Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
ITAT adjudicated a dispute regarding carry forward of Short Term Capital Loss (STCL) for a Singapore-incorporated company. The tribunal examined the computation of income and found that the assessee did not avail treaty benefits and correctly computed STCL after setting off Short Term Capital Gains. The tribunal held that the revenue cannot retrospectively deny loss carry forward through a rectification order in a subsequent assessment year. The right to carry forward losses under Section 74 is determined in the assessment year when the loss is first computed, with an eight-year restriction. The CIT(A)'s decision was upheld, and the matter was decided against the revenue, affirming the assessee's right to carry forward capital losses from previous assessment years.
ITAT adjudicated a dispute regarding carry forward of Short Term Capital Loss (STCL) for a Singapore-incorporated company. The tribunal examined the computation of income and found that the assessee did not avail treaty benefits and correctly computed STCL after setting off Short Term Capital Gains. The tribunal held that the revenue cannot retrospectively deny loss carry forward through a rectification order in a subsequent assessment year. The right to carry forward losses under Section 74 is determined in the assessment year when the loss is first computed, with an eight-year restriction. The CIT(A)'s decision was upheld, and the matter was decided against the revenue, affirming the assessee's right to carry forward capital losses from previous assessment years.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
