Independent show-cause notices remain separate proceedings, while customs adjudication challenges should ordinarily follow the statutory appellate rem...
Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
For AY 2024-25, the notes state that section 87A contained no express exclusion for tax on short-term capital gains taxable under section 111A where a resident individual is governed by section 115BAC(1A). The express statutory restriction applicable to long-term capital gains under section 112A could not be extended to short-term capital gains. The Finance Act 2025 amendment limiting the rebate to tax computed under section 115BAC(1A), effective from AY 2026-27, is described as prospective; therefore, it does not restrict the rebate under the earlier law. The stated effect is that eligible taxpayers may claim section 87A rebate against such short-term capital gains tax for AY 2024-25.
For AY 2024-25, the notes state that section 87A contained no express exclusion for tax on short-term capital gains taxable under section 111A where a resident individual is governed by section 115BAC(1A). The express statutory restriction applicable to long-term capital gains under section 112A could not be extended to short-term capital gains. The Finance Act 2025 amendment limiting the rebate to tax computed under section 115BAC(1A), effective from AY 2026-27, is described as prospective; therefore, it does not restrict the rebate under the earlier law. The stated effect is that eligible taxpayers may claim section 87A rebate against such short-term capital gains tax for AY 2024-25.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4782
Join Channel
TaxTMI 
