Threshold for allottee-initiated insolvency petitions in leasehold real estate upheld; petition admitted after possession letters deemed legally ineff...
Contravention of foreign exchange rules in crossborder diamond payments; appellate tribunal reduces one appellant's penalty for delay and proportional...
RPA (Remote Pilot Aircraft) for military use defined to include drones/UAV/UAS; exemptions limited to specified defence imports with Joint Secretary c...
Transfer of going concern and transfer of input tax credit under GST allowed; exemption applies though interstate ledger transfers left to authorities...
On the characterisation of gains from sale of shares, the appellate authority accepted documentary evidence showing acquisition in tranches with verifiable dates and costs, and, after a remand report found no discrepancy, held the declared cost and holding period to be correct; the Revenue's plea that the evidence was not before the AO was rejected, and the relief allowing long-term capital loss/confirming short-term capital gain computation was sustained. On salary excess recovered under the Companies Act pursuant to Central Government directions, the recovery was held not to constitute taxable income, following binding precedent, and the addition was deleted. On addition under s.69A for alleged unexplained investment in a US property, the Revenue failed to link the investment to the assessee where family funds and corporate remittance were evidenced; deletion was upheld - ITAT
On the characterisation of gains from sale of shares, the appellate authority accepted documentary evidence showing acquisition in tranches with verifiable dates and costs, and, after a remand report found no discrepancy, held the declared cost and holding period to be correct; the Revenue's plea that the evidence was not before the AO was rejected, and the relief allowing long-term capital loss/confirming short-term capital gain computation was sustained. On salary excess recovered under the Companies Act pursuant to Central Government directions, the recovery was held not to constitute taxable income, following binding precedent, and the addition was deleted. On addition under s.69A for alleged unexplained investment in a US property, the Revenue failed to link the investment to the assessee where family funds and corporate remittance were evidenced; deletion was upheld - ITAT
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