Calcutta High Court
C.I.T vs M/S. Global Capital Markets Ltd on 3 December, 2010
Author: Kalyan Jyoti Sengupta
Bench: Sengupta, Kanchan Chakraborty
ITA No. 237 of 2009
IN THE HIGH COURT AT CALCUTTA
Special Jurisdiction
[Income Tax]
ORIGINAL SIDE
C.I.T., KOLKATA-II
Versus
M/S. GLOBAL CAPITAL MARKETS LTD.
BEFORE:
The Hon'ble JUSTICE SENGUPTA
AND
The Hon'ble JUSTICE KANCHAN CHAKRABORTY
Date : 3rd December, 2010.
Having heard Ms. Anwari Quaraishi, learned counsel for the
appellant and having gone through the impugned judgment and order, we are of
the view that in this matter the following substantial questions of law in relation
to Assessment Year 1998-99 are involved for rendering decision by this Court.
Hence, we admit the appeal on those following substantial questions
of law:
"(a) Whether on the facts and in the circumstances of the case
the Income Tax Appellate Tribunal was justified in holding
that the loss from share trading business amounting to
Rs.21,00,728/- should not be treated as deemed speculation
loss ?
(b) Whether on the facts and in the circumstances of the case
the Income Tax Appellate Tribunal failed to appreciate that
as per the Memorandum of Association the main business of
the assessee company is share trading and therefore loss
2
from share trading business is covered by the Explanation to
Section 73 of the Income Tax Act, 1961?
(c) Whether on the facts and in the circumstances of the case
the Income Tax Appellate Tribunal was justified in holding
that second exception of the Explanation to Section 73 of the
Income Tax Act, 1961 is attracted as the assessee's principal
business is granting loans and advances whereas as per
Memorandum of Association of the company it is only
ancillary object, not included in the main objects?"
We also notice that the learned Tribunal has not rendered any
decision whatsoever. The Tribunal has not given its own reasoning.
Let requisite number of paper books be filed within two months from
date.
Let notices of appeal be served by the department on the
respondent.
Liberty to mention for early hearing.
The application is disposed of.
All parties concerned are to act on a signed photocopy of this order on the usual undertakings.
(KALYAN JYOTI SENGUPTA, J.) (KANCHAN CHAKRABORTY, J.) sm AR[CR]