Home Highlights September 2016 Year 2016 This

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1. Disallowance u/s 54F - Investment of Sale consideration for claiming exemption on LTCG - Advance was given for purchase of new residential property but the transaction...

2. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

3. Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

4. TP Adjustment - Purchase of fixed assets - TPO added the entire amount of fixed assets purchased by the assessee from its AE’s during the year - the fixed assets...

5. LTCG - Computation of cost of acquisition of the property - Unless the Assessing Officer proves that the assessee has demolished existing building and dismantled...

6. Capital asset or Business asset - assessee had purchased the land for the purpose of constructing flats on it - Various reasons given by CIT(A) to treat the land as...

7. 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...

8. Nature of loss - Speculative loss or normal business loss - Marked to market loss on hedging of the transaction - The Appellate Tribunal held that speculative...

9. TP adjustment - foreign exchange loss - part of operating expenses or not - Sales and forex losses incurred by the assessee are closely interlinked for this reason....

10. Loss on sale of investment - bonafide loss or not? - As the assessee did purchase the shares from M/s. GRPL and have actually sold the shares and the shares have been...

11. Loss incurred by the assessee in purchase and sale of shares - Whether a business loss or speculation loss? - In case, the assessee has earned profit from share trading...

12. Hire purchase agreement - applicant argued that hire purchase transactions are essentially financial services and are not subject to sales tax - argument rejected - HC

13. Loss on pictures - bad debts - the assessee has claimed to incurred Loss due to non-recovery of advances and therefore, claimed it as loss which is not impermissible under the law.

14. Disallowance of goods lost due to fire - addition invoking section 29 - Moment the insurance Co determines the loss in terms of the insurance policy obtained by the...

15. Demand of service tax on the interest earned from hire purchase finance transactions. - The Tribunal observes that the ownership of the goods remains with the customers,...