M/s. Consolidated Industrial Fund Pvt. Ltd. @ Off Shore Indi v. Commissioner of Income-tax, Kolkata - II - 2015-LL-0407-21

Citation	2015-LL-0407-21
Appellant Name	M/s. Consolidated Industrial Fund Pvt. Ltd. @ Off Shore Indi
Respondent Name	Commissioner of Income-tax, Kolkata - II
Court	HIGH COURT OF CALCUTTA
Relevant Act	Income-tax
Date of Order	07/04/2015
Assessment Year	2003-04
Judgment	View Judgment
Keyword Tags	speculation business • gross total income
Bot Summary:	The following questions were formulated at the time of admission of appeal on 29th August, 2008 pertaining to the assessment year 2003-04:- 1. Whether the explanation to Section 73 which creates a legal fiction by which the purchase and sale of shares specified in the said Explanation which is specifically used for the purpose of Section 73 as deemed speculation business can be applied to Sections 70, 71 and 72 and in determining the gross total income and the said Explanation to Section 73 can at all be applied while considering the set off of loss under Sections 70 and 71 and carry forward of such loss under Sections 72 of the Act 2 2. Whether in determining the set off and carry forward of losses arising from the business of dealing in shares, the Explanation to Section 73 can at all be relied upon and/or made applicable 3. Whether the loss arising from the business of dealing in shares not falling under the definition of speculative transaction appearing in Section 43(5) of the Act can be carried forward under Section 72 of the Act and whether in such a case the said claim can be disallowed by relying upon Section 73 of the Act Mr. Dey, learned Advocate appearing for the appellant very fairly submitted that questions involved are all covered against the assessee by a judgment of this Court in ITA No.190 of 2003. In that view of the matter, all the questions are answered against the assessee. Let a copy of the judgment submitted before us be kept with the record.

ORDER SHEET ITA No.660 of 2008 IN HIGH COURT AT CALCUTTA Special Jurisdiction (Income Tax) ORIGINAL SIDE M/S. CONSOLIDATED INDUSTRIAL FUND PVT LTD. @ M/S. OFF SHORE INDIA LTD. Versus COMMISSIONER OF INCOME TAX, KOLKATA-II BEFORE: Hon'ble JUSTICE GIRISH CHANDRA GUPTA AND Hon'ble JUSTICE ARINDAM SINHA Date: 7th April, 2015 Mr. A. K. Dey, Adv. ..for appellant Let affidavit of service filed in Court today be kept with record. following questions were formulated at time of admission of appeal on 29th August, 2008 pertaining to assessment year 2003-04:- 1. Whether explanation to Section 73 which creates legal fiction by which purchase and sale of shares specified in said Explanation which is specifically used for purpose of Section 73 as deemed speculation business can be applied to Sections 70, 71 and 72 and in determining gross total income and said Explanation to Section 73 can at all be applied while considering set off of loss under Sections 70 and 71 and carry forward of such loss under Sections 72 of Act? 2 2. Whether in determining set off and carry forward of losses arising from business of dealing in shares, Explanation to Section 73 can at all be relied upon and/or made applicable? 3. Whether loss arising from business of dealing in shares not falling under definition of speculative transaction appearing in Section 43(5) of Act can be carried forward under Section 72 of Act and whether in such case said claim can be disallowed by relying upon Section 73 of Act? Mr. Dey, learned Advocate appearing for appellant very fairly submitted that questions involved are all covered against assessee by judgment of this Court in ITA No.190 of 2003 (M/s. R. P. G. Industries Limited vs. Commissioner of Income Tax, Kolkata-11 & Anr.). In that view of matter, all questions are answered against assessee. appeal is, thus, dismissed. Let copy of judgment submitted before us be kept with record. (GIRISH CHANDRA GUPTA, J.) (ARINDAM SINHA, J.) AKGoswami M/s. Consolidated Industrial Fund Pvt. Ltd. @ Off Shore Indi v. Commissioner of Income-tax, Kolkata - II

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