Prior Sanction Requirement: absence of prescribed approval invalidates reassessment notice; limitation also bars notice if escaped income below thresh...
Eligibility for exemption depends on strict construction of the product description; reapers without binder are ineligible, but confiscation and penal...
Customs jurisdiction defined for Principal Commissioner, Vishakhapatnam, covering specified ports, districts and India's adjacent EEZ; effective on pu...
Indexed cost of construction and land was allowed in capital gains computation where the registered sale deed and its annexure already contained the relevant building particulars. The tribunal held that the annexure formed an integral part of the public document, so those details were not "additional evidence" requiring Rule 46A compliance. It further held that indexation under section 48 is a statutory consequence and cannot be denied on hyper-technical grounds when the material necessary to determine cost is already on record. The capital gains were therefore required to be recomputed, and treating the entire sale consideration as short-term capital gain was unsustainable.
Indexed cost of construction and land was allowed in capital gains computation where the registered sale deed and its annexure already contained the relevant building particulars. The tribunal held that the annexure formed an integral part of the public document, so those details were not "additional evidence" requiring Rule 46A compliance. It further held that indexation under section 48 is a statutory consequence and cannot be denied on hyper-technical grounds when the material necessary to determine cost is already on record. The capital gains were therefore required to be recomputed, and treating the entire sale consideration as short-term capital gain was unsustainable.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4816 
Join Channel 
