Home Highlights May 2013 Year 2013 This

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1. Disallowance on Short term capital loss – assessee cannot incur short term capital loss by purchasing fresh shares at an inflated rate and to sell it out at a nominal rate - AT

2. Deduction u/s 54EC - short capital gain arising on sale of depreciable asset - it cannot be said that section 50 converts long-term capital asset into a short-term...

3. Non setting off the short term capital gain against long term capital loss brought forward - There is merit in the contentions of the appellant that prior to amendment...

4. Denial of carry forward of long term capital loss - When the he taxed the difference in amount under short term capital gain and also disallowed short term capital loss...

5. LTCG or STCG - Sale of ground floor of residential unit - whether it give rise to long term capital gains or short term capital gains - Computation from period of...

6. Portfolio Management Services (PMS) fees paid is eligible for deduction while computing Short Term Capital Gain

7. Computation of short term capital gain - Deduction of Title Perfection Cost - assessee was eligible for deducting such amount while computing short-term capital gains - AT

8. TP adjustment - notional interest - short term advances made by the assessee to its associated enterprises - The assessee being unable to establish with evidence the...

9. LTCG - Period of holding of asset - deduction u/s 54 - So far as the residential building/house constructed on the said land is concerned, it was constructed in ay:...

10. Interest expenditure - assessee had availed loan at the interest rate of 12% p.a., whereas, it has advanced loan to a sister concern by charging 9% interest p.a - The...

11. Disallowance of set off of brought forward loss from transfer of short-term capital asset against gains arising from transfer of long-term capital asset - provisions of...

12. Expenditure incurred on Club membership and subscription fees - Claim of business expenses by the Partner against the interest income from partnership firm - there is no...

13. Rate of tax on sale of depreciable assets - STCG vs LTCG - as per Section 112 of the Act, the tax on long term capital gains on transfer of a long term capital asset is...

14. Capital Gain - Receipt of consolidated amount - where a gain from one of capital assets was a short-term capital gain while from other it was a long term capital gain,...

15. Short term capital gain or business profit on sale of shares - Delivery based transaction should be treated as of the nature of investment transactions and profit...