Independent manufacturing undertaking eligibility preserves Section 80IA/80IB deductions, while machinery kept ready for use qualifies for depreciatio...
Assessing Officer Satisfaction Requirement Bars Penalty for Cash Receipt in Immovable-Property Sale Cases Where Initiation Lacks Recorded Satisfaction...
Self-assessed import entries remain appealable, while bona fide classification disputes without misdeclaration cannot justify confiscation or penaltie...
Actual-user customs exemption conditions permit turnkey project transfers when imported windmill components are exclusively used for installation and ...
Customs offence disqualification excludes civil contraventions, preventing refusal of a private bonded warehouse licence based solely on monetary pena...
Taxpayer sold shops during AY 2017-18 and reported gains as Long Term Capital Gains (LTCG) in tax returns. While AO initially accepted this classification under section 143(3), the characterization was later disputed. ITAT ruled in favor of taxpayer, upholding LTCG treatment based on principle of consistency. Since revenue authorities had previously accepted property as investment and gains as LTCG, and there was no change in nature of property holding during assessment year, gains could not be reclassified as business income. Tribunal emphasized that consistent tax treatment must be maintained when underlying facts remain unchanged. Revenue's appeal dismissed.
Taxpayer sold shops during AY 2017-18 and reported gains as Long Term Capital Gains (LTCG) in tax returns. While AO initially accepted this classification under section 143(3), the characterization was later disputed. ITAT ruled in favor of taxpayer, upholding LTCG treatment based on principle of consistency. Since revenue authorities had previously accepted property as investment and gains as LTCG, and there was no change in nature of property holding during assessment year, gains could not be reclassified as business income. Tribunal emphasized that consistent tax treatment must be maintained when underlying facts remain unchanged. Revenue's appeal dismissed.
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