ITAT Kolkata

Derivative transactions prior to amendment in section 43(5) (effective from AY 2006-07) are speculative transaction

Shree Capital Services Ltd. Vs. ACIT (ITAT Kolkata)

Recently, the Special Bench of the Kolkata Income-tax Appellate Tribunal (the Tribunal) in the case of Shree Capital Services Ltd. v. ACIT (2009-TIOL-542-ITAT-KOL-SB) while dealing with a case prior to the amendment to section 43(5) of the Income-tax Act, 1961 (the Act) exempting derivative transaction as speculative in nature, held that ...

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Derivatives in which underlying asset is shares, will fall within the meaning of ‘commodity’ used in Sec. 43(5) of the Act

Shree Capital Services Ltd. Vs ACIT (ITAT Kolkata)

Speculative transaction is a transaction in which contract for purchase and sale of any commodity is settled otherwise than by actual delivery. It is not in dispute that in the case of transaction in derivatives, the transaction is always settled otherwise than by actual delivery. ...

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Co-operative credit society is not a co-operative bank and not entitled to any deduction u/s. 80P(2)(a)(i) as a bank

Sridharpur Co-operative Bank Vs ITO (ITAT Kolkata)

The assessee co-operative society did not conform to the stipulation and limitation of the types of activities in which a banking company is allowed to engage as per the Banking' Regulation Act, 1949....

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Futures & Options are speculative transactions u/s 43(5), S.43(5)(d) is not retrospective

Shree Capital Services Vs. ACIT (ITAT Kolkata)

A ‘derivative’ is a security representing the value of the underlying stocks and shares and must be given the same treatment as that given to the stocks and shares. Also, s. 43 (5) uses the term “commodity” in a wide sense and covers ‘derivatives’. ...

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Employees Contribution to PF- Section 36(1)(va) will prevail over section 43B

Joint Commissioner Of Income Tax Vs I.T.C. Ltd. (ITAT Kolkata - Special Bench)

The view that section 43B is a general provision which merely bars deduction of specified sums, unless they are actually paid and whereas provisions of section 36(1)(va) specifically deal with deduction in respect of payment of employees’ contribution to provident fund and other funds; therefore, the provisions of section 36(1)(va),...

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