Tax deduction compliance and payee income recognition govern consultancy disallowance, while no exempt income prevents related expenditure disallowanc...
Derivative abetment liability fails when correctly declared imported components establish no underlying improper importation by the principal importer...
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ITAT held that short-term capital loss incurred from shares with paid Securities Transaction Tax (STT) can be set off against short-term capital gains, irrespective of whether STT was paid on the gains. Section 70(2) permits set-off of capital loss against gains from any capital asset without distinguishing between STT-paid and STT-unpaid transactions. Following precedents in iShares MSCI EM UCITS ETF and Rungamatee Trexim, the tribunal directed the Assessing Officer to accept the assessee's computation methodology, allowing the set-off and consequently granting relief in the appeal.
ITAT held that short-term capital loss incurred from shares with paid Securities Transaction Tax (STT) can be set off against short-term capital gains, irrespective of whether STT was paid on the gains. Section 70(2) permits set-off of capital loss against gains from any capital asset without distinguishing between STT-paid and STT-unpaid transactions. Following precedents in iShares MSCI EM UCITS ETF and Rungamatee Trexim, the tribunal directed the Assessing Officer to accept the assessee's computation methodology, allowing the set-off and consequently granting relief in the appeal.
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