Home Highlights October 2012 Year 2012 This

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1. If the assessee has consistently treated the shares investment account as her investment for long-term purposes and has not shifted the stock in investment account to...

2. Correct head of income - Gain on sale of shares - nature of purchase of shares either as “investment” or “stock-in-trade” - AO has not given any clear cut finding that...

3. Shares converted into stock-in-trade - Valuation adopted for conversion of investments to stock-in-trade, opening stock and closing stock - where an assessee converts...

4. Receipt of bonus share - investments or stock in trade - original shares were part of stock in trade - bonus shares given by company in proportion to the holding of...

5. Treatment to the losses on sale of share as "capital loss" - Assessee has in its books treated the shares as investment and accordingly valued the shares at cost and...

6. Long Term Capital Gains - claim of conversion of agriculture land into stock-in-trade - The assessee was required to disclose such lands as stock in trade in books of...

7. Disallowance of set-off u/s 70 of share trading business loss against income from profession - the assessee has been able to substantiate that the shares were purchased...

8. Profit from sale of shares - LTCG or STCG - Benefit of Indexation - the STT is to be paid only if the shares were sold in the stock exchange and since the assessee has...

9. Correct head of income - LTCG OR Business income - engaged in the business of building construction and land developers - land shown in balance sheet as investment - it...

10. Disallowance of loss on sale of shares being stock in trade - The transaction in question, since was not related to the business activity of the assessee, therefore, the...

11. Claim of exemption u/s 10(38) on sale of share on capital gains earned on it - Conversion of stock in trade of shares into investment - benefit of exemption allowed - HC

12. Unexplained credits u/s. 68 - Bogus LTCG - Penny stock purchases - Nothing on record to suggest that the shares were never with the assessee. On the contrary, the shares...

13. Exemption u/s 10(38) - LTCG - point of transfer of shares - conversion of investment into stock in trade or actual sale - Department is justified in computing the income...

14. Revision u/s 263 by CIT - Bogus LTCG - Penny stock purchases - He merely makes general reference to the investigation report of the Department stating to have contained...

15. Correct head of income - profit arising from sale of shares - LTCG/STCG - The intention of the assessee can also be gathered from the Balance sheet and Financial...