Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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Indexation on a capital asset received in amalgamation was held to run from FY 2008-09 because the township had already been constructed and let out by the amalgamating company, with rental income taxed from that year; the tax-neutral transfer under the scheme did not shift the holding period to the later amalgamation order or occupancy certificate. The Tribunal also upheld the claimed short-term capital loss on sale of AIF units to a subsidiary, finding both acquisition and sale valuations followed the NAV method, the fall in value was explained by decline in underlying investments, and a related-party sale is not a colourable device without evidence of tax avoidance. Both revenue appeals were dismissed.
Indexation on a capital asset received in amalgamation was held to run from FY 2008-09 because the township had already been constructed and let out by the amalgamating company, with rental income taxed from that year; the tax-neutral transfer under the scheme did not shift the holding period to the later amalgamation order or occupancy certificate. The Tribunal also upheld the claimed short-term capital loss on sale of AIF units to a subsidiary, finding both acquisition and sale valuations followed the NAV method, the fall in value was explained by decline in underlying investments, and a related-party sale is not a colourable device without evidence of tax avoidance. Both revenue appeals were dismissed.
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