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...
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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