Administrative fraud classification suspension does not halt independent criminal investigation or warrant-based searches into alleged economic offenc...
Arrest safeguards and transit remand requirements invalidated detention following inter-State transfer without communicated grounds or magistrate auth...
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The ITAT dismissed the appellant's claim for concessional tax rate of 10% under section 112A on long-term capital gains (LTCG) arising from redemption of Market Linked Debentures. The Tribunal held that while debentures qualify as "securities" under the Securities Contracts (Regulation) Act, 1956, section 112A specifically limits its preferential tax rate to equity shares, units of equity-oriented funds, and units of business trusts. The legislature intentionally excluded debentures from the provision's ambit. Consequently, LTCG from Market Linked Debentures is correctly taxable at 20% under section 112, as applied by the AO/CPC and confirmed by CIT(A)/NFAC.
The ITAT dismissed the appellant's claim for concessional tax rate of 10% under section 112A on long-term capital gains (LTCG) arising from redemption of Market Linked Debentures. The Tribunal held that while debentures qualify as "securities" under the Securities Contracts (Regulation) Act, 1956, section 112A specifically limits its preferential tax rate to equity shares, units of equity-oriented funds, and units of business trusts. The legislature intentionally excluded debentures from the provision's ambit. Consequently, LTCG from Market Linked Debentures is correctly taxable at 20% under section 112, as applied by the AO/CPC and confirmed by CIT(A)/NFAC.
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