Mechanical approval under search assessment law vitiates assessments when sanction lacks application of mind; retrospective curative provision cannot ...
Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
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Capital gains on a slump sale under section 50B were recomputed to allow reduction of capital work-in-progress that had been inadvertently omitted from the original working. The Tribunal noted that the assessee had already offered the slump sale gain in the original return, explained the omission during assessment, and showed the asset consistently in earlier balance sheets. As the Assessing Officer rejected the claim only because it was not made through a revised return, without disputing its factual correctness or adducing contrary material, the correction could not be denied on that procedural ground. The appellate order allowing the recomputation was upheld.
Capital gains on a slump sale under section 50B were recomputed to allow reduction of capital work-in-progress that had been inadvertently omitted from the original working. The Tribunal noted that the assessee had already offered the slump sale gain in the original return, explained the omission during assessment, and showed the asset consistently in earlier balance sheets. As the Assessing Officer rejected the claim only because it was not made through a revised return, without disputing its factual correctness or adducing contrary material, the correction could not be denied on that procedural ground. The appellate order allowing the recomputation was upheld.
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