Home Highlights February 2019 Year 2019 This

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1. Physical settlement of stock derivatives

2. Provisions relating to reassessment proceedings - Specified Authority in case of (i) grant of approval u/s 148 & 148A shall be the PCIT/CCIT (ii) In case of re-opening...

3. Validity of order passed by Settlement Commission - Unless the twin conditions mentioned therein are fulfilled, the Settlement Commission cannot move further in the...

4. Power given to Board to assign territories jurisdiction to specified officers in specified cases.

5. Addition on account of excess stock - discrepancies in stock records, unaccounted sales - we are satisfied with the documentary evidence that the alleged stock of cotton...

6. Transactions in derivatives on recognized stock exchange not as deemed speculative - the transaction carried in future and options (derivatives) are outside the purview...

7. Revaluation of stock - non moving stock - deterioration in quality of the ink resulting in erosion of its value - HC

8. Settlement of cases - Application of petitioner under Section 245C - grievance of petitioner against not granting interim stay while granting statutory right available...

9. Validity of Settlement Commission orders - The case involved petitions seeking directives for the issuance of formal orders under section 245D (4) of the Income Tax Act,...

10. Addition u/s 43(5) - Loss in commodity derivatives trading business was non-speculative - Reading clause (e) of the first proviso to section 43(5), and sections 70(1)...

11. Denial of refund claim - input services - export of goods - Physical testing and analysis would clearly include weighment and sampling also is based on certain physical...

12. Speculative loss or not - Set off and carry forward of loss arising from derivative transactions in currency segment - In essence, an 'eligible transaction' [as defined...

13. Disallowance of losses claimed on account of slow moving stocks - valuation - merely for the reason that few parties did not appear before the AO, there is no reason to...

14. Settlement of case - before submitting reply to the show cause notice, approached the Settlement Commission - The dismissal of the application filed before the...

15. Maintainability of Application for Settlement application - co-applicant - Since he is not the main applicant in the present case, he will not be debarred from...