Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
Condonation of delay permits statutory appeal restoration where inadequate service explanation prevented consideration of reassessment and taxable-inc...
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ITAT determined the tax treatment of a property sale, characterizing it as a short-term capital gain under section 50. The tribunal held that the property remained a business asset despite inconsistent depreciation claims, with its written down value as of 31.03.2003 (Rs. 33,02,106) to be reduced from the sale consideration (Rs. 1,45,00,000). Although classified as a short-term capital gain, the asset retains its long-term capital asset status, with tax rates applied under section 112. The tribunal allowed set-off of brought-forward long-term capital loss against the short-term capital gain, ultimately dismissing the assessee's primary contention.
ITAT determined the tax treatment of a property sale, characterizing it as a short-term capital gain under section 50. The tribunal held that the property remained a business asset despite inconsistent depreciation claims, with its written down value as of 31.03.2003 (Rs. 33,02,106) to be reduced from the sale consideration (Rs. 1,45,00,000). Although classified as a short-term capital gain, the asset retains its long-term capital asset status, with tax rates applied under section 112. The tribunal allowed set-off of brought-forward long-term capital loss against the short-term capital gain, ultimately dismissing the assessee's primary contention.
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