Capital Gain - Page 22

Capital gain from penny stocks not bogus for violation of SEBI regulations by broker

ITO Vs. Arvind Kumar Jain HUF (ITAT Mumbai)

Where assessee’s broker share transaction was bone fide in all respect, merely because share broker was tainted violating SEBI regulations, would not make assessee’s share transactions bogus....

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Deal cancellation compensation expense cannot be claimed from Capital Gain

Kodanda Ramaiah Varadhi Vs ITO (ITAT Visakhapatnam)

Under the head Capital gains only direct expenses relatable to transfer of property are allowed as deduction. Therefore, the cancellation expenses should not be held to be incurred either for acquiring the property or for transfer of property...

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No Transfer U/s 2(47) if JDA is not registered: SC

CIT Vs Balbir Singh Maini (Supreme Court of India)

There is no contract in the eye of law in force under Section 53A after 2001 unless the said contract is registered. This being the case, and it being clear that the said JDA was never registered, since the JDA has no efficacy in the eye of law, obviously no transfer can be said to have taken place under the aforesaid document....

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Section 2(47) no transfer by Mere entering in Development agreement

Rukiyabanu Gullam Mohiuddin Ahmedji & Anr. Vs CIT (ITAT Mumbai)

Admittedly, possession of the property was not handed over during assessment year 2008-09 and mere execution of agreement for the development of the property could not amount to transfer under section 2(47) of the Act row with section 53A of the transfer of property Act are satisfied as such there can no transfer be considered in the year...

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Final occupation date to calculate Purchase date for section 54F exemption allowed

Smt Ramita Mahendra Mehta Vs Income Tax officer (ITAT Mumbai)

This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals) -20, Mumbai dated 17.04.2014 for the Assessment Year 2010-11. The only grievance of the assessee in his appeal is that the Ld.CIT(A) erred in denying the deduction u/s 54 of the Act....

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TDS on interest under Capital Gains Accounts Scheme of deceased depositor

Notification No. 08/2017- Income Tax (13/09/2017)

It has been brought to the notice of CBDT that in cases of deceased depositor who has made deposits under the Capital Gains Accounts Scheme, 1988; the banks are deducting TDS on the interest earned on such deposits in the hand of the deceased depositor and issuing TDS certificates in the name of the deceased depositor, which is not in ac...

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Loss on Mutual Fund sale is Business Loss for assessee engaged in share trading business

M/s. Cosmos International Ltd. Vs ITO (ITAT Delhi)

Assessee is engaged in the business of trading in securities and shares. In the year under consideration the assessee suffered a loss of Rs. 29,82,952/- on the sale of Mutual Fund which was held as stock in trade and as such claimed as business loss. The issue in this case is whether the amount of Rs 29,82,952/- on account of loss on sale...

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Family Arrangement

We see many big business houses run by second or third generation families with different ideologies or intending to diversify their businesses. Occasionally, it leads to separation of business and to family disputes. While most settle the issues amongst themselves, some families drag them to court....

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Posted Under: Income Tax |

Snippet on taxability of capital reduction

Capital reduction is a commonly adopted tool by companies for re-engineering their capital structure. The need for reducing share capital may arise owing to a number of reasons, such as returning excess funds to the shareholders, adjustment of accumulated losses, minority squeeze out, improving EPS, producing a more efficient capital stru...

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Posted Under: Income Tax |

Cash dividend no longer the king

The corporates today are rewarding their shareholders in various fashionable ways like Bonus shares (equity and preference shares), bonus debentures, buyback, etc. These modes of distribution could prove to be more efficient than conventional method of distribution i.e. cash dividend....

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Posted Under: Income Tax |

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