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Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
The case pertains to the exemption u/s 10(23G) for long-term capital gains arising from the purchase of shares for creating infrastructure facilities. The key points are: The assessee claimed exemption for long-term capital gains from the sale of shares acquired before 1.4.1997 for setting up an infrastructure facility. The Assessing Officer granted the exemption. The appellant objected, arguing that Section 10(23G) was not applicable before 1.4.1997. However, the CBDT clarified through a press release that the exemption u/s 10(23G) would apply to investments made before 1.6.1998, even prior to the amendment. The Income Tax Appellate Tribunal correctly observed that the issue was resolved by the CBDT's clarification. The purchase of shares for creating an infrastructure facility is considered capital expenditure and not income, as per Explanation 2 to Section 10(23G) before its amendment. Therefore, no tax is payable on such capital expenditure. The High Court dismissed the appeal, upholding the Tribunal's order.
The case pertains to the exemption u/s 10(23G) for long-term capital gains arising from the purchase of shares for creating infrastructure facilities. The key points are: The assessee claimed exemption for long-term capital gains from the sale of shares acquired before 1.4.1997 for setting up an infrastructure facility. The Assessing Officer granted the exemption. The appellant objected, arguing that Section 10(23G) was not applicable before 1.4.1997. However, the CBDT clarified through a press release that the exemption u/s 10(23G) would apply to investments made before 1.6.1998, even prior to the amendment. The Income Tax Appellate Tribunal correctly observed that the issue was resolved by the CBDT's clarification. The purchase of shares for creating an infrastructure facility is considered capital expenditure and not income, as per Explanation 2 to Section 10(23G) before its amendment. Therefore, no tax is payable on such capital expenditure. The High Court dismissed the appeal, upholding the Tribunal's order.
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