Bogus-purchase additions are limited to embedded profit where corresponding sales are accepted, while accommodation-entry information can support reas...
Provisional attachment fails without material showing likely concealment, transfer, or dealing that could frustrate confiscation of mortgaged property...
Works-contract goods transfers remain outside service tax, while qualifying lift irrigation works receive exemption and extended limitation cannot app...
Page of 4888
Press 'Enter' after typing page number.
1141 to 1160 of 97755 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Timely revised returns may correct the classification of an...
Revised returns correcting disclosed F&O loss classification require reassessment of consequential business-loss set-off and carry-forward claims under law.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Timely revised returns may correct the classification of an already disclosed F&O loss from speculative to non-speculative business loss, with consequential recomputation of its set-off and carry-forward. Such correction does not introduce a fresh or undisclosed loss merely because it changes the loss's character and tax treatment. A revised return filed within the prescribed period must be considered, while the legal sustainability of the reclassification and the treatment of F&O transactions remain subject to independent examination. The stated approach distinguishes revisions of disclosed losses from later claims that contradict an express option exercised in the original return.
Timely revised returns may correct the classification of an already disclosed F&O loss from speculative to non-speculative business loss, with consequential recomputation of its set-off and carry-forward. Such correction does not introduce a fresh or undisclosed loss merely because it changes the loss's character and tax treatment. A revised return filed within the prescribed period must be considered, while the legal sustainability of the reclassification and the treatment of F&O transactions remain subject to independent examination. The stated approach distinguishes revisions of disclosed losses from later claims that contradict an express option exercised in the original return.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4888 
