Withdrawal of obsolete FEMA circulars streamlines rules on external commercial borrowings, non-resident bond investments, and money transfer sub-agent...
Departmental appeal limitation after call-book recall preserves original filing, while documented correlation supports SAD refund on imported granules...
Income-tax prosecution fails when appellate remand removes its factual foundation; directors require company arraignment for vicarious criminal liabil...
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Characterisation of losses on transfer of real-estate allotment rights depends on their actual treatment and supporting evidence, not book entries alone. Where the rights were recorded as short-term loans and advances rather than closing stock, and the claimed business loss was not substantiated, they were treated as capital assets. The resulting loss remained eligible for indexation and carry-forward as long-term capital loss. Where interest is claimed as part of acquisition cost, conflicting positions require fresh computation after the taxpayer is given an opportunity to provide supporting evidence.
Characterisation of losses on transfer of real-estate allotment rights depends on their actual treatment and supporting evidence, not book entries alone. Where the rights were recorded as short-term loans and advances rather than closing stock, and the claimed business loss was not substantiated, they were treated as capital assets. The resulting loss remained eligible for indexation and carry-forward as long-term capital loss. Where interest is claimed as part of acquisition cost, conflicting positions require fresh computation after the taxpayer is given an opportunity to provide supporting evidence.
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