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Income Tax - Highlights / Catch Notes

Home Highlights November 2011 Year 2011 This

Reassessment - Futures & Options loss - speculation loss or not ...

Income Tax

November 26, 2011

Reassessment - Futures & Options loss - speculation loss or not - The mere fact that the transactions were not delivery based, does not amount to tangible material - Unless there is tangible material to show that the character of the F&O transactions is not that of hedging transactions, the reopening of the assessment cannot be sustained..... - AT

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  1. Speculation Loss - Trading in future and options - the amendment cannot be held as curative in nature or for that reason has a retrospective effect - HC

  2. Transactions in derivatives on recognized stock exchange not as deemed speculative - the transaction carried in future and options (derivatives) are outside the purview...

  3. Computation of their Turnover for the purpose of tax audit u/s 44AB - Speculation Business or Derivatives, futures, and options or Delivery based transactions

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  5. Loss on account of Mark to Market - Speculation or non speculation loss - the gross total income mainly consists of income from house property, income from capital...

  6. Income earned from trading in Shares, Future and Options and derivatives - speculative business or not - Assessee has shown better income from sale and purchase of...

  7. Since assessee was trading at un-recognised stock exchange, therefore, income arising out of trading of commodities at such unrecognized stock exchange also amounts to...

  8. Loss from derivative transactions in Commodity Futures and Options - speculative loss OR not - CBDT, on 22nd May 2009, recognizing MCX as recognized Stock Exchange for...

  9. Disallowance of set off being loss on account of trading in Futures and Options/derivatives against other income - the assessee was having the interest income as well as...

  10. Damages for Breach of Contract considered as Speculation Loss – non-performance of a contract - losses claimed by assessee are allowable losses - AT

 

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