Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
The ITAT held that under section 70(2), short-term capital loss paid with STT can be set off against short-term capital gains not subject to STT, without further classification. Referencing prior judicial precedents, the tribunal found the Assessing Officer erroneously added short-term capital gains already computed by the assessee. The tribunal directed the AO to correctly calculate the assessee's income and levy tax accordingly, allowing the assessee's appeal grounds 1-4 and confirming the setoff of capital losses across different STT scenarios.
The ITAT held that under section 70(2), short-term capital loss paid with STT can be set off against short-term capital gains not subject to STT, without further classification. Referencing prior judicial precedents, the tribunal found the Assessing Officer erroneously added short-term capital gains already computed by the assessee. The tribunal directed the AO to correctly calculate the assessee's income and levy tax accordingly, allowing the assessee's appeal grounds 1-4 and confirming the setoff of capital losses across different STT scenarios.
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