Capital Gain Deductibility: proportionate IPO and PMS expenses held allowable against capital gains where netting and nexus to transfer are establishe...
Admissibility of Documentary Evidence: appellate authority may admit self explanatory documents on first production and uphold deletion of unexplained...
The High Court quashed the order denying input tax credit and the consequential garnishee proceedings because the authority had not considered the later amendment to section 16, which extended the time-limit for availing input tax credit for specified years, or the CBIC clarification on its implementation. Following the approach adopted in earlier matters, the Court held that these subsequent legal developments had to be examined before a fresh decision could be made. The matter was remanded to the Assessing Authority for reconsideration in accordance with law, while the refund claim and all other contentions were left open.
The High Court quashed the order denying input tax credit and the consequential garnishee proceedings because the authority had not considered the later amendment to section 16, which extended the time-limit for availing input tax credit for specified years, or the CBIC clarification on its implementation. Following the approach adopted in earlier matters, the Court held that these subsequent legal developments had to be examined before a fresh decision could be made. The matter was remanded to the Assessing Authority for reconsideration in accordance with law, while the refund claim and all other contentions were left open.
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