Home Highlights August 2012 Year 2012 This

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1. 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...

2. Bogus LTCG on shares - Addition u/s 68 - Transactions in Shares - For making an addition holding that transaction are bogus, the LD AO should have made inquiries on the...

3. Bogus LTCG - bogus share transaction - As in so far as cancellation of registration of sub-broker by the NSE through whom the assessee had sold shares of Buniyad...

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

5. 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...

6. 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...

7. Addition u/s 68 - cash credit - assessee being a share broker - All the equity shares so purchased first came in the Demat account of the assessee broker and then has...

8. Addition u/s 68 - share application money received as unaccounted cash credit - identity and creditworthiness of the share subscribers and genuineness of the transaction...

9. 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...

10. Levy of penalty u/s 271B - failure to get accounts audited in terms of provisions of section 44AB - Determination of turnover in the context of a share broker's income -...

11. 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...

12. 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...

13. 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...

14. Assessee followed joint venture model for sharing revenue with collaborators as per franchise agreement. Assessee recorded all revenues, incurred expenditure, and shared...

15. Validity of reopening of assessment u/s 147 - addition made on account of unexplained money u/s 69A - as alleged consideration was obtained by the assessee from the...