Bogus STCG or not - Since the source of purchase has been ...

Income Tax

June 28, 2021

Bogus STCG or not - Since the source of purchase has been disputed as the registration of broker was cancelled much before the transaction of purchase made by the assessee, period of holding of equity share is reckoned from the date on which the 9000 equity shares of VIP Industries Limited were credited to the Demat account of the assessee up to the date when the shares were sold and equity shares sold were debited to the Demat account. This period in the instant case is less than 12 months, we therefore hold that the capital gain is "Short Term Capital Gain" liable to be taxed u/s. 111A of the Act. - AT

View Source

← Previous Next →

Bogus STCG or not - Since the source of purchase has been ...

Income Tax

June 28, 2021

You may also like:

Addition of bogus purchases - reopening u/s 147 - if the source of purchases are from the books and through account payee cheque, then how such purchases can be treated...

Bogus LTCG - bogus share transaction - As in so far as cancellation of registration of sub-broker by the NSE through whom the assessee had sold shares of Buniyad...

Bogus purchases - oil cakes shown as purchases by the assessee from 33 parties were not genuine transactions -Tribunal was justified in disallowing 25% of the purchase price - HC

Bogus purchases - In a case where sales are considered genuine, no addition, on account of bogus purchases, can be made - AT

Estimation of income - bogus purchases - quantification of profit - The Tribunal noted that during investigations, the alleged suppliers were identified as bogus...

Registration certificate cancelled - Without invoking the provisions under Section 39(14) as well as 39(15) of the Tamilnadu Value Added Tax Act, 2006, the Registration...

Registration as a Charitable Trust under Section 12A cancelled - merely on the ground that the case falls under first proviso to Section 2(15) of the Act , registration...

Input tax credit - registration certificates of the selling dealers have been cancelled with retrospective effect - credit can not be denied for the transaction when R/C...

Bogus transaction relating to purchase of computer software from DSTPL - the allegation of the Assessing Officer that VAT has not been paid on the said transaction is...

Estimation of income for bogus purchases - It is settled law that in case of disputed purchases shown from such hawala dealers only the profit element embedded in such...

Quick Updates: