DCIT CENT CIR. 8(1), MUMBAI vs. KUNAL GOVIND KATARIA, MUMBAI

Bench: Shri G. Manjunatha & Shri Ravish Soodkunal Govind Kataria Vs. Dcit,Cc-8(1) 2/B, Cenced Apartments Aaykar Bhawan Nr.Bajaj Park, Ambedkar M.K.Road Road, Bandra(West) Mumbai-400 020 Mumbai-400 050 Pan/Gir No.Aodpk3994G (Appellant) .. (Respondent)

section 43(5)(e) of the Act, and thus, there is no error in the findings recorded by the Ld. AO in disallowing

KUNAL GOVIND KATARIA,MUMBAI vs. DCIT CENT CIR. 8(1), MUMBAI

Bench: Shri G. Manjunatha & Shri Ravish Soodkunal Govind Kataria Vs. Dcit,Cc-8(1) 2/B, Cenced Apartments Aaykar Bhawan Nr.Bajaj Park, Ambedkar M.K.Road Road, Bandra(West) Mumbai-400 020 Mumbai-400 050 Pan/Gir No.Aodpk3994G (Appellant) .. (Respondent)

section 43(5)(e) of the Act, and thus, there is no error in the findings recorded by the Ld. AO in disallowing

DCIT 4(2)(1), MUMBAI vs. SPS SHARE BROKERS P.LTD, MUMBAI

In the result Revenue fails in this appeal

Bench: Shri Saktijit Dey & Shri Ramit Kochar

5) of the Income Tax Act, 1961 (the Act) r.w. clause (ac) of section 2 of the Securities Contracts (Regulation) Act 1956. While disallowing the loss of Rs.93,63,235/-, the AO has considered the relevant provisions of section 43

ACIT - 4(2)(1), MUMBAI vs. PROGRESSIVE SHARE BROKERS PVT. LTD., MUMBAI

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2009-10 Acit-4(2)(1), M/S Progressive Share Room No.642, 6Th Floor, Brokers Pvt. Ltd. बनाम/ Aayakar Bhavan, B, 1St Floor, Fort Chambers, Vs. M. K. Road, Homi Modi Cross Street, Mumbai-400020 Off. Hamam Street, Fort, Mumbai-400001 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.Aaacp6712H

disallowance under section 73 of Rs.43,11,377/- on account of treating share trading loss as speculative loss and further in not segregating the assessee’s share arbitrage business in to two segments i.e. cash segment and derivative segment by not giving them separate treatment under the provisions of section 43(5

JM FINANCIAL SERVICES LTD,MUMBAI vs. JCIT (OSD) 4(3), MUMBAI

Accordingly dismissed. However, in view of our findings given above, the appeal of the assessee is treated as partly allowed

Bench: Shri G.S. Pannu & Shri Sanjay Gargassessment Year: 2009-10 M/S. J.M. Financial Services The Joint Commissioner Of Ltd., Income-Tax (Osd)-4(3), (Formerly Jm Financial Room No.635, Services Pvt. Ltd.), Aayakar Bhavan, Vs. 7Th Floor, Cnergy, M.K. Road, Appasaheb Marathe Marg, Mumbai - 400020 Prabhadevi, Mumbai – 400 025 Pan: Aaacj5977A (Appellant) (Respondent) Assessment Year: 2009-10

section 43(5) of the I.T.Act. 2. Whether on the facts and circumstances of the case and settled legal position, the Ld. CIT(A) was justified on facts and in law in deleting the disallowance

DCIT 5(2), MUMBAI vs. LONDON STAR DIAMOND CO. INDIA P.LTD, MUMBAI

In the result, the appeal filed by the Revenue in ITA No

Bench: Shri Mahavir Singh & Shri Ramit Kocharआयकर अपील सं./I.T.A. No. 1359/Mum/2014 ("नधा"रण वष" / Assessment Year : 2010-11) The Deputy Commissioner Of London Star Diamond बनाम/ Income Tax 5(2) Company (India) Private V. Room No. 571, Aayakar Limited Bhawan, M K Road, Mumbai- 1610/1611 , 400 020 Prasad Chambers, Opera House, Mumbai-400 004 "थायी लेखा सं./Pan : Aaacl0576B .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

Section 43(5) of the Act or hedging loss and the same was therefore disallowed by the AO, vide assessment

KUNAL G. KATARIA,MUMBAI vs. ACIT CENT CIR. 8(1), MUMBAI

Appeal is allowed

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Kunal G. Kataria The Asst. Commissioner Of 2B, Censed Apartment Income Tax Central Circle Near Bajaj Park, Dr. 8(1), Mumbai Vs. Ambedkar Road Bandra (West), Mumbai-400 050 Appellant .. Respondent Pan No. Aodpk3994G Assessee By : Madhur Aggarwal & Cc Dangi, Ars’ Revenue By : Saurabhkumar Rai, Dr

5,27,05,518/- as against ₹ 78,32,439/- declared by the assessee.” Accordingly, he disallowed the assessee’s claim of speculation loss of ₹ 4,48,73,079/- not allowable from the regular business income, which is income from recognized stock exchanges as specified in section 43

DIWALI CAPITAL & FINANCE PVT. LTD.,MUMBAI vs. DCIT -CC- 2(2), MUMBAI

In the result, the appeals of assessee are partly allowed

Bench: Sri Mahavir Singhaayakr Apila Sam./ Ita No. 3107/Mum/2018 (Inaqa-Arna Baya- / Assessment Year 2013-14) Aayakr Apila Sam./ Ita No. 3108/Mum/2018 (Inaqa-Arna Baya- / Assessment Year 2014-15)

disallowing set off of loss from derivative transactions carried out on recognized stock exchange by invoking the provisions of section 73 of the Act completely disregarding the amendment to section 43(5

DIWALI CAPITAL & FINANCE PVT. LTD.,MUMBAI vs. DCIT- CC-2(2), MUMBAI

In the result, the appeals of assessee are partly allowed

Bench: Sri Mahavir Singhaayakr Apila Sam./ Ita No. 3107/Mum/2018 (Inaqa-Arna Baya- / Assessment Year 2013-14) Aayakr Apila Sam./ Ita No. 3108/Mum/2018 (Inaqa-Arna Baya- / Assessment Year 2014-15)

disallowing set off of loss from derivative transactions carried out on recognized stock exchange by invoking the provisions of section 73 of the Act completely disregarding the amendment to section 43(5

DCIT , CC- 8(1), MUMBAI vs. NIRSHILP SECURITIES PVT. LTD., MUMBAI

In the result, the appeal of the revenue in ITA No

disallowed the claim of business loss of the assessee on the ground that loss claimed is speculative in nature and therefore the same would be eligible for set off only against speculation profit. In our considered opinion, the ld AO had wrongly interpreted the provisions of section 43(5

INVENTURUS KNOWLEDGE SERVICES P.LTD,NAVI MUMBAI vs. ITO 5(2)(1), MUMBAI

In the result appeal of the assessee company is partly allowed

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: - 2009-10 Inventurus Knowledge Services V. Income Tax Officer Pvt. Ltd. 5(2)(1), C/O. Seren Properties Pvt. Ltd. 525, Aaykar Bhavan, (Sez), Unit No. 204, Build No. 5, M.K. Road, Mindspace Airoli Camp, Plot No. Mumbai - 400 020. 3, Gat No. 95, Kalwa Trans, Thane Creek, Midc Industrial Area, Thane Belapur Road, Airoli, Navi Mumbai – 400 708. Pan/Gir No. Aabck4601P

Section 43(5) read with proviso(d) and explanation 1 to the said Section 43(5) of the Act for which cogent material is brought on record. 2. That the contract for derivatives in foreign currency are commodity as defined u/s 43(5) of the Act , the underlying asset being foreign currency and are hence entitled for exemption from being

ASSTT COMMISSIONER OF INCOME TAX 19(1), MUMBAI vs. KETAN ANIL SHAH, MUMBAI

In the result, appeal filed by the Revenue is dismissed

Bench: Shri Om Prakash Kant () & Shri Sandeep Singh Karhail () Assessment Year: 2014-15 Asst. Commissioner Of Ketan Anil Shah Income-Tax 19(1), Mumbai, 44/B Rajul Apartment Vs. Matru Mandir, Room No.203, J Mehta Marg, Napean Sea Grant Road, Mumbai-400 007 Road, Mumbai-400 006 Pan No. Aaips 9400 J Appellant Respondent : Revenue By Smt. Madhumalti Ghosh, Cit-Dr Assessee By : Shri Anish Shah, Ca & Shri Haridas Bhat Date Of Hearing : 01/12/2022 Date Of Pronouncement : 19/01/2023

disallowed the losses as claimed by the assessee on the ground transactions has carried out by the assessee are speculative transactions settled wi the assessee are speculative transactions settled with delivery in terms of th delivery in terms of Section 43(5

ZEE ENTERTAINMENT ENTERPRISES LIMITED,MUMBAI vs. ADDL. COMM OF INCOME TAX RANGE-11 (1), MUMBAI

In the result, appeal of the assessee is partly allowed

Bench: Shri G.S.Pannu & Shri Ravish Soodzee Entertainment Enterprises Ltd., 135, Continental Building, Dr.A.B.Road, Worli, Mumbai 400 020 Pan:Aaacz 0243R ...... Appellant Vs. The Addl. Commissioner Of Income Tax, Range -11(1), 4Th Floor, Room No.434, Aaykar Bhavan,M.K.Road, Mumbai – 400 020 .... Respondent

section 43(5) of the Act. Accordingly, he disallowed the said loss. The CIT(A) has also affirmed the stand

DEVESH N SHAH,MUMBAI vs. ITO 7(2)(4), MUMBAI

In the result, the appeal filed by the assessee in ITA N0

Bench: Shri Saktijit Dey & Shri Ramit Kocharआयकर अपील सं./I.T.A. No.778/Mum/2014 ("नधा"रण वष" / Assessment Year : 2009-10) Devesh N. Shah, Income Tax Officer, बनाम/ Rashmi Zaveri & Co., 7(2)(4), V. Chartered Accountants, Mumbai. Arham, Ground Floor, Plot 266, Sion (E), Mumbai – 400022. "थायी लेखा सं./Pan : Abvps5960P (अपीलाथ" /Appellant) .. (""यथ" / Respondent)

disallowance of Rs. 24,907/- u/s 14A of the Act as not being pressed. We order accordingly. 7. The ld. Counsel for the assessee submitted that proviso (d) to clause (5) of Section 43

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

In the result, the appeal

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

disallowed as business loss as the same was a loss from speculation business. The reply of the assessee is already reproduced in earlier para and assessee is already reproduced in earlier para and the same is found to be devoid of any the same is found to be devoid of any merit.Section 43(5) of the Act reads as under

ELARA CAPITAL (INDIA) PRIVATE LIMITED,MUMBAI vs. ACIT- CIRCLE 6(2)(2), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2017-18 Elara Capital (India) Pvt. Ltd., The Acit-Circle 6(2)(2), Tower 3, 21St Floor, One Room No. 506, 5Th Floor, Vs. International Center, Senapati Aayakar Bhavan, Maharshi Bapat Marg, Elphinstone Karve Road, Mumbai- Road (West), Mumbai-400013. 400020. Pan No. Aabce 6487 B Appellant Respondent

5) with wisdom, the Parliament amended Section 43 wisdom, the Parliament amended Section 43 effect from 1 April 2006 in relation to the business of effect from 1 April 2006 in relation to the business of effect from 1 April 2006 in relation to the business of trading in derivatives, Parliament brought about a trading in derivatives, Parliament brought about

KEDIA SHARES & STOCKS BROKERS LTD,MUMBAI vs. JT CIT (OSD) 4(3), MUMBAI

In the result, the appeal is partly allowed

Bench: Shri Mahavir Singh () & Shri N.K. Pradhan () Assessment Year: 2009-10

section 43(5) of the Act. After adding Rs. 3,04,865/- allocated as proportionate expenses on share trading, the AO disallowed

M/S. ORION TRAVELS PVT.LTD.,MUMBAI vs. ACIT, CC 31, MUMBAI

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

Bench: Shri Mahavir Singh () & Manoj Kumar Agarwal () Assessment Year: 1991-92 M/S Orion Travels Pvt. Ltd. Vs. The Acit, Cc-31 32, Madhuli, Dr. A.B. Road, Mumbai Worli, Mumbai - 400018 Pan No. Aaaco1591K (Appellant) (Respondent) Appellant By : Shri Dharmesh Shah, Ar Respondent By : Dr. P. Daniel, Standing Counsel

43(5) and therefore, losses in transactions of purchase and sale of units and securities without actual delivery cannot be set off against the normal income from banking in view of the main provisions of section 73.” We have considered these cause-laws referred by the learned Counsel for the assessee and also considered the decision of Hon’ble Supreme

STRIDES PHARMA SCIENCE LTD.,NAVI MUMBAI vs. THE DY CIT -5(1)(2), MUMBAI

In the result ITA number 1004/M/2021 filed by the assessee for assessment year 2016 – 17 is allowed

Bench: Shri Prashant Maharishi, Am & Shri Sandeep Singh Karhail, Jm Strides Pharma Science Ltd. Dcit 15(1)(2) 201, Devavrata, Sector-17, Aayakar Bhavan, M K Road, Vs. Vashi, Navi Mumbai, 400703 Mumbai 400020 (Appellant) (Respondent) Pan No. Aadcs8104P

section 92CA of the Act amounting to INR 9,5,.43,090, details of which are provided below. 2. Imputation of interest on the Share application money pending allotment - INR 9,25,35,248 [ Page 3 and 4 of the Final Assessment Order] The learned AO/ the learned TPO and the Hon'ble DRP erred in facts