Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
Classification of knocked down motor vehicle component imports: Notification benefit denied because items are standalone non kit parts requiring subst...
Reassessment against a deceased assessee: procedural defect mandates fresh reassessment; nonresponsive petitioner may be treated as legal representati...
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
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4826 
Join Channel 
