Mark-to-Market losses on principal-protected debentures are deductible as business expenditure when the obligation is crystallized under mercantile ac...
Deferred Payment of Customs Duty extended to Eligible Manufacturer Importers with electronic registration and ICEGATE authentication for conditional c...
Tariff classification determines GST schedule and rate; beverages in Schedule III attract the higher rate, tea extracts and syrups in Schedule I attra...
Rebate under section 87A was held available for Assessment Year 2024-25 to a resident individual opting for the new tax regime, even where total income included short-term capital gains taxed under section 111A. The Tribunal followed a co-ordinate Bench view on identical facts and accepted that, for that year, there was no express statutory bar in section 87A or section 111A denying rebate if the prescribed income threshold was satisfied. The later amendment was treated as prospective, so it did not apply to the year in question. Accordingly, the processing adjustment denying the rebate was deleted and the rebate claim was allowed.
Rebate under section 87A was held available for Assessment Year 2024-25 to a resident individual opting for the new tax regime, even where total income included short-term capital gains taxed under section 111A. The Tribunal followed a co-ordinate Bench view on identical facts and accepted that, for that year, there was no express statutory bar in section 87A or section 111A denying rebate if the prescribed income threshold was satisfied. The later amendment was treated as prospective, so it did not apply to the year in question. Accordingly, the processing adjustment denying the rebate was deleted and the rebate claim was allowed.
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