Tax implications and neutrality of transaction play a pivotal role in determining applicability of Section 40A (2) (a) of Income Tax Act: ITAT [Read Order]

Tax implications and neutrality of transaction play a pivotal role in determining applicability of Section 40A (2) (a) of Income Tax Act 1961, ruled ITAT Mumbai
itat mumbai - Tax Implications in Transactions - ITAT Ruling on Tax Neutrality - Taxation of Financial Transactions - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) observed that tax implications and neutrality of transaction play a pivotal role in determining applicability of under Section 40A(2)(a) of Income Tax Act, 1961. The Securities Exchange Board of India ( SEBI ) faced scrutiny as a discretionary portfolio manager for institutional clients….

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