Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
Intermediary service classification fails where overseas admission facilitation is supplied independently, preserving export treatment and small-provi...
Satellite transponder bandwidth is telecommunication, not Business Support Service; foreign non-telegraph providers triggered no service tax liability...
Commitment proceedings gain extended timelines, structured defect refiling, and automatic resumption of inquiry after the adjusted completion period e...
Centralised assessment transfer becomes unwarranted once the searched person's assessment is complete, requiring restoration to the appropriate charge...
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Section 54F exemption must be given effect before applying the set-off rules for long-term capital loss under section 70(3). The Tribunal held that capital gains chargeability under section 45(1) is itself subject to the exemption provisions, so where section 54F conditions are satisfied, the eligible gain exits the charging computation to that extent first. Only after capital gains are computed under sections 45 to 55A can section 70(3) operate. On the undisputed figures, the assessee was entitled to section 54F relief on the eligible long-term capital gain and also to carry forward the separate long-term capital loss, so the denial of carry forward was unsustainable.
Section 54F exemption must be given effect before applying the set-off rules for long-term capital loss under section 70(3). The Tribunal held that capital gains chargeability under section 45(1) is itself subject to the exemption provisions, so where section 54F conditions are satisfied, the eligible gain exits the charging computation to that extent first. Only after capital gains are computed under sections 45 to 55A can section 70(3) operate. On the undisputed figures, the assessee was entitled to section 54F relief on the eligible long-term capital gain and also to carry forward the separate long-term capital loss, so the denial of carry forward was unsustainable.
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