Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
Co-operative deduction eligibility excludes refund and commercial-bank interest, while qualifying co-operative investments require entity-wise verific...
Enhanced tax rate on surrendered unexplained income applies prospectively, while cash-deposit telescoping requires verification of available surrender...
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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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