Business expenditure deduction requires proof of genuine commission payments and commercial allowability; turnover growth alone cannot validate the cl...
Article 8 treaty coverage excluded third-party airline support services, while documented demonetisation cash receipts remained accepted business inco...
Functional comparability under TNMM requires highway contract benchmarks to reflect operation, maintenance and transfer activities, requiring fresh be...
Rebate under section 87A was held available to a resident individual opting for the new tax regime where total income included long-term capital gains taxable under section 112, because the relevant year's text of section 87A referred to total income without expressly excluding such gains. The Tribunal noted that Parliament had specifically denied rebate for section 112A income, but no comparable bar existed for section 112, so the restriction could not be implied. It also treated the Finance Act, 2025 amendment restricting rebate against special rate income as prospective and substantive, not retrospective. The order denying rebate was set aside and the consequential demand deleted.
Rebate under section 87A was held available to a resident individual opting for the new tax regime where total income included long-term capital gains taxable under section 112, because the relevant year's text of section 87A referred to total income without expressly excluding such gains. The Tribunal noted that Parliament had specifically denied rebate for section 112A income, but no comparable bar existed for section 112, so the restriction could not be implied. It also treated the Finance Act, 2025 amendment restricting rebate against special rate income as prospective and substantive, not retrospective. The order denying rebate was set aside and the consequential demand deleted.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
