Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
Helicopter charter classification requires effective control analysis, while territorial performance, reasoned credit orders and wilful suppression de...
For Assessment Year 2025-26, Section 87A rebate under the new tax regime applied to an eligible assessee's entire tax liability, including tax on short-term capital gains taxable at the special rate under Section 111A, because the provision then contained no exclusion for such income. A later restriction on rebate for special-rate income, effective from Assessment Year 2026-27, did not apply. Denial of the rebate during return processing without prior intimation or an opportunity of hearing also contravened the prescribed procedure. The Tribunal deleted the adjustment and directed grant of the claimed rebate.
For Assessment Year 2025-26, Section 87A rebate under the new tax regime applied to an eligible assessee's entire tax liability, including tax on short-term capital gains taxable at the special rate under Section 111A, because the provision then contained no exclusion for such income. A later restriction on rebate for special-rate income, effective from Assessment Year 2026-27, did not apply. Denial of the rebate during return processing without prior intimation or an opportunity of hearing also contravened the prescribed procedure. The Tribunal deleted the adjustment and directed grant of the claimed rebate.
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