Penalty for estimation of income and disallowances for tax non-deduction clarified: estimation-based penalties not sustainable; additions without conc...
Managerial remuneration disallowance under s.40A(2)(b) challenged over alleged tax-avoidance; appellate decision restored deletion of addition for dir...
Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
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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