Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
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The ITAT dismissed the appellant's claim for concessional tax rate of 10% under section 112A on long-term capital gains (LTCG) arising from redemption of Market Linked Debentures. The Tribunal held that while debentures qualify as "securities" under the Securities Contracts (Regulation) Act, 1956, section 112A specifically limits its preferential tax rate to equity shares, units of equity-oriented funds, and units of business trusts. The legislature intentionally excluded debentures from the provision's ambit. Consequently, LTCG from Market Linked Debentures is correctly taxable at 20% under section 112, as applied by the AO/CPC and confirmed by CIT(A)/NFAC.
The ITAT dismissed the appellant's claim for concessional tax rate of 10% under section 112A on long-term capital gains (LTCG) arising from redemption of Market Linked Debentures. The Tribunal held that while debentures qualify as "securities" under the Securities Contracts (Regulation) Act, 1956, section 112A specifically limits its preferential tax rate to equity shares, units of equity-oriented funds, and units of business trusts. The legislature intentionally excluded debentures from the provision's ambit. Consequently, LTCG from Market Linked Debentures is correctly taxable at 20% under section 112, as applied by the AO/CPC and confirmed by CIT(A)/NFAC.
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