Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
AAAR declined to rule on the exemption claim for dredging and desilting services because the same transaction and period were already covered by a notice and adjudication order under section 73. It held that deciding the exemption issue in the advance ruling appeal could prejudice the statutory remedies available against that order, so judicial propriety required restraint. The Authority therefore left all substantive questions open, including the claimed exemption under Entry 3 or 3A, for determination in the appropriate appellate proceedings arising from the adjudication order.
AAAR declined to rule on the exemption claim for dredging and desilting services because the same transaction and period were already covered by a notice and adjudication order under section 73. It held that deciding the exemption issue in the advance ruling appeal could prejudice the statutory remedies available against that order, so judicial propriety required restraint. The Authority therefore left all substantive questions open, including the claimed exemption under Entry 3 or 3A, for determination in the appropriate appellate proceedings arising from the adjudication order.
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