Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

Assistant Director of Income Tax (International Taxation) - 4 (1) , Mumbai Versus Lansforsakringar Asienfond C/o. S.R. Batliboi & Co.

2013 (8) TMI 1018 - ITAT MUMBAI

Computation of short-term capital gain - Held that:- Computation of capital gain prescribed under section 48 of the Act cannot be confused with the rate of tax liable to be charged on the income under section 48 of the Act could not be confused with .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

w had erred in negating the assessee’s computation of short-term capital gain - I.T.A. No. 7624/Mum/2011 - Dated:- 27-8-2013 - SHRI I. P. BANSAL, JM AND SHRI SANJAY ARORA, AM Appellant by : Shri Surinder Jit Singh O R D E R Per Sanjay Arora, A. M.: T .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the Act hereinafter) for the assessment year (A.Y.) 2008-09 vide order dated 24.11.2010. 2. None appeared for and on behalf of the assessee-respondent when its appeal was called out for hearing, nor any adjournment application stands received. At the .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

In view of this ident ity of subject matter of appeal , the hear ing in the appeal was proceeded wi th. 3.1 The br ief facts of the case are that the assessee earned Short Term Capital Gain (STCG) and incur red Short Term Capital Loss (STCL) during .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

) The issue that arises is the permissible manner, or the sequence, of adjustment of STCL against STCG to be followed. This becomes relevant as while the loss arises on transactions which are subject to tax @ 10% u/s.111A, the same stands adjusted ag .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ents (Hongkong) Ltd. vs. Asst. Director of Income Tax (IT) [2011] 8 ITR (Trib) 315 (Mumbai), has accepted the assessee s claim on the ground that the option to adjust the loss in terms of section 70 is with the assessee. 4. We have heard the parties, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he arguments advanced by the ld. Departmental Representative (DR) before us were also on the same lines as in the said case. The tribunal in the case of First State Investments (Hongkong) Ltd. (supra) has discussed the matter at length, holding as un .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version