Home Highlights August 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. The ITAT Indore addressed the issue of re-characterizing income from share trading as either short-term capital gain or business income. The tribunal found that the...

3. Income derived from the sale of equity shares - business income or Long Term Capital Gain - the said equity shares not only for one year but for more than 16 years and...

4. 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...

5. Correct head of income - Business Income or capital gain - assessee decided to sale the agriculture land, due to compulsion, hence assessee cannot be treated as a trader...

6. Transaction of shares - capital gain or business income - AO has not come to finding whether the assessee has carried out repetitive transactions of same share - treated...

7. The assessee, engaged in the business of shares and securities, claimed administration expenses, including Portfolio Management Service (PMS) expenses, against capital...

8. Gain on sale of shares - Business income or Capital Gains - Adventure in the nature of trade - Just because the assessee has shifted from the IPOs and has made a...

9. Exemption u/s. 54EA - transfer of shares held as stock-in-trade - transfer of unlisted shares of DSPML is to be taxed under the head “capital gains” irrespective...

10. Revision u/s 263 by CIT - set off of brought forward business loss from the income assessable under the head 'Capital Gain' - gain of depreciable assets by entering into...

11. Correct head of income - business profit or Long Term Capital Gains - GPA was restricted to the extent of builder’s right at 73.33% of the land and that portion allotted...

12. 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...

13. Capital Gain or business income - surplus on sale of shares and securities - the assessee has maintained distinction between trading assets and nontrading assets and has...

14. Assessment of Business loss in Share trading as capital gains - set off of Brought forward business losses - assessee is engaged in the business of share trading and...

15. Long term capital gain - sale of land - Legal owner of asset/property - CIT(A) and the AO has rightly concluded that when GPA was executed, clearly proves that the...