Home Highlights October 2013 Year 2013 This

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1. 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...

2. Profit on purchase and sale of gold bonds - Except one transaction of purchase and sale, there is no other transaction during the previous year - held as investment in nature - HC

3. The case pertains to the validity of reopening of assessment by the Assessing Officer (AO) and the characterization of short-term capital gains (STCG) from the sale of...

4. Capital gains - treating information contained in ITS as related to transaction of sale of immovable property - Assessee had pointed out how the two transactions...

5. Addition of income u/s 56(2)(x)(b)(B) - under valuation of stamp duty value on purchase consideration of the property u/s 50C - The assessee asserts that only a partial...

6. Transactions of purchase and sales of shares - In the year under consideration the assessee has carried out repetitive transactions in the same script as well as same...

7. 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...

8. Disallowance of short term capital Loss - the provisions of Sec.94(4) of the Act would apply only in cases where the assessee had carried on the transactions of purchase...

9. Speculative or non speculative business - treatment of “high sea sale” - when the goods are not taken by the delivery the entire issue is treated as speculative...

10. Addition towards advance received for sale of flats - accrual of income - income accrues to a builder or developer only when transaction of sale is complete and any...

11. Bogus purchases - department had neither disputed the assessee's sales nor shown any discrepancy between the purchases shown and the sales declared - the Tribunal was...

12. 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...

13. Classification of services - real estate agent service or not - sale of agricultural plot - When a person from the first day enters into an agreement to purchase some...

14. Bogus sale purchase transactions - providing accommodation entries - Though it is not the case of reopening but assessment, hence the higher burden lies on the assessee...

15. Addition u/s 69C - bogus purchases of diamonds - The decision emphasizes the principle that where the genuineness of purchases is in question, but corresponding sales...