Short Term Capital Gain judiciary-2

Nature of capital gains on transfer of buildings /right in lease hold land

Hirsh Bracelet India Pvt. Ltd. Vs ACIT (ITAT Bangalore)

Hirsh Bracelet India Pvt. Ltd. Vs ACIT (ITAT Bangalore) Section 50 of the Act is a special provision for computation of capital gains in case of depreciable assets and is applicable only to capital assets forming part of Block of Assets on which depreciation has been allowed under the Act. and also only for the […]...

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Tax on Giving up of rights on flats in favour of developer within 36 months of date of JDA

Sri Suresh C. Vs DCIT (ITAT Bangalore)

Consideration of 14 flats for giving up related rights in favour of developer was received by assessee within a period of three years from the date of JDA. In such circumstances, concerned flats assumed the character of ‘short-term’ capital asset and gain on such transfer was rightly assessed by AO as STCG....

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Gain on Sale of right to obtain flat- LTCG or STCG?

ITO (International Taxation) Vs Monish Kaan Tahilramani (ITAT Mumbai)

ITO (International Taxation) Vs Monish Kaan Tahilramani (ITAT Mumbai) The only surviving question that arise for consideration is manner of computation of the gains. It is noted that the assessee has paid upfront payment to the extent of 5% upon allotment and the balance payment has been spread over by way of installment during the [&hell...

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Income from shares is capital gain if shares been held as investment with intention of Investment

ACIT Vs Shri Finance (ITAT Delhi)

Where the assessee had clear intention of being an investor and had held shares by way of investment, assessee was to be treated as investor and any gain arising out of transfer of shares was to be treated as ‘capital gain’ and not ‘business income’....

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Brought forward long-term capital loss and brought forward business loss can be set off against STCG computed U/s. 50

ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai)

ITO Vs M/s Smart Sensors & Transducers Ltd. (ITAT Mumbai) As regards to set off of business loss against gain on sale of depreciable asset of factory building by the assessee, we find that the co-ordinate Bench of the Tribunal in the case of M/s. Raj Shree Roadlines vs ITO (ITA No.1627/Mum/2012) for A.Y . […]...

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STCG or LTCG on transfer of ESOP options depends on holding period

N. R. Ravikrishnan Vs ACIT (ITAT Bangalore)

Gain arising on transfer of ESOP options should be taxed as long term capital gains where the holding period was more than 3 years as assessee acquired a valuable and transferable right and the right of share constituted capital assets from the date of grant....

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Income from Share Trading in the nature of business cannot be treated as ‘Capital Gain’

Income-Tax Officer Vs Manusi Securities Pvt. Ltd. (ITAT Ahemdabad)

Assessee is regularly in the business of purchase-sale of equity shares, share transactions entered during the year were in large number, funds were borrowed for the purpose of trading, no separate account has been maintained for the investment portfolio and all the transactions of purchase sale raised are only for one scrip namely Suraj ...

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Property holding period should be computed from Allotment Letter date

Anita. D. Kanjani Vs ACIT (ITAT Mumbai)

This appeal has been filed by the assessee against the order of the Commissioner of Income-tax (Appeals)-32 [hereinafter called CIT(A)]02-0-2015 passed against the assessment order of the AO u/s 143(3) dated 23-12-2013 for A.Y. 201-12 on the following grounds...

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Letter of allottment date must be taken as date of holding asset

Anita D Kanjani Vs ACIT (ITAT Mumbai)

ITAT held that holding period should be computed from the date of issue of allotment If we do so, the holding period becomes more than 36 months and consequently, the property sold by the assessee would be long term capital asset in the hands of the assessee and the gain on sale of the same would be taxable in the hands of the assessee as...

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Mere Change in Allotted flat without determining any consideration is not transfer

ITO Vs Smt. Tripta Shahani (ITAT Lucknow)

Merely change in the flat without determining any consideration for the old flat cancelled and new flat transferred, it cannot be said that the old flat was sold and new flat was purchased on the date of change....

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