Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Quashing of FIR and challenge to ECIR over alleged diversion of funds and preferential ESOP pricing dismissed after prima facie money-laundering findi...
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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