Disallowance of loss suffered in trading of foam and fabrics -, ...

Case Laws Income Tax

February 23, 2016

Disallowance of loss suffered in trading of foam and fabrics -, when the Revenue had requested for examination of the evidence and such request was accepted by the Tribunal in the first round and yet AO failed to carry out investigation. Thus, this is a case of lack of investigation which vitiates the adverse conclusion drawn by the AO - AT

View Source

← Previous Next →

Disallowance of loss suffered in trading of foam and fabrics -, ...

Case Laws Income Tax

February 23, 2016

You may also like:

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

Addition on account of loss in trading of stock option - suspicious trades including reversal trades - In the absence of any investigation carried-out by the authorities...

Disallowance on account of bad debt/trading loss - the assessee is eligible for the deduction of the amount embezzled by the employee as a trading loss.

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...

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

Classification of goods - textile fabric combined with PU foam as textile fabric laminated with polyurethane foam - the product PVC leather cloth also known as rexine...

Valuation loss treated as speculation loss - It is a fact that shares traded by the assessee were not of any of the good companies. The assessee had in the normal course...

Disallowance on account of loss on error trade - due to human error in punching the wrong scrip code, or punching of wrong quantity or in punching buy order in place of...

Validity of reassessment order u/s 147 - Denial of Cross-Examination Opportunity - Reliance of statement of third party - The High Court noted that the petitioner did...

The reopening of assessment proceedings u/s 147 was valid as the Assessing Officer (AO) had received information about the assessee booking tax loss through trade in...

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...

Disallowance of Capital Loss on Sale of Shares - sale of shares due to the amalgamation of certain entities - The AO disallowed the loss, treating it as an artificial...

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...

Additions against loss claimed due to goods being damaged/destroyed by fire - since the findings of fact have been returned by the Tribunal that what was destroyed in...

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...

Quick Updates: