Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
Modification of bail conditions remains available through inherent jurisdiction where onerous deposits undermine justice and cannot recover disputed d...
Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
Capital Gains - Addition of cash found in search - Entire amount recorded in the seized documents has been treated as income of the assessee without calculating the capital gain as per the provisions of section 48 of the Act. Assuming, but not admitting, that impugned amount represents the income of the assessee then it has to be worked out as per the provisions of law. None of the authorities below has given any benefit of the cost of acquisition and index cost as provided u/s 48. - AO directed to delete the addition - AT
Capital Gains - Addition of cash found in search - Entire amount recorded in the seized documents has been treated as income of the assessee without calculating the capital gain as per the provisions of section 48 of the Act. Assuming, but not admitting, that impugned amount represents the income of the assessee then it has to be worked out as per the provisions of law. None of the authorities below has given any benefit of the cost of acquisition and index cost as provided u/s 48. - AO directed to delete the addition - AT
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