Power to receive documentary evidence upheld; documents referred in complaint may be placed on record without amendment where omission was inadvertent...
Proof of foreign public documents requires originals or certified diplomatic/notarial copies; inspection must occur in-magna presence and cross-examin...
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...
Section 57(iii) deduction requires expenditure to be laid out wholly and exclusively for earning the relevant income, and the Tribunal allowed only proportionate interest linked to the loan traceable to the advance, while disallowing the balance for lack of direct nexus. Transfer of dematerialised shares from the assessee's demat account to his mother's account was treated as a transfer of a capital asset, so capital gains computed on a deemed consideration basis were sustained. The Tribunal also upheld admission of an alternative section 54F claim for examination in appeal and permitted set-off of F&O loss under the loss-set-off provisions despite the claim not being raised in the return.
Section 57(iii) deduction requires expenditure to be laid out wholly and exclusively for earning the relevant income, and the Tribunal allowed only proportionate interest linked to the loan traceable to the advance, while disallowing the balance for lack of direct nexus. Transfer of dematerialised shares from the assessee's demat account to his mother's account was treated as a transfer of a capital asset, so capital gains computed on a deemed consideration basis were sustained. The Tribunal also upheld admission of an alternative section 54F claim for examination in appeal and permitted set-off of F&O loss under the loss-set-off provisions despite the claim not being raised in the return.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4817 
Join Channel 
