Home Highlights March 2015 Year 2015 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. Levy of penalty u/s. 271(1)(c) - No doubt, the assessee needs to disclose necessary facts with regard to payment of interest for housing loan and receipt of interest...

3. Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the...

4. Nature of loss - Business loss or Speculation loss - transactions in purchase and sale of shares settled otherwise than the actual delivery - the said loss is computed...

5. The assessee, a professional stock broker, claimed loss on trading of shares which was disallowed by the Assessing Officer (AO) on the grounds that the trades were not...

6. Nature of loss - Speculative loss or normal business loss - Marked to market loss on hedging of the transaction - The Appellate Tribunal held that speculative...

7. 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...

8. The Tribunal set aside the disallowance of short-term loss claimed by the assessee in the Profit and Loss Account, holding that the shares were acquired under a normal...

9. Derivative trading loss as business loss - when undisputedly assessee has entered into transaction of derivatives after 01.04.2006 in a recognised stock exchange as per...

10. Disallowance of loss from trading in penny shares was rejected. The Assessing Officer's finding that the trading loss was not commercially prudent was not accepted. The...

11. Speculative loss - trading transactions on NSEL platform - For the purpose of carrying out transaction with NSEL they use to keep 3.5% of the value of the transaction as...

12. 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...

13. Nature of expenditure - purchase of tools and spares - revenue or capital expenditure - The test of enduring benefit is not the only criteria for concluding an item to...

14. 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...

15. Nature of loss - business loss or speculation loss - trading in derivatives i.e. F&O of shares - The contract note clearly revealed that the transactions were supported...