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Income Tax - Highlights / Catch Notes

Home Highlights September 2014 Year 2014 This

In the year of redemption of the 2% RCPS, the transactions ...

Income Tax

September 13, 2014

In the year of redemption of the 2% RCPS, the transactions cannot be presumed to be sham or bogus merely because it has resulted into long term capital loss - AT

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  1. Disallowance of capital loss – Genuineness of the transaction - Merely because the transaction is between the relatives, it, per se, cannot be said to be sham or bogus...

  2. Addition u/s 68 – Genuineness of transaction in shares - genuine or sham and bogus – Revenue in failing to discharge the basic onus - inquiry was not carried forward -...

  3. Sale of shares - share broker - Revenue condemned the share transaction of the assessee and held them to sham merely because some share brokers were found to be indulged...

  4. Addition u/s 68 as accommodation entries - long term capital gain on sale of shares as sham/bogus transaction - Mere suspicion cannot be a ground for treating the...

  5. Long term capital loss on sale of shares - Just because of assessee sold shares to daughter and sister concern, it cannot be considered that the transactions are sham...

  6. Department failed to establish that Sale and lease back transaction was really a sham and dubious transaction and was a colourable device, depreciation allowed

  7. Confiscation of goods - Claim of waiver from imposition of redemption fine - merely because the importer acted in good faith will not entitle the importer to complete...

  8. Addition u/s 68 r.w.s. 115BBE - Bogus LTCG - The Tribunal examined the transactions and found that the entire addition made by the Assessing Officer was based on...

  9. Assessee has rightly claimed short term capital loss which is eligible to be set off against long term capital gain and the impugned transaction is neither “sham” nor...

  10. Depreciation on goodwill – it could not be held that the transactions were sham or otherwise not for business purpose - depreciation allowed - AT

 

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