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...
The ITAT ruled that capital gains from the sale of rights entitlement are exempt from taxation in India under Article 13(6) of the India-Ireland DTAA. The Tribunal determined that rights entitlements constitute separate assets distinct from shares of the Indian Government, falling outside the scope of Articles 13(4) and 13(5). Consequently, such gains are taxable only in the resident state (Ireland), not in the source country (India). Additionally, the Tribunal held that capital losses under the Act read with Article 13(5) cannot be set off against short-term capital gains from rights entitlement sales since these gains are not taxable in India. The ITAT also directed the AO to rectify computational errors in the assessment order.
The ITAT ruled that capital gains from the sale of rights entitlement are exempt from taxation in India under Article 13(6) of the India-Ireland DTAA. The Tribunal determined that rights entitlements constitute separate assets distinct from shares of the Indian Government, falling outside the scope of Articles 13(4) and 13(5). Consequently, such gains are taxable only in the resident state (Ireland), not in the source country (India). Additionally, the Tribunal held that capital losses under the Act read with Article 13(5) cannot be set off against short-term capital gains from rights entitlement sales since these gains are not taxable in India. The ITAT also directed the AO to rectify computational errors in the assessment order.
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TaxTMI 
TaxTMI 
of 4918 
