Preliminary reassessment proceedings generally require statutory remedies unless jurisdiction is wholly absent or mandatory conditions are patently br...
Agricultural land classification requires cumulative factual indicators, while industrial-purpose land and absent agricultural use defeat reinvestment...
ITAT upheld the assessee-company's computation of LTCG on sale of BILT shares by adopting the cost of acquisition and period of holding of the previous owner, with indexation from 1.4.1981 based on FMV as on that date. It rejected the AO's adoption of historical cost and consequent conversion of the declared long-term capital loss into taxable gain. The Tribunal held that, pursuant to valid amalgamation and demerger complying with s. 2(1B) and s. 2(19AA), the assessee was entitled to step into the shoes of the previous owner for cost and holding-period purposes. The assessee's LTCG/LTCL claim was allowed and the Revenue's appeal was dismissed.
ITAT upheld the assessee-company's computation of LTCG on sale of BILT shares by adopting the cost of acquisition and period of holding of the previous owner, with indexation from 1.4.1981 based on FMV as on that date. It rejected the AO's adoption of historical cost and consequent conversion of the declared long-term capital loss into taxable gain. The Tribunal held that, pursuant to valid amalgamation and demerger complying with s. 2(1B) and s. 2(19AA), the assessee was entitled to step into the shoes of the previous owner for cost and holding-period purposes. The assessee's LTCG/LTCL claim was allowed and the Revenue's appeal was dismissed.
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