Effective hearing in GST adjudication requires actual opportunity to respond; ineffective service through a former auditor invalidated ex parte procee...
Third-party search material requires special assessment route, rendering general reassessment notices without jurisdiction when it forms the proceedin...
Transfer-pricing adjustments must be confined to international associated-enterprise transactions, while functionally dissimilar comparables remain ex...
Insolvency moratorium bars income-tax revision proceedings against corporate debtors until the moratorium ends, preserving merits for later determinat...
For AY 2025-26, the section 87A rebate applied to income-tax computed on total income within the prescribed threshold, without excluding tax on short-term capital gains taxable under section 111A. Section 111A prescribed the applicable tax rate but did not bar the rebate. A subsequent restriction limiting rebate to tax computed under the concessional tax regime applied only from AY 2026-27 and could not operate retrospectively. Administrative circulars and procedural utilities cannot impose a substantive statutory restriction. Excluding tax attributable to eligible short-term capital gains from the rebate was therefore unsustainable, requiring recomputation and full rebate subject to verification of remaining eligibility conditions.
For AY 2025-26, the section 87A rebate applied to income-tax computed on total income within the prescribed threshold, without excluding tax on short-term capital gains taxable under section 111A. Section 111A prescribed the applicable tax rate but did not bar the rebate. A subsequent restriction limiting rebate to tax computed under the concessional tax regime applied only from AY 2026-27 and could not operate retrospectively. Administrative circulars and procedural utilities cannot impose a substantive statutory restriction. Excluding tax attributable to eligible short-term capital gains from the rebate was therefore unsustainable, requiring recomputation and full rebate subject to verification of remaining eligibility conditions.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4886 
