Commissioner of Income-tax, Kolkata - II v. M/s. Sungrace Merchandise Pvt. Ltd
[Citation -2014-LL-0911-28]

Citation 2014-LL-0911-28
Appellant Name Commissioner of Income-tax, Kolkata - II
Respondent Name M/s. Sungrace Merchandise Pvt. Ltd.
Court HIGH COURT OF CALCUTTA
Relevant Act Income-tax
Date of Order 11/09/2014
Judgment View Judgment
Keyword Tags trading profit • share dealing • share trading • trading loss


ORDER SHEET IN HIGH COURT AT CALCUTTA Special Jurisdiction (Income Tax) ORIGINAL SIDE ITA No. 113 of 2007 COMMISSIONER OF INCOME TAX, KOL-II Versus M/S. SUNGRACE MERCHANDISE PVT. LTD. BEFORE: Hon'ble JUSTICE SOUMITRA PAL Hon'ble JUSTICE DEBANGSU BASAK Date : 11th September, 2014. Mr. S.N.Dutta, Advocate Mr.R.K.Murarka, Advocate Court : instant appeal was admitted on following questions: Whether order of Income Tax Appellate Tribunal directing set off of share trading loss as provided under Section 73 Explanation of Income Tax Act, 1961 with usual and/or normal share trading profit is in violation of Section 43(5) of Income Tax Act, 1961 as income from usual share dealing cannot be treated as speculation profit? It is submitted by Mr. Murarka, learned advocate for respondent that issue involved in this appeal is covered in favour of assessee and against revenue in view of judgment in RPG Industries Ltd. vs- CIT : 338 ITR 313 (Cal), which is not disputed by learned advocate for appellant. 2 Therefore, in view of judgment in RPG Industries Ltd. (supra), question is answered in negative, in favour of assessee and against revenue. Hence, appeal is dismissed. (SOUMITRA PAL, J.) (DEBANGSU BASAK, J.) km AR(CR) Commissioner of Income-tax, Kolkata - II v. M/s. Sungrace Merchandise Pvt. Ltd
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