Home Highlights November 2011 Year 2011 This

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1. Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

2. Disallowance of commodity derivative loss - speculative loss or not - Assessee is engaged in one and only business of derivative trading in different commodity exchanges...

3. Alleged fraudulent transactions and non-genuine losses claimed by the assessee in currency option trades on the United Stock Exchange (USE). The key points are: The...

4. Reopening of assessment u/s 147 for "non-genuine loss" on account of assessee's transactions in futures and options (F&O) was unjustified. The reasons recorded did not...

5. 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...

6. 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...

7. 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)...

8. 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...

9. Set off of derivative loss against derivative profit - speculative loss or not - the derivative transaction is not supported or backed by deliverable commodity - The...

10. 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...

11. Substantial profits were generated by trading entities based on advance receipt of non-public information regarding stock recommendations from guest experts appearing on...

12. Disallowance of set off being loss on account of trading in Futures and Options/derivatives against other income - the assessee was having the interest income as well as...

13. MAT computation u/s 115JB - In this case, the assessee had incurred business loss / depreciation losses as per books in the AYs 1999-00 & 2000-01 & AYs 2011-12 & 2012-13...

14. MAT - AO had committed an error in redrawing the profit and loss account by making changes by adding depreciation debited to profit and loss account by the assessee,...

15. Front running trading activity by certain entities - fraud’ for the purposes of the PFUTP Regulations - Offence under SEBI - WTM order and the AO order have correctly...