Home Highlights December 2014 Year 2014 This

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1. 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)...

2. 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...

3. Trading on MCX - Speculative loss - set off against the business income - section 43(5)(c) - the transactions in nature of jobbing not to be treated as speculative...

4. 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,...

5. 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...

6. 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...

7. 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...

8. Set off of brought forward business loss - mistakes in previous years for not claiming benefit of set-off - 8 years time limit provided in the statute - The ITAT found...

9. Disallowance of business loss - Proof of commencement of business - It is well settled law that even a single transaction may constitute business as defined in section...

10. Disallowing the NCDEX Trading Loss - Speculation Loss - It is not in dispute that the assessee's transactions in agricultural commodity derivative were otherwise...

11. Set off of unabsorbed business loss - set off against Short Term Capital Gain U/s. 50 - income arising out of a sale of business asset though not taxable as profits and...

12. Loss incurred by the assessee on F & O (Future and Options) derivative transactions - “speculative loss” or not - disallowing the set off of the said loss against other...

13. Revision u/s 263 - set off of loss in speculation business against business income - In the present case, the principle business of the assessee is trading in shares....

14. Loss on account of futures and options set off against the business profit - the entire transaction carried out by the assessee, indicated above, was within the umbrella...

15. Speculative business / transaction - Disallowance of loss suffered by the assessee on account of ‘Sauda Settlement’ - There is complete opaqueness about the nature and...