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Income Tax Case Laws - Section: 111A

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Cases for Section: 111A
Showing 1 to 15 of 16 Records

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.....

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 capi.....

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.....

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 conc.....

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 provision.....

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 computation of capital gains Expenses claimed by assessee is not allowed Decided against the assessee.

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 so.....

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 .....

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 m.....



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 - t.....

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 (.....

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.....

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 assess.....

2011 (12) TMI 21 - ITAT DELHI

M/s. D & M Components Ltd., Versus Assistant Commissioner of Income Tax, Circle 10(1), New Delhi.

Treatment from Sale & Purchase of shares as Business Income or Capital Gain - Held that - where assessee purchased shares from own funds - purchase and sale are not frequent and number of transaction are not substantial - purchases were for retention and appreciation of value and not for realizing profit - Valued at cost instead of market value or net realizable value (whichever is less) - in books were shown as Investments, than in such case.....

2009 (8) TMI 856 - ITAT MUMBAI

Fidelity Investment Trust Fidelity Overseas Fund Versus Additional Director of Income-tax (International Taxation) Range 3(2), Mumbai

Losses - Set-off of from one source against income from another source under same head of income


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