Additional income from F&O transactions - In view of the ...

Court Rules AO's Classification of F&O Contracts as Stock Incorrect; Profit Addition to Taxpayer's Income Overturned.

July 20, 2022

Case Laws Income Tax AT

Additional income from F&O transactions - In view of the peculiar nature of F&O transactions submitted by the Ld. AR, we are of the view that the Ld. AO has wrongly treated the open outstanding contracts as closing / opening stocks of the assessee and made re-working of profit. Therefore, the addition made by Ld. AO is not correct and deserves to be deleted. - AT

View Source

← Previous Next →

Additional income from F&O transactions - In view of the ...

Court Rules AO's Classification of F&O Contracts as Stock Incorrect; Profit Addition to Taxpayer's Income Overturned.

July 20, 2022

Case Laws Income Tax AT

You may also like:

Addition to assessee's income by enhancing closing stock value made by Assessing Officer (AO) u/s 143(3) was based solely on statement recorded during survey without any...

The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

Assessee showed higher wastage of 13.04% on consumption of worsted yarn compared to 8.66% in previous year. AO made addition for excessive shortage and scrap value of...

Provision of section 145(3) invoked without satisfying conditions - books of accounts rejected without following proper procedure u/s 144. Gross profit addition made...

Estimation of profit - AO applying a profit rate of 20% on the contract receipt against the rate of profit declared by the appellant at 8.13% - CIT(A) directing the AO...

Addition of contract receipts - bogus activity - Estimation of income - The AO had made an addition to the assessee's income, alleging discrepancies in the contract...

Excess stock found during the search - A.O. has not held that there was any difference in quantity of stock as per valuation report and as per hooks of accounts. There...

Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

Additions towards Undisclosed profit from contract work and transport income - The tribunal found that the assumptions made by Ld. AO are without any basis, on the...

Profit on sale of deficit stock outside the books - whether the entire deficit stock has to be taken as profit of the assessee or the profit element embedded in the...

Excess stock found during survey triggered initiation of proceedings against petitioner. Court held if excess stock found, proceedings u/ss 73/74 of GST Act should be...

Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

ITAT ruled on unexplained purchases under s.69C and unaccounted sales. For unexplained purchases in non-edible oil business, ITAT directed estimation of profit at 8%...

Special Economic Zones (2nd Amendment) Rules, 2018 - Sub-Contracting - Rule 41 amended.

Addition u/s 69B on account of difference in stock statement given to the Bank - the stock statement tally with the stock statement submitted to the bank at the end of...

Quick Updates: