speculation

In AY 2002-03, the assessee suffered a long-term capital loss. U/s 74(1) as it then stood, such loss could be carried forward and set off against all capital gains including short-term capital gains. S. 74 was amended in AY 2003-04 to provide that long-term capital loss could only be set-off against long-term capital gains and not against short-term-capital gain. When the assessee claimed a set-off in AY 2004-05 the question arose whether the amended law should apply or .. Full Article

19 PwC tax partners have resigned following the resignation of the PwC tax head Dinesh Kanabar on Saturday December 26. Among the people who quit today are H Kotak, G Mistry and R Dhume - all of whom have joined KPMG. All the resigning partners were originally from RSM. Full Article

Where assessee is engaged in trading in share of other companies, the business carried on by the assessee will be in nature of speculative business and profit or loss arising therefrom will be the speculative profit/loss. Full Article

Recently, the Special Bench of the Kolkata Income-tax Appellate Tribunal (the Tribunal) in the case of Shree Capital Services Ltd. v. ACIT (2009-TIOL-542-ITAT-KOL-SB) while dealing with a case prior to the amendment to section 43(5) of the Income-tax Act, 1961 (the Act) exempting derivative transaction as speculative in nature, held that the derivative transactions will be considered as speculative transaction under section 43(5) of the Act. Further, it was also held tha.. Full Article

Section 254 of the Income-tax Act, 1961 - Appellate Tribunal - Powers of - Assessment year 1996-97 -Whether though Tribunal is not akin to a Court but functions discharged by it are similar to a Court, and, hence, in addition to its expressed statutory powers it has got inherent power to pass such orders as may be necessary for ends of justice - Held, yes - Full Article

SUMMARY OF CASE LAW F&O transactions are not speculative transactions and thus, the income from such transactions cannot be set off against the speculation loss. Full Article

CASE LAW DETAILS Decided by: ITAT Mumbai,   In The case of: Bomi S. Billimoria vs. ACIT ,  Appeal No.:,  ITA NO. 2120/MUM/1998 (Assessment Year 1993-94), Date of Order: 30th June 2009. SUMMARY OF CASE LAW The assessee, an employee of Johnson & Johnson (“J&J”) India, received from J&J, USA, on 12.7.1989 a “cashless” option to [...] Full Article

SUMMARY OF CASE LAW Speculative transactions In case of a company, if part of its business consists of dealing in shares then all types of transactions, whether delivery based or non-delivery based, will be treated as speculative transactions. Full Article