Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
ITAT ruled that capital gains from shares acquired before 01/04/2017 by a Mauritius resident are exempt under India-Mauritius DTAA Article 13(3)/(4), being taxable only in the state of residence. The AO's action of netting off post-2017 losses against pre-2017 gains was incorrect. The tribunal held that pre-2017 gains remain fully exempt per original DTAA provisions, while losses from shares acquired post-01/04/2017 can only offset future gains from post-2017 acquisitions. The carried forward losses from AY 2020-21 cannot be set off against exempt foreign income but must be preserved for future eligible gains. The assessee's appeal was allowed, maintaining separation between pre and post-2017 DTAA treatment.
ITAT ruled that capital gains from shares acquired before 01/04/2017 by a Mauritius resident are exempt under India-Mauritius DTAA Article 13(3)/(4), being taxable only in the state of residence. The AO's action of netting off post-2017 losses against pre-2017 gains was incorrect. The tribunal held that pre-2017 gains remain fully exempt per original DTAA provisions, while losses from shares acquired post-01/04/2017 can only offset future gains from post-2017 acquisitions. The carried forward losses from AY 2020-21 cannot be set off against exempt foreign income but must be preserved for future eligible gains. The assessee's appeal was allowed, maintaining separation between pre and post-2017 DTAA treatment.
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TaxTMI 
TaxTMI 
of 4918 
