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Section 43, Country Joe & The Fish (Live Monterey Pop Festival, 1967)
CBDT notifies Ace Derivatives and Commodity Exchange Ltd.’ for trading of commodity derivative under section 43(5)
CBDT notifies Ace Derivatives and Commodity Exchange Ltd.’ for trading of commodity derivative under section 43(5)
(DEPARTMENT OF REVENUE), (CENTRAL BOARD OF DIRECT TAXES), NEW DELHI
NOTIFICATION NO. 15/2014, Dated: March 20, 2014
In exercise of the powers conferred by clause (iii) of Explanation 2 to clause (e) of the proviso to clause (5) of section 43 of the Income-tax Act, 1961 (43 of 1961), read with sub-rule (4) of rule 6DDD of the Income-tax Rules, 1962, the Central Government hereby notifies theAce…
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Jobbing is not speculative in view of proviso(c) to section 43(5)
In normal terminology, the share trading business on behalf of oneself is known as jobbing. Section 43(5) defines the word speculative transaction, but there are three exceptions to it. The proviso (c) to section 43(5) reads as under : ‘
‘A contract…
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FII cannot have business profits - Derivatives income not taxable as speculation income to FIIs
Case of Hon’ble Bombay High Court viz Bharat Ruia(supra) is not applicable to the facts and the issue involve as the assessees are FII duly registered with SEBI. He further submitted that the assessee is allowed to invest in Indian Capital Market and the…
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Despite Section 43(5) Exemption, Derivatives Loss Is Speculation Loss For Companies
Issue- Did the Income Tax Appellate Tribunal (ITAT) fall into error in not holding that the loss of Rs. 4,92,71,000/- on account of derivative transaction was a speculative loss, and was entitled to the benefit of Section 73, in view of the Explanation…
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Recent drop in Ruppee Value gives rise in tax depreciation [Relevant provisions of Section 43A]
CA Sunil C. Hukkeri
On the question whether an Assessee is entitled to adjust the actual cost of imported assets acquired in foreign currency on account of fluctuation in the rate of exchange at the time of making PAYMENT towards the whole or part of cost…
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Foreign Currency Forward Contract Loss is not Speculation Loss
Admittedly, the assessee is not a dealer in foreign exchange. For the purpose of hedging the loss due to fluctuation in foreign exchange while implementing the export contracts, the assessee had entered into forward contract with the banks. In some…
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