Home Highlights May 2012 Year 2012 This

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1. Correct head of income - treatment of income from sale and purchase of shares - business income or income from capital gains - high volume of transactions and frequently...

2. Speculation loss u/s 73 - it is apparent from computation that no part of the business of the assessee company consists of purchase and sale of the shares - Merely...

3. Correct head of income - Gain on sale of shares - nature of purchase of shares either as “investment” or “stock-in-trade” - AO has not given any clear cut finding that...

4. Profit earned on sale of shares - frequency and volume of purchase and sale of shares shows, intention of assessee was to generate income through trade, rather than...

5. Sale of shares - long term capital gains or short term - Whether purchase of the shares can be considered only on the date of dematerialization – AT

6. Bogus Short term capital loss - accommodation entry transactions - No ambiguity in the sale and purchase of shares through the SEBI brokers - Assessee had purchased the...

7. Prosecution for offence under Section 68A - allegation of acquiring shares in fictitious name - Purchase of share jointly in the name of God and in the name of a person...

8. Addition u/s 68 - bogus LTCG on sale of shares - The purchase of shares and the sale of shares were also reflected in Demat account statements. The sale of shares...

9. Sale of shares - Capital Gains or business income - it will not be appropriate to assess the income declared by the assessee from sale and purchase of shares as business...

10. Sale tax paid on sales return - allegation of bogus sales - allowable business loss - When the factum of sales return has been proved in favour of the assessee and...

11. Determination of LTCG on sale of shares - period of acquisition - acquisition of shares on the basis of share certificates issued on amalgamation in lieu of the shares...

12. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

13. Unexplained credits u/s. 68 - Bogus LTCG - Penny stock purchases - Nothing on record to suggest that the shares were never with the assessee. On the contrary, the shares...

14. TDS u/s 195 - default u/s 201(1)/201(1A) - assessee deducted TDS at 10% plus surcharge on consideration paid for purchase of shares from non-resident sellers - TDS...

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