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Swamini Leasing & Investment (P) Ltd. vs Joint Cit on 28 January, 2004 cites

Sri Ranga Vilas Ginning And Oil Mills vs Commissioner Of Income-Tax, Tamil Nadu on 17 March, 1980

In other two judgments, i.e., Abdul Ghani Haji Habib & Ors. v. CIT (1969) 72 ITR 6 (Cal) and Sri Ranga Vilas Ginning & Oil Mills v. CIT ('1982) 133 ITR 85 (Mad), it was held that where forward contracts entered into by an assessee carrying on regular business are settled not by actual delivery of goods but by payment of price difference, such contracts will be speculative in nature. It was contended that the assessee had not settled any transaction by payment of price difference but have actually executed each transaction in terms of actual delivery of shares and hence these two judgments are also clearly distinguishable from the present case. The learned Authorised Representative also argued that apart from trading in shares, the assessee- company had advanced loans also in all the 3 years and earned interest in assessment years 1995-96 and 1996-97. The details of loans and interest earned is appearing on page No. 3 of the paper book and on this basis, it was contended that the assessee- company is a loans and advance company and therefore, out of purview of the Explanation to section 73.
Madras High Court Cites 8 - Cited by 8 - V Ramaswami - Full Document

M.R. Soap (P) Ltd. vs Iac (Asst). on 1 January, 1800

Regarding assessment year 1995-96, reliance was placed on the Tribunal's order in the case of M. Gulab Singh & Sons (P) Ltd. v. IAC (1992) 43 ITD 308 (Chd) appearing on pp. 28 and 29 of the paper book. In this case the company had positive income merely from house property and other sources and in that view of the matter, it was held that the assessee is an investment company and in view of exception contained in Explanation to section 73, the assessee-company was held to be entitled to adjust the loss on purchase and sales of shares against other income.
Income Tax Appellate Tribunal - Delhi Cites 4 - Cited by 21 - Full Document

Abdul Gani Haji Habib And Ors. vs Commissioner Of Income-Tax on 30 April, 1968

In other two judgments, i.e., Abdul Ghani Haji Habib & Ors. v. CIT (1969) 72 ITR 6 (Cal) and Sri Ranga Vilas Ginning & Oil Mills v. CIT ('1982) 133 ITR 85 (Mad), it was held that where forward contracts entered into by an assessee carrying on regular business are settled not by actual delivery of goods but by payment of price difference, such contracts will be speculative in nature. It was contended that the assessee had not settled any transaction by payment of price difference but have actually executed each transaction in terms of actual delivery of shares and hence these two judgments are also clearly distinguishable from the present case. The learned Authorised Representative also argued that apart from trading in shares, the assessee- company had advanced loans also in all the 3 years and earned interest in assessment years 1995-96 and 1996-97. The details of loans and interest earned is appearing on page No. 3 of the paper book and on this basis, it was contended that the assessee- company is a loans and advance company and therefore, out of purview of the Explanation to section 73.
Calcutta High Court Cites 17 - Cited by 11 - Full Document
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