https://www.taxtmi.com/caselaws?id=396552 The Tribunal upheld the High Court-sanctioned amalgamation scheme, allowing set off of long-term capital gains against unabsorbed depreciation. It rejected the application of GAAR retrospectively, emphasizing respect for the High Court's decision. The Tribunal also favored actual rent for income computation, treated capital gains as long-term, limited disallowance under Section 14A, and permitted deductions for FCCB premium. Disallowance of employees' contributions was deleted, and set off of unabsorbed depreciation for specific years was allowed. The Tribunal ruled in favor of the assessee, directing compliance with the sanctioned scheme and legal precedents. en-us Wed, 08 Jul 2020 00:00:00 +0530 Thu, 09 Jul 2020 14:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396552 The Tribunal upheld the High Court-sanctioned amalgamation scheme, allowing set off of long-term capital gains against unabsorbed depreciation. It rejected the application of GAAR retrospectively, emphasizing respect for the High Court's decision. The Tribunal also favored actual rent for income computation, treated capital gains as long-term, limited disallowance under Section 14A, and permitted deductions for FCCB premium. Disallowance of employees' contributions was deleted, and set off of unabsorbed depreciation for specific years was allowed. The Tribunal ruled in favor of the assessee, directing compliance with the sanctioned scheme and legal precedents. Case-Laws Income Tax Wed, 08 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396552