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TMI BlogSTCG or Business Profit.X X X X Extracts X X X X X X X X Extracts X X X X ..... STCG or Business Profit. X X X X Extracts X X X X X X X X Extracts X X X X ..... e CBTD Circulars and O.M.s. A.O.s take the view ans pass Orders citing the ref. Circulars. The A.O.s select certain criteria like frequency of sale/purchase, volume of transactions, holding period a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd regular monitoring of transactions as in the nature of business. On the other hand criteria like consistency, no business establishment, no interest or other expense decisions, no losses on MTM cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... im etc. are ignored. Above all, the case laws up to the SC in every case quote S. 111A for Delivery based transactions to be investments, STCG or LTCG depending on the period of holding being less/mo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re than 12 months. Therefore why should the CBDT Circulars and O.M.s not be altered to be in line with S. 111A? A.O.'s just harass assessees with these documents. Additionally, the CBDT Circular ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and O.Ms cannot be contrary to law. The Supreme Court has held that circulars issued by the Board are binding in law on all tax authorities and assessees can rely on them for securing whatever relie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f they are entitled to under the circular.
Jamshed F. Mehta, Mumbai.
Reply By DR.MARIAPPAN GOVINDARAJAN:
The Reply:
This discrepancy may be referred to CBDT in writing. X X X X Extracts X X X X X X X X Extracts X X X X ..... edge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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