Statutory refund interest requires correction of short computation and compensation where admitted interest remains unpaid through administrative dela...
Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
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Income or loss arising from assets transferred without consideration to a spouse was held to fall within section 64(1)(iv) where the Department failed to show consideration or an agreement to live apart. The Tribunal applied the principle that clubbing extends to income or loss indirectly arising from the transferred asset, so the spouse's derivative trading loss could be considered in the assessee's hands if a nexus with the gifted funds existed. The view that the loss was the spouse's independent trading loss was rejected. The matter was remitted only for verification of the quantum of loss attributable to the gifted funds.
Income or loss arising from assets transferred without consideration to a spouse was held to fall within section 64(1)(iv) where the Department failed to show consideration or an agreement to live apart. The Tribunal applied the principle that clubbing extends to income or loss indirectly arising from the transferred asset, so the spouse's derivative trading loss could be considered in the assessee's hands if a nexus with the gifted funds existed. The view that the loss was the spouse's independent trading loss was rejected. The matter was remitted only for verification of the quantum of loss attributable to the gifted funds.
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