Home Highlights April 2013 Year 2013 This

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1. Treatment of Losses as Speculative Losses - adjustment of loss under arbitrage transactions - The loss of one segment has to be allowed to be set-off against the other...

2. Addition u/s 43(5) - Loss in commodity derivatives trading business was non-speculative - Reading clause (e) of the first proviso to section 43(5), and sections 70(1)...

3. Speculative transactions - set off of the loss - transaction in derivatives on recognized stock exchange as defined under Section 43 (5) (d) of the Income Tax Act, 1961...

4. Addition made towards profit in money market operations - in this case the physical delivery has not taken place and therefore the transactions of sale and purchase of...

5. Revision u/s 263 by CIT - set off of the brought forward "non-speculative business loss" against the "profit of speculative business" - provisions of section 72 and 73,...

6. Jobbing and arbitrage - The loss sustained by the assessee is a business loss which can be set off against the income from the other sources. Therefore, the prohibition...

7. Set off of loss - speculation loss or not - loss (on account of sale of derivatives) would be allowed to be set off against income arising out of proper business because...

8. 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...

9. Loss incurred by the assessee in purchase and sale of shares - Whether a business loss or speculation loss? - In case, the assessee has earned profit from share trading...

10. Set off of brought forward non speculative loss against the current years speculative income - Set off of loss from one head against income from another - there is no...

11. Set off of loss suffered on sale and purchase of shares - even business loss in speculative transactions cannot be set off against other business income or income from...

12. Disallowance of set off of Loss - sale of equity shares (STT) - short-term capital gains (STCG) on sale of derivatives and short-term capital loss (STCL) - The Tribunal...

13. The activity of purchase and sale of shares carried out with assessee for the purpose of section 73 is a speculation business activity and, accordingly, the loss...

14. Set off of loss incurred on sale of polished diamond goods against deemed income assessed u/s. 69A - set off against the income declared during the course of search -...

15. Set off of loss incurred on purchase and sale of shares as Ordinary Business Loss or Speculation Loss - assessee fell within the purview of the exception carved out in...