Home Highlights August 2017 Year 2017 This

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1. 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...

2. Disallowance of assessee's claim of exceptional losses on account of certain trades - Actually if there is any loss incurred on the said transaction, the same shall have...

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

4. Addition made u/s 153A on account of undisclosed foreign bank account and interest income thereon - assessee confronted with client profiles from HSBC Bank showing...

5. 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...

6. Income recognition - advances received from clients - AO observed that “out of pocket expenses” had been exclusively kept out of the books and on reimbursement of the...

7. 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.

8. Disallowance of mark to market losses - Nature of loss - allowable business loss or not? - The assessee is consistently following the method of accounting. Therefore,...

9. MAT - AO had committed an error in redrawing the profit and loss account by making changes by adding depreciation debited to profit and loss account by the assessee,...

10. 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...

11. Treatment of loss - as the activity of the assessee of share trading which was carried on its own account and on behalf of the client formed single composite indivisible...

12. 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...

13. The assessee, acting as a broker and intermediary, facilitated commodity transactions on the National Spot Exchange (NSEL) platform on behalf of clients. The...

14. Advance received in the nature of imprest money in the fiduciary capacity for overseas client - amount of professional advances received by the assessee accepting money...

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...