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Income Tax - Highlights / Catch Notes

Home Highlights April 2016 Year 2016 This

investments made by the banking company should be treated as a ...

Income Tax

April 12, 2016

investments made by the banking company should be treated as a business asset of the banking company or stock-in-trade - AT

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  1. Assessee Bank is entitled to value all the investment at cost prices or market value whichever is lower by treating such investment as stock-in-trade, thus depreciation...

  2. Correct head of income - income earned out of sale of property - business income or capital gains - when the asset was converted into stock-in-trade - the assessee has...

  3. Loss on revaluation of security - securities maintained as per RBI Guidelines - only 30% treated as stock in trade - 70% treated as long term asset - HC

  4. Capital gain or business income - it is possible for a tax payer to have two portfolios i.e. an investment portfolio comprising of securities which are to be treated as...

  5. Capital gain on conversion of capital asset into stock in trade is payable only in the year in which the assessee ultimately sells such stock in trade.

  6. Correct head of income - Gain on sale of shares - nature of purchase of shares either as “investment” or “stock-in-trade” - AO has not given any clear cut finding that...

  7. Shares converted into stock-in-trade - Valuation adopted for conversion of investments to stock-in-trade, opening stock and closing stock - where an assessee converts...

  8. Capital gain - effective date of Conversion of capital asset into stock in trade - till the time the owner himself either converts the capital asset into stock-in-trade,...

  9. Correct head of income - income arising on sale of shares held as capital asset after conversion from stock in trade - business income or capital gains - Tribunal erred...

  10. 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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