assesses was engaged in the
business of share & stock broking, investment and trading in shares and
securities. The assessee company filed its return ... crores by way of
repayment, share invocation and dividend.
12. The contention of the assessee is that the above said amount
assessee is
engaged in the business of share broking, share trading and investing in
shares. The assessee belongs to Ketan parekh group. This ... assessee submitted that it has also earned profit on shares invocated by
financial institution and accordingly claimed net loss of ` 12,27,248/-. He
further
with any of the assets of the company. Thereafter, the bank
invocated shares pledged by the company and reduced the liabilities
valuation of closing stock of shares and also due to invocation of shares by the lenders for non payment of dues. The assessee as mentioned ... arising from valuation of closing stock of shares and due to invocation of shares by the lenders amounting to Rs.19,08,876/-. The loss
business of trading in
shares and securities and during the year, the sale and purchase
of shares have come to a halt following the order ... from trading in shares is the net effect of gain/loss arising from
sale of shares by the lenders on invocation of pledged shares
single issue of disallowance of Long Term Capital Loss on invocation
of shares. These grounds have become academic as there is no profit
Accordingly alternatively loss
incurred on sale of shares can be restricted to that extent.
2.6. As far as treating the said loss as speculation loss ... incurred on sale of shares in the current year.
23. As regards the invocation of provisions of section 79 is concerned, firstly we may
gainfully
entities who applied to
assessee's share capital. In the said background, it was submitted
that invocation of provisions of Section ... entities listed at serial nos. 1 to 4 confirming the
transactions of share capital with assessee company.
5.4 At the same time, the assessee also
corresponding
increase in claimable liability (shares and premium reserve) and therefore
determining the nature of such receipt of share premium as income on it remaining ... erred in disagreeing with invocation of section 68 of the Act to tax share
premium when the receipt of premium in the instant case defied
Patel Engineering Limited ,Mumbai vs Dcit-Cc-3(4), Mumbai on 31 December, 2024
IN
