• Welcome to itatonline.org Forum.
 

News:

Contact details of departmental representatives is available.

Main Menu
Menu

Show posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.

Show posts Menu

Messages - Devang Shah

#1
Dear Sumit,

In the context of the binding force of a decision under "suspension", you may wish to consider the Hon'ble Supreme Court decision in Shree Chamund Mopeds Ltd. v. Church of South India Trust Association, Madras AIR 1992 SC 1439, 1444, which has held that 'stay of order' of an Appellate Authority / Court by a higher Court means that the order passed by the Appellate Authority / Lower Court still continues to exist in law, inspite of the 'stay' and its existence is not destroyed.

Hope you will find it useful!
#2
Please consider the provisions of Section 49(4) of the Income-tax Act, 1961 inserted by Finance (No. 2) Act, 2009, which provides that where the capital gain arises from the transfer of a property, the value of which has been subject to income-tax under clause (vii) of sub-section (2) of section 56, the cost of acquisition of such property shall be deemed to be the value which has been taken into account for the purposes of the said clause (vii).

Hope this helps / clarifies!