Writ relief against show cause notices is available where jurisdiction is absent and concluded advance rulings cannot be reopened without fresh fraud ...
Section 80P business attribution: ITAT allows deduction on investment interest and ancillary receipts, but excludes staff-loan and other non-eligible ...
Gains from cancellation or early settlement of forward foreign exchange contracts entered solely to hedge debt investments retain the capital character of the underlying capital assets. The contracts were restricted by the underlying foreign-exchange exposure, could not subsist independently after disposal of the securities, and their settlement extinguished contractual rights and obligations, constituting a transfer. Accordingly, the gain was treated under Capital Gains rather than Income from Other Sources. Consistent coordinate Bench decisions in the same taxpayer's case remained binding despite pending High Court appeals, absent any stay or reversal, and were followed. Penalty-initiation objections were described as premature.
Gains from cancellation or early settlement of forward foreign exchange contracts entered solely to hedge debt investments retain the capital character of the underlying capital assets. The contracts were restricted by the underlying foreign-exchange exposure, could not subsist independently after disposal of the securities, and their settlement extinguished contractual rights and obligations, constituting a transfer. Accordingly, the gain was treated under Capital Gains rather than Income from Other Sources. Consistent coordinate Bench decisions in the same taxpayer's case remained binding despite pending High Court appeals, absent any stay or reversal, and were followed. Penalty-initiation objections were described as premature.
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