Assessee, an NRI, had declared ‘short-term capital loss’ from sale of shares.The Assessing officer has not allowed the loss on the ground that the Assessee has\u00a0\u00a0 not produced TRC. On appeal, the Tribunal held that\u00a0 since assessee had produced TRC as per directions of DRP, in interest of justice\u00a0 issue is\u00a0 restored to files of Assessing Officer and Assessing Officer was directed to examine TRC and if same was found to be in order, cost of acquisition would be taken as claimed by assessee in his return of income. (AY. 2019-20 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45: Capital gains-Income deemed to accrue or arise in India-Business connection-Capital gains-Non-Resident-Cost of acquisition-Short term capital loss-TRC produced-Matter remanded to the file of Assessing Officer-DTAA-India-USA.[S. 9(1)(i), Art. 13] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-42882","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-b9E","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=42882"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42882\/revisions"}],"predecessor-version":[{"id":42883,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42882\/revisions\/42883"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=42882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=42882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=42882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}