Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
HC held that the validity of FERA show-cause notices issued after repeal turned on whether the issuing officer had legal authority under the repeal-and-savings scheme in FEMA. Relying on the earlier co-ordinate Bench ruling in First Global Stockbroking Pvt. Ltd. v. R.M. Ramchandani, the Court held that the same officer was not empowered to act as adjudicating officer for notices under the repealed enactment. As no stay of that ruling existed and no distinguishing facts were shown, the notices were found to be without jurisdiction and were quashed.
HC held that the validity of FERA show-cause notices issued after repeal turned on whether the issuing officer had legal authority under the repeal-and-savings scheme in FEMA. Relying on the earlier co-ordinate Bench ruling in First Global Stockbroking Pvt. Ltd. v. R.M. Ramchandani, the Court held that the same officer was not empowered to act as adjudicating officer for notices under the repealed enactment. As no stay of that ruling existed and no distinguishing facts were shown, the notices were found to be without jurisdiction and were quashed.
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