2014 (3) TMI 331 - ITAT MUMBAI
M/s. Platinum Asset Management Ltd. Versus Deputy Director of Income Tax
Loss from derivative transactions - Capital loss or business loss - Held that:- The decision in Platinum Asset Management Ltd. Versus Dy. Director of Income Tax (International Taxation) [2013 (12) TMI 478 - ITAT MUMBAI] followed - Income arising to a ......
2014 (2) TMI 793 - GUJARAT HIGH COURT
Commissioner of Income Tax – III Versus Paranjay Mercantile Ltd.
Speculative loss - Deletion made under Explanation to section 73 of the Act – Nature of Loss - Whether the Tribunal is right in deleting the addition made on account of treating the share trading loss as speculative loss – Held that:- The assessee po ......
2014 (2) TMI 505 - ITAT MUMBAI
ACIT Circle-4(2), Versus Upendra K. Doshi
Profits from sale of shares treated as STCG against Business income – Held that:- The assessee showed profit from the transfer of shares as Long term capital gain and Short term capital gain which was assessed by the Assessing Officer as such in asse ......
2014 (1) TMI 1175 - ITAT MUMBAI
Shri Rikeen P. Dalal Versus The DCIT 12(3) Mumbai
Activity of sale and purchase of shares - Business income or capital gain - Held that:- Decision The Commissioner of Income Tax Versus Gopal Purohit [2010 (1) TMI 7 - BOMBAY HIGH COURT] followed - The assessee has shown certain income from share tran ......
2014 (1) TMI 1091 - ALLAHABAD HIGH COURT
Commissioner Income Tax Versus Sri Ram Kishan Gupta
Whether loss on transaction of shares is speculative loss - Held that:- Decision in Commissioner of Income Tax Vs. Subhash Chand Shorewala [2004 (1) TMI 327 - ITAT DELHI-F] followed - On some occasions, the loss on the share transaction was consequen ......
2014 (1) TMI 984 - ITAT DELHI
ITO, Ward 5(3), Delhi Versus Sh. Lalit Kumar Poddar
Nature of loss on share transaction - speculative transaction or not - Held that:- The clearing difference has been determined by the appellant on the basis of statement of purchase and sales of shares and securities made on his behalf by broker - A ......
2014 (1) TMI 943 - ITAT MUMBAI
Asstt. Commissioner of Income Tax Versus Shri Chirag Ranjit Nagandhi
Deletion made on account of set off made - Loss on Future and Option set off against the normal business – Held that:- There was a credit balance in one account and debit balance in another account - Simply because the broker has not carried out any ......
2014 (1) TMI 841 - ITAT MUMBAI
M/s. Marico Industries Ltd. Versus Asstt. Commissioner of Income tax
Disallowance of Interest under Explanation-8 of Section 43(1) of the Act - Purchase of brand name and trade marks – Held that:- In the order of CIT it is not clear as to whether interest had been paid till the date of acquisition of the asset or ther ......
2014 (1) TMI 494 - PUNJAB & HARYANA HIGH COURT
M/s Lachhmi Narain Gupta & Sons Versus Commissioner of Income Tax, Bathinda
Whether transaction of shares on line trading is speculative transaction as specified under Section 43(5) - Held that:- Section 43(5)(d) of the Act was introduced by Finance Act 2005 w.e.f 1.4.2006. The said provision would thus be applicable from as ......
2014 (1) TMI 195 - ITAT AHMEDABAD
Deputy Commissioner of Income-tax, Anand Circle Versus Vikrambhai Ravjibhai Patel
Nature of loss – Loss from Speculative transaction or not u/s 43(5) of the Act - Actual delivery of the shares not taken – Share transaction settled otherwise than actual delivery – Held that:- Relying upon Dy. CIT v. Paterson Securities (P.) Ltd. 2 ......
2013 (12) TMI 478 - ITAT MUMBAI
Platinum Asset Management Ltd. Versus Dy. Director of Income Tax (International Taxation)
Loss from derivative transactions - Capital loss or business loss - Held that:- Income arising to a FII from the transfer of `securities” as specified in Explanation (b) to sec. 115AD can only be considered as short-term or long-term capital gain - I ......
2013 (12) TMI 190 - ITAT AHMEDABAD
Assistant Commissioner of Income-tax Versus Naishad I. Parikh
Loss in share trading - Loss in Futures & Options activity – AO disallowed appellants claim of share trading and F&O losses along with OD interest as personal in nature since these transactions were not routed through P&L a/c – Held that:- The appel ......
2013 (11) TMI 1234 - ITAT AHMEDABAD
ARVIND MILLS LTD & OTHERS Versus ASSTT COMMISSIONER OF INCOME TAX & OTHERS
Allowability of interest expense on debenture - accrual of interest liability - Such payment was made on 24/03/1995, i.e. the date of allotment in that case, hence the funds were used in that case for only a few days during AY 1995-96. In spite of th ......
2013 (11) TMI 424 - ITAT MUMBAI
London Star Diamond Company (I) (P.) Ltd Versus Deputy Commissioner of Income-tax
Forward contract a ‘hedging transaction’ or a ‘Forward transaction’ - Assessee is engaged in the business of trading and manufacturing of rough and polished diamonds and filed the return of income declaring the total income of Rs. 35,29,042/- - Asses ......
2013 (11) TMI 408 - ITAT MUMBAI
S VINODKUMAR DIAMONDS PVT LTD Versus ADDL COMMISSIONER OF INCOME TAX RANGE-5(3), MUMBAI
Disallowance u/s 36 - Interest expenditure - proportionate disallowance on the ground that possession of the premises had not been handed over to the assessee till the end of the AY - assessee contended that he has used interest free funds for purcha ......