Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
ITAT ruled in favor of taxpayer regarding treatment of gains from diamond sales. Assessee received rough diamonds as gift from grandfather in AY 1994-95, which were later processed and sold. The Tribunal determined the period of holding should be calculated from gift receipt date, qualifying the assets as long-term capital assets. Despite conflicting CBDT circulars, ITAT held that statutory provisions prevail over administrative circulars. The gains were properly characterized as Long Term Capital Gains (LTCG) u/s 2(42A) of Income Tax Act, rejecting revenue's attempt to treat proceeds as unexplained cash credits u/s 68. The documented chain of possession, processing, and sale established legitimate transaction basis, negating revenue's unexplained credit allegations.
ITAT ruled in favor of taxpayer regarding treatment of gains from diamond sales. Assessee received rough diamonds as gift from grandfather in AY 1994-95, which were later processed and sold. The Tribunal determined the period of holding should be calculated from gift receipt date, qualifying the assets as long-term capital assets. Despite conflicting CBDT circulars, ITAT held that statutory provisions prevail over administrative circulars. The gains were properly characterized as Long Term Capital Gains (LTCG) u/s 2(42A) of Income Tax Act, rejecting revenue's attempt to treat proceeds as unexplained cash credits u/s 68. The documented chain of possession, processing, and sale established legitimate transaction basis, negating revenue's unexplained credit allegations.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
