Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
Set-off of short-term capital loss against short-term capital gains taxable at different rates was governed by s.70(2), and in the absence of any statutory sequencing mandate, the taxpayer could first adjust losses against non-STT gains taxable at 30% and thereafter against STT-paid gains taxable at 15%; the Revenue's insistence on the reverse order impermissibly read a restriction into the statute, so the taxpayer's computation was accepted. Dividend on ADR/GDR held by a non-resident was covered by ss.115AC and 196D and had already suffered TDS; taxing it again and denying credit due to Form 26AS mismatch caused by third-party reporting failures violated ss.199 and 205, so the addition and denial of TDS credit were set aside. - ITAT
Set-off of short-term capital loss against short-term capital gains taxable at different rates was governed by s.70(2), and in the absence of any statutory sequencing mandate, the taxpayer could first adjust losses against non-STT gains taxable at 30% and thereafter against STT-paid gains taxable at 15%; the Revenue's insistence on the reverse order impermissibly read a restriction into the statute, so the taxpayer's computation was accepted. Dividend on ADR/GDR held by a non-resident was covered by ss.115AC and 196D and had already suffered TDS; taxing it again and denying credit due to Form 26AS mismatch caused by third-party reporting failures violated ss.199 and 205, so the addition and denial of TDS credit were set aside. - ITAT
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