PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Assessee claimed higher cost of acquisition of shares during assessment proceedings, leading to lower capital gains computation. CIT(A) rejected the claim, relying on Goetze (India) Ltd. judgment. However, Karnataka High Court held that CIT(A) has power to consider fresh claims, even if not made in original/revised return. Matter restored to AO to examine assessee's entitlement to higher cost of acquisition of Rs. 184.09 per share after affording reasonable opportunity. Assessee's appeal allowed for statistical purposes. Relevant legal principles on appellate authorities' jurisdiction to entertain fresh claims and cost of acquisition determination discussed.
Assessee claimed higher cost of acquisition of shares during assessment proceedings, leading to lower capital gains computation. CIT(A) rejected the claim, relying on Goetze (India) Ltd. judgment. However, Karnataka High Court held that CIT(A) has power to consider fresh claims, even if not made in original/revised return. Matter restored to AO to examine assessee's entitlement to higher cost of acquisition of Rs. 184.09 per share after affording reasonable opportunity. Assessee's appeal allowed for statistical purposes. Relevant legal principles on appellate authorities' jurisdiction to entertain fresh claims and cost of acquisition determination discussed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
