Natural justice in insolvency-professional discipline requires disclosed material; notices based on extraneous material and ignored defences are vitia...
Development rights transfers treated as immovable property, while construction abatement applies and repeated non-payment permits extended service-tax...
The ITAT held that u/s 10(38), only long term capital gain from sale of shares/securities is exempt, not the entire source. Citing Royal Calcutta Turf Club case, it ruled that if a source is not excluded from charging section, only specific income is exempt. Loss from shares with STT can offset long term capital gain from unlisted shares. AO directed to allow set off. The decision emphasizes strict interpretation of law when only specific income is exempted.
The ITAT held that u/s 10(38), only long term capital gain from sale of shares/securities is exempt, not the entire source. Citing Royal Calcutta Turf Club case, it ruled that if a source is not excluded from charging section, only specific income is exempt. Loss from shares with STT can offset long term capital gain from unlisted shares. AO directed to allow set off. The decision emphasizes strict interpretation of law when only specific income is exempted.
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