Home Highlights November 2012 Year 2012 This

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1. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

2. Setting off the long term capital loss arising on sale of shares not subject to STT against long term capital gain arising from sale of Shares subjected to STT exempt...

3. Sale of jewellery - It is an attempt to create capital without paying any tax, it is not a genuine claim - HC

4. Set off the business losses against the capital gains u/s 71 - The assessee in the return of income did not set off the business loss against the short term capital gain....

5. Artificial capital gains loss - colourable device to evade tax - Allegation of transfer of agricultural land to LLP to generation artificial loss to set off with capital...

6. Disallowance of Capital Loss on Sale of Shares - sale of shares due to the amalgamation of certain entities - The AO disallowed the loss, treating it as an artificial...

7. Non setting off carried forward business loss against the Capital Gain computed u/s 50 - sale of depreciable assets - legal fiction is to be deemed the capital gain as...

8. Transfer of capital asset by a company to its subsidiary company - Long term capital gain v/s long term capital loss - transaction cannot be regarded as transfer u/s...

9. Addition u/s. 69A on account of unexplained jewellery - search & seizure - There is no logic for enhancing the quantity of gold by the weight of stones and diamonds....

10. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

11. Set off of carried forward Business losses against the Short Term Capital Gains u/s 72 - the gain on sale of office premises represents profits of business - the brought...

12. Capital Gain - Receipt of consolidated amount - where a gain from one of capital assets was a short-term capital gain while from other it was a long term capital gain,...

13. Foreign Exchange Management Act, 1999-Import of gold in any form including jewellery made of gold/precious metals or/and studded with diamonds/semi-precious/precious...

14. LTCG or STCG - Sale of ground floor of residential unit - whether it give rise to long term capital gains or short term capital gains - Computation from period of...

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