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Income Tax - Highlights / Catch Notes

Home Highlights September 2017 Year 2017 This

Trading Loss on Shares is not disallowed if transactions were ...

Income Tax

September 1, 2017

Trading Loss on Shares is not disallowed if transactions were through Demat accounts and payments were made through proper banking channel.- Tribunal and CIT (A) confirmed this view.

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  1. Disallowing of loss on shares - method of valuation of shares at cost or market price - Since the assessee has himself treated the same as investment, no trading loss...

  2. 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

  3. Addition u/s 68 - cash credit - assessee being a share broker - All the equity shares so purchased first came in the Demat account of the assessee broker and then has...

  4. Disallowance of Capital Loss on Sale of Shares - sale of shares due to the amalgamation of certain entities - The AO disallowed the loss, treating it as an artificial...

  5. No disallowance of trading loss of shares if transactions were done through Demat Accounts and payments were made through proper banking channel. -Confirmed by Tribunal...

  6. Unexplained credits u/s. 68 - Bogus LTCG - Penny stock purchases - Nothing on record to suggest that the shares were never with the assessee. On the contrary, the shares...

  7. Disallowing business loss - business of trading in shares and securities - As pr AO assessee was directly involved in sham and bogus transactions of entry providers -...

  8. 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...

  9. Addition made towards profit in money market operations - in this case the physical delivery has not taken place and therefore the transactions of sale and purchase of...

  10. Nature of loss - business loss or speculation loss - trading in derivatives i.e. F&O of shares - The contract note clearly revealed that the transactions were supported...

 

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