Personal guarantor insolvency jurisdiction follows the corporate debtor's CIRP Bench, enabling inter-territorial transfer and preventing parallel proc...
Section 47-A undervaluation threshold: fraudulent intent requirement faces reconsideration after referral to a larger Bench for authoritative resoluti...
RBI supersession powers over multi-State co-operative banks operate independently of the constitutional six-month ceiling and permit statutory extensi...
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
