Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights September 2016 Year 2016 This

Understatement of sales consideration - dubious or bogus or ...


Examining Understatement in Dubious Transactions: Price Fluctuations in Share Trading Not Always a Tax Evasion Tactic.

September 24, 2016

Case Laws     Income Tax     AT

Understatement of sales consideration - dubious or bogus or collusive transaction - when the prices will go up and down, that may result in gain or loss, it cannot be said that it is colourable device adopted by the assessee - One who deals in shares in the open market, knows the depth of the same and not the AO. - AT

View Source

 


 

You may also like:

  1. Bogus LTCG - share price increased multi-fold - Allegation that there is artificial increase by circular trading of shares forming carte - It clearly raises several...

  2. Addition u/s 68 - bogus share transactions - as alleged transactions in shares, “penny stock” are fraudulent and accommodation entries - The Appellate Tribunal noted...

  3. 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...

  4. 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...

  5. The Assessing Officer (AO) failed to conduct relevant inquiries regarding the shares held as penny stocks by the assessee in GCM Securities Ltd. The Principal...

  6. Capital gain on sale of shares - market price or agreed price - transfer of shares by obtaining interest free loans for a long tenure coupled with call option agreements...

  7. The ITAT held that merely huge profits from share transactions do not make the scrips penny stocks. Despite the financials being incommensurate with purchase/sale prices...

  8. Income from share transactions - the assessee had indulged in a dubious share transaction meant to account for the undisclosed income in the garb of long term capital...

  9. The text defines key terms related to insider trading regulations for mutual funds, such as connected persons, generally available information, insider, systematic...

  10. TPA - where the variation between the arm’s length price determined u/s 92C and the price at which the international transaction or specified domestic transaction has...

  11. Disallowance of loss on sale of shares being stock in trade - The transaction in question, since was not related to the business activity of the assessee, therefore, the...

  12. Assessee held shares as stock-in-trade for trading purposes, not to earn dividend income. HC held provisions of Section 14A disallowing expenses relatable to exempt...

  13. 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...

  14. Income from share trading - since long and major source of income is from trading in shares only and if such assessee subsequently opts to show transactions of purchase...

  15. 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...

 

Quick Updates:Latest Updates