Proportionate interest, unexplained credits and partner remuneration disputed; proofs of fund nexus and lender identity were decisive and disallowance...
Capital gains valuation from stamp assessment versus net consideration for residential reinvestment: deemed stamp value replaced for gains but not for...
Long-term capital loss from share sales could not be adjusted against long-term capital gains exempt under Article 13(4) of the India-Mauritius DTAA, because such exempt gains did not enter the Indian computation of total income. Applying section 90(2), the Tribunal held that the taxpayer could rely on the treaty for exempt gains and on the Act for more beneficial treatment in relation to carry forward of loss. It also treated gains and losses from separate share transactions as distinct sources under the same head. The restriction on carry forward after set-off against treaty-exempt gains was unsustainable, and the loss was directed to be carried forward without such adjustment.
Long-term capital loss from share sales could not be adjusted against long-term capital gains exempt under Article 13(4) of the India-Mauritius DTAA, because such exempt gains did not enter the Indian computation of total income. Applying section 90(2), the Tribunal held that the taxpayer could rely on the treaty for exempt gains and on the Act for more beneficial treatment in relation to carry forward of loss. It also treated gains and losses from separate share transactions as distinct sources under the same head. The restriction on carry forward after set-off against treaty-exempt gains was unsustainable, and the loss was directed to be carried forward without such adjustment.
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