Home Highlights August 2011 Year 2011 This

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1. Disallowance of set-off u/s 70 of share trading business loss against income from profession - the assessee has been able to substantiate that the shares were purchased...

2. Treatment of income – STCG or Business income – Trading in shares and securities - It is only the net income so arrived at that would stand to be assessed as 'business income' - AT

3. Nature of income - profit earn on sale of shares - STCG or Business Income - in the earlier assessment years the assessee had consistently shown the receipts of sale of...

4. Correct head of income - income arising on sale of shares held as capital asset after conversion from stock in trade - business income or capital gains - Tribunal erred...

5. 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...

6. Income from sale of shares – Income treated as business income OR STCG – the assessee decides to take delivery of shares purchased by her only at the end of the day...

7. Disallowance u/s 14A - profits from shares where held as stock in trade and not as investments - The sum and substance of ratio laid down by the Hon’ble Supreme Court...

8. Bogus STCG or not - Since the source of purchase has been disputed as the registration of broker was cancelled much before the transaction of purchase made by the...

9. Assessment of Business loss in Share trading as capital gains - set off of Brought forward business losses - assessee is engaged in the business of share trading and...

10. Long term capital asset as per Section 2(42A) - period of holding - Memorandum explaining the provision in the Finance Bill - after taking into consideration that the...

11. Treatment of STCG on income from business – Sale of shares - the assessee has been employed and therefore the assessee has earned salary income - income from sale of...

12. STCG or STCG - Determination of period of holding of 12 or 36 months - inclusion or exclusion of first day of acquisition - HC

13. Business income OR STCG - Sale of shares – purchases as well as turnover are continually increasing and the assessee has regularly dealt in purchase and sales of shares...

14. Correct head of income - profit arising from sale of shares - LTCG/STCG - The intention of the assessee can also be gathered from the Balance sheet and Financial...

15. Gain on sale of shares - Business income or Capital Gains - Adventure in the nature of trade - Just because the assessee has shifted from the IPOs and has made a...