Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
Cash-sales explanations for bank deposits require documentary reconciliation; reassessment notice survived where effective response time was available...
Functional comparability in transfer pricing prevents ad hoc arm's length adjustments where functions, assets, risks and reliable comparables are unes...
Short-term capital loss from share transactions on which STT was paid was held set offable against short-term capital gains from transactions on which STT was not paid, since s.70(2) permits set-off against gains from any capital asset and does not distinguish based on STT payment; the "similar computation" reference was confined to ss.48-55, so the assessee's computation was accepted and the Revenue's view rejected. Grandfathered long-term capital gains exempt under Article 13(4) of the India-Mauritius DTAA were held outside total income computation, hence could not be adjusted against brought-forward long-term capital loss; exemption was allowed, while brought-forward long-term capital loss was directed to be set off only against taxable non-grandfathered long-term capital gains. Short TDS credit was remanded for verification and grant as per law. - ITAT
Short-term capital loss from share transactions on which STT was paid was held set offable against short-term capital gains from transactions on which STT was not paid, since s.70(2) permits set-off against gains from any capital asset and does not distinguish based on STT payment; the "similar computation" reference was confined to ss.48-55, so the assessee's computation was accepted and the Revenue's view rejected. Grandfathered long-term capital gains exempt under Article 13(4) of the India-Mauritius DTAA were held outside total income computation, hence could not be adjusted against brought-forward long-term capital loss; exemption was allowed, while brought-forward long-term capital loss was directed to be set off only against taxable non-grandfathered long-term capital gains. Short TDS credit was remanded for verification and grant as per law. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4918 
