Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
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Capital gains u/s 50 arising from the sale of long-term capital assets, though deemed as short-term capital gains, should be taxed at the rates applicable to long-term capital gains u/s 112. The fiction of treating them as short-term gains is limited to Section 50 and cannot convert the nature of the asset for other purposes. Consequently, the concessional 20% tax rate u/s 112 applies. However, a dissenting view holds that Section 50 determines the chargeability, and Section 112(1) prescribes the rate, rendering the gains taxable as short-term. The conflicting interpretations aim to prevent double benefits from depreciation while adhering to legislative intent. The issue requires resolution by a regular bench for other aspects raised in cross-appeals.
Capital gains u/s 50 arising from the sale of long-term capital assets, though deemed as short-term capital gains, should be taxed at the rates applicable to long-term capital gains u/s 112. The fiction of treating them as short-term gains is limited to Section 50 and cannot convert the nature of the asset for other purposes. Consequently, the concessional 20% tax rate u/s 112 applies. However, a dissenting view holds that Section 50 determines the chargeability, and Section 112(1) prescribes the rate, rendering the gains taxable as short-term. The conflicting interpretations aim to prevent double benefits from depreciation while adhering to legislative intent. The issue requires resolution by a regular bench for other aspects raised in cross-appeals.
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