Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Treaty benefit, goodwill depreciation and hedging costs: export commission disallowed, while key business deductions and depreciation claims succeeded...
Undisclosed foreign asset classification requires an unexplained source; unrebutted affidavits and corroborative evidence defeated the Black Money Act...
Capital gains must be computed under the integrated scheme of sections 45, 48 and 55, so the entire sale consideration cannot be taxed as long-term capital gain where the asset was acquired before 01.04.2001. The assessee was entitled to exercise the statutory option under section 55(2)(b) to adopt fair market value as on 01.04.2001 as the cost of acquisition, and the valuation reports filed through a Government Approved Valuer had to be examined on merits. The matter was remanded for verification of the valuation claims, including the MIDC transfer premium relating to leasehold rights, and for recomputation of capital gains after due hearing.
Capital gains must be computed under the integrated scheme of sections 45, 48 and 55, so the entire sale consideration cannot be taxed as long-term capital gain where the asset was acquired before 01.04.2001. The assessee was entitled to exercise the statutory option under section 55(2)(b) to adopt fair market value as on 01.04.2001 as the cost of acquisition, and the valuation reports filed through a Government Approved Valuer had to be examined on merits. The matter was remanded for verification of the valuation claims, including the MIDC transfer premium relating to leasehold rights, and for recomputation of capital gains after due hearing.
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