Revision u/s 263 by CIT - AO offered the income arising on ...

Income Tax

June 1, 2022

Revision u/s 263 by CIT - AO offered the income arising on purchase and sale of shares as business income and duly accepted by the Assessing Officer, the realignment of income proposed in a revisional proceeding is not backed by any cogent basis and is in the realm of surmises. The assessee has paid taxes at the normal rate on such income, and therefore, no prejudice can be attributed to the interest of the Revenue merely because the higher rate of tax can be charged under Section 115BBE. - Tri

View Source

← Previous Next →

Revision u/s 263 by CIT - AO offered the income arising on ...

Income Tax

June 1, 2022

You may also like:

Sale of shares - Capital Gains or business income - it will not be appropriate to assess the income declared by the assessee from sale and purchase of shares as business...

Correct head of income - treatment of income from sale and purchase of shares - business income or income from capital gains - high volume of transactions and frequently...

Unexplained cash credit u/s 68 r/w section 115BBE - Bogus purchase and sale - The assessee has recorded the entries of sales and purchase in its books of account and has...

Correct head of income - income arising on sale of shares held as capital asset after conversion from stock in trade - business income or capital gains - Tribunal erred...

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...

Speculation loss u/s 73 - it is apparent from computation that no part of the business of the assessee company consists of purchase and sale of the shares - Merely...

Business income or capital gain - Sale and purchase of shares - where intention of the assessee behind purchase and sales of the shares was quickly to realize profits...

Profit earned on sale of shares - frequency and volume of purchase and sale of shares shows, intention of assessee was to generate income through trade, rather than...

Gain on sale of shares - accommodation entry or not - the income in question is a bonafide Long Term Capital Gain arising from the sale of shares and hence exempt from income tax

Nature of income - profit earn on sale of shares - STCG or Business Income - in the earlier assessment years the assessee had consistently shown the receipts of sale of...

Income from sale of shares – Income treated as business income OR STCG – the assessee decides to take delivery of shares purchased by her only at the end of the day...

Business income OR STCG - Sale of shares – purchases as well as turnover are continually increasing and the assessee has regularly dealt in purchase and sales of shares...

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...

Revision u/s 263 - sale of preferential shares - PCIT noted a discrepancy between the value of shares sold as per the audited balance sheet and the value declared in the...

Income derived from the sale of equity shares - business income or Long Term Capital Gain - the said equity shares not only for one year but for more than 16 years and...

Quick Updates: