Development agreements require legal possession or effective enjoyment for capital gains transfer; permissive possession and deferred consideration de...
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Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
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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