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ITAT Mumbai held that section 70 of the Income Tax Act allows first setting off the short term capital loss against the non STT gains taxable at thirty percent, and then applying the balance against the STT gains taxable at fifteen percent. Accordingly, appeal stands allowed.
This explains why recent income disclosure intimations lack statutory support and create uncertainty. The key takeaway is that vague communications without cited legal provisions may not withstand legal scrutiny.
Explains when home-loan interest can be added to the cost of acquisition and how the AY 2024-25 amendment blocks double benefits. Key takeaway: unclaimed pre-construction interest may still matter for earlier years.
ITAT held that Section 50C proviso is retrospective, allowing stamp duty value as on the agreement date where consideration was fixed earlier, significantly reducing LTCG exposure.
The AO was directed to recompute capital gains based on DVO valuation but had ignored indexation. The Tribunal ruled that recomputation without indexation is legally impermissible.
The ITAT held that capital gains under Section 50C cannot be mechanically applied where a sale deed is alleged to be an erroneous document and no real transfer occurred. The case was remanded to verify whether the transaction was actually a gift with no consideration or possession transfer.
The Tribunal examined whether tax was short-deducted on remittances to non-resident shareholders. It held that TDS at 11.54%, derived from the concessional 10% rate under section 112 with surcharge and cess, was legally correct and no default arose.
The ITAT held that even a small part payment through banking channels before or on the agreement date is sufficient to invoke the provisos to section 56(2)(vii)(b)(ii). Substantial payment or possession is not a statutory requirement.
The Tribunal remanded the case after finding that reassessment and appellate orders were passed ex parte without examining key issues on transfer, valuation, and cost, directing a fresh assessment with opportunity of hearing.
The Tribunal sent the matter back to the Assessing Officer after finding that important objections on land classification and cost of acquisition were not verified. A fresh decision must be made after proper examination.
