Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
Specified fund definition expands PAN exemption eligibility for registered alternative investment funds and qualifying International Financial Service...
Tax exemption for specified legal-services authority income applies retrospectively, subject to non-commercial activity, unchanged income sources, and...
The ITAT Mumbai addressed errors in capital gain computation. The Assessee's claim of ₹ 859,680 was accepted over the AO's ₹ 791,221. An application u/s 154 highlighted 4 computational errors, directing AO to correct them. Set-off of short-term capital loss against gains was disputed. AO's method was challenged as not granting set-off on gains taxed at 30%. Section 70(2) allows inter-head adjustment for capital gains. The Assessee argued for setting off short-term capital loss (subject to securities transaction tax) against gains not taxed under section 115AD at 30%. Both gains and losses were computed u/r sections 48-55, which do not specify tax rates. ITAT ruled in favor of the Assessee, allowing the set-off as per section 70(2). AO was directed to permit the set-off, supporting the Assessee's appeal.
The ITAT Mumbai addressed errors in capital gain computation. The Assessee's claim of ₹ 859,680 was accepted over the AO's ₹ 791,221. An application u/s 154 highlighted 4 computational errors, directing AO to correct them. Set-off of short-term capital loss against gains was disputed. AO's method was challenged as not granting set-off on gains taxed at 30%. Section 70(2) allows inter-head adjustment for capital gains. The Assessee argued for setting off short-term capital loss (subject to securities transaction tax) against gains not taxed under section 115AD at 30%. Both gains and losses were computed u/r sections 48-55, which do not specify tax rates. ITAT ruled in favor of the Assessee, allowing the set-off as per section 70(2). AO was directed to permit the set-off, supporting the Assessee's appeal.
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