TaxTMI 
TaxTMI 
STCG or Business Profit.
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....TCG or Business Profit.<br> Query (Issue) Started By: - Jamshed Mehta Dated:- 10-7-2019 Last Reply Date:- 10-7-2019 Income Tax<br>Got 1 Reply<br>Income Tax<br>The applicability of S.111A vis-a-vis the....
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.... CBTD Circulars and O.M.s. A.O.s take the view ans pass Orders citing the ref. Circulars. The A.O.s select certain criteria like frequency of sale/purchase, volume of transactions, holding period an....
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....d regular monitoring of transactions as in the nature of business. On the other hand criteria like consistency, no business establishment, no interest or other expense decisions, no losses on MTM clai....
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....m etc. are ignored. Above all, the case laws up to the SC in every case quote S. 111A for Delivery based transactions to be investments, STCG or LTCG depending on the period of holding being less/mor....
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....e than 12 months. Therefore why should the CBDT Circulars and O.M.s not be altered to be in line with S. 111A? A.O.'s just harass assessees with these documents. Additionally, the CBDT Circulars....
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.... and O.Ms cannot be contrary to law. The Supreme Court has held that circulars issued by the Board are binding in law on all tax authorities and assessees can rely on them for securing whatever relief....
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.... they are entitled to under the circular. Jamshed F. Mehta, Mumbai. Reply By DR.MARIAPPAN GOVINDARAJAN: The Reply: This discrepancy may be referred to CBDT in writing.<br> Discussion Forum - Knowle....
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....dge Sharing ....