Search and seizure: abatement of earlier search bars use of prior seized material in later search-based assessments; relief limited to new documents f...
Admission of additional evidence under remand rules must await a meaningful remand report; failure to do so breaches natural justice and mandates rema...
Export Obligation Discharge Certificates for EPCG compliance cannot be questioned by Customs unless DGFT adjudicates and cancels them, so demands quas...
For payments of capital gains to non-resident shareholders on transfer of shares of an Indian unlisted company, the dominant issue was whether TDS at 11.54% was correctly applied by adopting the concessional rate under s.112(1)(c)(iii) rather than applying indexation/other adjustments under the provisos to s.48 to deny such rate. The Tribunal held that the s.48 provisos govern the mode of computation (including foreign currency conversion) and do not displace the concessional rate prescribed under s.112(1)(c)(iii) for the relevant period; the AO had ignored the statutory conditions. The direction to verify remittances and apply 11.54% TDS was upheld, and the Revenue's appeal was dismissed. - ITAT
For payments of capital gains to non-resident shareholders on transfer of shares of an Indian unlisted company, the dominant issue was whether TDS at 11.54% was correctly applied by adopting the concessional rate under s.112(1)(c)(iii) rather than applying indexation/other adjustments under the provisos to s.48 to deny such rate. The Tribunal held that the s.48 provisos govern the mode of computation (including foreign currency conversion) and do not displace the concessional rate prescribed under s.112(1)(c)(iii) for the relevant period; the AO had ignored the statutory conditions. The direction to verify remittances and apply 11.54% TDS was upheld, and the Revenue's appeal was dismissed. - ITAT
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