Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
Capital gains computation - cost of acquisition relates back to date of transfer through will/family settlement to beneficiary. Determination of indexed cost of acquisition for residential property acquired through family settlement. Additional evidence not admissible before ITAT without following rules. Family settlement is not a transfer, cost of acquisition relates back to previous owner's acquisition. Family settlement need not be registered if recording prior arrangement. For capital gains, cost inflation index calculated from year property acquired by previous owner through registered deed. Family arrangement does not involve transfer, hence no capital gains tax. Calculation based on indexed cost from previous owner's acquisition date, even if will disregarded. Order of CIT(A) upheld, decided in favor of assessee.
Capital gains computation - cost of acquisition relates back to date of transfer through will/family settlement to beneficiary. Determination of indexed cost of acquisition for residential property acquired through family settlement. Additional evidence not admissible before ITAT without following rules. Family settlement is not a transfer, cost of acquisition relates back to previous owner's acquisition. Family settlement need not be registered if recording prior arrangement. For capital gains, cost inflation index calculated from year property acquired by previous owner through registered deed. Family arrangement does not involve transfer, hence no capital gains tax. Calculation based on indexed cost from previous owner's acquisition date, even if will disregarded. Order of CIT(A) upheld, decided in favor of assessee.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4881 
