2016 (4) TMI 707 - ITAT MUMBAI
The DDIT (IT) -2 (2) , Mumbai Versus M/s. Union Investment Luxembourg S.A. A/C Uniasia Pacific
Allowance of STCL on STT paid transactions to be set off against the STCG on non-STT paid transactions - Held that - Following the aforesaid decision of the co-ordinate bench of this Tribunal in the case of First State Investments (Hong Kong) (2009 (7) TMI 908 - ITAT MUMBAI ), we hold that the set off as proposed by the assessee in the case on hand is to be allowed, and accordingly uphold the order of the Ld. CIT(A) in directing the Assessing Officer to permit the set off of the STCL (STT paid) against STCG (non STT paid). - Decided against revenue - Tax levy on STCG - Held that - We concur wi ....... - .......
2016 (3) TMI 177 - ITAT AHMEDABAD
ACIT, Circle-3, Surat Versus Rajendrakumar R. Jariwala, Reshmaben R. Jariwala
Profit on sale of shares - short term capital gains subject to tax 10 as per provisions of sec. 111A OR addition(s) made by Assessing Officer on account of unexplained credits u/s 68 - non-genuine purchases/sales of transactions of shares - Held that - The sale consideration received from sale of equity shares at ₹ 49,66,501/- cannot be treated as unexplained cash credit u/s 68 of the Act because assessee has offered complete explanation about the nature and source of the credit which has happened in the year under appeal through bank transaction and complete details of M/s Grishma Secur ....... - .......
2016 (1) TMI 457 - ITAT MUMBAI
Virtuous Capital Limited Versus Asstt. Commissioner of Income Tax 2 (1) , Mumbai
Penalty levied u/s 271(1)(c) - concessional rate provided u/s 111A of the Act is not applicable to the STCG declared by the assessee - mistake in computation of tax on the STCG pointed - Held that - The assessee has committed a bonafide mistake in computation of tax on the STCG. Further, there is no allegation that the assessee has concealed any particulars of income or furnished inaccurate particulars of income relating to STCG. The assessee has explained that the mistake was committed by the clerk who has fed the data into the computer for preparing the return of income. The assessee has vol ....... - .......
2015 (10) TMI 24 - DELHI HIGH COURT
CIT Versus Morgan Securities & Credits Pvt. Ltd.
Nature of investment - in the nature of trade or not - Assessee had changed the treatment of the shares by treating them as investment instead of stock in trade - AO concluded that, , the only motive for this undue change in this year (AY 2005-06) appeared to be lowering the tax incidence and taking undue benefit of the exemption from tax on long term capital gains under Section 10(38) of the Act and concessional rate of tax 10 on short term capital gains under Section 111A - Held that - It is not clear whether after the signing of the audited balance sheet as on 31st March 2004 by Directors a ....... - .......
2015 (12) TMI 1368 - ITAT AHMEDABAD
ACIT, Central Circle – 1 (3) , Ahmedabad Versus Hasmukh N. Vora, HUF and Vica-Versa
Transaction of shares - business income or Short Term Capital Gains eligible to concessional tax treatment u/s.111A - Held that - The assessee has indulged in violation of SEBI Regulation while making investment in IPOs. However, whatever amounts the assessee had illegally earned, which could have been assessed as their income, has been taken away by SEBI from them. Once the actual amounts of income earned through the violation of SEBI Regulation have been disgorged by SEBI, ultimately no income has resulted to the assessee. Thus, applying the theory of real income and also relying upon the ab ....... - .......
2015 (10) TMI 16 - ITAT MUMBAI
Shri Himanshu Nalin Kaji Versus DCIT-16 (3) , Matru Mandir, Mumbai.
Short term capital gain - sale of equity shares through a recognized stock exchange on which Securities Transaction Tax (STT) - whether has been wrongly taxed at normal rate, whereas, it should be taxed at special rate of 10 as specified u/s 111A? - Held that - Approach adopted by the income tax authorities in the present situation is quite myopic and deserves to be repelled. The statutory provision of section 111A of the Act providing for a concessional tax rate on short term capital gain arising out of sale of equity shares through a recognized stock exchange on which STT has been paid, is n ....... - .......
2015 (1) TMI 1232 - ITAT BANGALORE
The Assistant Commissioner of Income Tax, Circle 12 (1) , Bangalore Versus M/s. Mac Charles India Ltd. and vice-versa -
Set-off of short term capital loss arising on sale of shares specified in Sec.111A (those on which STT paid and the tax rate being 10 ) against short term capital gain arising on other assets (taxable 30 ) - assessee had short term capital gain on sale of shares specified in Sec.111A and that loss set off should have been allowed against profits under the same category in view of the above tax differential - Held that - A perusal of the provisions of section 70(2) clearly shows that if there a short term capital loss, the assessee is entitled to have the said capital loss set off against any o ....... - .......
2013 (10) TMI 785 - ITAT HYDERABAD
Sri S. Venkateswara Rao Versus Addl. CIT, Range-6 Hyderabad
Allowability of expenses claimed against the short-term capital gains on sale of shares Held that - Since the claim of taxation at special rate was made under the specific provisions of sec. 111 A, the appellant was indeed not entitled for taking the benefit of the normal provisions regarding com ....... - .......
2012 (10) TMI 854 - ITAT MUMBAI
Shrikant Real Estates (P.) Ltd. Versus Income-tax Officer 4(3) (4)
Rectification application u/s. 154 rejected - Short term capital - normal rate of 30 OR 10 as provided in Sec. 111A - Held that - In the present system of e-filing of return which is totally depended upon the usage of software, then is possible that some clerical errors may occur at the time of entering the data in the electronic form. The return is prepared electronically which is converted into an XML file either through the free down loaded software provided by the CBDT or by the softwares available in the market. In either of the case, there is every possibility of entering incorrect data ....... - .......
2012 (10) TMI 485 - ITAT, DELHI
Assistant Commissioner of Income Tax, Circle 31 (1) , Versus Manoj Kumar Samdaria Prop. Love Art India,
Income from sale purchase of shares - income from short term capital gain v/s business income - Held that - Habitual dealing in a particular item is indicative of the assessee s intention of trading. Merely for taking benefit of provisions of sec. 111A applicable from the AY 2005-06, the assessee can not be categorised as an investor, especially when the aforesaid facts speak otherwise and lead to the conclusion that the assessee is indulging in activities of a trader in shares - the character of a transaction cannot be determined solely on the application of any abstract test or rule and the ....... - .......
2012 (11) TMI 465 - ITAT HYDERABAD
Swarnim Multiventures (P.) Ltd. Versus Deputy Commissioner of Income-tax, Circle 3(3), Hyderabad
Income from the share transactions - Capital gain v/s business income - Held that - The assessee has made several transactions of purchase of shares during the relevant year under consideration, and if there high volume, frequency and regularity of the activity carried on by the assessee in a systematic manner, it would partake the character of business activities carried on by the assessee in shares, and it cannot be said that the assessee has merely made investments in shares. - Matter remanded back to AO to redetermi ....... - .......
2012 (9) TMI 444 - CALCUTTA HIGH COURT
JCT LTD Versus THE COMMISSIONER OF INCOME TAX. WEST BENGAL
Disallowance of loss on the sale of debentures - non-convertible Part B of the 15 redeemable partly convertible debentures - ITAT treated it as part of the cost of acquisition of the convertible Part A of the debentures - Held that - A separate treatment given by the assessee to its two separate types of property is not illegal and, therefore, it cannot affect the assessee s interest in any adverse manner whether for tax purposes or otherwise - that convertible Part A of the PCD was severable from the non-convertible Part B which was transferred at a loss by the assessee to Citi Bank and there ....... - .......
2012 (9) TMI 685 - ITAT MUMBAI
ACIT, Circle 16(1), Mumbai Versus Sudha M Shroff
Addition on account profits from share transaction as trading activity - Whether profits out of share transactions, treat it as investment activity or trading activity Shares sold without taking delivery, same has been shown as speculative gains - Where the part of delivery has been taken, the same has been shown as short term capital gains Held that - Following the test laid down by Hon ble Gujarat HC in the case of Rewashanker A Kothari (2006 (1) TMI 80) that the most important test is volume, frequency, continuity and regularity of transactions of purchase and sale of goods concern, on the ....... - .......
2012 (5) TMI 96 - ITAT DELHI
Narendra Gehlaut Versus JCIT
Treating short term capital gains in shares as Business income applying maximum marginal rate instead of concessional rate of tax of 10 as per Sec. 111A Held that - Where the period of holding is more than six months, the transaction will be in the nature of capital gains and where it is less than six months,it will be in the nature of business - CIT (A) treated the short term capital gains in relation to shares held by the assessee more than six months and the shares held for less than six months have been treated as business income treated not in accordance with the provisions of law - merel ....... - .......
2012 (4) TMI 266 - ITAT DELHI
Assistant Commissioner of Income-tax, Circle-14(1), New Delhi Versus Puran Associates (P.) Ltd.
Profit from purchase and sale of shares - Capital gain or business income - Held that - assessee did not place any material, other than Board resolution, while the auditor reports and facts for the years under consideration, reflecting intention of the assessee, lead to the conclusion that the assessee is continuing its activities as in earlier years of a trader in shares - the voluminous share transactions were in the ordinary line of the assessee s business; purchase of shares by them was not for the purpose of earning dividend, but with the dominant intention of resale in order to earn prof ....... - .......