Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
Deductibility of settlement payments for securities law penalties and treatment of unexplained cash credits in share trading -- Tribunal upholds posit...
Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
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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