Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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Section 87A rebate was held available to a resident individual on tax attributable to short-term capital gains for AY 2024-25, because the provision then in force contained no express exclusion for special-rate income and a denial could not be implied. The Tribunal noted that the legislature had excluded certain capital gains expressly elsewhere, but had not done so for this category of income. The Finance Act, 2025 amendment excluding special-rate income was treated as prospective from AY 2026-27, so the assessee's rebate claim for the year in question was allowed and the assessment was to be recomputed accordingly.
Section 87A rebate was held available to a resident individual on tax attributable to short-term capital gains for AY 2024-25, because the provision then in force contained no express exclusion for special-rate income and a denial could not be implied. The Tribunal noted that the legislature had excluded certain capital gains expressly elsewhere, but had not done so for this category of income. The Finance Act, 2025 amendment excluding special-rate income was treated as prospective from AY 2026-27, so the assessee's rebate claim for the year in question was allowed and the assessment was to be recomputed accordingly.
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