Classification of imported salvaged shaft pieces as ship parts confirmed, reassessment time-barred and appeal allowed restoring original classificatio...
Scope of intermediary status for data hosting services: tribunal finds provider not intermediary, services exported and not taxable, limited remand on...
CENVAT credit availability after omission of Rule 12B in textiles confirmed; late addendum to SCN introducing new grounds held time-barred and invalid...
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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