Tax exemption for regulatory authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and return filing...
Dispute Resolution Panel objections must reach both prescribed forums; otherwise assessment may proceed and statutory appeal remains the proper remedy...
Annual election between the Income-tax Act and the applicable tax treaty permits an assessee to select the more beneficial regime independently for each assessment year, with no identified bar on changing that option across years. Where treaty treatment under the India-Mauritius DTAA renders capital gains non-taxable in India, earlier short-term capital losses validly carried forward need not be set off against those exempt gains. Those losses may therefore continue to be carried forward. The Revenue's challenge to further carry forward of the losses failed on merits, while the reassessment challenge became infructuous.
Annual election between the Income-tax Act and the applicable tax treaty permits an assessee to select the more beneficial regime independently for each assessment year, with no identified bar on changing that option across years. Where treaty treatment under the India-Mauritius DTAA renders capital gains non-taxable in India, earlier short-term capital losses validly carried forward need not be set off against those exempt gains. Those losses may therefore continue to be carried forward. The Revenue's challenge to further carry forward of the losses failed on merits, while the reassessment challenge became infructuous.
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