Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights November 2012 Year 2012 This

Sale of diamonds and sale of jewellery / gold - capital loss and ...


Court Rules Diamond Sale Scheme Aimed at Tax Evasion, Not Genuine Capital Transaction for Gain/Loss.

November 3, 2012

Case Laws     Income Tax     HC

Sale of diamonds and sale of jewellery / gold - capital loss and capital gain It is an attempt to create capital without paying any tax, it is not a genuine claim. - HC

View Source

 


 

You may also like:

  1. The Calcutta High Court addressed the nature of a sales tax incentive received under the "West Bengal Incentive Scheme, 2000" for industrial promotion. The scheme aimed...

  2. Revenue or capital receipt - sales tax subsidy/incentive under the Package Scheme of Incentives Scheme, 1993 - The High Court held that the sales tax subsidy/incentive...

  3. Tax planning versus Tax evasion - The Assessing Officer cannot disregard a transaction just because it results in a tax advantage to the assessee. Just as much as we...

  4. Refund claim of service tax paid on cancelled transactions - Post GST era - Rejection of refund under Rule 6(3) of Service Tax Rules read with Sec 142(5) of CGST Act -...

  5. The High Court held that the petitioner was eligible to apply under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019, for resolving legacy tax disputes. The...

  6. Seeking reward for providing information - Tax Evasion Petition (TEP) and Benami Transaction Tax Evasion Petition - the Income Tax Informants Rewards Scheme, 2018 - The...

  7. Prosecution u/s 276C (2) - petitioners had delayed to pay self-assessment tax - The High Court held that delayed payment of income tax does not amount to tax evasion if...

  8. The DGFT has introduced a new 'Diamond Imprest Authorisation' (DIA) scheme under Chapter 4 of the Foreign Trade Policy 2023. The DIA allows import of natural cut and...

  9. 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...

  10. This case deals with the levy of deficit stamp duty and penalty in a court-conducted auction sale. The key points are: In a court-supervised auction sale, the stamp...

  11. Supplementary refund of unutilized input tax credit pertaining to Compensatory Cess - Section 164 of the GST Act empowers the Government to frame rules. Refund of...

  12. Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

  13. LTCG - Exemption claimed u/s. 54F - Failure to deposited in capital gain deposit scheme - The appellant sold a property, deposited the sale proceeds in a capital gain...

  14. The High Court disposed of the petition, holding that the rejection of the petitioner's declaration under the Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019...

  15. Depreciation on glow sign boards and oxygen gas cylinders was rejected by the Assessing Officer, holding that the transaction on the last day of the accounting year...

 

Quick Updates:Latest Updates