Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
Capital gains on transfers of old immovable properties should not be computed by mechanically treating acquisition cost as nil merely because historical records are incomplete. Statutory deductions for acquisition, improvement and transfer expenditure remain relevant, and fair market value at the statutory base date may be used where applicable. Reverse indexation or a time-gap method may help estimate historical value, subject to verification of guidance value, locality, property characteristics, inflation index, enhancement and calculations; the correct cost and capital gains must then be recomputed. Interest under section 234A is compensatory and cannot apply to delay that is not legally attributable to the taxpayer. Where no valid return could legally be filed before reassessment notice, that intervening period should be excluded under lex non cogit ad impossibilia.
Capital gains on transfers of old immovable properties should not be computed by mechanically treating acquisition cost as nil merely because historical records are incomplete. Statutory deductions for acquisition, improvement and transfer expenditure remain relevant, and fair market value at the statutory base date may be used where applicable. Reverse indexation or a time-gap method may help estimate historical value, subject to verification of guidance value, locality, property characteristics, inflation index, enhancement and calculations; the correct cost and capital gains must then be recomputed. Interest under section 234A is compensatory and cannot apply to delay that is not legally attributable to the taxpayer. Where no valid return could legally be filed before reassessment notice, that intervening period should be excluded under lex non cogit ad impossibilia.
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