share trading judiciary-2

Unlisted shares sold before 11.07.2014 eligible for benefit of short holding period

Mrs. Neelu Analjit Singh Vs The Addl. Commissioner of Income tax (ITAT Delhi)

The issue under consideration is Unlisted shares sold after holding for 23 months considered as Long Term Capital Gains or Short Term Capital Gains?...

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Classfication of Shares when all such shares been bought in regular course business?

Karan R. Bahl Vs ITO (ITAT Mumbai)

In the instant case, all the shares have been bought by the assessee in the regular course of his business, employing common funds, depositing them in the same D-Mat account, and even through the same broker and infrastructure. ...

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Gains on shares held in investment portfolio not assessable as business profits

Commissioner of Income Tax-VII Vs Avinash Jain (Delhi High Court)

The intent and purport of the CBDT circular No.4/2007 dated 15.06.2007 is to demonstrate that a tax payer could have two portfolios, namely, an investment portfolio and a trading portfolio. In other words, the assessee could own shares for the purposes of investment and/or for the purposes of trading....

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An order executed in parts by exchange can not be considered as multiple transactions

Mr. Nehal V. Shah Vs ACIT (ITAT Mumbai)

The AO held the assessee to be a trader in shares & assessed the gains as business profits on the ground that (a) there was high frequency & sale transactions, (b) there were instances where delivery was not taken and shares were sold within a short period,...

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Profits from shares is business profits: ITAT Mumbai

Smt. Sadhana Nabera Vs. ACIT (ITAT Mumbai)

The assessee, a director and shareholder in a company engaged in share trading, returned income of Rs. 78,89,499 earned by her on transfer of shares as a “short-term capital gain”. The AO took the view that as there were voluminous transactions, the assessee was engaged in share trading and the income was assessable as “business inc...

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Income from trading of shares will be speculative business within meaning of provision of Explanation to section 73

ITO Vs. Ethno Financial Research Pvt. Ltd. (ITAT Delhi)

The provisions of Explanation to section 73 do not distinguish between the transaction of trading in shares on actual delivery or without delivery basis. Admittedly the assessee does not fall under any of the exceptions provided in the Explanation and hence, the purchase and sale of shares traded during the year under consideration is in ...

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Losses could not be ignored in determining the applicability of exception clause of Explanation to section 73

Mafatlal securities Ltd. Vs Joint Commissioner of Income-tax (ITAT Mumbai)

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 ju...

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Loss on purchase and sale of units of mutual fund cannot be treated as speculation loss

Multiplex Trading & Industrial Co. Ltd. Vs ITO (ITAT Delhi)

The assessee is engaged in rendering Business & Management Consultancy and Marketing Services to its various clients against payment of professional fees. The assessee invested Rs 2,00,00,000/ - in 14,38,848.929 units of Sun F &C fund. The dividend of Rs.43,16,546. 70 received on 22.02.2001 was also reinvested in 4,09,151.252 units of the...

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June 2021