Mere fact that the assessee has also quickly sold shares in some ...

Commissioner of Income Tax (Appeals) wrongly classified share gains based on a 30-day holding period; not supported by law.

January 9, 2017

Case Laws Income Tax AT

Mere fact that the assessee has also quickly sold shares in some instances within the short interval would not ipso facto lead to a conclusion that the assessee was a trader in the shares. The action of the CIT(A) in bifurcating the gains based on the period of holding of less than 30 days and more than 30 days is not supportable by the scheme of the Act. - AT

View Source

← Previous Next →

Mere fact that the assessee has also quickly sold shares in some ...

Commissioner of Income Tax (Appeals) wrongly classified share gains based on a 30-day holding period; not supported by law.

January 9, 2017

Case Laws Income Tax AT

You may also like:

The case involved a rejection of an appeal u/s 128 of the Customs Act, 1962 on the ground of being barred by limitation. The appeal before the Commissioner (Appeals) was...

Correct head of income - transactions of dealing in shares - The Appellate Tribunal upheld the Commissioner of Income-tax (Appeals)'s decision regarding two key issues....

Condonation of delay in filing appeal - The consultant of the appellant has obtained a copy of the Order in Original on 16.12.2019. The appeal then has to be filed...

Condonation of delay in filing appeal before the commissioner (appeals) - the appellate authority has no power to allow the appeal to be presented beyond the period of...

Gains arising from transfer of shares held for a period of less than 30 days - buying and selling shares of sizable volume and value - busniss income or capital gain -...

The case involved determining whether gains from the sale of shares allotted in an IPO should be classified as Short-Term Capital Gains (STCG) or business income. The...

The High Court, considering the precedent set in the case of Rehoboth Fish Meal and Oil Plant, held that the petitioner should be granted a stay on recovery proceedings...

From the plain reading of section 167B, the taxability of an AOP is based on whether the members' shares are determinate or indeterminate. When indeterminate, tax is...

Time limit for filing appeal with Commissioner(A) is 60 days which is extendable by 30 days as per Section 128 of the Customs Act 1962 - Commissioner(A) have no powers...

Delay of 1154 days in filing appeal before Commissioner of Income Tax (Appeals) was not condoned as reasons given, such as leaving income tax matters in hands of...

The ITAT Mumbai addressed errors in capital gain computation. The Assessee's claim of ₹ 859,680 was accepted over the AO's ₹ 791,221. An application u/s 154...

Rate of tax - 20% or 30% - share of depreciable assets - In the present case, it is not the plea of the Revenue that the property from which the capital gains arose was...

Seeking Condonation of Delay of 14 days in filing of the Appeal - It is really strange that the agency of the Government failed to seek the required information within...

Reducing the time provided for furnishing TP report - Now any information, documents required by AO for international transaction U/s 92D has to be furnished within 10...

Refund of excess basic customs duty - Refund rejected on the ground of time limitation - Exercise of Power of Commissioner (appeals) to condone the delay - appeal filed...

Quick Updates: