in derivatives

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

section 73 is also not applicable. Thus, the loss arising from trading in F & O is held as business loss and not speculative loss. The loss from trading in F & o being business loss is also allowed to be set off against other business income. Thus, the Assessing Officer is directed to consider the loss from trading in derivatives

ACIT CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

section 73 is also not applicable. Thus, the loss arising from trading in F & O is held as business loss and not speculative loss. The loss from trading in F & o being business loss is also allowed to be set off against other business income. Thus, the Assessing Officer is directed to consider the loss from trading in derivatives

OVERSEAS INFRASTRUCTURE ALLIANCE(INDIA) PRIVATE LIMITED,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE -6 , MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

section 73 is also not applicable. Thus, the loss arising from trading in F & O is held as business loss and not speculative loss. The loss from trading in F & o being business loss is also allowed to be set off against other business income. Thus, the Assessing Officer is directed to consider the loss from trading in derivatives

ACIT, CC-6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

section 73 is also not applicable. Thus, the loss arising from trading in F & O is held as business loss and not speculative loss. The loss from trading in F & o being business loss is also allowed to be set off against other business income. Thus, the Assessing Officer is directed to consider the loss from trading in derivatives

OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMTIED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

section 73 is also not applicable. Thus, the loss arising from trading in F & O is held as business loss and not speculative loss. The loss from trading in F & o being business loss is also allowed to be set off against other business income. Thus, the Assessing Officer is directed to consider the loss from trading in derivatives

ACIT, CC 6(2), MUMBAI, MUMBAI vs. OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMITED, MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

section 73 is also not applicable. Thus, the loss arising from trading in F & O is held as business loss and not speculative loss. The loss from trading in F & o being business loss is also allowed to be set off against other business income. Thus, the Assessing Officer is directed to consider the loss from trading in derivatives

OVERSEAS INFRASTRUCTURE ALLIANCE (INDIA) PRIVATE LIMTIED ,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 6(2), MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Gosain & Shri Girish Agrawal

section 73 is also not applicable. Thus, the loss arising from trading in F & O is held as business loss and not speculative loss. The loss from trading in F & o being business loss is also allowed to be set off against other business income. Thus, the Assessing Officer is directed to consider the loss from trading in derivatives