Computation of Capital Losses - the statutory provisions do not ...

Tax Officer Can't Replace Actual Sale Price with Hypothetical Amount for Capital Losses Calculation.

November 3, 2021

Case Laws Income Tax AT

Computation of Capital Losses - the statutory provisions do not empower Ld. AO to substitute actual consideration received by the assessee with hypothetical sale consideration. The consideration which never accrued or which was never received by the assessee could not be brought to tax as capital gains or business income - AT

View Source

← Previous Next →

Computation of Capital Losses - the statutory provisions do not ...

Tax Officer Can't Replace Actual Sale Price with Hypothetical Amount for Capital Losses Calculation.

November 3, 2021

Case Laws Income Tax AT

You may also like:

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...

Setting off the long term capital loss arising on sale of shares not subject to STT against long term capital gain arising from sale of Shares subjected to STT exempt...

Computation of Capital Gains - Exclusion of the portion of the sale consideration that was never received - The High court found that the real income (capital gains)...

Denial of carry forward of long term capital loss - When the he taxed the difference in amount under short term capital gain and also disallowed short term capital loss...

The petitioner is required to calculate taxable turnover by excluding turnover not subjected to tax, exempt goods, and labor/service charges for works contracts as per...

Bogus sale - allegation of unaccounted sale to the petrol pump owners/other industries - the sale price declared by the assessee was accepted by the sales tax department...

The tribunal held that for quantification of deduction u/s 54F of the Income Tax Act, the actual sale consideration received or accruing from transfer of the original...

The AT upheld the adjudication order regarding contravention of Section 5 of FEMA read with Rule 4 of FEMA (Current Account Transactions) Rules, 2000, for remitting...

Genuineness of sale price of shares - transfer of same share at different price - a much higher price in the hands of Empee Sugars & Chemicals Ltd., was undoubtedly to...

Nature of loss - Speculative loss or normal business loss - Marked to market loss on hedging of the transaction - The Appellate Tribunal held that speculative...

The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

Loss on sale of debentures - assessee has sold a capital asset which has resulted in a capital loss thus as per the provisions of section 71 the loss suffered on the...

Capital loss on the sale of the foreign cars - when the sale of the cars itself flow from the terms of the lease agreement and the terms of the agreement thus not...

Disallowance of Capital Loss on Sale of Shares - sale of shares due to the amalgamation of certain entities - The AO disallowed the loss, treating it as an artificial...

Nature of receipt - sales tax subsidy - revenue or capital receipt - The ITAT has committed a manifest error law - The receipts have been shown by the...

Quick Updates: