Omitted specified domestic transaction provision invalidates related-party expenditure transfer-pricing references and assessments based on consequent...
Preventive suspension requires an immediate continuing threat and cannot become indefinite without inquiry, fresh evidence, or proportionate safeguard...
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 4790
Join Channel
TaxTMI 
