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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. 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...

  2. 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...

  3. Addition u/s 68 - bogus share transactions - as alleged transactions in shares, “penny stock” are fraudulent and accommodation entries - The Appellate Tribunal noted...

  4. 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

  5. Loss in F&O transaction investigation wing has carried on survey operation under section 133A in the premises of brokers and certain clients - Since the transaction was...

  6. Violation of Section 10(6) of FEMA - advance remittance is permissible in law against imports - One is failed to understand why a person would make alleged hawala...

  7. Bogus sale proceeds as undisclosed income - addition u/s 68 - all these transactions were through banking channels only and in that process assessee has suffered loss. -...

  8. Bogus LTCG - Addition u/s 68 - bogus penny stock transaction - suspicion v/s facts - disallowing the exemption u/s 10(38) - The assessee has demonstrated with...

  9. Allowability of Derivative loss - separate addition on account of alleged payment of margin monies on an estimated basis - The Tribunal emphasized that in derivative...

  10. 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...

 

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