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Income Tax - Highlights / Catch Notes

Home Highlights February 2016 Year 2016 This

Disallowance of short term capital loss on sale of shares - sale ...

Income Tax

February 17, 2016

Disallowance of short term capital loss on sale of shares - sale of share was effected between two group companies having the same directors about the shares of the group company during the lock-in period - it is case of sham transaction - loss booked not allowed - AT

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  1. Disallowance on Short term capital loss – assessee cannot incur short term capital loss by purchasing fresh shares at an inflated rate and to sell it out at a nominal rate - AT

  2. Disallowance of short term capital loss - creation of artificial loss - assessee appellants failed to discharge the onus, to prove the genuineness of the transactions of...

  3. Sale of shares - long term capital gains or short term - Whether purchase of the shares can be considered only on the date of dematerialization – AT

  4. Set off of long term capital loss from sale of shares off market against the long term capital gain on sale of land allowed.

  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. Set off of short term capital loss - Transaction in shares - When neither any payment was made nor any delivery was taken, then the transaction can not be held genuine - HC

  7. Disallowance of set-off u/s 70 of share trading business loss against income from profession - the assessee has been able to substantiate that the shares were purchased...

  8. Disallowance of set off of Loss - sale of equity shares (STT) - short-term capital gains (STCG) on sale of derivatives and short-term capital loss (STCL) - The Tribunal...

  9. Setting off the long term capital loss arising on sale of shares not subject to STT against long term capital gain arising from sale of Shares subjected to STT exempt...

  10. Gain on sale of shares - accommodation entry or not - the income in question is a bonafide Long Term Capital Gain arising from the sale of shares and hence exempt from income tax

 

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