Home Highlights December 2012 Year 2012 This

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1. Addition u/s 43(5) - Loss in commodity derivatives trading business was non-speculative - Reading clause (e) of the first proviso to section 43(5), and sections 70(1)...

2. Disallowance of set off of Loss - sale of equity shares (STT) - short-term capital gains (STCG) on sale of derivatives and short-term capital loss (STCL) - The Tribunal...

3. Disallowance of commodity derivative loss - speculative loss or not - Assessee is engaged in one and only business of derivative trading in different commodity exchanges...

4. Addition made towards profit in money market operations - in this case the physical delivery has not taken place and therefore the transactions of sale and purchase of...

5. Loss on account of futures and options set off against the business profit - the entire transaction carried out by the assessee, indicated above, was within the umbrella...

6. Set off of derivative loss against derivative profit - speculative loss or not - the derivative transaction is not supported or backed by deliverable commodity - The...

7. Speculative transactions - set off of the loss - transaction in derivatives on recognized stock exchange as defined under Section 43 (5) (d) of the Income Tax Act, 1961...

8. Set off of loss - speculation loss or not - loss (on account of sale of derivatives) would be allowed to be set off against income arising out of proper business because...

9. Treatment to Forex loss incurred by the assessee on account of derivative transactions as speculative transactions - When the assessee enters into a hedging transaction...

10. Set off of losses - Merely because the two set of transactions are liable for different rate of tax, it cannot be said that income from these transactions does not arise...

11. Speculative loss or not - Set off and carry forward of loss arising from derivative transactions in currency segment - In essence, an 'eligible transaction' [as defined...

12. Set off of speculation loss against the profit earned by the assessee from delivery based transactions - the assessee would be entitled to set off this speculation loss...

13. Disallowing the NCDEX Trading Loss - Speculation Loss - It is not in dispute that the assessee's transactions in agricultural commodity derivative were otherwise...

14. 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...

15. Speculation loss u/s 73 - loss incurred on purchase and sale of shares in respect of delivery based transactions - the aggregation of the share trading loss and profit...