International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
HC upheld ITAT's dismissal of the revenue's appeal, confirming the assessee's entitlement to set off short-term capital loss against long-term capital gains for the block period. HC noted that, on identical facts, additions in the cases of the assessee's father and sibling had been deleted at the CIT(A) stage and attained finality, and the revenue could not adopt an inconsistent position. Both CIT(A) and ITAT, as fact-finding authorities, had properly appreciated the evidence regarding share transactions, including acquisition details, cost, sale price, and quantification of loss. Applying the rule of consistency in tax matters, HC found no substantial question of law and dismissed the revenue's appeal.
HC upheld ITAT's dismissal of the revenue's appeal, confirming the assessee's entitlement to set off short-term capital loss against long-term capital gains for the block period. HC noted that, on identical facts, additions in the cases of the assessee's father and sibling had been deleted at the CIT(A) stage and attained finality, and the revenue could not adopt an inconsistent position. Both CIT(A) and ITAT, as fact-finding authorities, had properly appreciated the evidence regarding share transactions, including acquisition details, cost, sale price, and quantification of loss. Applying the rule of consistency in tax matters, HC found no substantial question of law and dismissed the revenue's appeal.
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