Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Payment to a tenant for taking over a building on lease cancellation was supported by the agreement, bank records, ledger entries and TDS documents, so ITAT accepted it as part of the building block of assets. The Tribunal held that the Assessing Officer could not recast the brought-forward written-down value by relying on assumptions from earlier years, especially when the block had been consistently carried forward in the books and returns and no contrary material was produced. It also noted that the earlier revaluation related to land, not the factory building. The restriction of the short-term capital loss was therefore unsustainable, and the loss claimed was allowed.
Payment to a tenant for taking over a building on lease cancellation was supported by the agreement, bank records, ledger entries and TDS documents, so ITAT accepted it as part of the building block of assets. The Tribunal held that the Assessing Officer could not recast the brought-forward written-down value by relying on assumptions from earlier years, especially when the block had been consistently carried forward in the books and returns and no contrary material was produced. It also noted that the earlier revaluation related to land, not the factory building. The restriction of the short-term capital loss was therefore unsustainable, and the loss claimed was allowed.
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