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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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.
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