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

Court Deletes Additions: Broker's Statement u/s 133A Insufficient for F&O Loss Claim Challenge.

January 18, 2021

Case Laws Income Tax AT

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 ...

Court Deletes Additions: Broker's Statement u/s 133A Insufficient for F&O Loss Claim Challenge.

January 18, 2021

Case Laws Income Tax AT

You may also like:

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...

Additions towards loss on transactions of Future/option through National Stock Exchange - While filing the return, we note that the assessee has not claimed this loss...

Disallowance on account of 'mark to market loss' on F&O transaction - additions deleted - 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...

The CIT(A) partly allowed and restricted the addition on account of commission expenses at 0.25% as compared to 2% adopted by the Assessing Officer. The coordinate bench...

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...

Appellate Tribunal examined disallowance of claim for futures and options (F&O) loss by Assessing Officer (AO) based on report alleging stock brokers manipulated...

Reopening of assessment u/s 147 - Notice issued on the basis of statement recorded during survey u/s 133A - The High court observed that the survey conducted led to...

Addition on account of client code modification done by the broker to shift the profit - As such there is no whisper in the order of the authorities below that there was...

Evidentiary value of a statement made on oath by the assessee for making additions - The assessee can explain or withdraw the admission, if any, made by him in such...

Addition u/s 69A - cash loans given by the assessee as unexplained - decoding of the entries in the seized materials - The tribunal found that the assessing officer's...

The court held that the income tax department failed to properly investigate and cross-examine the crucial witness, Mr. Thangasamy, whose statement supported the...

Additions on the basis of statement made u/s 133A - A statement made voluntary under Section 133A of the Act cannot be retracted unless the assessee files evidence to...

Additions on the basis of statement made u/s 133A - whatever statement is recorded u/s 133A, it is not given any evidentiary value obviously for the reason that the...

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. -...

Quick Updates: