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...
The ITAT Ahmedabad ruled on two key issues: 1) Determination of Selling Price of Shares for LTCG Calculation - Held that the AR's contention regarding higher consideration for shareholders who were tenants is justifiable. Section 50C not applicable to share of Private Limited Company. Decision of CIT vs. Salora International Limited not applicable due to distinguishing facts. 2) Deduction of rent paid against HRA - Assessee provided evidence of paying rent to HUF. Allowed deduction based on Tribunal decisions. Grounds 1 and 2 allowed.
The ITAT Ahmedabad ruled on two key issues: 1) Determination of Selling Price of Shares for LTCG Calculation - Held that the AR's contention regarding higher consideration for shareholders who were tenants is justifiable. Section 50C not applicable to share of Private Limited Company. Decision of CIT vs. Salora International Limited not applicable due to distinguishing facts. 2) Deduction of rent paid against HRA - Assessee provided evidence of paying rent to HUF. Allowed deduction based on Tribunal decisions. Grounds 1 and 2 allowed.
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