ITAT upholds tax rate for BOI long-term gains over marginal rate in Revenue's appeal

The ITAT Ahmedabad dismissed the Revenue's appeal against the CIT(A)'s order for the assessment year 1995-96. The Tribunal affirmed that specific tax rate provisions of section 112(1)(d) apply to long-term capital gains of a Body of Individual (BOI), while the maximum marginal rate under section 167B applies to the remaining income. It was held that section 167B does not supersede section 112, leading to the dismissal of the appeal.

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The Appellate Tribunal ITAT Ahmedabad dismissed the Revenue's appeal against the order of the CIT(A) for the assessment year 1995-96. The Tribunal upheld the CIT(A)'s decision that specific tax rate provisions of section 112(1)(d) apply to long-term capital gains of a Body of Individual (BOI), and the maximum marginal rate under section 167B applies to the remaining income. The Tribunal concluded that section 167B does not override section 112, and therefore, the appeal was dismissed.

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