Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
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 4823 
Join Channel 
