Minimum alternate tax exclusions for pre-amendment banking companies and expatriate Indian branch salaries remain outside head office expenditure limi...
Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
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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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