Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights May 2012 Year 2012 This

Short term capital gain or business income - Purchases in the ...


Taxpayer's Intent and Income Classification: Short-Term Gains or Business Income for Same-Day Transactions?

May 22, 2012

Case Laws     Income Tax     AT

Short term capital gain or business income - Purchases in the same scrip on the same day has been divided into speculation and investment - the only intention of the assessee in the impugned case is just to reduce the tax liability by treating a part of the profit as short term capital gain - AT

View Source

 


 

You may also like:

  1. The ITAT Indore addressed the issue of re-characterizing income from share trading as either short-term capital gain or business income. The tribunal found that the...

  2. Set off the business losses against the capital gains u/s 71 - The assessee in the return of income did not set off the business loss against the short term capital gain....

  3. Capital gains u/s 50 arising from the sale of long-term capital assets, though deemed as short-term capital gains, should be taxed at the rates applicable to long-term...

  4. Validity of reopening an assessment u/s 147 of the Income Tax Act, the distinction between "change of opinion" and "reasons to believe," and the classification of income...

  5. Revision u/s 263 by CIT - set off of brought forward business loss from the income assessable under the head 'Capital Gain' - gain of depreciable assets by entering into...

  6. Set off of unabsorbed business loss - set off against Short Term Capital Gain U/s. 50 - income arising out of a sale of business asset though not taxable as profits and...

  7. Short term capital gains OR business income - no transaction carried out in more than ½ of the relevant previous year - CIT(A) rightly treated assessee’s profits as...

  8. LTCG or STCG - Sale of ground floor of residential unit - whether it give rise to long term capital gains or short term capital gains - Computation from period of...

  9. Portfolio Management Services (PMS) fees paid is eligible for deduction while computing Short Term Capital Gain

  10. Computation of short term capital gain - Deduction of Title Perfection Cost - assessee was eligible for deducting such amount while computing short-term capital gains - AT

  11. Short term capital gain or business profit on sale of shares - Delivery based transaction should be treated as of the nature of investment transactions and profit...

  12. ITAT determined the tax treatment of a property sale, characterizing it as a short-term capital gain under section 50. The tribunal held that the property remained a...

  13. Set off of carried forward Business losses against the Short Term Capital Gains u/s 72 - the gain on sale of office premises represents profits of business - the brought...

  14. ITAT adjudicated a dispute regarding capital gains taxation for property sale. The tribunal found the Assessing Officer's (AO) determination of short-term capital gains...

  15. The case involved determining whether gains from the sale of shares allotted in an IPO should be classified as Short-Term Capital Gains (STCG) or business income. The...

 

Quick Updates:Latest Updates