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Asian Financial Services Ltd. Vs. Commissioner of Income Tax3 Kolkata

Court : Kolkata

..... true and proper interpretation of the explanation to section 73 of the income tax act, 1961, the tribunal was justified in law in holding that the loss of rs.3,24,76,185/- incurred in eligible transactions within the meaning of proviso (d) to section 43(5) not involving any purchase or sale of shares as such was speculation loss ?. ..... eligible transaction in respect of trading in commodity derivatives carried out in a [recognised association, which is chargeable to commodities transaction tax under chapter vii of the finance act, 2013 (17 of 2013)].shall not be deemed to be a speculative transaction;" it would appear that the activities appearing in clauses (a) to (e) are not to be deemed to be speculative transactions ..... any event, the appellant having earned profit in its business of purchase and sale of shares, the tribunal should have directed the aforesaid loss in eligible transactions to be set off against such profit ?. ..... (d) an eligible transaction in respect of trading in derivatives referred to in clause [(ac)].of section 2 of the securities contracts (regulation) act, 1956 (42 of 1956) carried out in a ..... into by a dealer or investor therein to guard against loss in his holdings of stocks and shares through price fluctuations; or (c) a contract entered into by a member of a forward market or a stock exchange in the cours.of any transaction in the nature of jobbing or arbitrage to guard against loss which may arise in the ordinary cours.of his business as such member; [or]. .....

The Commissioner of Income-tax. Vs. Shri Bharat R. RuiA.

Court : Mumbai

..... to guard against loss in his holdings of stocks and shares through price fluctuations; or (c) a contract entered into by a member of a forward market or a stock exchange in the course of any transaction in the nature of jobbing or arbitrage to guard against loss which may arise in the ordinary course of his business as such member; [or](d) an eligible transaction in respect of trading in derivatives referred to in clause (ac) of section 2 of the securities contracts (regulations) act, 1956 (42 of 1956) carried out in a recognised stock exchange; shall not be deemed ..... , 1956 (42 of 1956) and which fulfills such conditions as may be prescribed and notified by the central government for this purpose; " 23) plain reading of clause (d) to section 43(5) makes it clear that with effect from 1/4/2006, only those eligible transaction in derivatives referred to under section 2(ac) of 1956 act which are carried out in a recognized stock exchange shall not be deemed to be a speculative ..... we further hold that clause (d) inserted to the proviso to section 43(5) with effect from 1/4/2006 is prospective in nature and the itat was in error in holding that clause (d) to the proviso to section 43(5) applied retrospectively so as to apply to the transactions carried on by the assessee during ay 2003-04.40) for all the aforesaid reasons, we allow the appeal filed by the commissioner of income tax by answering the questions raised in the appeal in the above terms with no order as to costs. .....

The Commissioner of Income Tax Delhi-iv Vs. Dlf Commercial Developers ...

Court : Delhi

..... stock exchange;] shall not be deemed to be a speculative transaction, [explanation four the purpose of this clause, the expressions ita 94/2013 page 7 (i) eligible transaction means any transaction - (a) carried out electronically on screen-based systems through a stock broker or sub-broker or such other intermediary registered under section 12 of the securities and exchange board of india ..... holdings of stocks and shares through price fluctuations; or (c) a contract entered into by a member of a forward market or a stock exchange in the course of any transaction in the nature of jobbing or arbitrage to guard against loss which may arise in the ordinary course of his business as such member (or) (d) an eligible transaction in respect of trading in derivatives referred to in clause {(ac)} of section 2 of the securities contracts (regulation) act, 1956 (42 of 1956) carried out in a recognized ..... that since the expression derivatives is defined only in section 43 (5) and since it excludes such transactions from the odium of speculative transactions, and further that since that has not been excluded from section 73, yet, the court would ..... whereby its contention about inapplicability of explanation to section 73 of the income tax act, 1961 in respect of its transactions, and the resulting relief in carry forward of its losses for the previous year, in respect of its ita .....

Cit V Vs. Nasa Finelease P Ltd.

Court : Delhi

..... proviso (d) to section 43(5) inserted with effect from 1st april, 2006 stipulates that eligible transactions should have been conducted/carried out only in recognized stock exchange, to be notified. ..... assessing officer relying upon the explanatory memorandum observed that the transactions undertaken between july, 2005 to september, 2005 were before 25th january, 2006 and, therefore, the derivative loss was not eligible under proviso (d) to section 43 (5) of the act ..... the derivative transactions between july, 2005 to september, 2005 were not eligible. ..... income tax appellate tribunal (tribunal, for short), the respondent has succeeded on the first issue and it has been observed that they were entitled to benefit under section 43(5) proviso (d), even in respect of transactions carried out with effect from 1st april, 2006. ..... with the tribunal that the delay occasioned, as procedure and formalities have to be complied with, should not disentitle and deprive an assessee, specially, when the transactions were carried through a notified stock exchange. ..... secondly, the derivative transactions were during the period july, 2005 to september, 2005 and proviso (d) to sub-section 5 to section 43 ..... the memorandum stipulated that transactions in respect of trading in derivatives in the aforesaid two stock exchanges with effect from 25th january, 2006 shall not be deemed to be speculative transactions. ..... the transactions in question it is accepted and an admitted position were conducted in the national stock .....

Bombay Mercantile Co-operative Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100TTJ(Mum.)713

..... the grounds that (a) assessee was not having any sgl account with rbi, and, therefore, it could not have entered into securities transactions; (b) bank of india, andhra bank and bank of karad, the parties to such transactions, have not confirmed transactions; (c) the sale prices at which transactions have taken place are more than the prices quoted at the bombay stock exchange; (d) jankiraman committee's interim report has considered broker 'bhupendra ..... be noted that the impugned assessment order has been passed by the ao in the remanded proceedings and the remand directions were that the ao should "go through the final report of jankiraman committee on security transactions scam, 1992 and find out whether the contention of the appellant is correct that the assessee-bank has not been found involved in the securities scam. ..... issue that we are required to adjudicate really is whether or not the profits earned, in ready forward transactions, by the assessee-bank can be said to be a part of profits from "carrying on the business of banking" eligible for deduction under section 80p(2)(a)(i) of the it act, 1961. ..... set out above, we are of the view that the profit from ready forward transactions that the assessee-bank entered into on the facts of this case is a part of the profits attributable to 'carrying on the business of banking' and is, accordingly, eligible for deduction under section 80p of the it act. ..... respect of the above transactions, is eligible for deduction under section 80p .....

Commercial Taxes Officer Vs. Binani Cement Ltd. and anr.

Court : Rajasthan

Reported in : [2002]128STC155(Raj); 2002(1)WLC255; 2002(1)WLN8

..... if a unit is enjoying 50 per cent exemption from tax and is entitled to avail maximum exemption to the extent of its 100 per cent fixed capital investment, and its eligible fixed capital investment is one crore, on each transaction the dealer shall avail exemption of 50 per cent of tax in rate and this exemption he will continue to avail until he has availed the exemption of tax to the one ..... on the other hand, while availing benefit under the scheme on its eligible sale transactions it fails to exhaust the tax-limit under column 4 and the period prescribed under column 5 also expires notwithstanding that the assessee has not been able to exhaust the maximum ..... specific object of providing greater benefit to industry established for the first time in specified area or making a minimum requisite volume of eligible fixed capital investment and offering minimum employment opportunity or looking to magnitude of capital investment brought to area where need of economic growth ..... conclusion to which one can reach is that the large scale cement plants which have been established outside the tribal plan area and otherwise not eligible for the benefit of deferment scheme have been allowed the limited benefit provided under second proviso to clause 4(a), i.e. ..... thus, under column 3 the extent of percentage of exemption from tax relates to each transaction of sale, the new unit can enjoy, subject to maximum limit in aggregate as envisaged in column 4, within a maximum period as envisaged under .....

Muthuvalli L. Hajee Ahamed HussaIn Sahib and Co. Vs. State of Mysore

Court : Karnataka

Reported in : [1964]15STC57(Kar)

..... burden placed on the assessees by that proviso is only to prove that the transactions which are otherwise eligible to tax are exempt from taxation for any reason, e.g. ..... law as we understand it is that it is for the revenue of establish that any particular transaction is eligible to tax and not vice versa. ..... there is no presumption that all transactions put though by a 'dealer' are eligible to tax and consequently it is for him to prove that are not liable to taxed ..... dealing with that issue, this is what the tribunal observed : 'in support of their contention certain transactions in the period (five selected at random) as entered in the day book and ledger duly translated into english and certified by the learned counsel for the appellant have been filed before ..... learned government pleaded, relying on the second proviso to section 5(7) of the 'act', contended that it is for the petitioners to prove that the transactions in question are not eligible to tax. ..... the foregoing it is seen that the tribunal was of the opinion that once it is establish that the petitioners who are 'dealers' had dealt with the goods in question, they have to establish that the transactions in question are not eligible to tax. ..... other words, the petitioners are not liable to pay any tax on the transactions claimed by them as having been put through as selling agents. ..... the dispute between the parties is whether the transactions impugned in these proceedings are 'purchases' exigible to tax under section 5(4) of the ' .....

Assistant Commissioner Vs. Krishna Industries

Court : Rajasthan

Reported in : [2002]126STC17(Raj)

..... i am therefore of the opinion that the substantive provision remains that the purpose for which commodity is sold to a purchasing dealer makes the sale transaction eligible for exemption from tax or to be taxed at concessional rate and the other part pertains to production for proof of sale for such purpose, ..... or(ii) sale in the course of inter-state trade or commerce ; or(iii) sale in the course of export out of the territory of india ; or(iv) sale outside the state ; or (b) on the sale of any raw material eligible for concessional rate of tax, under section 5-c ; or(c) on sale of any such goods as may be exempted from tax, on the condition of furnishing declaration, shall in respect of each such sale, obtain a declaration from the purchasing ..... or(ii) sale in the course of inter-state trade or commerce ; or(iii) sale in the course of export out of the territory of india ; or(iv) sale outside the state ; or (b) on the sale of any raw material eligible for concessional rate of tax, under section 5-c ; or(c) on sale of any such goods as may be exempted from tax, on the condition of furnishing declaration, shall in respect of each such sale, obtain a declaration from the purchasing ..... sales tax act, 1954, it was found by the board that though the assessee was in error in furnishing a joint declaration for more than one transaction of sale but the breach being of technical nature, essential conditions to give benefit of the exemption having been fulfilled, the penalty cannot be levied. .....

Phipson and Co. Ltd. and anr. Vs. State of West Bengal and ors.

Court : Kolkata

Reported in : AIR1981Cal432

..... officer where the learned judge considered the question whether a similar transaction would be eligible to bengal finance (sales tax) act. ..... aforesaid civil rules is that delivery of ship stores for a price even to a foreign going vessel amounted to a sale within west bengal and, therefore, such a transaction was eligible to sales tax. ..... the amount collected by way of entry tax in respect of the transactions in dispute are directed to be refunded to the petitioner by the ..... the case of the petitioner is that the said transactions do not come within the mischief of the taxes on entry of goods into calcutta metropolitan area act, 1972 (hereinafter referred to as the said act) promulgated for levy of taxes on entry of goods of certain kinds ..... supply of such liquor to diplomatic personnel belonging to consulates is also a special class of transaction as recognised in the act itself. ..... the essential elements in the transactions involved are that the said liquor is imported in india, duty free meant only for re-export and not for sale or consumption within ..... the transactions satisfy all the requirements of a normal export where goods are despatched out of the country and it is quite clear that the goods are not meant for local sale, even if such exports involve a sale, the same is in the course of export and the fundamental nature of the transactions are not ..... that the transaction was with shipping corporation of india, a local corporation and that the goods were not consigned to any foreign .....

M/s. Tata Motors Ltd. Vs. The Deputy Commissioner Of Commercial Taxes( ...

Court : Supreme Court of India

..... , it was submitted that crucial elements of a tax-eligible sale transaction are: i) the existence of buyer and seller, ii) existence of an agreement between parties for transferring title of goods, iii) such transfer should be supported by monetary consideration, and iv) property in goods ..... is as to whether, in the case of such a warranty for the supply of free spare parts; once the replacement is made, and the defective part is returned to the manufacturer, sales tax would be payable on such a transaction relating to the spare part, based on a credit note, which may be issued for the said purpose. ..... aforesaid case that both under the common law and the statute law relating to sale of goods in england and in india, to constitute a transaction of sale, there should be an agreement, express or implied, relating to goods to be completed by passing of title in those goods. ..... in slp (c) no.14260 of 2007: (i) sri bagaria, learned senior counsel submitted that the nature of the transaction was not that of a sale, as the service was provided free of cost to the customer by a dealer ..... further submitted that even if the present transaction is assumed to be that of a sale between manufacturer and dealer, the same has to be treated as purchase return and not be eligible to sales tax. ..... ekram khan, the high court found all elements of sale to be completed as the transaction of supply of spare parts to consumers was concluded by the payment of valuable consideration by the manufacturer in the form .....