ITAT upheld the assessee's claim for dividend income exemption ...

Dividend Income and Capital Loss Exemption Upheld: Transparent Investment Strategy Validates Tax Claim Under Section 10(35)

May 9, 2025

Case Laws Income Tax AT

ITAT upheld the assessee's claim for dividend income exemption under Section 10(35) and short-term capital loss set-off. The tribunal found no evidence of manipulative transactions with J.M. Financial Asset Management Ltd. Absent specific SEBI enquiry or proof of tax benefit manipulation, the investment was deemed genuine. The fund's market performance and transparent investment process supported the assessee's position. Section 94(7) was not applicable, and the capital loss was allowable under the Income Tax Act. CIT(A)'s order deleting the disallowance was confirmed, and the revenue's appeal was dismissed.

View Source

← Previous Next →

ITAT upheld the assessee's claim for dividend income exemption ...

Dividend Income and Capital Loss Exemption Upheld: Transparent Investment Strategy Validates Tax Claim Under Section 10(35)

May 9, 2025

Case Laws Income Tax AT

You may also like:

Reopening of assessment u/s 147 - Exemption of dividend income and the allowability of short-term capital loss - The Tribunal ruled in favor of the appellant, quashing...

Set off of current year business loss against foreign dividend income - levy of tax u/s 115BBD on gross foreign dividend income - assessee would be entitled for set off...

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...

Disallowance of exemption claimed u/s 10(34) on Dividend income - the conditions laid down u/s 115-O to avail the exemption u/s 10(34), is to be complied with at the...

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...

Charitable institution invested funds in shares of joint venture companies, violating Section 13(1)(d). Exemption u/s 11 denied for income from such investment. However,...

Nature of expenditure - addition of write off of investments - the claim of loss accruing or arising as investment in equity shares, non-convertible debentures and zero...

Income Tax: Tax on distributed income of domestic company for buy-back of shares to be treated as dividend in hands of shareholders. Cost of acquisition of shares bought...

Correct head of income - transactions of dealing in shares - The Appellate Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision regarding two key issues....

The assessee, a Foreign Portfolio Investor registered in India, entered into Forward Foreign Exchange Contracts (FCC) with HDFC Bank to safeguard against foreign...

Deduction u/s 80P - deduction of income earned as interest/dividend from co-operative bank is allowable. Section 80P(2)(d) reflects that if income by way of interest or...

ITAT adjudicated a dispute regarding capital gains taxation, specifically addressing the set-off of non-grandfathered short-term and long-term capital losses against...

Allowable deduction of interest paid on the borrowings - Section 14A and Section 36(1)(iii) - Exempted dividend income - Based on the discussions and findings, the court...

Losses written off - ‘business loss’ or ‘capital loss - The present facts of the assessee’s case shows that the investment was made not for the purpose of expansion of...

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....

Quick Updates: