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Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
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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