Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
Pre-commencement R&D deduction denied where business had not commenced; deeming benefit requires tangible start of manufacture or commercial exploitat...
Priority of set-off: brought forward business losses must be adjusted before unabsorbed depreciation; procedural safeguards required for invoking rest...
Determination of acquisition year for Long-Term Capital Gains hinges on transfer effected by handing over possession in part performance; registration date does not shift the year of acquisition once possession and consideration were transferred, so the FY 1996-97 Cost Inflation Index applies. The tribunal rejects need for independent third party corroboration where no adverse material exists and accords evidentiary weight to the registered document. On deduction of construction cost, the tribunal applied the principle of consistency and parity among similarly placed co owners, directing that construction and improvement costs accepted in co owners' cases be allowed mutatis mutandis to the assessee.
Determination of acquisition year for Long-Term Capital Gains hinges on transfer effected by handing over possession in part performance; registration date does not shift the year of acquisition once possession and consideration were transferred, so the FY 1996-97 Cost Inflation Index applies. The tribunal rejects need for independent third party corroboration where no adverse material exists and accords evidentiary weight to the registered document. On deduction of construction cost, the tribunal applied the principle of consistency and parity among similarly placed co owners, directing that construction and improvement costs accepted in co owners' cases be allowed mutatis mutandis to the assessee.
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