Search and seizure: abatement of earlier search bars use of prior seized material in later search-based assessments; relief limited to new documents f...
Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
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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