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Income Tax - Highlights / Catch Notes

Home Highlights January 2019 Year 2019 This

Disallowance of loss of trading in bonds - The A.O. has not ...

Income Tax

January 1, 2019

Disallowance of loss of trading in bonds - The A.O. has not contradicted the claim of the assessee that there was no prohibition on carrying out off market transactions - No justification to disallow the loss on transactions on lands merely on doubt assumption basis.

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  1. Disallowance u/s 14A - Carry forward of business loss – setting off carry forward business losses now depends on the finality of the addition made by Assessing Officer...

  2. Set-off of losses in share trading - The assessee would not be deemed to be carrying on a speculation business for the purpose of section 73(1) - HC

  3. Carry forward of the loss - loss as claimed by the assessee treating the same as excess application of loss u/s.11 - set off allowed - AT

  4. Disallowance of set-off loss on derivative trading - can not be held as loss from speculation business, simply because procedural mechanism has taken a long time to...

  5. Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay...

  6. Disallowance of commodity derivative loss - speculative loss or not - Assessee is engaged in one and only business of derivative trading in different commodity exchanges...

  7. Disallowance of loss - sale of shares - This is a lacuna in the provision which has been lawfully exploited by the assessee by transferring shares held as long-term...

  8. Disallowance on account of bad debt/trading loss - the assessee is eligible for the deduction of the amount embezzled by the employee as a trading loss.

  9. 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...

  10. Set off of long term capital loss from sale of shares off market against the long term capital gain on sale of land allowed.

 

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