Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
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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