Home Highlights September 2014 Year 2014 This

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1. Addition u/s 68 as accommodation entries - long term capital gain on sale of shares as sham/bogus transaction - Mere suspicion cannot be a ground for treating the...

2. Disallowance of capital loss – Genuineness of the transaction - Merely because the transaction is between the relatives, it, per se, cannot be said to be sham or bogus...

3. The assessee had demonstrated the genuineness of the share transaction resulting in long-term capital gains, which were claimed as exempt u/s 10(38). The Revenue...

4. The Assessee, a regular investor in shares, made investments and sold a particular script when prices were high, resulting in Long Term Capital Gains (LTCG). The...

5. Disallowance u/s 14A(2) r.w.r. 8D(2)(ii) - expenditure will have to be excluded from the expenses to be allocated under rule 8D(2)(ii) - entire transaction of borrowing...

6. The bogus transactions are a camouflage and dishonest attempt to avoid tax, resulting in addition to the assessee's income. The AO's approach should be well-considered,...

7. Long term capital loss on sale of shares - Just because of assessee sold shares to daughter and sister concern, it cannot be considered that the transactions are sham...

8. Additions u/s 2(22)(e) on account of deemed dividend - Accumulated profit - As per the provision of Explanation 2, all the profits of the company up to the date of...

9. Disallowance of long term capital loss on sale of shares - sham transactions or genuine transactions - - It seems to be a case of tax planning by the assessee, though...

10. Transfer pricing adjustment to international transactions - Non-satisfaction of conditions prescribed u/r 10B(4) for using multiple year data. Assessee required to...

11. Revision u/s 263 - unverified URD purchases - All these transactions are interconnected and linked with each other. If any of the transaction is doubted then...

12. Estimation of income - bogus purchases - quantification of profit - The Tribunal noted that during investigations, the alleged suppliers were identified as bogus...

13. Assessee, a non-resident Indian residing outside India for over 25 years, challenged the jurisdiction of Income Tax Officer (ITO), Ward 2(2), Ajmer to issue notice u/s...

14. Loss of precious metal - Notional loss or actual loss - Abnormal loss incurred by the assessee can be treated as revenue expenditure to be allowable during this year or...

15. Deemed dividend u/s. 2(22)(e) - the loan given by the company only in the immediate preceding year, i.e., assessment year 2007-08, should be assessed as deemed dividend...