Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
HC ruled on securities payout circular requiring direct transfer to client demat accounts. Trading members not engaged as depository participants do not require DP license. For index derivatives with cash margins, clients need not maintain demat accounts, provided they deal exclusively in index derivatives without physical delivery requirements. Broker must ensure compliance. For all other trades, original circular mandating demat accounts remains applicable. Court disposed petition after petitioner acknowledged clarifications addressed their concerns. Ruling maintains regulatory framework while providing specific exemption for index derivative transactions with cash-only margins.
HC ruled on securities payout circular requiring direct transfer to client demat accounts. Trading members not engaged as depository participants do not require DP license. For index derivatives with cash margins, clients need not maintain demat accounts, provided they deal exclusively in index derivatives without physical delivery requirements. Broker must ensure compliance. For all other trades, original circular mandating demat accounts remains applicable. Court disposed petition after petitioner acknowledged clarifications addressed their concerns. Ruling maintains regulatory framework while providing specific exemption for index derivative transactions with cash-only margins.
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TaxTMI 
TaxTMI 
of 4916 
