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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

Transaction in shares/mutual fund by engaging PMS - receipt ...

Income Tax

April 1, 2016

Transaction in shares/mutual fund by engaging PMS - receipt from sale of shares after conversion from stock in trade to investment has to be held as capital gain in absence of provision like sec. 45(2) - AT

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  1. Claim of exemption u/s 10(38) on sale of share on capital gains earned on it - Conversion of stock in trade of shares into investment - benefit of exemption allowed - HC

  2. Disallowance u/s 14A r.w.r. 8D - sourcing of investment from borrowed funds or own funds - investment is taken as stock-in-trade - ex-parte order - additions confirmed.

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