Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
Approved resolution plans extinguish unsubmitted pre-approval tax claims, preventing later recovery outside the insolvency process and preserving a cl...
Transfer pricing comparability requires functional alignment and permits working capital adjustment, while APA margins cannot govern non-covered years...
Dealing-error losses incurred by a share broker in client transactions are described as allowable where reassessment proceedings examined and accepted their genuineness, with no factual or legal defect identified in the appellate findings. The text also treats losses on proprietary derivative transactions as realised business losses where contract notes, transaction-wise details and contemporaneous records establish that positions were squared off during the relevant year. A corrected factual explanation, supported by evidence, prevails over an initial statement that the loss arose from an open position; compulsory cash settlement supports treatment as realised rather than notional loss.
Dealing-error losses incurred by a share broker in client transactions are described as allowable where reassessment proceedings examined and accepted their genuineness, with no factual or legal defect identified in the appellate findings. The text also treats losses on proprietary derivative transactions as realised business losses where contract notes, transaction-wise details and contemporaneous records establish that positions were squared off during the relevant year. A corrected factual explanation, supported by evidence, prevails over an initial statement that the loss arose from an open position; compulsory cash settlement supports treatment as realised rather than notional loss.
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