Home Highlights November 2013 Year 2013 This

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1. Addition made towards profit in money market operations - in this case the physical delivery has not taken place and therefore the transactions of sale and purchase of...

2. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

3. Speculation loss u/s 73 - it is apparent from computation that no part of the business of the assessee company consists of purchase and sale of the shares - Merely...

4. The activity of purchase and sale of shares carried out with assessee for the purpose of section 73 is a speculation business activity and, accordingly, the loss...

5. Correct head of income - treatment of income from sale and purchase of shares - business income or income from capital gains - high volume of transactions and frequently...

6. Estimation of income - bogus purchases - The Tribunal addressed various issues, including the validity of the reopening of assessment, the genuineness of purchases,...

7. Income from sale of the scrips - systematic purchase and sale transactions in shares - The profits/gains arising in the hands of the assessee company from the sale of...

8. Unexplained cash credit u/s 68 r/w section 115BBE - Bogus purchase and sale - The assessee has recorded the entries of sales and purchase in its books of account and has...

9. Addition u/s 68 - bogus LTCG on sale of shares - The purchase of shares and the sale of shares were also reflected in Demat account statements. The sale of shares...

10. Addition u/s 69C - bogus purchases of diamonds - The decision emphasizes the principle that where the genuineness of purchases is in question, but corresponding sales...

11. Assessment u/s 153A - sham loss on sale of shares - Assessee himself has discredited the entries pertaining the purchase and sale transactions of shares in its books....

12. Profit earned on sale of shares - frequency and volume of purchase and sale of shares shows, intention of assessee was to generate income through trade, rather than...

13. Correct head of income - Gain on sale of shares - nature of purchase of shares either as “investment” or “stock-in-trade” - AO has not given any clear cut finding that...

14. Clarification on taxability of shares held in a subsidiary company by the holding company - Delhi SGST - The circular provides a clear-cut clarification, stating that...

15. Income from purchase and sale of shares - majority of the profits earned are through buying and selling of shares which taken place within a period of 10 days and 100%...