Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
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
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