Month: January 2016

Taxability of Conversion of Stock in trade to Investment

Taxability of Conversion of Stock in trade to Investment
In case of a business of trading in shares assessee may transfer some of his stock in trade into his capital asset by deciding to hold

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Powers of the A.O. are not plenary or unbridled

Powers of the A.O. are not plenary or unbridled
1. INTRODUCTION
Recently, I had an occasion to deal with a case, where no notice under section 143(2) of the Income‑Tax Act, 1961 (the Act), was

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Whether MAT applicable to share of a company in income of a joint venture business

Whether MAT applicable to share of a company in income of a joint venture business
1. Introduction
We have been witnessing a new and different trend in relation to the real estate development. Earlier, a

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Planning the Pay – Package of a Senior Executive

Planning the Pay – Package of a Senior Executive
As is well known income-tax is deducted at source in respect of income from ‘Salaries’. As the income of salaried tax-payers is fixed, they are more

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Profit on Sale of Share immediately after conversion from Stock in Trade to Investment is Business Income

Profit on Sale of Share immediately after conversion from Stock in Trade to Investment is Business Income
lndo Stosec (P.) Ltd. vs. lncome-Tax Officer (ITAT Mumbai), Appeal No. I.T.A.No.3472/Mum/2010, Date of Pronouncement : 20.8.2014, Assessment

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No Legal Bar on conversion of Stock in Trade to Investment

No Legal Bar on conversion of Stock in Trade to Investment
ACIT vs. M/s. Superior Financial Consultancy Services (ITAT Mumbai), Appeal No. ITA No. 4208/Mum/2007, Date of Pronouncement : 06.03.2013, Assessment Year: 2004-05
Briefly stated,

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