Treatment of repatriated goods as capital: sale proceeds below threshold excluded from capital gain, documentary proof not required. Income-tax officers must treat sales of goods brought by repatriates as capital up to a specified threshold, considering only proceeds in excess of that threshold in computing capital gains, and should not insist on documentary evidence to establish holding period; profits on such sales are to be assessed as long term capital gains, with pending and completed assessments to be adjusted or reviewed accordingly.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Treatment of repatriated goods as capital: sale proceeds below threshold excluded from capital gain, documentary proof not required.
Income-tax officers must treat sales of goods brought by repatriates as capital up to a specified threshold, considering only proceeds in excess of that threshold in computing capital gains, and should not insist on documentary evidence to establish holding period; profits on such sales are to be assessed as long term capital gains, with pending and completed assessments to be adjusted or reviewed accordingly.
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