Addition of loss claimed in Future & Options (‘F&O’) - Reliance ...

Income Tax

January 18, 2021

Addition of loss claimed in Future & Options (‘F&O’) - Reliance on statement of third party (Broker) recorded during survey u/s. 133A - it is trite that the statement recorded during survey u/s. 133A cannot be the sole basis on which adverse inference can be drawn against the assessee. The assessee has been kept in the dark and has not been given the entire copy of the statement - there are no other material against the assessee in respect of its transaction in F&O - Additions deleted - AT

View Source

← Previous Next →

Addition of loss claimed in Future & Options (‘F&O’) - Reliance ...

Income Tax

January 18, 2021

You may also like:

Addition u/s 68 - receipt of share application money - reliance on statement of third parties - The statements of third parties i.e. two angadias relied upon by the ld....

Undisclosed income - admission of declaration of income during survey u/s 133A - without physical verification of stock and examining books of accounts, additions on the...

Addition on undisclosed income cannot be made on the basis of the statement recorded during the survey under section 133A - AT

Assessment of trust - Unaccounted fee receipts - reliance on statement recorded u/s 133A of Accountant of the Society - It is a settled law that statement recorded...

Validity of reopening assessment - unexplained investment - survey u/s 133A - the vague statements giving estimated details without supporting evidence would not help...

Addition u/s 68 - disclosure made by the assessee on the basis of documents impounded during the course of survey proceedings - The Tribunal deleted the addition holding...

Difference in stock found during the course the survey - addition on the basis of statements recorded during the survey u/s.133A does not empower any IT authority to...

Speculation Loss - Trading in future and options - the amendment cannot be held as curative in nature or for that reason has a retrospective effect - HC

Transactions in derivatives on recognized stock exchange not as deemed speculative - the transaction carried in future and options (derivatives) are outside the purview...

Addition on share application money received – the only evidence which has been referred by the AO is statement of third parties recorded by the Investigation Wing -...

Quick Updates: